The Property Investment Professionals of Australia (PIPA) encourages property investors to check their adviser credentials to avoid “faux” ones who are only taking advantage of the market.
PIPA chairperson Nicola McDougall said there has been increasing instances of advisers claiming to be accredited by PIPA as Qualified Property Investment Advisers (QPIA).
“No doubt these people are trying to legitimise their businesses or falsely improve their educational achievements by claiming they are members or QPIAs,” she said.
“QPIA is an industry benchmark of knowledge and skills for individual investors and professionals in industries involved with property investment.”
According to Ms McDougall, a QPIA certification means that the adviser:
- has completed the PIPA Accreditation Program.
- is able to demonstrate at least two years of relative industry experience in real estate, finance, or mortgage services.
- maintained full individual or corporate membership of PIPA.
- is gainfully employed by a member company.
- has undertaken the QPIA Continuing Professional Development Program
- has registered their QPIA status with PIPA annually.
Ms McDougall said there are currently no national regulations in the property investment advise space but making false and misleading claims about services is an offence under Australian Consumer Law.
“Unfortunately, during market booms, we do always see an influx of new entrants into the property investment advice space – many of whom are simply chasing a quick buck,” she said.
“Some complete a tick-and-flick course and automatically start calling themselves ‘buyers’ advocates’ when they may have never even bought a property before, let alone understand the intricacies of tailored and independent property investment advice.”
Ms McDougall said PIPA members, which comprise of professionals across the real estate, mortgage broking, conveyancing, and accounting industries, adhere to a Code of Conduct and obtain professional standards of accreditation through education.
“By doing so, PIPA members demonstrate to the investing public, government, regulators, media, and other stakeholders within the property investment industry their commitment to excellence,” she said.
Ms McDougall urged investors to check the official status of their advisers’ credentials through PIPA or other aligned industry associations such as the Real Estate Buyers’ Agent Association of Australia.
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