Agents welcome NSW reforms to raise real estate standards

INDUSTRY ADVANCES: Real Estate Institute of NSW Albury divisional chairman Greg Wood (centre), pictured with Clark Watson and Brent Booker, says agents need a proper grounding in property.
INDUSTRY ADVANCES: Real Estate Institute of NSW Albury divisional chairman Greg Wood (centre), pictured with Clark Watson and Brent Booker, says agents need a proper grounding in property.

A group representing Albury real estate agents has welcomed changes expected to increase the industry’s education requirements by 600 per cent.

The NSW Legislative Assembly passed the Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017 earlier this month.

Real Estate Institute of NSW Albury divisional chairman Greg Wood said the institute had been working closely with Fair Trading to improve standards.

“We’re a professional industry, we’re dealing with someone’s greatest assets,” he said.

“We should be very, very experienced, have a lot of knowledge, know property law, know the pitfalls and be able to guide someone through a sale.”

Mr Wood, of Wood Real Estate, said lack of education could lead to legal issues if an agent did not properly understand the area.

On the Border, training sessions were well attended and Mr Wood was not aware of any litigation involving agents.

“So I think a lot of us are doing the right thing and it’s great, but (the changes are) just going to improve it further,” he said.

Institute chief executive Tim McKibbin said the bill, now introduced into the Legislative Council, was a win for consumers.