REINSW CEO Tim McKibbin said: “The lnstitute has been campaigning for over 10 years for the training standards of CPD and entry level education to be improved. We had substantial input to this Paper through direct lobbying and via the Real Estate Reference Group and are therefore very supportive of these reforms.
“The lnstitute is firmly of the view that the overwhelming majority of the issues that attract the attention of the regulator and aggravate consumers can be resolved by substantially improving the education of property professionals.”
Co-regulation is the next step
He added: “In the lnstitute's view, the next important step to improve regulatory compliance and promote professional conduct is co-regulation.
“Within a co-regulatory environment, the industry and the regulator would work cooperatively together to deliver improved consumer outcomes.
"The Institute invites Fair Trading to investigate and take guidance from other co-regulated industries on the significant benefits enjoyed due to that relationship.”