This week's announcement by the NSW State Government that it was seeking feedback on three draft documents that would implement real estate industry training forms has been celebrated by the Real Estate Institute of New South Wales.
A decade-long campaign to increase training standards in the real estate industry reached a turning point this week, with the NSW State Government announcing it was seeking feedback on three draft documents that would implement industry reforms.
The REINSW has lobbied heavily for the improvement of education standards in real estate, which it believes would raise the profile and professionalism of the sector.
While gaining a qualification for entry to the property services industry had previously required three years at TAFE, the requirement was cut by NSW Fair Trading in 2003, allowing prospective agents to receive a certificate of registration in less than a week.
REINSW CEO Tim McKibbin said the current education requirement not only failed to prepare agents to respond to the reasonable expectations of consumers, but also failed people wanting a career in real estate practice.
“Real estate transactions have become increasingly more complex and require an experienced and dedicated specialist," he said.
"Four days of training with zero practical experience is not enough.
"Currently, 80 per cent of new entrants are leaving the industry in the first year.
"Another concern is the lack of training provided to property managers who are tasked with inspecting vital property safety systems despite having no qualifications or experience, leaving both the manager and tenant at risk."
The consultation period on the draft requirements is open until 2 October 2019.
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