The NSW Government is introducing new training requirements for property agents to ensure those working in the sector have the right skills to best serve customer interests.
NSW Property Services Commissioner John Minns said the changes, with a focus on the quality of training, would lift professional standards and improve consumer confidence in a crucial part of the State's economy.
"Consumers, regulators and industry leaders expect property sales, property management and strata services to be delivered by trusted and well qualified professionals," Mr Minns said.
"The integrity of the licensing scheme is crucial to meet the needs of a complex modern marketplace.
"An occupational licence should serve as a guarantee of the qualifications and experience of the professional who holds it and provide adequate avenues of redress for consumers."
From 23 March 2023, all real estate, stock and station agents and strata licence holders will be required to complete four hours of compulsory continuing professional development (CPD) training relevant to their licence each year delivered face-to-face or via an interactive webinar.
Previously, the amount of CPD training varied depending on the class and type of licence.
These new training standards will ensure improved accountability and reporting standards and better protection for consumers whether they are buying or renting a property.
Further, licensees-in-charge will be required to develop and maintain a training plan for all employed agents.
The Office of the Property Services Commissioner is hosting a roundtable with stakeholders tomorrow (2 February) to discuss education and training in the property sector ahead of a broad-based review planned for later in 2023.
Mr Minns said transforming this sector will require new thinking and a common commitment to higher standards, a focus on performance and a strong accountability regime.
"I encourage all stakeholders to contribute to the review and help build a more professional and trusted industry," Mr Minns said.
The NSW Government review is in addition to the NSW Productivity Commission's review of mandatory CPD across multiple industry sectors.
