The property industry has pledged to establish a political party if the government doesn’t act to ensure standards in the industry are lifted.

Real Estate Institute of New South Wales president Malcolm Gunning said the desire to establish a political party to ensure that the profession has a strong voice in parliament was one of the major outcomes of the 2014 REINSW Industry Summit, held last week.

There was a big focus on the need to lift standards in the property industry, according to Gunning.

A proposal to improve education and on-going training was put forward to the NSW Fair Trading Minister Matthew Mason-Cox in November, but if the government isn’t prepared to act then the industry will take matters into their own hands.

“Real estate's place and importance for NSW should not be played down or underestimated. Our profession is critical to the economy and it is time for this to be recognised,” Gunning said.

“We must ensure standards are lifted and if this cannot be done through our elected representatives we will create our own political force.”