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New training requirements for the real estate industry

15 December 2020

New training requirements for the real estate industry

The Office of Fair Trading (OFT) has approved new training requirements for people wanting to enter the real estate industry.

The new training, as part of initial licensing requirements, follows an independent review of the national property services training package.

Before approving the new training, the OFT consulted on its potential impact with a range of industry bodies and stakeholders including the Real Estate Institute of Queensland (REIQ), Australian Resident Accommodation Managers Association (ARAMA), and the Australian Livestock and Property Agents Association (ALPAA).

Fair Trading Executive Director Brian Bauer said it is important to ensure qualifications for licence requirements are contemporary, meeting the needs of industry and expectations of people using critical real estate services. The new training requirements also remove units of competency that are obsolete and duplicative.

“Queensland has 14,647 licensed real estate agents and 19,659 registered salespersons, and the OFT issues approximately 5,000 new real estate agent licences and registrations annually,” Mr Bauer said.

“People using services provided by the real estate industry need to be confident their property and financial interests are protected by licensees operating with the right blend of integrity, expertise and professionalism.”

Antonia Mercorella, CEO of the REIQ has supported the new training requirements.

Ms Mercorella said, “The Real Estate Institute of Queensland is committed to excellence in teaching, learning and to developing outstanding industry professionals across the full range of real estate disciplines on offer.

“Integral to that commitment is constantly exploring the academic landscape to ensure our courses and programs reflect today’s real estate industry.

“It’s pleasing to see the Office of Fair Trading’s new training requirements not only recognise the significance of the work undertaken by real estate professionals but also better reflect modern day real estate agency practice.

“The introduction of higher scholastic standards provide an enhanced understanding of consumer protections, improved professionalism and ultimately, a higher calibre of educated Queensland real estate professions.

“When you’re charged with selling or managing what’s likely to be our most important asset, people have an expectation for the credentials that qualify you to that role.”

Trevor Rawnsley, the CEO of ARAMA, has also endorsed the collaborative nature of these reforms.

Mr Rawnsley said, “The review and subsequent updating of licensing education for resident letting agent’s in Queensland has resulted in a modern, more relevant set of training requirements offering more flexibility and more opportunities for skills transfer.

“These improvements will result in better education for agents and ultimately better outcomes for the consumer.”

Anyone wanting to obtain a real estate licence will be required to complete the new training ahead of applying for the following registration and licence classes:

  • auctioneer (property)
  • chattel auctioneer
  • limited real estate agent – affordable housing
  • limited real estate agent – business letting
  • real estate agent
  • real estate salesperson and
  • resident letting agent.

Property agent licensees operate under the Property Occupations Act 2014 and chattel auctioneer licensees operate under the Motor Dealers and Chattel Auctioneers Act 2014 (MDACA).

The new training requirements do not impact people who hold current registrations and licenses.

A transition period in 2021 means the OFT will continue to accept qualifications from the previous training package – the ‘CPP’ training package - until 30 September 2021.  From October 2021, only the new training package will be accepted as the eligibility requirement for a licence or registration.