Real Estate Reference Group update

SCA (NSW) continues to represent our members on the NSW Fair Trading, Real Estate Reference Group (RERG). Read about our involvement and commitment to increasing qualifications and education standards within the industry.

RERG met this week to consider the first confidential draft version of the Property, Stock and Business Agent Amendment Regulation 2018.

The draft Regulation is a key element of implementing the real estate reform package, alongside the Property, Stock and Business Agents Amendment (Property Industry Reform) Act 2018 and changes that will be made to the Property, Stock and Business Agents (Qualification) Orders 2009.

The draft regulation sets out the new provisions that have been developed to implement a number of key elements of the real estate reform package, including reforms related to:

  • the functions of strata managing agents and assistant strata managing agents; and
  • the Rules of Conduct specific to strata managing agents.

The next confidential draft of the Regulations will be reviewed by the RERG in April.

At the April meeting we will also be working through the qualifications, training and CPD requirements.

Following this there will be a four week public consultation period.

Once the reforms are finalised, NSW Fair Trading has confirmed it will provide a four month lead time prior to the reforms coming into effect.

The reforms are coming and SCA (NSW) will continue to keep you updated.

In the meantime, be proactive and start preparing now for the training reforms. Staff who perform strata manager activities will need to obtain their Certificate of Registration.

Certificate of Registration holders will need to transition to the Strata Managing Agents Licence to continue in this profession. So what are you waiting for? Contact SCA (NSW) Education to upskill now!