Real estate agents will have to commit to higher training standards and a new code of ethics, under a proposal by Australia’s peak real estate body.
The Real Estate Institute of Australia (REIA) has applied to the Professional Standards Authority for admission as a profession, with the process expected to be completed by the end of 2019.
If the REIA proposal is accepted, participating real estate agents will have to:
- Pass “rigorous tests” to become recognised as a ‘professional’ real estate agent
- Adhere to a code of ethics (and associated “auditable accountability commitments”)
- Meet ongoing training standards
Real estate agents would no longer be recognised as ‘professional’ agents if they failed to maintain their commitment to ethics and training.
REIA president Malcolm Gunning said in the future there would be two types of real estate agent – those who were members of the professional scheme and those who were outside the scheme.
“This scheme will not be for all agents, as only those prepared to raise the bar on their own standards, skills, education, performance and commitments will qualify,” he said.
“For those agents wishing to pursue a professional path, education and training standards will be raised far beyond those currently required for regulatory purposes, which will result in significant consumer benefits.”