More than 4,400 real estate agencies and agents across the State – or about 80 per cent of all agencies – are members of the Real Estate Institute of Queensland (REIQ).
And at the heart of REIQ accreditation is the REIQ Standards of Business Practice (REIQ standards) and Continuing Professional Development (CPD) training, which provides the industry with education and support to uphold these standards.
In 2005, the REIQ introduced its CPD training which mandated that all licensees-in-charge of accredited agencies undertake annual training to remain accredited. This has been expanded to individual members as well.
And to ensure the highest standards of business practice, new agencies are required to undertake core training about the REIQ’s Standards of Business Practice before accreditation is granted.
The REIQ standards were revised from the previous REIQ Code of Conduct to provide a greater level of consumer protection and improved agency to agency behaviour. And they are in addition to the statutory Codes of Conduct contained in the Property Agents and Motor Dealers Act.
The REIQ standards prescribe agency behaviour in protecting consumers by requiring agents to deal fairly and openly with consumers through the provision of clear and factual disclosures, representing the property fairly without false embellishment, and ensuring all relevant regulatory and legislative documentation is correctly completed.
The REIQ also accepts, through its arbitration and tribunal practices, consumer complaints about any accredited member agency who does not uphold the REIQ standards.
This process provides consumers a greater level of confidence when dealing with REIQ accredited agencies in the knowledge there is recourse for action if one is necessary.
Agents found to be non-compliant in any of the 58 REIQ standards are notified of the breach and required to work with the consumer to remedy the issue of complaint.
In addition, the REIQ provides advice and assistance to these agents to ensure they are aware of the breach and given every opportunity to ensure there is no re-offence.
In these cases, the tribunal has the power to direct the agent to undertake further training to ensure they are fully aware of their obligations to consumer protection.
By choosing an accredited agency, consumers can be satisfied the agency is at the forefront of the legislative and best practice requirements of the real estate industry.
Indeed, the REIQ accredited agency logo is a visual safeguard to help consumers make informed and confident choices.
For a list of REIQ accredited agencies in your local area visit reiq.com or phone 07 3249 7347