This article is from the Australian Property Journal archive
THE New South Wales parliament has passed reforms to bring in stricter licensing and higher education standards for real estate agents.
After passing the Legislative Assembly last month, the Legislative Council yesterday passed the Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017, which is set to be implemented on 01 July 2018.
Under the changes, education standards will now increase by 600%, with a higher entry level and tougher annual training requirements, including a higher minimum CPD.
There will also be greater transparency around fees, charges and commissions and a requirement for trust account audits to be submitted to NSW Fair Trading.
The changes also affect buyer’s agents who will be required to hold a complete real estate license. Furthermore, buyer’s agents who wish to operate their own business will need meet higher education standards, including completing a Diploma as well as have at least two years’ practical experience as an agent under the supervision of a ‘licensee in charge’ or a Certificate IV in Property Services and an equal qualification in business management.
The REINSW, which said currently a barista making a $4 coffee undergoes more training than a real estate agent selling a $4 million property, has welcomed the reforms.
REINSW CEO Tim McKibbin who previously said the days of becoming a real estate agent in less than a week are finally over, said it is a landmark day for the profession.
“The passing of the Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017 through the NSW Legislative Council will see education standards increase across the entire spectrum of the profession.
“It is a generational change that will see agents deliver a higher quality standard of service, which is a win for the consumer, market and agents,”
“We have lobbied hard and long for these changes which are one of the first steps on our path to professionalism.
“The Bill elevates best business practices and procedures into the legislation,” McKibbin said.
Australian Property Journal
