News / National
28 estate agents black listed
14 Jul 2016 at 02:19hrs | Views
THE Estate Agents Council (EAC) has blacklisted 28 of its members and de-registered three more for failure to meet set standards.
A total of 10 individuals have also been ordered to suspend operations for failing to pay subscriptions.
In a public notice yesterday, the EAC said the affected companies were no longer allowed to sell and manage properties as they have not satisfied the council registration requirements for this year.
"The firms have been issued with stop trading notices. We advise the public not to do business with these firms and individuals," said EAC.
"The Estate Agents Council Compensation Fund will not accept liability on any business transacted with such firms and individuals."
In Bulawayo, Dawn Property Consultancy, Southgate and Bancroft and Net Seven Real Estate are among the companies that have been de-registered.
Munyaradzi Mazenge-Net Seven Real Estate (Bulawayo and Masvingo) has also been de-registered.
Aloe Properties, Bick Homes, BMJ Properties, Brooklyn Properties, Libra Real Estate, and Seef Properties are some of the companies that have been issued with stop trading notices while individuals that have been suspended include Messrs Levison Mawerera, Albert Mupanduki, Kenneth Nakoma and Mpumelelo Ndlovu.
The de-registered agents also include Batlet Real Estate trading as Remax, and Hopewins Real Estate.
Last year, EAC de-registered four of its members after they committed serious crimes that range from abuse of trust funds to defrauding members of the public.
The EACZ regulates the property sector in terms of the Estate Agents Act to weed out unscrupulous players and in the process protecting members of the public from being fleeced. Apart from investigating complaints lodged by members of the public, the council also conducts periodic audits on the operations of estate agents.
In most cases of misuse of trust funds, rogue estate agents sell properties on behalf of clients and convert the money to their own use. There are also cases whereby an agent can sell a property to more than one buyer.
Of late, there have also been cases of agents selling properties without permission from the owners and some agents have also been so daring to the extent of selling non-existent properties.
A total of 10 individuals have also been ordered to suspend operations for failing to pay subscriptions.
In a public notice yesterday, the EAC said the affected companies were no longer allowed to sell and manage properties as they have not satisfied the council registration requirements for this year.
"The firms have been issued with stop trading notices. We advise the public not to do business with these firms and individuals," said EAC.
"The Estate Agents Council Compensation Fund will not accept liability on any business transacted with such firms and individuals."
In Bulawayo, Dawn Property Consultancy, Southgate and Bancroft and Net Seven Real Estate are among the companies that have been de-registered.
Aloe Properties, Bick Homes, BMJ Properties, Brooklyn Properties, Libra Real Estate, and Seef Properties are some of the companies that have been issued with stop trading notices while individuals that have been suspended include Messrs Levison Mawerera, Albert Mupanduki, Kenneth Nakoma and Mpumelelo Ndlovu.
The de-registered agents also include Batlet Real Estate trading as Remax, and Hopewins Real Estate.
Last year, EAC de-registered four of its members after they committed serious crimes that range from abuse of trust funds to defrauding members of the public.
The EACZ regulates the property sector in terms of the Estate Agents Act to weed out unscrupulous players and in the process protecting members of the public from being fleeced. Apart from investigating complaints lodged by members of the public, the council also conducts periodic audits on the operations of estate agents.
In most cases of misuse of trust funds, rogue estate agents sell properties on behalf of clients and convert the money to their own use. There are also cases whereby an agent can sell a property to more than one buyer.
Of late, there have also been cases of agents selling properties without permission from the owners and some agents have also been so daring to the extent of selling non-existent properties.
Source - chronicle
