Prospective Victorian real estate agents ‘panicking’ as REIV ends training – realestate.com.au

The Real Estate Institute of Victoria has been criticized for leaving aspiring real estate agents “panic” about their future after abruptly halting training programs this week.

Emails to dozens of potential real estate professionals were sent late Wednesday, noting that the Institute planned to “exit from the accredited real estate training industry.”

The REIV has confirmed that they will stop offering the Certificate IV in real estate practice, necessary to work as a real estate agent representative – the typical route into the sector.

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The Diploma of Property (Agency Management) is also being dropped by the REIV, which is required to work in the roles of agent directors or principal agents, and to manage agencies.

Up to 25 students already being actively trained will complete face-to-face education at the end of April before having 12 months to complete assessments, and they will be the last agents trained by Victoria’s largest real estate association.

Up to 50 others who have already registered for future courses will be reimbursed between $500 and $2,500 and connected to other providers.

In recent years the REIV has purchased and moved into a new building at 617 Victoria St, Abbotsford, with training rooms included in the fit-out.

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It is understood that the REIV’s provision of courses has declined significantly since the pandemic, while other tutors were better positioned at the time to offer distance learning, and a subsequent decision by the Victorian Government to reduce payments to registered training organizations had left the program a loss-making programme.

Rival provider Matthew Trounce, CEO of Entry Education, said that although they were already responsible for training 80 per cent of officers on the two courses canceled by the REIV, he was concerned about the way the Institute had handled the situation.

“They literally sent students a note saying they were quitting,” Mr Trounce said.

“The way we found out was that students contacted us in a panic about what they were going to do about their real estate education.

“It’s a pretty big deal for an organization that says they are the premier industry body to discontinue a product they have been making for many, many years without discussion or plan. That’s a real dent in confidence.”

Matthew Trounce, CEO of Entry Education, says the way REIV handled the end of his training was less than ideal.

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REIV chief executive Toby Balazs said students would be supported as best as possible.

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In a statement, the REIV said that all those already enrolled will “continue to receive full support and assistance through to the successful completion of their course” – and will make providing professional development a priority going forward.

In response to Mr Trounce’s claims, REIV CEO Toby Balazs said they would work to “help all affected students through this as best we can”.

He added that the end of their training reflected a situation where “market opportunities were declining” and that the high demand for professional development among established agents was “a real opportunity for us and something we will focus on”.

REIV data shows around 21,000 Victorians trained for the Certificate IV in the last year.

He also confirmed that students who had already started their training would complete it with the REIV.

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