The CEO of the Property Sector Charter Council, (PSCC), Portia Tau-Sekati, says SA’s real estate sector has shown a strong commitment to transformation, but work needs to be done to convince black talent to pursue careers in property.
The PSCC launched the 2015-2016 State of Transformation report for the property sector last week, coinciding with the gazetting of the Amended Property Sector Code.
"We need to make property an attractive industry in which people can develop a career," Tau-Sekati said.
"The sector is too reliant on getting talent from the financial services sector."
Commenting on the research, she said transformation was varied across the sector.
"The commercial property sector leads the progress in transformation, but on the other hand the residential property sector is lagging behind with a very limited number of broad-based black economic empowerment certificates submitted."
What’s more, the report showed the public sector "isn’t taking an active lead in transformation that is expected of it".
"Inclusive participation is necessary for economic growth that includes all previously disadvantaged individuals and secures their meaningful participation in the mainstream economy," said Tau-Sekati.
Overall the property sector achieved an average BBBEE recognition of Level 4.
"This is reasonable based on the previous scorecard. However, the sector will have to work harder to retain Level 4 based on the new BBBEE recognition scores," Tau-Sekati said.
Meanwhile, The Property Practitioners Bill of 2016, which repeals the Estate Agency Affairs Act of 1976 and the Home Loan and Mortgage Disclosure Amendment Bill, becomes available for public participation starting from today (Monday).
Drafts of The Property Practitioners Bill 2016 have faced scrutiny for not making any reference to transformation but for this paragraph:
"The Property Sector Transformation Charter contemplated in Section 9 (1) of the Broad-Based Black Economic Empowerment Act, 2003 (Act No 53 of 2003), applies to all property practitioners."