- Shooters Fishers and Farmers introduced the legislation
- NSW Fair Trading currently regulates the industry
- REINSW has previously called for such reform
This week, the Shooters Fishers and Farmers Party introduced the Property Services Council Bill into the Legislative Council – the upper house – which it says will help prevent real estate-related disputes.
Reforms include the appointment of a Real Estate Services Commissioner. If passed by the lower house, this will become the property services industry’s key regulatory authority.
As of today, NSW Fair Trading regulates the real estate industry – despite the fact the regulator is responsible for 40 other industries in the state.
Additionally, most of these industries have minimal legal complexity and are of low-dollar value – the polar opposite of the real estate industry.
The Real Estate Institute of New South Wales (REINSW) has thrown its support behind the Bill, arguing that the industry – which contributes over $10 billion annually in tax revenue to the State along with a significant workforce – will have exclusive regulatory authority.
Tim McKibbin, REINSW’s CEO, says a dedicated, experienced authority that delivers better outcomes whilst engaging with the industry is essential for consumers.
“Good policy addresses issues before they cause consumers harm. It requires the exclusive focus of an authority with real industry experience and a commitment to stakeholder engagement. Unfortunately, this environment, with Fair Trading at the helm, does not exist today.
“For most people, a real estate transaction will be the largest they ever make. The people of New South Wales deserve an authority exclusively focused in this area, like other states have.”
Tim McKibbin, CEO REINSW
Additionally, the Bill seeks to bring the real estate and property industry in line with the legal and building industries – both of which have their regulatory authority.
This is not the first time Mr Mckibbin has shown his support for such reform – he previously did last month.
Mr McKibbin added that he believes good policy comes from a mix of broad engagement with a strong understanding of the industry, citing a Real Estate Service Commissioner can address many government policy shortcomings.
“Like the appointment of a Building Services Commissioner to address building quality standards in the wake of some high-profile residential tower failures, a Real Estate Services Commissioner will improve standards of quality and trust both in the regulation and operation of the industry, for the benefit of consumers.
“The REINSW believes that what is good for the consumer is good for the market and the industry. Consumer satisfaction is paramount. They must have confidence in the transparency and hygiene of the market and if the regulatory authority is unable to deliver that, then it has failed its fundamental obligation.”
Tim McKibbin, CEO REINSW
Mr McKibbin concluded by urging the Lower House to pass the Bill.
“A forum within which industry and Government can proactively tackle issues and drive better consumer outcomes is long overdue,” he said.
