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A key industry body is helping state government launch a review into residential tenancies legislation, which is expected to lead to higher education standards.
The Real Estate Institute of NSW said that while the government has yet to announce the review, it is imminent given that a review must be held every five years and the last one occurred in 2010.
President Malcolm Gunning told RPM that the government has been consulting with the industry, and that the review is likely to focus on raising the education and training standards of real estate professionals.
“To get your licence and become a licensed real estate agent, they’re looking at raising that to diploma level, which is a substantial lift,” he said.
Mr Gunning also noted that there will probably be specialist components for different real estate sectors.
“You might be a licensed real estate agent, but there’ll be a speciality part as far as property management is concerned, sales is concerned, livestock is concerned and auctioneering,” he said.
“So the education standard will be lifted to make sure that our agents are well skilled out there.”
BDM Coach’s Deniz Yusuf told RPM that one speciality that is neglected under the current legislation is business development for property management.
According to Mr Yusuf, there is training in sales, customer service, legislation and property management; however, all areas are taught in very general terms.
“It’s about having business development as part of the criteria for training. That’s the change we need,” he said.
“If every single principal in Australia was contacted by their state’s REI and asked if they would like the institutes to do training on rent roll growth, I guarantee it would get huge responses.”
Mr Yusuf said the REINSW could follow the example set by the REIQ, which offers property-management courses that look at legislation, KPIs, leasing and business development.
“So there’s an institution recognising at least two areas that aren't being covered by your standard property management training,” he said.
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