Following the ABC’s Four Corners report on the Owners Corporation Management (OC) sector, The Real Estate Institute of Victoria (REIV) has written to its 5,000 members, reinforcing its commitment to an ethical and transparent sector and the provision of training and tools to ensure a well-qualified and supported group of real estate professionals. The REIV will also investigate the matters raised in the report.
OC services professionals are among the REIV’s 7,000 members, which includes real estate agents, property managers, buyer and vendor advocates and business brokers.
In the written correspondence, the REIV recognised the integral role Owners Corporation Management is playing in Victoria’s property sector and its increasing size, significance and impact. Between 2001 and 2021, the number of Victorian strata occupants grew from 27,190 to 137,063 and continues to climb.
REIV CEO Kelly Ryan said as the sector rapidly grows, the obligations and responsibilities of Owners Corporation Management increases, elevating the importance of management practices that are responsible, ethical and transparent.
“We have been working with the REIV Owners Corporation Chapter Committee to develop a government submission asking for mandatory minimum qualifications for people working in Owners Corporation management.
Consistent with the emphasis we all place on good quality training and high professional standards, the Institute is advocating for reforms that will strengthen strata services and capabilities in Victoria,” she said.
“The crucial role of Owners Corporation Management in Victoria’s housing landscape cannot be understated, and its critical the right systems and training are in place to ensure practices are consistent with the high professional standards we expect across the rest of the real estate sector.
“The REIV is committed to working with members and Authorities to support the right framework of legislation, regulation and training in strata management,” Ms Ryan said.
The REIV expects to submit its recommendations for Owners Corporation Management Regulations to the Victorian Government in September 2024.
Media Contact:
REIV: media@reiv.com.au 03 9205 6607