Real Estate Institute of New South Wales chief executive Tim McKibbin said barriers to entry are so low consumers and agents are suffering.
“REINSW has drawn a firm line in the sand and has put government on notice that the education and regulatory oversight of the profession needs radical and immediate reform,” Mr McKibbin said.
“If government does not respond, it is our intention to seek a parliamentary inquiry for which we have strong support from the overwhelming majority of property stakeholders.”
Mr McKibbin said the current training regime shows that the government doesn’t understand what is required to deliver competent real estate service.
The answer is significantly longer and more detailed training, with an on-the-job component, he said.
Mr McKibbin also confirmed that the association is continuing to investigate the establishment of a political party so it can more directly fight for change.
REINSW president Malcolm Gunning told Real Estate Business in December that the association has already chosen a “well-credentialed” and “quite prominent” candidate.
The association is also angered by the “woefully inadequate” training required to become a buyer’s agent.
Prospective buyer’s agents only need to complete about half of the units required to gain a full real estate licence, according to the association.
Real Estate Business reported last month that dramatic growth of the buyer’s industry is changing the real estate landscape.
Rich Harvey, who is chair of the REINSW buyer’s agents committee, said they should receive the same or similar training as a fully licensed agent so they can completely understand the selling process.
“Even though some modules in the full licence course may not appear relevant, it is very important that a buyer’s agent understands how a selling agent operates and thinks about the sales process,” Mr Harvey said.
“Buyer’s agents must understand the tricks of the trade in dealing with agents. There is a risk of lack of due diligence, as well as a risk of overpaying, without the correct knowledge and experience.”