26 January 2024
In a significant development for the real estate industry in Western Australia, the State Government has announced a transformative change to the Continuing Professional Development (CPD) requirements for real estate and settlement agents.
From 2026, the annual CPD points required will be halved to five, marking a shift towards a new self-funded model.
Introduced by the Real Estate and Business Agents Supervisory Board (REBA) in 2007 and subsequently extended to settlement agents in 2009, the CPD program was born out of a vision to elevate professional standards and fortify consumer protection. Operating on a dynamic points-based system, the program has been pivotal in shaping a blend of mandatory and elective learning activities for agents.
As it stands, real estate agents must accrue 10 CPD points annually, while settlement agents need six points.
These points, earned through Consumer Protection-approved activities, blend mandatory rigor with elective flexibility, embodying a holistic approach to professional development.
For 2024 there are four companies, including Aspire Performance Training, awarded to deliver CPD to the public. Aspire offers these as face to face classrooms or online modules.
This change reflects a growing trend in professional sectors towards more autonomous and self-directed learning frameworks.
Commerce Minister Sue Ellery highlighted the importance of this move. "Buying a home is the biggest investment decision for many Western Australians," Ellery said, emphasising the need for well-educated industry participants. The Government proposes a 24-month transition period starting January 2024, allowing ample time for industry adaptation.
This reform comes at a crucial time when we saw 67% of licensed real estate agents; and 69% of registered sales representatives and property managers still had not completed any points at all for the year, in November 2023 (Department of Energy, Mines, Industry Regulation and Safety). These figures underscore the urgency for a more streamlined and engaging CPD framework.
Consumer Protection will continue to play a supporting role, focusing on setting broad CPD subject areas and providing educational materials. However, the direct administration of the CPD program will no longer be their responsibility. This shift indicates a move towards greater industry self-regulation and responsibility.
REIWA CEO Cath Hart welcomes this change, noting the continuous public support for maintaining CPD requirements to uphold professional standards and consumer protection. Hart's remarks reflect a deep understanding of the industry's needs and the critical role of ongoing professional development in maintaining public trust and industry reputation.
As the industry moves towards this new model, the existing CPD requirements will remain in effect until the end of 2025. The proposed changes represent a pivotal moment in the industry, shifting the financial responsibility of CPD to the agents themselves while reducing the overall burden.
As the real estate and settlement industries adapt to these changes, the emphasis on upholding high professional standards and consumer trust remains critical. The upcoming transition period is vital for stakeholders to realign with the new framework, ensuring that the CPD program continues to effectively meet its objectives of knowledge enhancement, legal compliance, and consumer protection.
An independent survey by iSentia in September 2023 revealed that 89% of the WA community expressed concern over the removal of professional development for real estate agents. This public sentiment underscores the importance of CPD in maintaining high industry standards and public confidence.
Your perspective is invaluable. What are your thoughts on this revolutionary CPD model?
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