REIQ calls for stronger consumer protection measures
- Written by Martin Philip
Tuesday 20 January 2015: Queensland’s peak real estate industry body is calling for stronger measures to protect consumers, including compulsory professional development (CPD) for real estate practitioners.
Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella wants CPD linked to the renewal of real estate registration certificates and licences, saying it will deliver real benefits to consumers.
“We support the introduction of a statutory CPD requirement for licence and registration renewal as part of an effort to enhance consumer protection,” she said.
“This will ensure consumers are only dealing with real estate practitioners who have up to date knowledge of legislative and industry changes.
“It’s now up to the state’s political leaders to legislate on behalf of consumers to make this important reform a reality.”
Ms Mercorella said the REIQ had long been an advocate for mandatory CPD.
“REIQ-accredited agencies have to undertake CPD to maintain their membership and we believe the time has come for this requirement to be extended more widely in the profession,” she said.
“In today’s complex legislative landscape and highly litigious society, it’s naive to assume that initial training to obtain a licence or registration will suffice without further ongoing training.
“Ongoing CPD is more important than ever in the current environment, as the state’s real estate professionals adapt to the new Property Occupations Act which came into force in December 2014.”
Ms Mercorella said the Queensland real estate profession handled transactions worth billions each year, making it crucial to the success of the overall state economy.
She said keeping up to date with rapidly changing laws and requirements was critical from a consumer protection and risk management perspective.
“With the value of Queensland’s residential real estate climbing towards $1 trillion, it’s vital that industry professionals maintain their knowledge to minimise the risk of errors, claims and litigation.
“Queensland’s political leaders rightly stress the importance of training, education and professional development but CPD is yet to be mandated in the real estate profession.
“With a State Election looming, the time has come for our political leaders to tackle this important issue and mandate CPD, bringing huge benefits to the profession and consumers.”
Ms Mercorella said the REIQ was also keen to work with the state’s lawmakers to develop more appropriate educational standards and requirements to gain entry to the profession.
“The current entry levels are too low and the bar needs to be set higher,” she said.
“Educational requirements need to reflect the significance of the transactions carried out by agents and their importance to consumers.
“Real estate agents are responsible for selling and managing highly valuable properties which in many cases are an individual or family’s most important asset.
“Given the value of the assets involved, entry standards must be appropriately set.
“Now that a national licensing regime is no longer on the agenda, there needs to be a greater focus from Queensland’s lawmakers on this important issue.”