NSW HOMEBUYERS UNDER THREAT FROM PROPOSED CHANGES TO REAL ESTATE INDUSTRY

NSW homebuyers and property investors are most at risk from proposed changes to lower current industry standards, as suggested by the National Occupational Licensing Authority (NOLA) in its Decision Regulation Impact Statement – Proposal for National Licensing for Property Occupations (DRIS), the Real Estate Institute of Australia (REIA) reveals in its official response to Government.

The proposal to reduce or remove the education and Continuing Professional Development (CPD) requirements for real estate agents will put consumers at greater risk from inadequately trained and under-qualified real estate agents.

Under the new proposal, consumers in NSW would lose the assurance offered by mandatory CPD – an ongoing education requirement that is designed to increase the knowledge and skills of those working in the real estate industry and ensure high professional standards are maintained.

“The proposal fails to take into account the importance of consumer protection and the integral role played by Continuing Professional Development in our ever changing industry.

“Buying a property is the biggest investment people make, and this should be undertaken only with the assistance of a fully qualified and knowledgeable agent.

Mandatory CPD was introduced in Western Australia in 2007 for licensees and in 2009 for sales representatives. As a result, the average number of written concerns or complaints raised by the public to the REIA of Western Australia dropped from 196 in 2009 to 58 in 2010, representing a 70% reduction.

A full copy of the Real Estate Institute of Australia’s official response to the DRIS proposal can be downloaded at www.reia.com.au

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