“Legislative and regulatory disaster”: REINSW hits out at NSW Fair Trading

With a public letter of resignation, the Real Estate Institute of New South Wales has resigned from the Real Estate Reference Group and their position of providing real estate consultancy services to NSW Fair Trading.

“Throughout the term of RERG, NSW Fair Trading has exhibited a demonstrable obedience to misguided philosophical views which have impeded, or entirely restrained, many beneficial outcomes,” said REINSW CEO Tim McKibbin.

“NSW Fair Trading worships competition as the only relevant market force. While REINSW also supports competition as a healthy market influence, that competition must be among competent professionals.”

The RERG is also made up of members from the Estate Agents Co-operative, Strata Communities Australia and the Australian Livestock and Property Agents Association.

The letter, sent to Minister for Innovation and Better Regulation the Honourable Matt Kean, said that the Government’s introduction of the Residential Tenancies Amendment (Review) Bill 2018 into State Parliament without notifying REINSW and the failure to implement training reforms were two of the biggest deciding factors in the decision to resign.

NSW Fair Trading’s suggested de-licensing of auctioneers – as outlined in the Easy and Transparent Trading consultation paper released in July 2018 – was the straw that broke the camel’s back, according to Mr McKibbin.

“REINSW’s drive to increase education, service delivery standards, consumer satisfaction and the pursuit of professional recognition has been met with NSW Fair Trading’s go-to phrases: ‘barriers to entry’ and ‘reducing competition’,” said Mr McKibbin.

“A better educated real estate agent who receives relevant and structured continuing professional development will better serve the consumer’s needs and interests. Unfortunately, it seems we’re alone in this belief.”

Speaking to Elite Agent, the Minister for Better Regulation, Matt Kean, said that he was ‘disappointed’ at the actions of the REINSW and the fact that they had chosen not to give their members a voice.

“I welcome any of REINSW’s members, and other real estate agents, to engage directly with NSW Fair Trading, given REINSW has resigned from the group,” said Mr Kean.

“I’m sure REINSW’s members wish their CEO was more engaged in issues that actually affect them, and mum and dad investors, rather than playing games.”

Show More

Hannah Blackiston

Hannah Blackiston was an in-house journalist with Elite Agent. She worked with the company from January 2018 to January 2019.