Table 4.69: Proportion of non-residential property agents who currently undertake residential property work
Assumptions
Unit
Value
Source
Proportion of commercial property agents who currently undertake residential work
NSW
%
40
These percentages are based on an analysis of 45 commercial real estate agents across Australia (10 in NSW and 5 in all other jurisdictions). The commercial real estate agents were selected randomly from agents listed on www.commercialrealestate.com.au and www.realcommercial.com.au. The website of each real estate agent was canvassed to identify whether they undertake both non-residential property and residential agency work. To account for the small sample, an upper limit of 95 per cent was also placed on these estimates. It seems reasonable to assume the two extremes (0% and 100%) are unlikely occur in practice
While these percentages are based on a small sample in each jurisdiction, they have been used in this analysis to provide an indicative estimate to go out for consultation as part of this Consultation RIS
Table 4.70: Fees associated with continuing professional development requirements
Assumptions
Unit
Value
Source
Fees associated with continuing professional development requirements
NSW
$ per course
$199
Real Estate Institute of NSW, Skills to succeed and stay ahead, www.reinsw.com.au/default.aspx?FolderID=33
A 12-point CPD course costs $199
WA
$ per course
$147
WA requires professionals to achieve 3 points for mandatory CPD training and 7 points for elective training. The cost of mandatory training is borne by the government through the Consumer Protection Division. The cost of this mandatory training is unidentified and has therefore been excluded from this analysis
Department of Commerce Consumer Protection Division, Compulsory professional development guide, March 2011, p. 10, www.commerce.wa.gov.au/consumerprotection/PDF/Real_Estate_industry/CPD/CPD_program_guide.pdf
For the required elective training, the average fee for an online course through Morton Learning is $149. This is in line with other providers; for example, KAPLAN Professional offers an online course for $145. An average of these two figures has been taken for this analysis
Table 4.71: Time associated with continuous professional development requirements
Assumptions
Unit
Value
Source
Time associated with continuing professional development requirements
NSW
Hours
7.5
REINSW, Skills to succeed and stay ahead, www.reinsw.com.au/default.aspx?FolderID=33
A course to meet CPD requirements can be completed in one day
WA
Hours
10
Department of Commerce Consumer Protection Division 2011, Compulsory professional development guide, p. 10, www.commerce.wa.gov.au/consumerprotection/PDF/Real_Estate_industry/CPD/CPD_program_guide.pdf
CPD points accrue at 1 point per hour. Ten hours is required to meet 10 point CPD requirements
