Have your say on the Real Estate and Property Services Industry Reform Paper, which aims to strengthen industry standards and better protect consumers.
The paper outlines the NSW Government’s vision for the state’s $15 billion real estate and property sector, with a strong focus on raising training standards, increasing transparency and accountability, and strengthening trust account processes. Proposed reforms include:
- increasing the certificate of registration qualification from the current four units of competency to seven units
- a mandatory practical experience component for certificate holders and licensees
- the creation of a new licence category of licensee in-charge, who will be required to oversee trust accounts, properly supervise agents and ensure the agency remains compliant with the law
- new fraud prevention measures which will require agents to transfer rental income out of trust accounts at the end of each month; and
- giving NSW Fair Trading greater investigative powers to tackle rogue agents.
- Legislation to implement these reforms is expected to be introduced to Parliament in the first half of 2017.
Minister for Innovation and Better Regulation Victor Dominello said we need modern laws that reflect these changes and improve consumer confidence.
“Purchasing or selling a property is often a life-changing decision and consumers need certainty that suitably qualified agents are managing this process,” Mr Dominello said.
“This is the most significant review in 20 years and the profile of the property sector has changed considerably over that period.”
The reforms follow extensive consultation and collaboration with industry stakeholders.