REINSW Celebrates Win As Industry Reform Edges Closer
After years of lobbying for an improvement in the education and training standards of the property industry, REINSW celebrated a win on Wednesday when the New South Wales Government announced it was seeking feedback on three draft documents that will implement long-overdue industry reforms.
“This takes us a giant step closer to our goal,” said REINSW CEO Tim McKibbin.
“The current education requirement not only fails to prepare agents to respond to the reasonable expectations of consumers, but it also fails people wanting a career in real estate practice.
Currently, 80 percent of new entrants are leaving the industry in the first year.”
Traditionally, gaining a qualification for entry to the property services industry required three years at TAFE.
In 2003, the education requirement was slashed to just four days by NSW Fair Trading, meaning a certificate of registration to become an agent can be obtained in less than a week.
“Real estate transactions have become increasingly more complex and require an experienced and dedicated specialist. Four days of training with zero practical experience is not enough,” said Mr. McKibbin.
Another concern for REINSW is the lack of training provided to property managers who are tasked with inspecting vital property safety systems despite having no qualifications or experience, leaving both the manager and tenant at risk.
This step by the Government follows a tireless ten-year campaign by REINSW to increase standards across the industry and in turn raise the profile and professionalism of the real estate sector.
REINSW congratulates Better Regulation minister Kevin Anderson, who has worked quickly since his appointment on these vital reforms and hopes he will continue this effort until the industry sees lasting change.
The consultation period on the draft requirements is open until 2 October 2019.