It is anticipated that mid 2018 changes to the NSW property licensing laws are planned to take effect, subject to NSW parliament approval, which means changes for some strata managers.
The new NSW property licensing laws have been designed to increase consumer protection measures and will include the improvement of entry requirements for the real estate and property industry, including strata managers.
The main reasons for these changes are to:
- Provide a clearer career progression for real estate and property industry professionals
- Avoid start-up companies by individuals with no experience
- Reduce the risk of misappropriation of trust funds
Strata managers who currently hold a licence will still hold a licence under the new legislation.
Post introduction of the new laws, to obtain a licence in NSW will require strata managers to have 12 months’ experience working in strata. Currently, there is no strata experience required.
Continuing Professional Development (CPD) will also change to ‘hourly’ rather than a ‘points’ based system.
In summary, NSW property owners can rely on the fact that every strata manager in NSW will have a strata property manager licence within four years of the new legislation coming into force.
For further information on these proposed changes please refer to NSW Fair Trading.
For NSW strata legal or levy collection advice contact us here or call 02 9562 1266, we’re happy to assist.