The Just Property Group has launched Just Reward, a remuneration package that gives estate agents greater financial security and acts as an automatic internal recruiting system that will introduce new talent into franchises across the country.
Jean Botha from the Just Property Group which has just launched Just Reward, a remuneration package that gives estate agents greater financial security.
Business development manager and manager of Just Residential, Jean Botha says that Just Reward was based on an American model that is only now being introduced into South Africa. This enables a property agent to earn more than 100 percent commission without any office expenses and secure an annuity income.
The first phase of Just Reward encourages agents and franchisees to recruit new agents and rewards them with a payout that is equivalent to 10 percent of new entrants’ commissions. Phase two ensures that those who have retired from the property industry continue to earn a seven percent retirement residual from sales by agents they have recruited.
In order to qualify to recruit, an agent must have an NQF4/5 qualification, a Fidelity Fund Certificate and must have done a sale or sales totalling R1.5 million. Sponsor agents (interns or existing agents) must complete a NQF4 Qualification and have a Fidelity Fund Certificate. Induction training is compulsory and sponsors must be approved by franchisees.
Botha points out that large numbers of experienced agents had left the property industry during the ongoing recession and few younger people were joining up. As a result, the average age of estate agents is between 51 and 58. He says this model provides an opportunity for experienced agents to recruit and train newcomers. An additional benefit is that agents are more likely to recruit talented new agents that will deliver.
He says Just Residential expected Just Reward to create synergies that would play an important role in retaining the very best staff as well as growing its team. Agents would be less pressured by commission cutting and have greater peace of mind during recessionary times and they would provide an inbuilt mentoring and natural support system for new entrants. The end result would be better agents for customers.
He says the Just Reward model is a perfect fit with the profile of Just Residential, a dynamic property company that offers clients a holistic property service. The original franchise, Just Letting, was established in 2001 as the first specialist residential rental company in South Africa. It has proven to be a formidable force in the property market thanks to its sustainable business model of property management and administration.