The REIQ comes to Town

With legislation rapidly changing and the property industry

With legislation rapidly changing and the property industry and framework in which we work evolving seemingly by the day, it can be hard to stay on top of what’s new – even as real estate agents, let alone property owners.

Thankfully, we had an opportunity for a little more light to be shed this week, with the annual Real Estate Institute of Queensland (REIQ) Cairns Zone breakfast – a chance for colleague (and competitors) to receive a much needed update and heads up on what is likely to be one of the more tumultuous years for changes – with new disclosure requirements now law (and awaiting a date to go into effect), additional rental reforms currently before State parliament and continuing professional development (CPD) FINALLY becoming a requirement in the industry.

While this event was open to the public, it was predominantly agents in the room (salespeople, property managers and agency principals) so its worth sharing some starting points.

Rental reform legislation has been coming through hard and fast over the past 18 months, unfortunately without much by way of consultation or industry response. While there are undoubtedly issues in the rental market as it sits today (and governments love to be seen as proactive any time there is a hot topic of concern), the response to date has been pretty one-sided, at times provoking a defensive response. Whether it is limiting rent increases, eroding the right to decide on pets or changes to a property or even something as simple as ending a tenancy at the end of an agreement, we have definitely seen some strong opinions on both sides. Expect to see more.

New disclosures as part of the contract process has been on the cards for some time, and WILL now come through, though we are yet to find out exactly what this will look like. Importantly for buyers, more information on a property must be provided BEFORE a contract can be entered int, potentially making for more informed decisions. For sellers, this may introduce some administrative delays in preparing contracts and we will likely see some hiccups as people get their heads around what must be done (or risk providing a right to termination).

CPD as a change is hard to argue with. For an industry that is associated with knowledge and trust, there isn’t a terrible lot of actual training required upfront. With agents currently under no obligation to ever enter a classroom again, a new standard of staying up to date should be a good thing. Here’s to seeing a practical delivery on that front!