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Why transitioning to your licence is better for your career
23 January 2019
For more than a decade, the real estate industry has lobbied to professionalise the real estate industry, an initiative spearheaded by the Real Estate Institute of New South Wales (REINSW).
The industry body has worked closely with the NSW Government for several years to ensure a reform package meets the needs of the industry. And in 2018, the reforms package was passed.
While it is unknown when the reforms will come into effect, one thing we do know is that Certificate of Registration holders will have to transition to their Real Estate Licence.
What does this mean for you?
When the industry reforms are introduced, Certificate of Registration holders will be referred to as assistant agents. Within four years, assistant agents will be required to transition to a Certificate IV in Property Services (CPP40307) and complete 12 months of practical industry experience before they can become a licensed real estate agent.
As an assistant agent, you’ll no longer be able to bind the agency. This means you’re unable to sign managing agency agreements or sales agreements. You’ll also be unable to authorise payments from trust accounts.
Failure to attain your Certificate IV in Property Services and successfully apply for your licence (which requires proof of practical industry experience) within four years, will result in the loss of your Certificate of Registration and a 12-month exclusion from the industry.
The benefits to your career
If you hold a current Certificate of Registration, you have a window of opportunity to upskill before the reforms are introduced. This means you can continue to perform all your current functions and maintain your career progression.
Nerida Wood, REINSW Compliance Specialist, says holding a Real Estate Licence allows you to drive your career in a positive direction.
“Your Real Estate Licence indicates to the market that you are a professional agent and demonstrates your commitment to the profession,” she says.
“It also allows you to operate your own agency, rather than working under another agent’s licence. This gives you more control over your career and the professionalism you bring to your work.”
Learn more about
transitioning to your Real Estate Licence with REINSW
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