Poor qualification standards for real estate agents in Victoria are placing buyers and sellers at risk, according to the Real Estate Institute of Victoria (REIV).
The REIV is currently in the midst of consultation process on how to address the issue of underquoting in the state, which chief executive officer Enzo Raimondo said is “clearly impacting on members of the public” in Victoria.
But while Raimondo said underquoting is a serious issue in Victoria, he said it’s also a symptom of wider problems with educational standards within the state’s real estate industry.
“We currently have a situation in this state where a Certificate III is all that is required to sell or manage real estate,” Raimondo said.
“This is the same level as that [which is] required to work in hospitality as a waiter or barista,” he said.
In particular, Raimondo said consumers are being put at risk by real estate professionals who receive their qualifications from registered training organisations who are offering full real estate licences via accelerated courses.
“These fast-tracked courses are clearly impacting on the industry, and creating poorly trained, inadequately qualified real estate agents,” he said.
“The agents receiving this training are a significant threat to consumers.”
The REIV is not alone in their calls for tougher education standards, with their counterparts in New South Wales also beating the same drum.
NSW Fair Trading is currently reviewing education standards for real estate agents in the state and the Real Estate Institute of New South Wales (REINSW) has called for tougher entry standards, as well as on-the-job training.
“We suggest a higher entry level education standard,” REINSW president John Cunningham said
“REINSW has also called for additional on the job training. Under the Institute’s suggested educational regime the student will take seven units of competence into the workplace and receive an additional 17 units of competence within the context of practical application and repetition,” Cunningham said.
NSW has also recently introduced a raft of more comprehensive underquoting laws
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out