There is a push for real estate to become a formally recognised profession as Leanne Pilkington, president of the Real Estate Institute of New South Wales appeared on Sky News recently to discuss.

Currently there are only 17 professions in Australia recognised by the Professional Standards Council, according to Ms Pilkington.

Ms Pilkington told WILLIAMS MEDIA once real estate is recognised “real estate agents would need to apply to be a professional. You would not automatically become a professional agent when you get your licence, there would be other hurdles and an application process.

“Professional agents will be held to a higher standard than now, and consumers would understand the difference between a normal real estate agent and a professional agent.

Ms Pilkington said this is looking achievable towards the end of 2019.

She said property industries are one of biggest employers in NSW, contributing almost 25 per cent of government tax revenue.

“The industry also needs its own commissioner. Right now we are under the Department of Fair Trading, but nobody understands the industry.”

“We want standards to increase and be better for everybody. We don't like being the third least trusted industry in Australia.

“We want to work with the government and regulator who is experienced, to actually improve the industry for all of us.”

Jock Kreitals, chief executive officer of the Real Estate Institute of Australia (REIA) told WILLIAMS MEDIA there should be a dedicated minister for property services.

“We’ve had it in our pre budget submissions for the last three years. We’ve been advocating for a while,” said Mr Kreitals.

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Malcolm Gunning, president of the REIA said real estate becoming a recognised profession is very important because of the perception the public has of real estate agents.

“It’s important to lift education standards and invest more into knowledge and skills, which will translate into providing a more professional service,” Mr Gunning told WILLIAMS MEDIA.

“This is not for everyone, it's similar to being a certified practicing valuer with the Australian Property Institute.

“This is for those agents out there who want to educate themselves, and lift their own standards so they can become recognised as more professional.

Mr Gunning said it will be a national recognition, and you will have to be a member of your state institute to qualify.

“With the likes of Purple Bricks and other organisations, there needs to be a differential between the service they are offering and what professional real estate agents are offering.

“We are making sure that service is defined.”

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Agents around Australia agree that the real estate industry needs to be more professionally recognised.

Matt Lancashire, principal of Ray White New Farm told WILLIAMS MEDIA he believes the government should make it harder to get a real estate licence.

“When dealing with ones most valuable asset, I believe you should be dealing with professionals,” said Mr Lancashire.

“Like other industries such as law, this industry needs to be taken more seriously.”

Jeremy Fox of RT Edgar Toorak told WILLIAMS MEDIA he thinks the industry overall is very well regulated, “The only thing I believe would benefit individuals and the industry is a higher level of education”.  

Click here for more information about the real estate industry becoming formally recognised.

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