Major reforms to real estate practice will be introduced in New South Wales later this year. These reforms are considered to be amongst the most important ones to reach NSW in the past 30 years.
Many years ago, the Government decided that it would be desirable for there to be more competition in the real estate industry. In response, the entry requirements were relaxed, making it easier for people to enter the industry and set up shop, as it were.
The negative impacts started to show.
Lower initial education requirements, lower experience requirements and the ability to maintain a certificate of registration indefinitely without progressing to a real estate license have perhaps resulted in poorer standards within the industry, consumer complaints and loss of confidence and business failures.
The reforms hope to address this by increasing the education standards for new entrants to the industry and enhancing the ongoing education requirements. Certificate holders must progress to a license within a certain time-frame; they can no longer hold a certificate for ever. There are enhanced limits on what a certificate holder and a license holder can do, and added supervision requirements for the licensee-in-charge - which, incidentally, is a newly created position.
The course leasing to a certificate of registration is having additional subjects added to it. The net result of these reforms will be a more highly educated workforce, with enhanced supervision and an improved career path mapped out. In time, this will improve consumer confidence in the real estate industry and assist us to progress to the next step: that of being recognised as a profession.
Melissa Maimann is a licensed Real Estate Agent and Buyer's Agent in Sydney. She assists home owners and investors alike with an affordable service that empowers you to make smart purchase decisions. Melissa's service is fast, efficient and accurate. If you need a hand with your next purchase, don't hesitate to make contact.