• Real estate industry’s pathway to professionalism will benefit consumers

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    The Australian real estate industry are taking steps to be recognised as a profession, which the Real Estate Institute of Australia says will reap benefits for the consumer.

    REIA President Malcolm Gunning said REIA had applied to the Professional Standards Authority for admission as a profession on behalf of its seven member real estate institutes.

    “The Authority is an independent statutory body established with specific responsibilities under professional standards legislation for assessing and approving applications for, and supervising the application of, Professional Standards Schemes,” he said.

    “For those agents wishing to pursue a professional path, education and training standards will be raised far beyond those currently required for regulatory purposes, which will result in significant consumer benefits.

    “REIA is completing four distinct and demanding phases as part of the process which is expected to be finalised by the end of 2019.”

    Raising the standards of excellence

    As part of the industry shift to a profession, a uniform robust code of ethics will need to be adhered to by participating professionals and a set of auditable accountability commitments to maintain membership.

    Mr Gunning said individuals will need firstly to be members of their state real estate institute and then pass rigorous tests to achieve recognition.

    “This scheme will not be for all agents as only those prepared to raise the bar on their own standards, skills, education, performance and commitments will qualify,” Mr Gunning said.

    “As a result there will be two types of practitioners; real estate professionals who are members of the scheme and those outside the rigours of the scheme.

    “Consumers will have a clear choice between a valued professional and the low cost listing services entering the industry and they will be able to determine the value and effectiveness of both when they come to sell their property.

    “It is expected that state and federal Governments across Australia will also welcome the move as has already been documented in the NSW Parliament.

    “We are forging a new direction for the industry and as a result better experiences and outcomes for property consumers.”

    For more information about the real estate industry’s pathway to professionalism, read REIWA President Hayden Groves’ article; Pathway to professionalism the right move for real estate.