Proposed Agent Licence Reforms in NSW (as at 1 June, 2018)
We have been confronted by lots of claims and counter-claims about what is happening in the NSW property industry regarding licensing reforms, and when these changes will occur. To the very best of our knowledge, these are the answers to those questions, as at 1 June, 2018.
Frequently Asked Questions
Have the Regulations been drafted by Fair Trading? No, not yet. They have NOT been drafted, let alone approved, or passed
Should I get my licence now? Why not? Education and training should be a life-long pursuit …. for everyone
Will it be easier now or after the Regulations are implemented? We don’t know for sure – because we don’t know what the new Regulations will say. They said it would be 7 units for the COR, then they said 5 – then they said “5 is like 7”! Until we see the new training package and the new Regulations, it’s anyone’s guess what will be
Does everyone with a Certificate of Registration have to get their Licence? That is what is being proposed. The Reform Paper suggested it should be done within four (4) years
Will all licensed agents have to get the Diploma? The Reform Paper suggested that “a grandfather clause” be put in place for those who are existing Licensees-in-Charge. The Diploma will be the qualification for those wanting to be L-I-C (after the Reforms), as well as a requirement for 2 years’ experience as a Licensed Agent
Are these reforms a good idea? Some of them are excellent proposals, and anything that increases the knowledge, skills and experience of agents is a great thing for the industry
Do all agents need more training? Of course – lifelong learning is a great thing, to stay with (or ahead of) the pack
Who gets to decide what training you need to do your job better? Great question! At the moment, it’s a small group of ‘industry associations’ and Fair Trading who have been making the decisions
Do all Licensees-in-Charge need to have better management training? No, of course not – but some do!
Will these reforms get rid of “dodgy operators”? No, of course not, but the more knowledge requirements there are focusing on ‘legals’ and ‘ethical behaviours’, the better for everyone
When will we know the details? Unknown. Fair Trading have said not until October or November – at the earliest. It may not be until next year. It is NOT 1 July – despite what “they” keep saying!
Should everyone be required to get the full licence? We don’t think so, but Fair Trading and the ‘industry associations’ seem to think it will solve all manner of issues. In no other industry group are ALL employees required to hold the same level of qualification, regardless of their job description or experience – but what would we know?
How long between the COR and full licence? The Reform Paper says there will need to be at least one (1) year between being granted the COR and getting a licence (this is the same criteria as is currently the requirement in Victoria)
What CPD will COR holders need to do? COR holders will be expected to be doing their Licence course; it is proposed they will have up to four (4) years to complete it. Once completed, and the licence granted, it is anticipated they will then join the regular CPD program outlined below
What CPD will be required for Licenced Agents? Three (3) hours Mandatory; three (3) hours Electives – who knows what that means? We need to wait for the Regulations. The Reform Paper says the Mandatory should be delivered by the ‘industry associations’ – because ……??
What CPD for Principals (Licensee-in-Charge)? An additional three (3) hours for Principals on “business related topics”, (to be determined by the ‘industry associations?) giving them a total of 9 hours
Will training requirements to get a licence increase by 600%? That’s what the “marketing message” has been. A “600% increase” is likely only in the imaginations of those who reside in cloud fogs of cuckoo land!