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REINSW updated members on the real estate training reforms in a recent webinar, which discussed the main changes and timelines involved.

NSW Fair Trading announced the overhaul of the training requirements for agents in NSW last year, in a bid to improve education standards in the industry.

The regulations are expected by September/October and the guidelines by the end of the year, which will impact every agent and agency.

REINSW President John Cunningham explained: “Over the last 10 years people have chosen to do the quickest, easiest and cheapest training . This has resulted in a generation of consumers who are saying this isn’t good enough.

“We need agents who are high level trusted professional advisors with a high degree of expertise and experience. The industry needs to disrupt itself for the better and this is where the improved training will help, by lifting standards.”

REINSW CEO Tim McKibbin said: “The cornerstone of this reform will be to improve the education standards in real estate. Expressed as a percentage it is expected to be a 300-400% increase in what we have now.

“It will mean the real estate industry is going to get new agents who require a lot more education before they start, and must commit to ongoing training to go all the way through to get the Certificate IV.”

As a separate initiative, REINSW is working with REIA to move the industry towards becoming a legally-recognised profession.

Watch the webinar to find out more by clicking here.

Key reforms

Certificate of Registration

• New entrants to the industry will be required to complete seven units of competence (up from the current requirement of four units) from the Certificate IV qualification to obtain their Certificate of Registration
• Certificate holders will not be able to enter into contracts on behalf of the agency or authorise trust account transactions.
  
  

Licence

• In order to obtain a Licence agents will be required to complete the Certificate IV qualification from the CPP07 Property Services Training Package, along with gaining at least 12 months’ practical experience
• The activities that licence holders are able to undertake will be specified and will have some restrictions. For example, licence holders will be prohibited from authorising trust account transactions (except in certain circumstances).
  
  

Licensee-in-charge

• A new licence category will be created – Licensee-in-charge (LIC)
• The LIC will assume greater and more defined responsibility
• To become an LIC, an agent will need to complete the Diploma level qualification (or a Certificate IV and an equivalent qualification in business management) and have at least two years’ experience within a licensed business.

 

CPD

• Annual CPD for Certificate holders over their first four years will be comprised of six competency units from the Certificate IV qualification until the qualification is completed
• Annual CPD for Licence holders and Licensees-in-charge will increase from four hours to six hours. The six hours of CPD will comprise three hours of compulsory topics and three hours of elective topics
• LICs will also be required to complete an additional three hours of CPD focused on business skills.