Rising number of unqualified property consultants 'alarming'
The peak real estate industry group of Queensland is pushing for a legislation change that would restrict non-agents from being involved in selling residential property.
Anton Kardash, Real Estate Institute of Queensland chief executive, said a growing trend was emerging of non-agents - such as financial planners, and mortgage brokers - providing home buyers with property investment advice, News Limited reported.
With no government legislation in Queensland making it illegal, Mr Kardash believed homebuyers should only discuss investments with professional advisers and agents.
"Anecdotally it is something that is starting to filter through from members, they notice in the field people are being advised by third parties without reference to experts," he commented.
Mr Kardash said implementing regulation to better control who can practice real estate was a priority issue , with the REIQ currently in discussions with the state government about enforcing laws.
"Our pitch to the government at the moment is if you want to practice in any facet of the real estate industry you should in fact be a licenced real estate agent and a member of the REIQ."
Property investment adviser Simon Pressley said the increasing number of unqualified consultants using their expertise and client relationships to offer property advice to investors was concerning.