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
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.