An overhaul of education and training standards is in the best interests of the consumer and the profession, according to a submission from the Real Estate Institute of New South Wales.
Responding to the review of training in the property services industry conducted by NSW Fair Trading, the Institute is firmly of the view that the overwhelming majority of issues that attract the attention of the regulator and aggravate consumers, can be resolved by substantially improving the education of property professionals for both entry and continuing professional development.
We suggest a higher entry level education standard. It not only better equips the new entrant for the Profession, it also allows that new entrant the opportunity to commit themselves to the disciplines required by the Profession.
This will then, it is submitted, positively impact on a higher retention rate and increase the aggregate competencies of the Profession.
In order to reduce the churn, which the panel has identified at 80 per cent of new entrants, REINSW proposes new entrants complete an additional three units prior to starting work. This will at least in part address this at the commencement of the new entrants employment and with on-going study together with practical on- the-job experience will grow the new entrant into a capable, knowledgeable and skilled professional.
REINSW has also called for additional on the job training. Under the Institute’s suggested educational regime the student will take seven units of competence into the workplace and receive an additional 17 units of competence within the context of practical application and repetition.
The complete education, which involves both classroom and on the job training, particularly in a service industry such as real estate is not so much desirable, but essential. Without it the service provider is ill-equipped to respond to the demands and disciplines of the profession.
The delivery and assessment of training should be undertaken by trainers who regularly update their property industry work experience and skills. The qualification level of the trainers should be at least a one-step higher level than the qualification currently being taught within the relevant property associated discipline.