Media Releases

Education, shared regulation key to stopping fraud: REINSW

14 February 2014

Good agents across New South Wales are appalled at recent reports about the fraudulent actions of a dishonest few that have brought dishonour on the entire profession. 

The Real Estate Institute of New South Wales has approached the NSW Government with a raft of changes to the industry to limit futures cases.

REINSW Deputy President John Cunningham said there is no place in agency practice for this type of conduct.

“The removal of individuals who have breached not only their legal obligations but their professional obligations is high on REINSW’s agenda,” Mr Cunningham said. 

“While we will never stamp out fraudulent conduct completely, our co-regulation model, working with government, will vastly improve the conduct of real estate agents and deliver on consumer expectations for the profession. 

“Our proposal, which has been put to Minister for Fair Trading Stuart Ayres, replicates how other professions work with their regulators. It is essential to proactively address issues before they become problems. 

“Our proposal will provide a level of accountability and professional oversight that follows the tried and tested approach that prevention is better than cure.

“NSW Fair Trading, with its recourses, is only able to become involved in the conduct of agents when they have transgressed. REINSW wants to become involved in conduct issues before they become a problem.

“We also need to dramatically increase the education component required to enter the profession and commit to the continued development of real estate professionals after they have entered the industry. 

“No one is more committed to cleaning up the industry than REINSW and we believe our solution is the way forward. It is time for the NSW Government to listen to our cries and implement our proposal. We do not wish another repeat of the eight years it took of lobbying by REINSW for the introduction of professional indemnity insurance,” Mr Cunningham said.

For further information or to arrange an interview with REINSW Deputy President John Cunningham, please contact: Helen Hull – 0419 642 961 or media@reinsw.com.au