OFT approves new training requirements for Queensland real estate agents

The Queensland Office of Fair Trading (OFT) has approved new training requirements for people looking to get into the real estate industry.

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

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

Brian Bauer, executive director of Fair Trading, said it was important to ensure that the qualifications for licensing requirements are timely and match the needs of the industry and the expectations of the people who use critical real estate services.

The new training requirements also remove obsolete and duplicate competency units.

“Queensland has 14,647 licensed real estate agents and 19,659 registered sellers, and the OFT issues approximately 5,000 new licenses and registrations for real estate agents annually,” said Bauer.

“People who use real estate services need to be confident that their property and financial interests will be protected by licensees who work with the right mix of integrity, expertise and professionalism.”

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

Ms. Mercorella said, “It is gratifying to see that the Office of Fair Trading’s new training requirements not only recognize the importance of the work done by real estate professionals, but also better reflect the modern practice of real estate agencies.

“The introduction of higher educational standards provides a better understanding of consumer protection, improved professionalism and ultimately a higher level of trained real estate professionals in Queensland.

Trevor Rawnsley, ARAMA’s CEO, has also advocated the collaborative nature of these reforms.

Mr. Rawnsley said, “The review and then update of licensing training for Queensland-based landlords has resulted in a modern, more relevant set of training requirements that offers more flexibility and more skill transfer opportunities.

“These improvements will result in better agent training and ultimately better results for consumers.”