Those wishing to work in the real estate industry in New South Wales should face tougher entry standards, according to the state’s peak real estate body.
Real Estate Institute of New South Wales (REINSW) president John Cunningham said the organisation believes the majority of issues that attract the attention of the regulators and aggravate consumers would be resolved by tougher education standards.
“We suggest a higher entry level education standard,” Cunningham said.
“It not only better equips the new entrant for the profession, it also allows that new entrant the opportunity to commit themselves to the disciplines required by the profession. This will then, it is submitted, positively impact on a higher retention rate and increase the aggregate competencies of the profession,” he said.
Cunningham’s comments come as NSW Fair Trading currently undertakes a review into the training requirements of property professionals in the state, including real estate, agents, buyer’s agents, property managers and strata managers.
The review will consider whether those working in the industry should have to undertake a period similar to an apprentice ship before being qualified and whether on the job training should be made more rigorous after qualification, something the REINSW has called for.
“REINSW has also called for additional on the job training. Under the Institute’s suggested educational regime the student will take seven units of competence into the workplace and receive an additional 17 units of competence within the context of practical application and repetition,” Cunningham said.
“The complete education, which involves both classroom and on the job training, particularly in a service industry such as real estate is not so much desirable, but essential. Without it the service provider is ill-equipped to respond to the demands and disciplines of the profession.”