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Queensland’s Office of Fair Trading (OFT) has approved new training requirements for the state’s real estate industry.
A statement has revealed that the new training will apply to anyone wanting to obtain a real estate licence prior to applying for registration and licensing across a number of classes: auctioneer (property), chattel auctioneer, limited real estate agent – affordable housing, limited real estate agent – business letting, real estate agent, real estate salesperson and resident letting agent.
The new training, which will impact initial licensing requirements, but not impact those who currently hold registrations or licences, follows the independent review of the national property services training package.
According to Fair Trading executive director Brian Bauer, “it is important to ensure qualifications for licence requirements are contemporary, meeting the needs of industry and expectations of people using critical real estate services”.
He stated that the new training requirements also remove units of competency that are obsolete and duplicative.
With 14,647 licensed real estate agents and 19,659 registered salespersons operating in the state, and the OFT issuing approximately 5,000 new real estate agent licences and registrations annually, Mr Bauer said “people using services provided by the real estate industry need to be confident their property and financial interests are protected by licensees operating with the right blend of integrity, expertise and professionalism”.
Before the new training was approved, the OFT said it consulted on the new requirements’ potential impact with a range of industry bodies and stakeholders, including the Real Estate Institute of Queensland (REIQ), the Australian Resident Accommodation Managers Association (ARAMA) and the Australian Livestock and Property Agents Association (ALPAA).
The new requirements have the full support of REIQ CEO Antonia Mercorella, who has commented that the state real estate body is “committed to excellence in teaching, learning, and to developing outstanding industry professionals across the full range of real estate disciplines on offer”.
She said: “Integral to that commitment is constantly exploring the academic landscape to ensure our courses and programs reflect today’s real estate industry.
“It’s pleasing to see the Office of Fair Trading’s new training requirements not only recognise the significance of the work undertaken by real estate professionals but also better reflect modern-day real estate agency practice.”
According to the CEO, “the introduction of higher scholastic standards provide[s] an enhanced understanding of consumer protections, improved professionalism and, ultimately, a higher calibre of educated Queensland real estate professions”.
“When you’re charged with selling or managing what’s likely to be our most important asset, people have an expectation for the credentials that qualify you to that role.”
ARAMA CEO Trevor Rawnsley has also weighed in, endorsing the collaborative nature of the reforms.
“The review and subsequent updating of licensing education for resident letting agents in Queensland has resulted in a modern, more relevant set of training requirements offering more flexibility and more opportunities for skills transfer,” Mr Rawnsley said.
He said the improvements will result in better agent education and, “ultimately, better outcomes for the consumer”.
The Office of Fair Trading has indicated that a transition period will take place across 2021, meaning that the OFT will continue to accept qualifications from the previous training package — the “CPPP” training package — until 30 September 2021.
From October 2021, only the new training package will be accepted as the eligibility requirement for a licence or registration.
Queensland follows Victoria in upping its education standards.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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