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Agents across Australia are taking concrete steps for the industry to be recognised as a profession, which, when it happens, will give significant benefits for the consumer, according to the Real Estate Institute of Australia.
President Malcolm Gunning said that it is an important initiative.
It is forging a new direction for the industry, which will result in better experiences for property consumers, the REIA president said.
“On behalf of its member Real Estate Institutes, REIA has applied to the Professional Standards Authority for admission as a profession,” Mr Gunning said.
“The authority is an independent statutory body established with specific responsibilities under professional standards legislation for assessing and approving applications for, and supervising the application of, professional standards schemes.”
Mr Gunning said that one of the immediate impacts to be felt will be around education.
“For those agents wishing to pursue a professional path, education and training standards will be raised far beyond those currently required for regulatory purposes which will result in significant consumer benefits.
“REIA is completing four distinct and demanding phases as part of the process, which is expected to be finalised by the end of 2019.”
Mr Gunning said that there will also be a uniform, robust code of ethics that participating professionals will need to adhere to, as well as a set of auditable accountability commitments to maintain membership.
“Individuals will need firstly to be members of their state real estate institute and then pass rigorous tests to achieve recognition,” Mr Gunning said.
“This scheme will not be for all agents as only those prepared to raise the bar on their own standards, skills, education, performance and commitments will qualify.”
He added that this would likely result in there being two types of practitioners: members of the scheme and those outside of it.
“Consumers will have a clear choice between a valued professional and the low-cost listing services entering the industry, and they will be able to determine the value and effectiveness of both when they come to sell their property.
“It is expected that state and federal governments across Australia will also welcome the move as has already been documented in the NSW Parliament.”
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