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The Australian real estate industry is set to benefit from a government grant that will improve the process for agents relocating states.
The Real Estate Institute of Australia (REIA) has been awarded a Business Research and Innovation Initiative grant from the Department of Industry, Science, Energy and Resources to develop a national real estate licence exchange.
REIA is calling the proposed plans “Project RE-ID”.
The body will work with proptech Realtair as technical advisers, who will lend their expertise in real estate middleware.
Hayden Groves, REIA’s president, said they had taken inspiration from how the implementation of the National Exchange of Vehicle and Driver Information System (NEVDIS) had revolutionised the process of moving for both drivers and Austroads – the association of Australian and New Zealand road transport agencies.
“A driver’s licence style exchange for real estate practitioners will save industry, the community and government time and money and give us unprecedented data insights and intelligence in terms of what is happening in our workforce,” Mr Groves said.
REIA has been awarded an initial $65,000 for a feasibility study, with an additional $675,000 allocated should the project progress to development.
Realtair chief executive and co-founder Peter Matthews said his team was eager to play a part in the project that will bring huge benefit to professionals and industry bodies.
“Our teams are aligned providing value to the industry, government and consumers and this project will lead to a greater understanding and transparency of the industry,” Mr Matthews said.
Mr Groves highlighted how REIA hoped to provide many solutions beyond this one to make the industry more user-friendly for the practitioners within it.
“Under our priority area of regulation and regtech we identified vast potential to reduce compliance costs on practitioners and business through regtech using our proptech knowledge,” he added.
“In other words, we want to use our proptech expertise to deliver regtech solutions for the real estate industry in a real-world way and project RE-ID is a great pilot for this.”
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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