Real estate licensees are involved in what is usually the biggest financial outlay of a person's life. Photo / Martin Sykes

Real estate licensees are involved in what is usually the biggest financial outlay of a person's life. Photo / Martin Sykes

Professionalism and consumer protection provide the focus for the Real Estate Agents Authority, which was launched last week. It heralds a new environment of accountability for the industry.

Professionalism implies a high level of competence, clear and good communication, honesty, integrity and accountability. Enhanced professionalism in the real estate industry will bring it in line with what is required of other more traditional occupations.

Buying or selling a house is the biggest expense many of us will ever undertake and it is crucial that vendors and buyers have complete trust in the industry and the process. People's livelihoods are at stake.

The team at the authority is very excited about the future and the changes it brings bode very well for consumers and those working in the real estate industry alike.

The authority is established under the Real Estate Agents Act 2008. The main goals of the act are to provide consumer protection, to raise industry standards and to raise public confidence in the performance of real estate agency work.

The act will achieve its goals through a range of measures including licensing, an independent and transparent complaints process, a compulsory code of conduct, required consumer information, and some exciting prospects for continuing education.

In ensuring compliance with the act's requirements, the authority brings independence, openness and transparency to the regulation of the real estate industry.

There is now individual licensing of those working in the industry. All licensees will have met the required qualification standard, and their names will be recorded on a publicly accessible register.

Being on that register provides an assurance to the public that the person they are dealing with is subject to the provisions of the act.

Consumers will be able to check whether a person is licensed and whether they have been subject to any recent disciplinary action.

The authority has an important role in helping to protect consumers by providing information to assist them with buying and selling property. The authority's guides, which must be given to consumers by their licensee (licensed real estate agent, salesperson or branch manager) will help them assess their options and make informed decisions.

The act also creates an independent, transparent process for complaints. Consumers can be assured that when something does go wrong there is an effective process that is easy to access.