The Victorian Government has proposed massive changes to the educational qualifications for the real estate industry, and time is running out to oppose them.
If implemented, these changes will require those planning to enter the industry to spend substantially more time and money gaining tertiary qualifications.
Potential ‘Agent Representatives’ will be impacted the most, now required to complete 18 units of the new Certificate IV in Real Estate Practice (currently they need only complete three units).
To qualify as an ‘Estate Agent’, you’ll need to do the aforementioned 18-unit Certificate IV in Real Estate Practice course, four additional units, plus a 12-unit Diploma of Property (Agency Management) course of 12 units. This almost doubles the unit-load.
The proposed regulations (made under the Estate Agents Act 1980), are intended to replace the Estate Agents (Education) Interim Regulations 2019.
“The proposed education requirements reflect significant changes to standards of competency for estate agents and agents’ representatives,” according to the proposal.
“These requirements draw on a new training package for the real estate industry that was developed following a national review.”
The stated objectives of the proposed regulations are:
- To ensure that the training undertaken by estate agents and agents’ representatives equips them with the necessary skills to perform their duties competently and render services with the expected level of due care and skill.
This objective will assist in :- improving the reputation of the real estate industry
- reducing risks to vulnerable tenants, and
- reducing disputes between consumers and agents
- To ensure the prescribed course of instruction for estate agents and agents’ representatives does not impose an undue cost on the sector including business, consumers, and students.
The industry has until September 9 to submit any objections you have to these plans. The new regulations are slated to commence on October 21, 2020.
Read the proposal and find out how to register any feedback here.
