The much sought after path to professionalism is progressing with the NSW Legislative Assembly passing a crucial bill that will lift education standards by 600 per cent, according to the Real Estate Institute of New South Wales.
REINSW CEO Tim McKibbin described the Property, Stock and Business Agents Amendment (Property Industry Reform) Bill 2017, which passed by the NSW Legislative Assembly last week (13 February 2018) as a generational change and is the culmination of more than 10 years of lobbying by the Institute.
“The days of becoming a real estate agent in less than a week are finally over,” Mr McKibbin said. “Under the reforms education requirements for a career in real estate will increase by 600 per cent,” he said.
“This is a win for the consumer and the property services industry because a better educated agent delivers a better consumer outcome.
“It is the single biggest achievement for the industry this century and plays a major role in the path to professionalism that we have embarked upon,” Mr McKibbin said.
“Under the reforms, CPD (continued professional development) obligations of agents, which is essential to keeping an agent’s professional skills sharp and current, will also be significantly improved,” he added.
The Bill will now be sent to the NSW Legislative Council and is slated to be heard at its next sitting on 6 March 2018. Members of the Council will decide if the Bill is passed, amended or rejected.
If it is passed it will be sent to the Governor of NSW for his assent and reforms are expected to be implemented on 1 July 2018.