Industry figures have rallied in support of higher education standards for the real estate profession.
Last week, Real Estate Business published an article which showed 10,000 agents have left the industry in the past year due to a lack of training and education.
“Unfortunately we have a lot of people entering the industry that are under qualified,” Real Estate Institute of New South Wales (REINSW) chief executive Tim McKibbin told Real Estate Business.
“In NSW a person can earn their certificate of registration over the weekend and begin working as a real estate agent by Monday.”
Following the report, Richardson & Wrench Freshwater-Manly principal Peter Whitten said it was time for the education standards in the real estate industry to be revised.
“It is about time the Department of Fair Trading realised consumer protection can be hugely improved by raising the standards required to enter and remain in the industry,” he said.
These comments were largely echoed by Woodwards Ivanhoe director Prue Jones.
“Many individuals believe that the agents rep license is all the training they need.
“That is their first mistake.”
However others believe the reasons for the agent exodus are low sales volumes and commission cuts.
“The main reason so many leave the industry in a down turn is lack of income,” Brian Parkes of Reality Executives WA said.
“A revision of the industry is required and it would be preferable for those in authority to take proactive action.”