NSW Fair Trading has invited public comment on proposed reforms to the State’s property services industry aimed at improving the professional and educational standards of licensed and assistant agents.
Minister for Better Regulation, Kevin Anderson said the consultation package delivered on the reforms to the Property, Stock and Business Agents Act 2002 which were announced in 2016 involving improved training standards and the overall quality of the real estate sector, while ultimately ensuring customers could rely on the professionals they dealt with.
Mr Anderson said the proposed reforms included a new set of qualification requirements, supporting regulations and enhanced Continuing Professional Development (CPD) obligations.
“This is a well-balanced package that has been developed following extensive consultation with key stakeholders, including real estate sales and leasing agents, stock and station agents, strata managing agents, on-site residential property managers and business brokers,” Mr Anderson said.
“The draft Qualifications Order outlines a career development pathway for agents as they gain the education and experience needed to move through the three levels of licence, from new entrants to the industry up to licensees in charge.”
He said that under the proposed framework, licensed agents and assistant agents would still be required to undertake annual CPD training as a condition of their licence.
“Increased hours of training and the combination of compulsory and elective topics will improve the agents’ degree of expertise as they work in the industry,” Mr Anderson said.
“We want to ensure that real estate professionals are easily recognised for their skill level and qualifications, which is what these reforms aim to do.”
He said the consultation period would be open until 2 October.
More information, as well as details on how to make a submission, can be accessed at this PS News link.
