Earning while you’re learning is a big incentive to join the property industry
THE property industry represents about 8 percent of South Africa’s GDP, so it creates a huge employment opportunity for school or college leavers, which is not being taken advantage of in the way it should be, says Lanice Steward, managing director of Knight Frank Anne Porter.
“Younger people are prepared to study for long periods and understand that they are required to pay for any postmatric qualification. But many don’t realise that the real estate model enables interns to earn while learning, which is not the case with many other careers.
“Admittedly, unless agencies can procure SSETA scholarships that enable them to pay interns a small basic salary, interns will have to fund themselves for about six months.
“This is usually when the first commissions will come through if they have sold properties after three months in the industry. If they haven’t sold any in the first six months there might be a problem.”
She says the development and second-hand markets are increasingly growing at the lower end of the housing market. This will be escalated once the title deeds in these areas have been formalised and given to the rightful owners of prop- erties by the provincial governments (along with education on how to look after their investments) and the banks realise what the potential of this market could be.
“The property industry has been predominantly white until now, and the transformation that should follow will create jobs and wealth for the owners of all the township properties that have, until now, had no formal ownership system.
“The qualifications being introduced to become an estate agent protects consumers as they ensure agents will be properly trained.”