Rais­ing the bar on stan­dards

The time has come for law­mak­ers to in­clude com­pul­sory pro­fes­sional de­vel­op­ment in the real es­tate pro­fes­sion to ben­e­fit con­sumers, writes the chief ex­ec­u­tive of REIQ

The Courier-Mail - Property - - REALESTATE MARKET OUTLOOK -

AS QUEENS­LAND’S peak real es­tate in­dus­try body, we be­lieve strongly in con­sumer pro­tec­tion.

Our ac­cred­ited agents have al­ways shown a strong pro­fes­sional com­mit­ment to serv­ing the best in­ter­ests of con­sumers.

But there’s al­ways more that can be done on an is­sue as im­por­tant as this.

There’s no doubt that com­pul­sory pro­fes­sional de­vel­op­ment (CPD) is a cru­cial part of pro­tect­ing con­sumers in their real es­tate trans­ac­tions.

The REIQ has long been an ad­vo­cate for manda­tory CPD, and all our ac­cred­ited agency mem­bers have to un­der­take CPD as a con­di­tion of their mem­ber­ship.

But we be­lieve the time has come to ex­tend this re­quire­ment to all real es­tate prac­ti­tion­ers.

Re­quir­ing all agents to un­der­take CPD will re­sult in higher stan­dards within the pro­fes­sion. This is why the REIQ sup­ports the in­tro­duc­tion of a statu­tory CPD re­quire­ment for real es­tate li­cence and reg­is­tra­tion re­newal.

This would en­sure con­sumers are only deal­ing with real es­tate prac­ti­tion­ers who have up to date knowl­edge of leg­isla­tive and in­dus­try is­sues.

In to­day’s com­plex leg­isla­tive land­scape and highly liti­gious so­ci­ety, it’s naive to as­sume that ini­tial train­ing to ob­tain a li­cence or reg­is­tra­tion will suf­fice.

CPD is more im­por­tant than ever, es­pe­cially when you con­sider that real es­tate agents in Queens­land han­dle trans­ac­tions worth bil­lions of dol­lars each year.

It’s ab­so­lutely es­sen­tial from a con­sumer pro­tec­tion and risk man­age­ment per­spec­tive that in­dus­try pro­fes­sion­als keep up to date with rapidly chang­ing laws and re­quire­ments.

They need to main­tain their knowl­edge to min­imise the risk of er­rors, claims and lit­i­ga­tion.

Queens­land’s po­lit­i­cal lead­ers of­ten talk about the im­por­tance of train­ing, ed­u­ca­tion and pro­fes­sional de­vel­op­ment.

But we need to see the rub­ber hit the road and the time has now come for law­mak­ers to man­date CPD in the real es­tate pro­fes­sion.

The REIQ is also keen to work with the state’s law­mak­ers to de­velop more ap­pro­pri­ate ed­u­ca­tional stan­dards and re­quire­ments to gain en­try to the pro­fes­sion.

The cur­rent en­try lev­els are too low and the bar needs to be set higher to re­flect the sig­nif­i­cance of real es­tate trans­ac­tions.

For many Queens­lan­ders, the fam­ily home is the most im­por­tant as­set they will ever own.

Higher en­try stan­dards need to be ap­pro­pri­ately set to re­flect the value of th­ese as­sets and the fi­nan­cial se­cu­rity they pro­vide to so many peo­ple.

Now that a na­tional li­cens­ing regime is no longer on the agenda, there needs to be a greater fo­cus from Queens­land’s law­mak­ers on this im­por­tant is­sue.

We want to see leg­is­la­tion to make this im­por­tant re­form a re­al­ity.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.