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Proposed property industry reforms are set to bolster training standards and the overall quality of the real estate sector, according to Minister for Better Regulation Kevin Anderson.
The NSW government has invited agents to provide feedback on key documents in relation to the implementation of property services industry reforms, which include a new set of qualification requirements, supporting regulations and enhanced CPD obligations.
“This is a well-balanced package that has been developed following extensive consultation with key stakeholders, including real estate sales and leasing agents, stock and station agents, strata managing agents, on-site residential property managers and business brokers,” Mr Anderson said.
“Proposed changes to the regulations will strengthen the rules of conduct for agents, clarify the functions of each type of licensed agent and set out specific disclosure obligations to potential buyers in the market.”
Mr Anderson said the draft Qualifications Order outlines a career development pathway for agents as they gain the education and experience needed to move through the three levels of licence, from new entrants to the industry up to licensees in charge.
Under the proposed framework, licensed agents and assistant agents will still be required to undertake annual CPD training as a condition of their licence. Increased hours of training and the combination of compulsory and elective topics will improve the agents’ degree of expertise as they work in the industry, he added.
“We want to ensure that real estate professionals are easily recognised for their skill level and qualifications which is what these reforms aim to do,” Mr Anderson said.
“By clearly setting out what qualifications are needed for different real estate professionals and setting a high standard for ongoing education, customers can have the highest confidence in the industry.”
Agents have until 2 October to submit feedback via the NSW Fair Trading website.
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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