A real estate institute has entered into discussions with Fair Trading over the “dire state” of education in the real estate industry.
The Real Estate Institute of NSW (REINSW) suggested a “partial self-regulation” model as the solution to ongoing issues associated with the administration of agency practice through NSW Fair Trading.
REINSW deputy president John Cunningham met with Fair Trading minister Matthew Mason-Cox last week to discuss the state of education of real estate professionals.
“The institute put forward to the minister a proposal for reform through a partial self-regulation model,” he said.
“The proposal to partner with NSW Fair Trading to ensure a more rigid set of controls and compliance in the form of a guild model has an emphasis on education and ongoing training to get to the root cause of consumer concerns."
Mr Cunningham said over the past 10 years the educational standards of entry into the real estate industry have been severely watered down.
“To a point where agents, having completed their certificate of registration course through some RTOs, still have no idea how to properly conduct themselves in their capacity as skilled professionals,” he said.
“The minister took note of all the issues, including current concerns around underquoting and material fact.
“The institute looks forward to a strong ongoing and positive relationship with Minister Mason-Cox to ensure better outcomes for property consumers in NSW.”