Dumbed down real estate licensing rules will hurt consumers: REIA

Lowering the entry requirements for real estate agents as part of a bid for a national licensing system will put consumers at risk, according to the Real Estate Institute of Australia.

The REIA says a potential national licensing system mooted by the Council of Australian Governments dumbs down entry requirement agents to the detriment of both the profession and consumers.

“REIA, in the past, has been supportive of national licensing, but not at the cost of consumer protection,” Robyn Waters, world president elect of the International Federation of Real Estate says.

She says agent licensing levels will drop leading to an increased consumer risk and a lowering of professional standards.

“We also do not want to see the abolition of ongoing professional development as it would result in many practitioners not participating in legislative updates which are pertinent to their area of real estate practice,” Waters says.

“Many Australian families and small businesses rely on real estate agents to either negotiate or sell the single biggest investment they will make – be it the family home or a small business.”

Waters is representing Australia at the Asia Pacific Real Estate Congress currently on in Singapore.

The meeting looks at the challenges and opportunities which prevail in the region for real estate professionals as a result of globalisation.