LONDON – Real Estate agents in Queensland will soon be able to guarantee their clients their property, and will be able claim their fees, in return for helping them.
The Association of Australian Real Estate Agencies (AAERA) says the policy will bring more confidence and certainty to its members, who will be more aware of the risks involved in working with real estate agents.
“We want to make sure that people can make informed decisions about where to live, where to invest and when they can afford to buy,” AAERA CEO, James Stirling, said.
“The key thing is to make them comfortable with the decisions they make.”
The AAERA will make the guarantee mandatory, with agents to sign up to it by the end of next year.AAERA says it will also offer “guarantees of $25,000” for clients who do not have to pay for the services of their agent, or can’t afford the fee.
A spokesperson for the Australian Council of Real Estate (ACRE) said the guarantee would give members “the confidence and confidence that they can trust our services”.
“As part of our commitment to help our members, we are offering guarantees of $50,000 for the first two years and then $25k in the third year, to help the people who want to live here in Queensland,” the spokesperson said.
Mr Stirling said the new policy would bring “great confidence” to real estate brokers and agents.
Mr Stanton said the policy would also “give more certainty” to people who are not already comfortable with working with agents.
The AAEA’s chief executive James Stingham said the move would give agents “more confidence” and help “help more people to make the right decisions about their future”.
“If you don’t have the money for a mortgage, you can’t get a mortgage and you can only afford a mortgage if you have to take on some debt, so this is good for everybody,” he said.
Real Estate Agents Australia CEO Peter Marshall said the industry was “ready” for a policy like this.
“Agents have got a job to do, and they’re just getting used to working for a big real estate company, so they’re trying to work in the best way they can, but they’re also looking to get into real estate,” he told the ABC.
“So there’s a lot of people out there who aren’t necessarily aware of how much money they could save by working with us.”AAERA’s policy is similar to one that was introduced in Queensland last year, which required agents to report any fee over $25 to the Australian Taxation Office.AAERA says it expects the policy to be introduced across the country within the next 12 months.