Leaders of the real estate industry gathered in Sydney this week to plan for professionalisation of the industry, with the Real Estate Institute of New South Wales calling for a national scheme to be run by The Real Estate Institute of Australia.

REINSW President John Cunningham and a group of more than 60 real estate leaders from across the country vowed to change the industry’s image and ensure there is a focus on consumers. 

Cunningham said the meeting was the first step in what is likely to be a long journey towards professionalisation, but he said behaviour can change immediately.

"The path to gain formal professional recognition is a long one, but there is no need to wait until the framework is in place; we can put the leadership, culture, attitudes, and behaviours in place now.”

The need to reform the industry was recognised some years ago. In March, an advisory group of leading agents was created to identify what was needed to move forward. 

“At the Property Professional Prelaunch Think Tank (held on 12 July 2017), members of the industry were asked to make a choice: move ahead or be left behind,” Cunningham said.

“The response from the industry was overwhelmingly in favour of making a monumental change and to join other industries that have successfully achieved professional standing in Australia, including accountants and lawyers," he said.

Cunningham said real estate agents are being asked to provide advice on, and are given the keys to, people’s most valuable asset, and that level of responsibility requires a professional level of advice and service.

“We aim to set high barriers for entry into the profession," said Cunningham. 

"We want a career in real estate to be something that you aspire to and need to work hard to achieve,” he said. 

An important part of the process will be changing legislation around: what is required to join the industry, the certificate of registration, the real estate license, and to be the Licensee-In-Charge.

Minister for Finance, Services and Property, Victor Dominello, who spoke at that the Think Tank, welcomed the changes and said that the new requirements will enable real estate agents to apply to becoming a profession. The change will require historic reforms to be passed through parliament, Minister Dominello said. 

“These changes will require a certificate holder to increase the number of units of competency completed from four units to seven, and be required to take a mandatory pathway to obtain a license.

"These agents will go from the current zero experience to 12 months’ experience to apply for their license and a requirement of two years’ experience will be introduced for the Licensee-In-Charge," he said.

The next step is extensive consultation with the industry, followed by further consultation with the community in 2018, and then a submission will be presented to the Professional Standards Authority regulatory agency. The aim is for the process to be finalised by the end of 2019.

Read more about the professionalism of the real estate industry:

Taking real estate from an industry to a profession

One in five NSW agents not meeting professional development standards

REINSW supports education and training reform paper