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Agency Training Plan Requirements
In NSW, licensed real estate agencies must develop and maintain an annual, documented Training Plan for all staff. Nominated Licensee’s-In-Charge are responsible for the development and implementation of the training plan, as well as reviewing and updating it regularly.
In NSW an agency Training Plan is mandatory, for all real estate and strata agencies to align staff professional development with performance goals, compliance requirements, and Continuing Professional Development (CPD) obligations. It ensures staff are properly trained, reduces compliance risks, and fosters a culture of accountability.
The Agency Training Plan for all agencies came into effect on 23 March 2023. These Training Plans form part of the Supervision Guidelines under Section 32 of the Property and Stock Agents Act and aligns to each Continuing Professional Development (CPD) year, which runs for 12 months from 1 July to 30 June each year.
The purpose of the Training Plan is to guarantee that all agency Licensees-In-Charge are thinking about the training needs of their business. Planning for and documenting the professional development of all employees is an important step towards a more trusted, empowered and compliant property services sector.
The Training Plan serves not only to monitor the annual CPD requirements and the development of Assistant Agents, but it also encompasses in-house and industry updates training, along with specialised training. It is essential that this training is also documented and monitored, as it falls under the Licensee’s obligations under the Supervision Guidelines.
The key requirements of the Training Plan:
- Responsibility:The Nominated Licensee-in-Charge is responsible for developing, updating, and maintaining this written plan annually.
- Scope: It applies to all agency employees, including Assistant Agents and licensed Class 1 and Class 2 Agents.
- Content: The plan must outline training to ensure agents meet their CPD obligations, including:
- Compulsory CPD topics for Class 1 and Class 2 Agents, as outlined by NSW Fair Trading each year.
- Specific training for Assistant Agents (e.g., minimum of 3 units from the Certificate IV in Real Estate Practice or the Certificate IV in Strata Community Management).
- Documentation of non-compliance with CPD and plans for training in legislative changes
- Information regarding additional training undertaken within the past 12 months, aside from the mandatory annual CPD.
- Frequency: It is suggested that this plan be reviewed and updated regularly (e.g., monthly), with a separate training plan completed for each CPD Year.
A template offered by NSW Fair Trading is available to assist Licensee’s in developing a Training Plan for their agency. It serves as guideline and is adaptable and can be adjusted as necessary.
It is imperative for all agencies to have Training Plans established. There has been some talk in the industry that these Plans are no longer required – THIS IS NOT CORRECT.
Inspectors from NSW Fair Trading are currently conducting visits to offices to examine CPD records and Training Plans. Although the specific amounts for “on-the-spot” penalty notices related solely to missing documents are frequently included within wider supervision deficiencies, non-compliance with these regulations may result in significant penalties ($11,000 for individuals and $22,000 for corporations) as well as disciplinary measures against the Licensee-In-Charge.