By now you have probably heard about the Real Estate and Property Services reforms proposed by NSW Fair Trading. Significant changes are planned for our industry and now is the time for you to have your say.
EAC supports the majority of the reforms and, as mentioned in the paper, have been working with NSW Fair Trading on many of the reforms as part of the Real Estate Reference Group. Now that the reform paper has been completed, we would like to get your feedback to ensure that we have not missed anything in our representation of the industry.
Our industry is facing several threats and challenges at this time including increased compliance. We believe that in the main these challenges can be met by raising the profile and professionalism of the industry by increasing entry level standards, the level of training and the experience required before starting a real estate business.
The changes outlined in the reform paper will place more responsibility on the licensee in charge, making them more accountable for their employees and representatives.
The changes have been formulated to clean up our industry and increase transparency in our profession as a whole. The reforms will ensure systems are in place to make it harder for inexperienced or rogue agents to operate, with increased educational requirements and tighter trust account procedures.
The new reforms will also allow NSW Fair Trading to investigate and properly deal with agents that do the wrong thing. The whole objective is to, of course, protect consumers.
If the legislation is passed, the changes will have a dramatic effect on our industry and the way you will do business in the future. It is expected that legislation to implement the reforms will be submitted to parliament early in the new year and we are already working with NSW Fair Trading on their implementation.
Now is your time to voice any comments, suggestions or concerns. If you have not seen the reforms please take the time to read them here.
If you were not able to provide your feedback to EAC by 28th November 2016 then you still have the oppurtunity to provide it on the NSW Fair Trading reforms page by the 5th December 2016.
If Members have any questions regarding the reforms feel free to contact Ted Hanson, EAC Chairman on 0418 421 281 or David Crombie, EAC CEO on 0425 257 484.