Recent changes made by the QLD government have resulted in new real estate laws in QLD that change the coalface of selling property. The new changes created a genuine two-tier licensing structure for real estate agents in QLD bringing them into line with the other states.
The real estate industry is always in constant change, but basically it still comes down to a buyer having a desire to buy and a seller having a desire to sell.
The initial change was due to high-tech advances and far-reaching public access to that technology directly leading to a massive upswing in internet research. It is estimated that 90% of people use the internet for research when buying and selling real estate.
Real estate is one of a few saleable items in today’s world that has NO RECOMMENDED RETAIL PRICE— so buyers and sellers are now embracing the internet for all facets of their research.
As a result of increased online real estate research, high cost brick and mortar shop- front real estate offices are closing at an alarming rate. Only time will tell, but real estate shop windows will quickly become a thing of the past as it will be the costliest way of selling real estate. Who ultimately pays for the cost of real estate offices and shop fronts? Truth is buyers and sellers are always the ones that pay.
New Real Estate Laws QLD Two-Tier Licensing Structure
The two-tier licensing structure translates to:
- Licensed Real Estate Agent Registration
- Real Estate Salesperson Registration
What Is the Main Difference Between the Two?
Fully Licensed Real Estate Agents are primarily paid by a commission on completion of the sale of the client’s property. An agent is held personally liable for his/her actions under the act of law that they are licensed under. A commission is a performance incentive to get the property sold.
A Real Estate Salesperson Registration is Vastly Different
These are real estate salespersons that perform their duties of employment under the responsibility of a Licensed Real Estate Agent (usually the principal of an agency or franchise). These salespeople are not primarily paid a commission but instead receive a wage to fulfill their duties. There is little or no commission as a sale incentive to perform for the client. The only fear is the loss of their job. The commission payable instead goes straight to the real estate agency.
The Impact of New Real Estate Laws QLD on Sellers
This is a huge change to the way owners sell their home or property. Sellers or vendors need to look closely and do due diligence as to what class of salesperson they are hiring to sell their property.
A genuine case of buyer beware if ever there was.
The only way to tell the difference between the two types of agents is to ask to see their QLD real estate license. You have every right to do so as you may be employing them to sell your largest asset.