One industry body has continued its calls to establish a dedicated property services commissioner and take away property powers from the NSW Fair Trading, but this time they’ve joined forces with other prominent figureheads.
The Real Estate Institute of NSW has continued its campaign for the establishment of a commissioner for property services in light of the state government’s re-election and to take away the powers of dealing with property-related matters from the office of Fair Trading, and this time they are joined by the heads of Ray White, Raine & Horne, PRDnationwide Real Estate and Frank Knight Australia.
On the announcement, REINSW chief executive Tim McKibbin said that he was pleased other industry leaders were keen to come together on these issues.
“We’re thrilled that industry leaders are supporting our call for a dedicated commissioner for property services,” Mr McKibbin said.
“We all recognise that major changes are needed within the industry and it’s important to band together.”
Dan White, managing director of Ray White, said the appointment of a property services commissioner in NSW is “long overdue”, and he and the network both support REINSW’s attempts to make it happen.
“Property is the most significant financial transaction most Australians will ever engage in and has inherent risk,” Mr White said.
“With more extensive legislation than all of the other comparatively straightforward industries currently regulated by Fair Trading combined, consumers need and deserve strong and consistent representation by a specialised department that can protect consumers and support the industry.”
Angus Raine, executive chairman at Raine & Horne Group, agreed with Mr White’s sentiments, saying that the property market is vital to the state economy and needs the recognition it deserves.
“The property industry and property market is the backbone of the state’s economy, being the largest employer and the biggest contributor to wealth accumulation for consumers, Mr Raine said.
“As such, we require a dedicated property commissioner to reflect the importance of this vital industry.”
Tony Braiser, chairman and managing director of PRDnationwide, also agreed.
“The property industry is a major contributor to the NSW economy. We support the REINSW in its efforts for a dedicated property commissioner.
“As the existing structure and responsibilities within … [the office of Fair Trading] are extremely broad, the real estate industry needs a focused resource that can address the many issues impacting the industry and consumers.”
Stephen Ellis, CEO of Frank Knight Australia, also threw his and his company’s support behind the REINSW for both a property services commissioner and to remove property services from Fair Trading.
“Given the significance property transactions have on consumers, an experienced commissioner would ensure professional standards are upheld while also supporting the drive to increase education and customer satisfaction throughout the industry,” Mr Ellis said.
This combined call follows the REINSW’s call to establish a property services minister in the lead up to the NSW state election.