{"id":218351,"date":"2022-03-04T05:25:58","date_gmt":"2022-03-04T03:25:58","guid":{"rendered":"https:\/\/mypr.co.za\/?p=113531"},"modified":"2022-03-04T05:25:58","modified_gmt":"2022-03-04T03:25:58","slug":"bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry\/","title":{"rendered":"BEE Now A Requirement In The Property Professionals Act What Does That Mean For The Real Estate Industry?"},"content":{"rendered":"<aside class=\"scaip scaip-1 \">\n<aside id=\"republication_tracker_tool-2\" class=\"republication_tracker_tool clearfix\">\n<h5 class=\"adtitle\">Republish for Free<\/h5>\n<div class=\"license\">\n<p><button name=\"Republish This Story\" id=\"cc-btn\" class=\"republication-tracker-tool-button\">Republish This Story<\/button><\/p>\n<p><a class=\"license\" rel=\"noreferrer license noopener\" target=\"_blank\" href=\"http:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\"><img decoding=\"async\" alt=\"Creative Commons License\" class=\"lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/03\/bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry.png\"><\/a><\/p>\n<p><img decoding=\"async\" alt=\"Creative Commons License\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/03\/bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry.png\"><\/div>\n<div class=\"message\">\n<p>Republish our articles for free, online or in print, under a Creative Commons license.<\/p>\n<\/div>\n<\/aside>\n<\/aside>\n<p><strong>Johannesburg, 03 March 2022 :<\/strong> The enactment of the Property Practitioners Act on 1<sup>st<\/sup> February 2022 has brought many exciting changes to the property sector including the requirement now for all property practitioners to have valid B-BBEE certificates and be B-BBEE compliant.<\/p>\n<p>BEE was first introduced in the form of legislation in 2003. Government through the Department of Trade and Industry (Dti) introduced the revised Codes of Good Practice in October 2013. The revised Codes aim to enhance the implementation of B-BBEE in a meaningful and sustainable manner and contain principles and guidelines that will facilitate and accelerate the implementation of B-BBEE. The purpose of the Codes is to assist and advise the public and private sectors in the implementation of the B-BBEE Act.<\/p>\n<p>The objectives of the codes of Good Practice are to:<\/p>\n<ul>\n<li>Increase the proportion of black ownership and control of entities.<\/li>\n<li>Increase the proportion of black women participation in entities since they have been marginalized for a long time.<\/li>\n<li>Increase the up skilling of black employees and the unemployed.<\/li>\n<li>Broaden the pool of economic opportunities and job creation.<\/li>\n<li>Increase the inclusion of community and broad-based enterprises and co-operatives in economic opportunities.<\/li>\n<\/ul>\n<p><strong><u>SALIENT FEATURES <\/u><\/strong><\/p>\n<p>All Property Practitioners fall under the Property Sector Codes which is regulated by Government Gazette no 40910 dated the 9<sup>th<\/sup> of June 2017.<\/p>\n<p><u>Exempt Micro Enterprises (EME\u2019s)<\/u><\/p>\n<p>EMEs are defined as businesses with an annual turnover below R2,5million. These businesses are exempt from calculating a full B-BBEE scorecard. They are only required to produce an EME B-BBEE affidavit<\/p>\n<p>EME\u2019s are automatically given a level 4, but 100% black owned EMEs are given a level 1, and 51% black owned EME\u2019s are given a level 2.<\/p>\n<p><u>Qualifying Small Enterprises (QSE\u2019s)<\/u><\/p>\n<p>QSE\u2019s threshold qualification is an annual turnover between R2.5 million and R35 million.&nbsp; QSE\u2019s that are 100% black owned are given a level 1, and 51% black owned QSE\u2019s are given a level 2 and these QSE\u2019s only require to give an affidavit to their customers.&nbsp; All other QSE\u2019s require that a BEE verification audit be done by a SANAS accredited agency<\/p>\n<p>QSE are required to comply with Ownership as a compulsory element and either Skills Development or Enterprise and Supplier Development.<\/p>\n<p><u>Generic Entities<\/u><\/p>\n<p>These are businesses that have an annual turnover above R35 million. It is a requirement that a BEE verification audit be done by a SANAS accredited agency, they are also required to comply with all the priority elements which are: Ownership, Skills Development and Enterprise Supplier Development.<\/p>\n<p>If a Company does not achieve the minimum score in one of the priority elements, the calculated BEE level will decrease by one level. For example, if your company has no black ownership but reaches level 4, it will be dropped down to level 5.<\/p>\n<p><strong><u>BEE STATUS LEVELS AND THEIR SIGNIFICANCE<\/u><\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"230\"><strong>Level<\/strong><\/td>\n<td width=\"230\"><strong>Point Achieved<\/strong><\/td>\n<td width=\"230\"><strong>Procurement Recognition*<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"230\">1<\/td>\n<td width=\"230\">100<\/td>\n<td width=\"230\">135%<\/td>\n<\/tr>\n<tr>\n<td width=\"230\">2<\/td>\n<td width=\"230\">&gt;95 but &lt;100<\/td>\n<td width=\"230\">125%<\/td>\n<\/tr>\n<tr>\n<td width=\"230\">3<\/td>\n<td width=\"230\">&gt;90 but &lt;95<\/td>\n<td width=\"230\">110%<\/td>\n<\/tr>\n<tr>\n<td width=\"230\">4<\/td>\n<td width=\"230\">&gt;80 but &lt;90<\/td>\n<td width=\"230\">100%<\/td>\n<\/tr>\n<tr>\n<td width=\"230\">5<\/td>\n<td width=\"230\">&gt;75 but &lt;80<\/td>\n<td width=\"230\">80%<\/td>\n<\/tr>\n<tr>\n<td width=\"230\">6<\/td>\n<td width=\"230\">&gt;70 but &lt;75<\/td>\n<td width=\"230\">60%<\/td>\n<\/tr>\n<tr>\n<td width=\"230\">7<\/td>\n<td width=\"230\">&gt;55 but &lt;70<\/td>\n<td width=\"230\">50%<\/td>\n<\/tr>\n<tr>\n<td width=\"230\">8<\/td>\n<td width=\"230\">&gt;40 but &lt;55<\/td>\n<td width=\"230\">10%<\/td>\n<\/tr>\n<tr>\n<td width=\"230\">Non-Compliant<\/td>\n<td width=\"230\">&lt;40<\/td>\n<td width=\"230\">0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Procurement Recognition* \u2013 Multiply each Rand spend with supplier by the corresponding percentage depending which level have been achieved to get points under Enterprise and Supplier Development.