Real estate and property industry reforms

Discussion in 'Property Information Resources & Tools' started by Never giveup, 23rd May, 2020.

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  1. Never giveup

    Never giveup Well-Known Member

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    Given the recent reform in RE and changes from Fair Trading - RE Industry Licence requires update.

    It is Property Chat and didn't see any thread on it. Inviting all RE agents and others to bud in as I am interested in RE industry.

    But haven't seen any part time or weekend work opportunities.....
     
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Most changes are innocuous

    Not impressed by the requirement that you must progress to fully licensed within 4 years of getting the certificate of registration. Not everyone wants a full licence or needs to be.
     
  3. Never giveup

    Never giveup Well-Known Member

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    Hi @Scott No Mates ,
    Is it or Was it open ended registration previously compared to 4 years or longer?

    Perhaps thats how they will make $$$ from applications/licence.

    My understandibg us Licenced RE agent will make more $$$$ compared to just registration-no?

    Edit- Q: After completion of a new course - can one apply for Level 2 Licence straightaway ?
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    The certificate of registration was renewed annually, with minimal cpd requirements.

    It is a shift to a higher fee for a licence and another higher category/fee for the Licensee in Charge/principal.

    Having a licence will allow greater deregulation of the agents. My understanding was that holders of the certificate of registration could not be independent contractors (paid on commission only) but had to be employed on account/retainer. Whether this leads to an increase in the agency's cost of wages or just it's expenses where paying the employee's licence fee is a matter for each agency.

    OFT held a series of seminars and more may appear on their calendar of events Fair Trading Events
     
  5. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    This is just for NSW, but it allows greater accountability from the licensee when it comes to trust accounting and in theory it pushes the whole industry to be better educated/managed.

    I have been trying to find a part-time career property manager for ages but not having heaps of luck..
     
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  6. Never giveup

    Never giveup Well-Known Member

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    Hi Guys,

    Not sure why but I didn't get any alerts for replies- it is happening alot lately.


    @Scott No Mates - under thus reform or new process - will the agent be working on commission only ? And does it matter if he/she use ABN or TFN ?

    Any info on this part??

    @Mel Morgan - I am sure you can find someone suitable but may I ask what is the defination of Part time here- 4 hrs per day for 5 days (20hrs) or Full Weekend (Sat n Sun - Full Day doing open homes and paperwork)?
     
  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Previously, an agent with a certificate of registration was not able to contract to work independently ie must be an employee of the agency, this hasn't changed.

    The Level 2 agent holds a full licence except they're not the licensee in charge. They can sign agency agreements. They may work under contract to the agency purely on commission basis. No sales = no pay. Would need to have an ABN.

    Level 1 agent is able to be the LIC, approve disbursements on the trust account.

    Real Estate - Agent's Licence
     
  8. Mel Morgan

    Mel Morgan Sydney Property Manager Business Member

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    Ideally about 20hrs per week, very flexible on how its split :) I just want someone who is accountable and gets the job done.
     
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  9. Never giveup

    Never giveup Well-Known Member

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    Given it is a prop chat- It is very quite in this thread!!!
     
  10. Scott No Mates

    Scott No Mates Well-Known Member

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    It's not a forum dominated by agents but by investors (& all the associated hangers on - brokers, lawyers, planners, designers, builders/trades etc).

    Most investors wouldn't know of the reforms which affect various players in the industry.
     
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  11. Never giveup

    Never giveup Well-Known Member

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    Thanks @Scott No Mates

    Are you still.in RE industry?
     
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  12. Scott No Mates

    Scott No Mates Well-Known Member

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  13. balwoges

    balwoges Well-Known Member

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    I was a fully licenced REA having gone to TAFE for 3 years and completed subjects which included Property Law, Trust Accounting etc. during the 1980's. It was a long slog, after obtaining my licence I was able to run my own business, operate a trust account, and employ staff. I chose not to instead became PM for a large RE company heading up their Property Management department. At that time the annual Licence fee was $600 pa without having to attend seminars to update your qualifications as is the practice nowadays.
    A lot of things have changed over the years, that's why I like this forum, keeps me up to date, I dont think I will ever lose interest in the industry.
    One thing that hasn't changed is the practice of Licencees using junior/untrained staff to look after their PM folio, otherwise 'training on the job'. That's why there are so many complaints about PM's. IMHO :eek:
     
    Last edited: 27th May, 2020
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  14. Never giveup

    Never giveup Well-Known Member

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    @balwoges

    Thank you for sharing your experience and thoughts, appreciate it. I am considering to do Cert IV with Tafe and gathering all the info I can to make a final dicision.