“For too long people have been able to enter the profession with a minimum level of education that is totally inadequate for the important role real estate professionals play in people’s lives.
“We will be making a submission of support on all of the reforms and look forward to the reforms coming into effect in 2017.
“We encourage the public and other industry bodies to get behind these reforms which will undoubtedly help to improve what is the most significant industry in the NSW economy,” Mr Cunningham said.
What are some of the key reforms?
- Increasing the certificate of registration qualification from the current four units of competency to seven units
- A mandatory practical experience component for certificate holders and licensees
- The creation of a new licence category of Licensee in-charge. These agents will be required to oversee trust accounts, properly supervise agents and ensure the agency remains compliant with the law. Applicants will need two years’ practical experience and the completion of a diploma level of qualification
- New fraud prevention measures which will require agents to transfer rental income out of trust accounts at the end of each month
- Giving NSW Fair Trading greater investigative powers to tackle rogue agents.
The paper is available for feedback until 5 December 2016, with submissions preferred by email at [email protected]
. Legislation to implement these reforms is expected to be introduced to Parliament in the first half of 2017.