<\/em><\/p>\n<p><strong><u>THE BEE SCORECARD<\/u><\/strong><\/p>\n<p>The Various Elements of a QSE Scorecard are:<\/p>\n<ul>\n<li>Ownership<\/li>\n<li>Management &amp; Employment Equity<\/li>\n<li>Skills Development<\/li>\n<li>Enterprise &amp; Supplier Development\n<ul>\n<li>Procurement<\/li>\n<li>Supplier development<\/li>\n<li>Enterprise development<\/li>\n<\/ul>\n<\/li>\n<li>Socio Economic Development<\/li>\n<\/ul>\n<p><a href=\"https:\/\/mypr.co.za\/?attachment_id=113533\"><img loading=\"lazy\" decoding=\"async\" alt width=\"221\" height=\"80\" class=\"alignleft wp-image-113533 size-full lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/03\/bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry-1.png\"><\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-113533 size-full\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/03\/bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry-1.png\" alt width=\"221\" height=\"80\">Each Element has certain targets to be met and have subsections, for ease of reference below is a QSE Scorecard with all the relevant targets. By way of an example certain points have been included to show how an overall score has been achieved. This is done to indicate how a company can achieve at least a level 8 without ownership points<\/p>\n<p>As a recognised leader in the bond origination industry, MultINET Home Loans acts with integrity in dealing with employees and business partners. Our core values of honesty and transparency are the foundation for a transformation strategy leading the way to even greater success.<\/p>\n<p>As the only level 4 BEE compliant mortgage originator in South Africa, Multinet Home Loans is leading the way in transforming the mortgage origination sector and is available to assist<\/p>\n<p>practitioners in navigating their own transformation journeys. Should you need a better understanding of the compliance requirements, or you need assistance in ensuring your compliance we can assist you <a href=\"http:\/\/www.multinet.co.za\">www.multinet.co.za<\/a> 0860 545 444 <a href=\"mailto:info@multinet.co.za\">info@multinet.co.za<\/a><\/p>\n<figure id=\"attachment_113532\" aria-describedby=\"caption-attachment-113532\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/mypr.co.za\/?attachment_id=113532\"><img loading=\"lazy\" decoding=\"async\" alt width=\"735\" height=\"1024\" data-sizes=\"(max-width: 735px) 100vw, 735px\" class=\"wp-image-113532 size-full lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/03\/bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-113532 size-full\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/03\/bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry.jpg\" alt width=\"735\" height=\"1024\"><\/a><figcaption id=\"caption-attachment-113532\" class=\"wp-caption-text\">Shaun Rademeyer, CEO MultiNet Home Loans<\/figcaption><\/figure>\n<p><strong><\/strong><strong>Video:<\/strong> BEE NOW A REQUIREMENT IN THE PROPERTY PROFESSIONALS ACT WHAT DOES THAT MEAN FOR THE REAL ESTATE INDUSTRY?:<\/p>\n<p><a href=\"http:\/\/mypr.co.za\/save-with-myprs-monthly-flat-fee\/\">CLICK HERE to submit your press release to MyPR.co.za<\/a>.<\/p>\n<p><strong>More Info on BEE NOW A REQUIREMENT IN THE PROPERTY PROFESSIONALS ACT WHAT DOES THAT MEAN FOR THE REAL ESTATE INDUSTRY? here:<\/strong> <a href=\"https:\/\/multinet.co.za\" target=\"_blank\" rel=\"nofollow noopener\">https:\/\/multinet.co.za<\/a><\/p>\n<div class=\"entry-pagination pagination\">Pages: <span class=\"post-page-numbers current\"><span class=\"screen-reader-text\">Page <\/span>1<\/span> <a href=\"https:\/\/mypr.co.za\/bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry\/2\/\" class=\"post-page-numbers\"><span class=\"screen-reader-text\">Page <\/span>2<\/a><\/div>\n<p><a href=\"https:\/\/mypr.co.za\">Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republish for Free Republish This Story Republish our articles for free, online or in print, under a Creative Commons license. Johannesburg, 03 March 2022 : The enactment of the Property Practitioners Act on 1st February 2022 has brought many exciting changes to the property sector including the requirement now for all property practitioners to have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":218352,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3331,18,3332,9021,3336,1],"tags":[3257],"class_list":{"0":"post-218351","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cape-town","8":"category-durban","9":"category-johannesburg-south-africa","10":"category-mypr","11":"category-pretoria-south-africa","12":"category-south-africa","13":"tag-mypr","14":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/03\/bee-now-a-requirement-in-the-property-professionals-act-what-does-that-mean-for-the-real-estate-industry.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/218351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=218351"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/218351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/218352"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=218351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=218351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=218351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}