Managing Agents PPRA Compliance Made Easy…

You may ask, what does a Managing Agent do, and how do they fit into the property industry?  There are a few options here, depending on the managing agency.

1. Manage body corporates, share blocks and individual properties.  Collecting individual levies, homeowner’s levies and other related fees, issuing notices to tenants and owners, and collecting debt.
2. Administer properties as above and lease properties in the buildings they administer.
3. Administer and lease properties and sell properties in their managed buildings.

Every managing agent must obtain a Managing Agent FFC with the PPRA.  If they function in other areas, such as rentals and sales, they must also hold a Real Estate FFC.

What is required of you to register with the PPRA and hold an FFC in the required categories?

Firstly, you must open an entity to trade and register your name with the PPRA. If your managing agency firm does not sell or rent properties and only acts as a managing agency, then the directors of the firm must hold a Director FFC and staff that are dealing with the public, or with the public monies must also hold a Managing Agent FFC. As there is no education standard available at present, the applicants must also apply for exemption from education.

If you rent or sell properties as a Managing Agent, then you must register a real estate agency firm, and to do this, you must have a Principal Property Practitioner as the entity director or member.

A real estate firm principal agent must hold or be exempt from holding an NQF Level 5 Real Estate qualification.

We have a Principal Umbrella to ensure that you are compliant!

If you do not have a principal agent yet, let us tailor-make a solution for you – we have a Principal Umbrella to ensure that you are compliant while completing your education or applying for your exemption.

All Managing Agents must immediately apply for an FFC with the PPRA.

Why? – the FFC offers cover to the agency should any of their agents misrepresent or misallocate funds.  This legislation is regulated in the Property Practitioners Act No 22 of 2019. All managing agents must take up professional indemnity insurance as required by the FSCA.

Managing Agents beware – trading without a FFC is punishable by a fine of R25 000.  Every person acting as a managing agent, ie who is directly dealing with the public or the firms trust account must hold a Managing Agent FFC.

If you have never registered with the PPRA and you do not have a Principal Agent in your firm, you need our services.  We have tailor-made principal packages to suit every application. 

Contact us – Let us help you secure your Managing Agent FFC and full compliance.

Acronyms:

PPRA – Property Practitioners Regulatory Authority

FFC – Fidelity Fund Certificate