Operation and management of real estate agencies including business broking
The Estate Agents Act 1980 determines the operation and management of real estate agencies including business broking. The Estate Agents Act 1980 is a cornerstone piece of legislation that regulates the conduct of agents.
Stakeholders include estate agents, members of the public, vendors, buyers, renters, legal professionals, building asset managers and builders.
Key matters under the Act that the REIV has documented policy positions on or is currently advocating on, are listed below. Members are encouraged to review these policies and provide their comments where appropriate. This is not a comprehensive list of matters under consideration.
The overly restrictive Section 55 legislation should be repealed. In its current form, many agencies – operating in both regional Victoria and metropolitan Melbourne - are financially disadvantaged by this draconian legislation.
The REIV does not consider there is a need to prohibit commissions when an estate agent, their representative or associated person gain an interest in a property being sold by the same agency, provided appropriate consumer protections are in place. This may be either an approved form or a cooling-off period for sellers. Any cooling-off period in such circumstances should be five business days.
The Andrews government initiated a Property Market Review in 2022 to address concerns about housing affordability.
In forming its response, REIV accessed its special interest groups dedicated to the sale of residential property, auctioneering and buyer advocacy, ensuring input from particularly relevant specialisms within the REIV membership.
The REIV has a range of resources and tools assist the sector on residential price quoting requirements.
You may wish to refer to Consumer Affairs Victoria for further information.