Getting to Know the New Industry Qualifications

Discussions surrounding the reform of Property Licensing NSW started in 2016. Fast forward to 2018 and we are now looking at the implementation of these reforms, likely to be later this year. Of note is the introduction of three categories of qualifications as opposed to the existing two.

  • Certificate of Registration
  • Licensed Real Estate Agent
  • Licensee in Charge

So what does this mean?

Certificate of Registration

  1. We will see an extension of the Certificate of Registration (COR) course for new entrants into the Property industry. COR holders will have four years to upgrade to a full license from the implementation of the changes. A 12 month operating exclusion will face those who do not upgrade within the four year deadline.
  2. Those COR holders looking to upgrade to a full license must hold a Certificate IV in Property Services and demonstrate 12 months practical industry experience.
  3. COR holders will not be able to sign agency agreements, leases or undertake trust account transactions. To be valid, these items are now required to be signed or authorised by licensed agent.
  4. If your Property Manager, Sales Agent or Trust Accountant currently holds a COR, they will need to upgrade to the license category to be able to sign leases, contracts and agreements. Only Licensee in Charge holders will be able to authorise trust account transactions.
  5. Administration and reception staff will be exempt from holding a COR.

Licensed Real Estate Agent

  1. The Buyers Agent and Onsite Residential Property Manager license categories will no longer exist.  If you hold one of these licenses, you will need to upgrade to a full license before implementation of the changes.
  2. Current renewal period for licenses is one year. You will now have the choice to renew for one or five years.
  3. CPD for License holders will go from 12 points to 6 hours of mandatory training per year.

Licensee in Charge

  1. The Licensee in Charge is currently a Certificate IV level of attainment. It will be upgraded to a Diploma level certification.
  2. If you are wishing to upgrade from a ‘License’ to a ‘Licensee in Charge license’ you will need to demonstrate 2 years experience with a licensed business.
  3. License CPD for Licensee in Charge holders will go from 12 points to 9 hours of mandatory training per year.

Beware of Shady Training Providers

Unfortunately there are shady training providers out there offering quick and cheap qualifications. Don’t fall into their trap! Fair trading will monitor quality of training delivered by Registered Training Organisations (RTOs). They also have the power to immediately suspend or cancel a license or COR issued in error. So before you sign up for that quick, online $99 course, think again! It may not meet training requirements and will be money and time down the toilet.

What can you do to prepare yourself now?

Speak to our friends and partners at the Australian College of Professionals (RTO #91513) about how you can complete the necessary training requirements before the changes are implemented. Depending on your existing skills and qualifications, you may be eligible for Recognition of Prior Learning (RPL) on some aspects of the licensing course.

End of Month Angels have an existing relationship with ACOP and therefore have been busy preparing for these changes. Our staff have been working towards obtaining their licenses and will all eventually hold a Licensee in Charge qualification. This means, once the changes are implemented, all members of our team can assist our clients who do not have their internal staff qualifications up-to-date. Contact us to discuss how we can assist your team in preparation for the changes.~

– Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 20 years industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.