Price quoting top of mind: REIV

The REIV is embarking on a comprehensive consultation process with members in a bid to address underquoting, CEO Enzo Raimondo said today. 

Mr Raimondo said the Institute will gain valuable input from members on a suitable outcome which will drive industry-wide change and best serve the interests of consumers. 

Industry input would be received via a member-wide, online survey and through forums in key regional centres in the next fortnight.

“We are committed to ensuring this issue, which is clearly impacting on members of the public, is addressed in a timely and effective manner,” he said.

Mr Raimondo said poor price quoting is a symptom of a broader, more important issue – the educational qualifications required to practice as an agent in Victoria.

“We currently have a situation in this state where a Certificate III is all that is required to sell or manage real estate.

“This is the same level as that required to work in hospitality – as a waiter or barista,” he said.

He added that there are also some registered training organisations (RTO’s) which are offering a full licensed course (Certificate IV) in just five days.

“These fast-tracked courses are clearly impacting on the industry, and creating poorly trained, inadequately qualified real estate agents,” he said.

“The agents receiving this training are a significant threat to consumers,” he said.

Mr Raimondo said that the Institute would continue to press for the introduction of higher educational qualifications.