REINSW supports property sector overhaul

17 June 2021

With less than 5 days to go now, REINSW is urging the NSW Parliament to pass the Property Services Council Bill 2021 to help prevent real estate related disputes and deliver better consumer outcomes.

The Property Services Council Bill, introduced by the Shooters, Fishers and Farmers Party, will see the appointment of a Property Services Commissioner as the key regulatory authority for the property services industry. If passed by the NSW Parliament, the real estate industry will be overseen by a regulatory authority exclusively focused on the industry.

“Our industry is currently overseen by NSW Fair Trading, which also regulates around 40 other industries, and these industries predominantly conduct transactions of low-dollar value and minimal legal complexity,” REINSW CEO Tim McKibbin said. “In contrast, property transactions always involve large sums of money and are, by their very nature, legally complex.

“Consumers have the reasonable expectation that the NSW Government will support and protect them in property transactions. Therefore, a dedicated, experienced authority committed to delivering better outcomes for consumers and genuinely engaging the industry is essential.”

Mr McKibbin emphasised that good policy addresses issues before they cause consumers harm.

“This requires the exclusive focus of an authority with real estate industry experience and a commitment to stakeholder engagement,” he said. “Unfortunately, this environment does not exist today with NSW Fair Trading at the helm.

“Making NSW Fair Trading the regulatory authority for the real estate industry is an experiment that has failed, because Fair Trading lacks the core competencies for an industry as complex as ours.

“The Property Services Council Bill returns the property industry to the regulatory environment of old and it replicates the regulatory architecture of the legal and building services industries, and of other states.

“REINSW believes that what is good for the consumer is good for the market and the industry. Consumer satisfaction is paramount. They must have confidence in the transparency of the market – and if the regulatory authority is unable to deliver that, then it has failed its fundamental obligation.

“We urge the NSW Parliament to pass the Property Services Council Bill in the interests of consumers and all stakeholders.”

The Property Services Council Bill has been introduced into the Lower House, passed by the Upper House and is pending a second reading by the Lower House of NSW Parliament on 22 June 2021.

How can you help

We need to get the message that the property services industry needs a dedicated Property Services Commissioner as the key regulatory authority into the hands of local members of State Parliament without delay. We’ve made it quick and easy for you – just click on the link to our Goodbye Fair Trading website, choose whether you are a landlord, or an agent, then click send and an email will be sent immediately on your behalf.

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