Property agents need education to combat 80% ‘churn rate’
PROSPECTIVE real estate agents will have to attain a higher level of education under the Real Estate Institute of NSW's proposed new rules.
A review of property services training in NSW has revealed 80% of new entrants never forge a career in the industry.
REINSW president John Cunningham believed the overwhelming majority of issues that attracted complaints and aggravated consumers could be resolved by improving agents' education.
"We suggest a higher entry level education standard," Mr Cunningham said.
"It not only better equips the new entrant for the profession; it also allows that new entrant the opportunity to commit themselves to the disciplines required by the profession.
"This will then, it is submitted, positively impact on a higher retention rate and increase the aggregate competencies of the profession."
Mr Cunningham said the learning process should continue throughout agents' careers to ensure they stayed up-to-date with the latest education.
"In order to reduce the churn, which the panel has identified at 80% of new entrants, REINSW proposes new entrants complete an additional three units prior to starting work," he said.
"This will at least in part address this at the commencement of the new entrants' employment and with on-going study together with practical on- the-job experience will grow the new entrant into a capable, knowledgeable and skilled professional.
"REINSW has also called for additional on the job training.
"Under the institute's suggested educational regime the student will take seven units of competence into the workplace and receive an additional 17 units of competence within the context of practical application and repetition."