Attracting new talent to real estate

The widely discussed “Great Resignation” has impacted most sectors and real estate is no exception.

The sector has had the additional challenge of recent changes to the Estate Agents (Education) Regulations 2020 that have limited the inflow of new talent into the real estate sector.

Entry level training to work in real estate is now a Certificate IV (CPP41419 Certificate IV in Real Estate Practice – 18 Units), a significant change from the 3 Units that were required earlier to work as an Agent’s Representative.

The 18 units include: • 5 core subjects • 13 elective subjects

Trainees undertaking the course can only perform clerical or administrative duties within the office until they have received the full Certificate IV qualification. In most cases a trainee needs to undertake approximately 10 months training and tuition to complete all 18 units and meet the competencies as required.

Although this means a better trained “new starter”, it does require significant more time commitment before someone can start working in a real estate office. This has caused challenges for employers who are looking for junior staff, smaller populations in regional areas further compound the issue.

The REIV has been considering strategies to ease the staffing pressures on businesses. The strategies include working with Consumer Affairs Victoria to consider pathways that allow trainees to undertake a wider range of duties under the supervision of a licensed estate agent.

The REIV has proposed alternatives where a trainee who has completed the 5 core units of the CPP41419 Certificate IV in Real Estate Practice, could shadow a licensed estate agent or experienced estate agent in the workplace to gain additional on the job training. The trainee would be required to complete the remainder of the elective units within a prescribed timeframe.

Please note, this is one of the strategies being discussed. At this time, trainees are only permitted to perform administrative duties. In addition, we will be undertaking a promotional campaign to attract more people to the real estate sector.