Everything you need to know about Industry Reforms

25 March 2020

Major reforms – Government reassure industry there's time to adapt

The major industry reforms, which came into effect on Monday 23 March, will have a significant impact on all areas of agency practice.

 

To expect every agent to understand and comply with all of these new systems and obligations in the given timeframe is clearly unreasonable – REINSW have said so loudly and repeatedly to NSW Fair Trading.

 

This request for extra preparation time has become even more important in light of the measures and restrictions undertaken by the Federal government to combat the spread of COVID-19.

 

I am now pleased to announce that NSW Fair Trading listened to us, and have advised us that the property industry is granted an extension of six months to absorb and build systems to comply with Industry reforms.

 

NSW Fair Trading have given the REINSW an assurance that during the next six months their focus will be on education, rather than penalising agents for non-compliance - clearly this is a huge win for us.

 

Please read the NSW Fair Trading Statement of Regulatory Intent.


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