The ALP has written to Real Estate Institute of New South Wales (REINSW) CEO Tim McKibbin stating it will place property services in the first instance within Property NSW if it forms Government this month.

The NSW Building Authority would also be placed under the expanded Property NSW agency. 

In the lead up the 23 March election, REINSW has been running a vocal campaign calling for the appointment of a dedicated Commissioner for the Property Services Industry.

Writing on behalf of Michael Daley, Shadow Minister for Innovation and Better Regulation Yasmin Catley believes REINSW’s argument for a Commissioner for the Property Services Industry has merit.

Ms Catley believes the move to a property focused agency will improve the relationship with industry and Government while achieving economies of scale. 

Mr McKibbin says a regulatory authority seeking to support the industry must be highly experienced in the industry.

“We support NSW Labor’s policy to establish a Government agency that has the experience in, and understanding of, the property industry. Fair Trading’s regulatory competencies exist in the high-frequency, low-dollar-value, minimal legal complexity transactions.

"Property transactions by comparison are low-frequency, high-dollar value and by their very nature inherently complex. A regulatory authority seeking to adequately support the property industry, must be well educated and experienced in the industry and be exclusively focused on it. 

“Consumers making home purchases in the hundreds of thousands and millions of dollars require specialist service providers and an experienced and competent regulatory authority that can maintain a regulatory environment for consumer protection."

He says it's ludicrous to assume that Fair Trading would be able to understand the complexities of property transaction. 

"Expecting the same people at Fair Trading who represent consumers when buying a toaster or getting a haircut to then step up into complexities of a property transaction is ludicrous. A property transaction is a very serious undertaking, there is no room in the transaction for the ill-equipped, particularly the regulatory authority.

“The REINSW says a new Property Services Commissioner would provide a centralised overview of legislation and regulation that impacts residential, commercial, strata and rural property; support the drive to increase education and service delivery standards in the industries, and advise government on the best outcomes to remove legislative red tape and improve consumer protection across the industry.”

Last year, REINSW launched a petition calling for the industry to move out from under NSW Fair Trading and place it under the direction of a dedicated Property Services Commissioner.

“We are seeking over 10,000 signatures, as this level of engagement means that a third of the profession is voicing their opinion and action would need to be taken,” Mr McKibbin said.

At the time of writing, it has over 2,400 signatures. 

Sign the "Gladys Berejiklian: Move Property Services Out of Fair Trading" petition here

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REINSW Director to run in NSW election

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