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Reforms are coming to the real estate industry in New South Wales after being identified over a decade ago.
John Cunningham, past president of REINSW, said that there was a need for change in the industry and it has been a long time coming.
“The overwhelming need for positive change in our regulatory environment was identified over 10 years ago when it was becoming evident that the federal government’s desire for increased competition in various industry sectors was starting to have negative impacts,” Mr Cunningham said.
The reforms, which will be implemented on the first of July this year, will address the issue by bringing in more stringent course content.
Mr Cunningham said that the career path progression change is the most significant part of the reform package.
“Anyone desiring to progress their career must within four years of obtaining their certificate of registration complete the balance of units for the Cert IV,” the ex-president said.
He said that this would result in more capable participants in the industry and would improve the experience for consumers.
“The better the education, ongoing training, skills and standards, the better the performance of our people and the better the experiences and outcomes for property consumers,” Mr Cunningham said.
The far-reaching reforms will also include new disclosure requirements and the introduction of a new licence class, Licensee in Charge.
“This class will require a diploma qualification and, as a result, a new course has been developed with the desire to build business skills for business owners,” Mr Cunningham said.
This new qualification will mirror the impending professional standards program that will create a uniform set of standards for the industry in Australia.
Mr Cunningham said that a uniform set of standards for the industry was a huge step forward.
“A federal government-recognised professional standards scheme will see our industry finally achieve professional status,” Mr Cunningham said.
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