How to Prepare for the 2023 FFC Renewal Season

The PPRA renewal season is going to kick off on 1 July 2023 and end on 31 October 2023, for 2024 FFC's.

What makes this year unique to previous years, is that the inception of the new Property Practitioners Act brought into effect 3-year FFC's.

Most agents who currently hold valid FFC's for the 2023 year, either has FFC's valid up until 2024 or 2025. But, this does not mean agencies can lie back and relax this year when renewal season comes up.

Here is a list of steps you can perform to ensure your agency remains up to date and all agents continue to hold valid FFC's in the future:

1. Create a database on Excel of all your agents, including the Principals. Include their full names, Surnames, ID numbers and FFC reference numbers, as well as a column indicating until when their FFC's are valid.

2. Log into every agent's profile, and check if they have a valid FFC, if they are blocked or not, and if the FFC is under your firm.

3. If an agent has a valid FFC under your firm that only expires in 2024 or 2025, you do not have to worry about them this renewal season.

4. If an agent has a valid FFC, but it is not under your firm, you need to do an employment change with the PPRA to ensure their FFC is under the correct firm. This can be done at any time, and you do not have to wait until 1 July to do this.

5. If an agent does not have a valid FFC at all, you need to find out why, and get their FFC up to date.

6. Make sure your firm submits their Annual Audit report to the PPRA through the auditors portal before it becomes due, which will be 6 months after your firm's financial year-end, to ensure the firm FFC does not get withdrawn, because this will cause all of your agents' FFC's to be automatically withdrawn as well.

7. Agencies now have to pay R780 per year (subject to change on notice by the PPRA) to add another valid year to their FFC. The reason this needs to be done is, to ensure agents who move to your firm in 2024, will be able to get their FFC's. If the firm FFC is only valid until the end of 2025, and an agent applies for a 2024 - 2026 FFC, the agent's FFC will be denied because the firm FFC is not valid until the end of 2026.

Please also note that the PPRA fees are going up from 1 April 2023, so the costs associated with renewals and employment changes will be higher this year with renewals.

If you are unsure about any of these action items, or need help, please feel free to contact Agent Aid for assistance!

With Love,