Promoted by TAFE NSW.
The recent reforms in the real estate industry will have far-reaching ramifications. Here’s all you need to know…
After more than a decade of lobbying, the PSBA Amendment (Property Industry Reform) Bill 2017 passed through both houses of parliament, with changes to take effect soon.
Described as once-in-a-generation reforms, the Amendment Bill will positively affect the real estate industry by creating a defined pathway for entry or advancement, while significantly increasing the certificate of registration educational requirements and introducing a much-needed licensee in charge classification to deal with trust accounts in an agency setting.
Raising the level of professionalism across the board
These reforms will have far-reaching and lasting effects for the reputation, professionalism and profile of the real estate industry. Education requirements for a career in real estate will now increase by 600 per cent*, with a higher entry level and tougher annual training requirements. Gone are the days when anyone could get a licence in five days, then open their own real estate business that weekend.
However with all change comes opportunity, and the new reforms certainly present those who are serious about real estate as a profession with clear openings to advance their career – especially if they are quick and act before the reforms take full hold.
Certificate of registration holders can fast track their career
If you are a Sales Assistant and hold a Certificate of Registration, then your qualification will automatically renew as an Assistant Agent Class 3 licence. If you renew without upgrading to a Certificate IV, then you will be required to resit your Certificate of Registration, as it will require extra units of study under the reforms.
Your alternative is to enrol in a Certificate IV in Property Services (Real Estate) and save time, money and effort in becoming a fully licenced real estate agent. Enrolling now means you also won’t have to undertake the additional study that will be needed to complete the Certificate IV once the reforms are actioned, as completing the three fully funded skillsets currently available to practicing real estate agents will give you 12 units to add to the three you currently hold (as a current Certificate of Registration holder). Meaning you will have completed 15 of the 24 units needed to satisfy your Certificate IV in Property Services (Real Estate).
For those who want to continue in the industry, clearly the best course of action is to upgrade via the Certificate IV, thereby becoming a class 2 Licensed Agent on your next renewal.
If you are currently a licensed agent…
… then all licensed agents will automatically become a Class II licence holder upon your next renewal. However, a current licensed agent also has the opportunity to advance by applying to become a licensee in charge (Class I) upon renewal – an entirely new classification.
Licensee’s in charge will be responsible for key agency matters, such as operating trust accounts and overall supervision of employees. However, Class II licence holders need to apply to become a licensee in charge. To enhance your chances of becoming a licensee in charge, an applicant can complete the Diploma in Property Services (Agency Management) or a Diploma of Business, plus satisfy the two years of industry experience.
If you currently hold a Certificate IV in Property Services and want to enhances your chance of becoming a licensee-in-charge, you can complete a 3-unit bridging course through TAFE NSW and, once done, earn the Diploma of Property Services (Agency Management).
If you currently run an agency and want to upskill your staff…
… then we offer group training to make sure your sales team stays ahead of the reforms. Because we understand that your business is not always 9 to 5, we can work with you to plan timing, location and delivery. Our industry expert instructors can train your staff:
- on campus
- at your workplace
- or via a blend of all of the above
The final word
Gone are the days when a barista needed more professional training than a real estate agent, and the industry as a whole is behind the reforms, seeing it as a chance to raise the professionalism and profile of the sector. Even though some may view the reforms as an onerous hurdle, those with vision can accelerate their advancement in the industry, setting themselves up for future success.