The CEO of the Property Professionals Regulatory Authority (PPRA), Thato Ramaili, has set out her vision for the property industry in 2025. What could it mean for agents?
The key themes from Ramaili’s interview with Absa’s online magazine, The Address, offer clues about some of the initiatives the PPRA could undertake in her first full year as CEO.
More professionalisation
Ramaili, who worked in the United States for 15 years, says the American real estate industry is a good example for South Africa to follow.
“While studying there, I saw that if you’re a realtor, you’re a big deal. It’s like being a surgeon or an advocate,” she said. “As more people learn that you can have a professional career as an estate agent – which can be highly lucrative as opposed to it being a part time job – more talented and hardworking thinkers will pursue such a role.”
She adds that the PPRA can play a key role by setting strong industry regulations and stepping in when agents fall out of line.
A more diverse industry
When she won Rookie of the Year at Sotheby’s International Realty, Ramaili was the only black person among more than 200 property practitioners. Today, she says around 14 000 of South Africa’s 46 000 property practitioners are non-white, but while this is great progress, the sector has some way to go to better represent the country’s demographics.
According to Ramaili, that doesn’t mean replacing real estate industry workers. Instead, she points to the work being done by internship and business incubation programmes to shape the next generation of property practitioners while growing the industry to cater for the ever-growing demand for housing.
Somewhat unexpectedly, she made no mention of any changes to Black Economic Empowerment (BEE) rules for the real estate sector. Last year, the PPRA made waves by proposing to increase BEE requirements for real estate businesses, but later reviewed their plans in accordance with industry feedback.
Encouraging innovation
According to Ramaili, technology can be a lifeline for agencies when interest rates are high and economic and political conditions are uncertain. She points to the example of young agents using social media platforms like TikTok to sell homes, with some clearing millions of Rand in deals.
She argues that agencies need to nurture talent and encourage rookie property practitioners to be entrepreneurial, helping them build long and fulfilling careers in real estate and bring fresh ideas to the sector.
What can you take from this?
With new property sector regulations expected this year, understanding the PPRA’s direction of travel could help agents prepare. We will keep a close watch on announcements, so look out for PayProp Insights in your inbox!
