An Illawarra property expert says the era of becoming a real estate agent within a week will soon be over.
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The Real Estate Institute of Australia has been spearheading the development of a national standards of practice, which it hopes will tie in with state and territory-based lobbying efforts to increase the educational qualifications required to work in real estate.
In 2016, state government reforms proposed tougher training standards for real estate agents as well as giving Fair Trading more power to police rogue agents.
Proposed reforms include increasing the certificate of registration educational requirements, introducing legislated Compulsory Professional Development for agents and licensees, and regulating a pathway to a higher qualification for anyone who enters the sector.
REINSW CEO Tim Mckibbin said the real estate training reforms passed by the NSW Legislative Assembly last week is a generational change and the culmination of 10 years of lobbying.
Trever Molenaar, Real Estate Institute Illawarra chairman said past lowering of education standards for real estate agents has had adverse effects on consumers.
“The reason why we’re lobbying for these changes is someone can basically get into the industry within a week, and sell someone’s biggest asset,” he said.
“When I did it, it was two years to get your license and you had to work under your current licensee for a period to become a licensee as well.
“Now you can go do a course, they’re popping up everywhere, that you can get off-site and it’ll take you a week full-time and you’re done.
“The client doesn’t really know if the agent has the experience or knowledge, they just take them on face value.
“Which is pretty scary.
“When this passes the reforms will take place, and the people who are uneducated and don’t understand the laws of real estate will be filtered out and not be allowed to be in the industry.”
The bill will now be sent to the NSW Legislative Council and could be heard at its next sitting on March 6.
Members of the council will decide if the bill is passed, amended or rejected.
If it is passed it will be sent to the Governor of NSW for his assent.
There is also a push from the REINSW for the real estate industry to be a professional industry.
Last year, they estimated that professional status could take two to three years.