Underhanded practices remain rife in the property investment sector, with little help available to distinguish reputable dealers from spruikers, an industry body believes.
The Property Investment Professionals of Australia (PIPA) has renewed its call for sector-wide regulation following the election of the new government, saying unscrupulous dealings remain one of the industry’s biggest challenges.
“Unfortunately, as long as property investment remains unregulated, Australian investors will remain at the mercy of profiteering property spruikers,” PIPA chair Ben Kingsley said.
“The new Liberal government had expressed concerns over the lack of property investment regulation whilst in opposition and we are hopeful that the New Year will see some progress made in this regard,” he said.
PIPA has just released an anti-spruiking advertising campaign, a new website and an updated fee and commissions disclosure policy for its members in an effort to cut down on the practice.
He said while PIPA members adhere to high educational and ethical standards, rogue operators still frequent the property investment space.
Kinsley encouraged potential investors to do their due diligence before making any decisions.
“Ask as many questions as you can; firstly with regards to any potential service provider’s property qualifications, and also with regards to fees and commissions â€” these should always be made very clear to you at the outset,” he said.
30 October 2013
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