The Real Estate Institute of Victoria has been hammered over the way they ended training programs for budding agents and those looking to step up to management.
The Real Estate Institute of Victoria has been slammed for leaving budding agents “in a panic” about their future after abruptly ending training programs this week.
Emails to dozens of would-be real estate professionals were sent late on Wednesday that noted the Institute planned to “transition out of the accredited real estate training sector”.
The REIV has confirmed they will cease to offer the Certificate IV in Real Estate Practice, necessary to start working as a real estate agent’s representative — the typical pathway into the industry.
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The Diploma of Property (Agency Management) is also being scrapped by the REIV, which is needed to work in agency director or principal agent rolls, as well as to manage agencies.
Up to 25 students already actively being trained will finish face-to-face education in late April before having 12 months to finalise assessments, and they will be the last real estate agents trained by Victoria’s peak real estate body.
Up to 50 others already enrolled for future courses will be refunded sums between $500 and $2500 and connected with other providers.
In recent years the REIV bought and moved into a new building at 617 Victoria St, Abbotsford, with training spaces included in the fit out.
It is understood the REIV’s provision of courses had been dwindling significantly since the pandemic, with other educators better positioned to provide remote learning at that time, and a subsequent decision by the Victorian government to slash Registered Training Organisation payments had left it as a loss-making program.
Rival provider, Entry Education’s chief executive Matthew Trounce said while they were already responsible for training 80 per cent of agents in the two courses being cancelled by the REIV, he had concerns about the way the Institute had handled the situation.
“They have literally sent students a note saying they are ceasing,” Mr Trounce said.
“The way we found out was via students contacting us in a panic about what they would do about their real estate education.
“It’s a pretty big thing for an organisation that says they are the peak industry body to cease a product they have done for many, many years without discussion or a plan. That’s a real dent in confidence.”
Entry Education chief executive Matthew Trounce says the REIV’s handling of the end of its training was not ideal.
REIV chief executive Toby Balazs said students would be supported as best as possible.
In a statement the REIV said all those already enrolled would continue to receive “full support and will be assisted through to successful completion of their course” — and would be making providing professional development a priority in the future.
In response to Mr Trounce’s claims, REIV chief executive Toby Balazs said they would be working to “help all affected students through this as best as we possibly can”.
He added that the end of their training reflected a situation where the “market opportunity was diminishing” and that high demand for professional development among established agents was “a real opportunity for us and something we will focus on”.
REIV data indicates about 21,000 Victorians trained for the Certificate IV in the past year.
He also confirmed that students already started in their training would finish it with the REIV.
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