Legal changes create free-for-all: REIV

The Real Estate Institute of Victoria has slammed the Victorian government over changes to licensing for commercial agents managing large property transactions across the state, believing amendments have the potential to open up consumers and small business to dodgy deals and unethical operators.

The Victorian government last week announced it will remove licensing requirements for agents selling and leasing commercial property valued above $15 million.

REIV chief executive officer Enzo Raimondo said the REIV is mounting a campaign to make the public fully aware of the associated risks.

“It will be a free-for-all,” Mr Raimondo said.

“Agents dealing in commercial and industrial transactions below $15 million will be licensed, while others won’t.

“To date, those looking to buy, sell or lease commercial real estate have had the benefit of negotiating these transactions with skilled, licensed practitioners who are bound by professional qualifications, training and codes of conduct."

The changes will come into effect in July 2015. Mr Raimondo said the changes make for the “most illogical ill-thought-out policy statement to impact the industry in years “.


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