The Real Estate Institute of New South Wales (REINSW) continues to campaign for the appointment of a dedicated commissioner for the property services industry. This time, the association is joined by other industry group heads.
REINSW first said there was a need to remove property services from NSW Fair Trading nearly a month ago, after the state election. Now, it has the support of real estate leaders in the state, including Dan White of Ray White, Tony Brasier at PRDnationwide Real Estate, Stephen Ellis at Knight Frank Australia, and Raine&Horne’s Angus Raine.
Dan White, managing director of Ray White, backs the initiative, noting that the appointment of a property services commissioner in NSW is long overdue.
“Property is the most significant financial transaction most Australians will ever engage in and has inherent risk. With more extensive legislation than all of the other comparatively straightforward industries currently regulated by NSW Fair Trading combined, consumers need and deserve strong and consistent representation by a specialised department that can protect consumers and support the industry,” White said.
Chairman and Managing Director of PRDnationwide Real Estate Tony Brasier emphasised the substantial contribution of the property industry to the NSW economy.
“As the existing structure and responsibilities within OFT [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,” he said.
Meanwhile, Knight Frank Australia CEO Stephen Ellis is concerned about the property players. “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,” Ellis said.
