Estate agents ‘nervous’ for Victorian future as REIV ends training

The Real Estate Institute of Victoria has been criticized for leaving newbies “fearing” for their futures after abruptly ending training programs this week.

Emails sent to a number of prospective real estate professionals were sent late Wednesday noting that the Institute planned to “exit the field of accredited real estate training”.

The REIV has confirmed that they will stop issuing the Certificate IV of the Real Estate Practice, which is required to start working as an estate agent’s representative – the standard approach to the industry.

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The Diploma in Architecture (Institutional Management) is also abolished by the REIV, which is required to work for the director of the agency or principal agents, and to manage the agencies.

Up to 25 qualified students will complete face-to-face training in late April before they have 12 months to complete the exam, and will become the final real estate agents trained by Victoria’s leading real estate agency.

Up to 50 others who have signed up for future courses will be reimbursed between $500 and $2500 and connected with other providers.

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

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It is understood that provision of REIV courses has been significantly reduced since the pandemic, with some teachers being better placed to offer distance education at the time, and the Victorian government’s subsequent decision to reduce fees for Registered Training Organizations has left it a loss-making scheme.

Rival provider Entry Education chief executive Matthew Trounce said that although they were already responsible for training 80 per cent of the agents in the two REIV canceled courses, he had concerns about how the Center had handled the situation.

“They sent the students a letter saying they are quitting,” said Mr Trance.

“The way we found out is that students contacted us with fear of what they will do with their housing education.

“It’s a huge thing for an organization that says it’s the leading industry to stop a product that we’ve made for years without any discussion or plan. That’s a real blow to confidence.”

Entry Education’s chief executive, Matthew Tounce, says REIV’s handling of the end of training was poor.

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The CEO of REIV, Toby Balazs, said that students will be supported as much as possible.

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In a statement the REIV said all those already enrolled would continue to receive “full support and help to successfully complete their studies” – and would make providing professional development a priority in the future.

In response to Mr Trance’s claims, REIV chief executive Toby Balazs said they would work “to help all affected students as best we can”.

He added that the end of their training shows a situation where “the market opportunity was shrinking” and that the great need 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 Certificate IV in the past year.

He also confirmed that students who have started training will finish with REIV.

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