REINSW has celebrated a big leap forward in its endeavor to move the Real Estate industry out from NSW Fair Trading and under the direction of a dedicated Real Estate Services Commissioner.
On Thursday the 24th of October, The Real Estate Services Council Bill 2019 was introduced to the New South Wales Upper House by the Shooters, Fishers and Farmers party.
If passed, it would see the implementation of a Real Estate Services Council and appointment of a Real Estate Services Commissioner.
For REINSW CEO Tim McKibbin, this move is long overdue.
“NSW Fair Trading is stretched. It squeezes the regulation of property services in amongst 40 other different trade and service providers,” says McKibbin.
“These services are all low-value transactions of minimal legal complexity and come in stark contrast to the depth and breadth of specialty legislation relating to the property industry.
“NSW Fair Trading is a competent regulator of these low-value services, but simply doesn’t have the competencies and experience needed to support such a diverse industry.”
Mr McKibbin says a Commissioner with appropriate skill and expertise is sorely needed.
“A Real Estate Services Commissioner will be able to advise government on the best way to remove antiquated legislation, red tape and will support the drive to increase education and service delivery standards.
“Such an appointment will also ensure consumers are adequately protected going forward. Buying a home is for many Australians, the biggest financial commitment they will ever make, they deserve strong, committed representation.”
Mr McKibbin says it is time our politicians listen to the industry and its stakeholders.
“Residential real estate contributes more than 100 billion dollars to the NSW economy annually. Implementing a council and commissioner to oversee the state’s largest industry is in everybody’s best interest.
REINSW’s call for a Commissioner has been reflected across the Real Estate industry, more than 3,200 people signed an initial petition in favour of the change, you can find our new petition here.
To download the Media Release click here.
For more information, please contact:
Jessica Husband | + 61 2 8267 0537 | [email protected]
About REINSW
The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate agents and property professionals in NSW. It represents more than 2000 agencies across residential sales, property management, commercial, strata management, buyers’ agency, agency services and auctioneering. Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to continually evolve and innovate the industry. It lobbies the government and industry on behalf of members, develops new products and services to benefit agencies and professionals, and offers training and ongoing professional development. For more information, visit reinsw.com.au.