A partial self-regulation model has been suggested as the solution to ongoing issues associated with the administration of agency practice through NSW Fair Trading, according to the Real Estate Institute of New South Wales.
REINSW Deputy President John Cunningham met with Fair Trading Minister Matthew Mason-Cox on Monday (10 November 2014) to discuss the dire state of education of real estate professionals.
“REINSW put forward to the Minister a proposal for reform through a partial self-regulation model,” Mr Cunningham said.
“The proposal to partner with NSW Fair Trading, to ensure a more rigid set of controls and compliance in the form of a guild model, has an emphasis on education and on-going training to get to the root cause of consumer concerns.
“Over the past 10 years the educational standards of entry into the real estate industry have been watered down to a point where agents, having completed their certificate of registration course through some RTO’s, still have no idea how to properly conduct themselves in their capacity as what consumers consider them to be as skilled professionals.
“The Minister took note of all the issues, including current concerns around underquoting and material fact.
“We had a productive meeting and the minister said he was keen to keep an open dialogue.
“REINSW looks forward to a strong ongoing and positive relationship with Minister Mason-Cox to ensure better outcomes for property consumers in NSW,” Mr Cunningham said.
For further information or to speak with REINSW Deputy President John Cunningham please contact Helen Hull at [email protected] or on 0419 642 961.