Real Estate Institute of New South Wales (REINSW) - the state's peak real estate body - believes that tougher entry standards should be imposed to those who plan to work in the real estate industry in New South Wales, Your Investment Property reports.
REINSW's president John Cunningham is convinced that tougher education standards can help alleviate majority of issues that attract the attention of regulators and aggravate consumers.
"We suggest a higher entry level education standard," Cunningham said.
"It not only better equips the new entrant for the profession, it also allows that new entrant the opportunity to commit themselves to the disciplines required by the profession. This will then, it is submitted, positively impact on a higher retention rate and increase the aggregate competencies of the profession," he said.
Cunningham's comments come just as soon as NSW Fair Trading's proposal to review training requirements of property professionals in NSW which include real estate agents, buyer's agents, property managers and strata managers.
With the help of the review, it shall be determined whether real estate professionals should be made to undergo a certain period close to an apprenticeship work before getting qualified. Also, it would determine whether there is a need for a more rigorous on the job training after getting the qualification, a move that the REINSW has called for.
"REINSW has also called for additional on the job training. Under the Institute's suggested educational regime the student will take seven units of competence into the workplace and receive an additional 17 units of competence within the context of practical application and repetition," Cunningham said.
"The complete education, which involves both classroom and on the job training, particularly in a service industry such as real estate is not so much desirable, but essential. Without it the service provider is ill-equipped to respond to the demands and disciplines of the profession."
