IMPROVING real estate training must be a priority of a new NSW government body, according to an Albury property agent.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Greg Wood, who leads the Real Estate Institute of NSW’s Albury division, said the low standards now allowed for agents needed to be raised.
"I can go online now, pay $100 and complete a course in five minutes,” Mr Wood said.
“Now that to me is not training, that's got to have reform, it's terrible."
Mr Wood, of Wood Real Estate, welcomed Saturday’s announcement of a new real estate and property division within NSW Fair Trading.
"Overall I think it's a great thing that they're doing,” he said.
"There's been a lot of talk across the table between the institute and Fair Trading and I think finally something's come out of it."
The new division will take responsibility for all real estate and property functions, including industry regulation.
NSW Minister for Innovation and Better Regulation Victor Dominello said the body would help relationships between government and industry.
“And provide for licensing that better balances industry needs with consumer protection,” he said.
“The real estate industry is integral to our state’s economic prosperity, with the sale and rental of property impacting on millions of NSW citizens each year.”
Mr Wood said Fair Trading’s role should be more than making examples of agents who break rules.
"They need to start organising a bit of training and coming in and being, not the policeman but the advocate for the industry," he said.
"Because there's a lot of agents out there, all doing the right thing.
“There's an enormous amount of red tape throughout our industry and it needs to be resolved."
Fair Trading assistant commissioner Andrew Gavrielatos will lead the division and establish a committee to review training requirements.
The division plans to conduct random and proactive audits of agents over licensing, trust account management and underquoting.
