Election Wish: Waive Renewal Fees for Agents and Businesses for 12 Months

Advocacy, Business, Property Management, Sales,  Principals,  Property Managers,  Salespeople

The role of Queensland’s real estate professionals has never been so pronounced as it has been during the COVID-19 pandemic – particularly the role of property managers. At no time have their efforts been recognised as an essential service yet they have worked tirelessly at the coalface, renegotiating rental terms and dealing with issues between tenants and property owners who have either lost their jobs or had their livelihoods severely impacted. This unpaid work has minimised tenancy disputes and has greatly eased the burden on the Residential Tenancies Authority and QCAT. 

Under lockdown restrictions, open home inspections and auctions were prohibited under COVID-19 social distancing requirements. As falls in national house prices began to accelerate, an unprecedented number of properties were withdrawn from sale (approximately 26% per month for private treaty and 35% reductions in auctions[1]), leaving thousands of real estate agents and businesses financially impacted.

During these times of uncertainty and in recognition of the contribution made by real estate practitioners during the COVID-19 pandemic, we are calling upon the State Government to waive all licence and registration renewal fees for real estate agents and businesses for 12 months.

As the second-largest small business employer in Queensland, over 46,000 people in the real estate sector have faced financial hardship due to significant decreases in sales commissions and property management fees as a result of reductions in the amount of rent collected. Faced with these circumstances,  real estate licence and registration renewal fees must  be suspended for 12 months minimum.

Full details of the REIQ’s 2020 Election Industry Reforms are available here.

[1] CoreLogic Auction & Sales Market YoY Comparisons