Thinking about working in the real estate industry in Victoria with an Estate Agent Licence?
There will be new educational requirements to apply for an Estate Agent Licence after the 21st of October 2020.
Summary – *Updated 22nd of October 2020*
Consumer Affairs Victoria has introduced new education requirements for Estate Agents wanting to work in real estate with a full licence.
New educational requirements: 18 units from the Certificate IV in Real Estate Practice CPP41419 & 12 units of competency from the Diploma of Property (Agency Management) CPP51119
Still accepted up until October 2025: 24 units of learning from Certificate IV in Property Services Real Estate CPP40307
One-years full-time experience as an Agent’s Representative during the last three years immediately before applying for a licence still applies.
The requirement for students to start the 24 units of learning from Certificate IV in Property Services Real Estate CPP40307 before the 21st of October 2020 has been removed by the Department of Justice and Community Safety.
If you enrol into the current 24 units of learning from Certificate IV in Property Services Real Estate CPP40307 course you have up until 30th of September 2021 to complete the course and use this educational outcome to gain employment as an Agent Representative until October 2025.
Background
The training requirements for estate agents and agent representatives has been under review by the state government of Victoria. The findings have in part indicated that the amount of training a person receives reduces the likelihood of consumer complaints and increases agent professionalism and ethical behaviour. In other words, better for consumers.
Connect Skills Institute supports any move that increases such standards, promotes stronger ethics, strengthening best practice for estate agents, their clients and customers.
How these changes will actually impact the industry remains to be seen.
Impacts
Potential negative impacts are:
- A significant increase in the number of learning units
- A substantial increase in study time to undertake the course
- Increases in course fees impacting course affordability
- Considerable increase in the time to be gainfully employed in the real estate industry and operate your own business
- Economic factors and impacts of COVID19
Potential beneficial impacts are:
- Increase in agents knowledge
- Reduction in consumer complaints
- Increasing standards in agency practice
- Increased time as an agent representative before becoming an estate agent licensee in charge as a sole trader or Officer in effective control of a corporation
Each personal situation has a different solution.
If you have any further questions please contact me using the form below and book in for a call and I’ll attempt to remove any ambiguity and clarify your situation! 🙂
The information contained in this blog post reflects our opinion of the information available from Consumer Affairs Victoria & Engage Victoria at the date of publication.
More details can be found on the Engage Victoria & Consumer Affairs Victoria websites:
https://engage.vic.gov.au/real-estate-education-review
