A quality real estate education will provide you with a wide choice of interesting career roles in an industry which is constantly growing and developing. Some of the important roles in your future may include home sales, home buying as a buyers agent, commercial and rural property sales, property management, auctioneering and specialist property consulting.
Let's take a look at some of the educational requirements for a professional real estate career in New South Wales.
Certificate of Registration
The very first step of your real estate career is to complete the NSW course in property practice which is required by the New South Wales Office of Fair Trading (OFT). The successful completetion of this course leads to a Certificate of Registration and this qualification will allow you to find employment in the areas of sales or property management for a real estate agency in NSW.
The course includes the following modules:
Work in the real estate sector
Prepare for work in the property industry
Communicate effectively and accurately with clients
The NSW course in property practice must be delivered by an approved registered training organisation (RTO) and students may be able to choose their own mode of study. For example some course providers can offer students a consecutive 3 day seminar course or you may choose to complete the course subjects by distance education at your own pace within a 3 month period.
NSW Real Estate Agents Licence
The next step in your real state career path involves obtaining your NSW Real Estate Agents Licence. This qualification will allow you to qualify for more responsible career roles and even allow you to manage your own real estate agency.
The real estate licence course consists of 17 units which are recognised nationally. These include the 3 units from the NSW Course in Property Practice which you would already have completed if you hold a current NSW Certificate of Registration. Some registered course providers will allow you choose to complete this course as an intensive program, an after hour workshop program, or instead by flexible distance education.
Continuing Professional Development
Both certificate and licence holders are also required to undertake continuing professional development (CPD) course subjects before qualifications are renewed each year in order to keep their professional qualifications up to date.
Continuing Professional Development subjects must be also delivered by a registered training organisation and students may be able to select different modes of study such as 1 day workshops, half day workshops or distance education. These flexible study options make it very easy for the busy property professional to complete their CPD units of study at a time or place that suits.
Continuing Professional Development subjects are assessed based on demonstrated competency in the subject. After being assessed as competent the CPD student will receive a Certificate of Completion for that subject. Note that records of training must be kept by the student for a minimum of 3 years.
Effects on Consumer Demand
The GST can affect your business in New South Wales by causing fluctuations in demand. Now that the GST has been implemented, this may not be a current issue. However, when the GST was introduced in July of 2000, it had a remarkable and significant effect on demand and consumption of goods and services.
As the day for implementing the GST approached, demand and consumption spiked sharply, especially for goods and services that consumers feared would be much higher with the GST. After the day of implementation passed, demand and consumption fell sharply, actually propelling Australia into its worst economic downturn in ten years.
If there are no changes in the 10 percent tax rate of the GST, there is not likely to be a similar demand roller coaster anytime soon. However, if there is any sort of adjustment in the GST rate, businesses will likely face another period of uncertainty as consumers react to the change.
Effects Through Costs of Compliance
The main way that the GST affects your business in New South Wales is through the costs of compliance. Implementing the GST requires both reporting and technology. Of course, government reporting is faced by businesses worldwide. The main concern for business is when the effort required by government reporting begins to eclipse the core activities of the business. When paperwork and reporting begins to take more time in your business than activities relating to building new business, then you may be headed for trouble.
GST compliance can be expensive to your business in New South Wales in various ways. First of all, certain technology is required to register sales and report to tax authorities. Existing businesses likely have this technology in place, but it represents additional costs for new businesses as well as ongoing maintenance and technical support costs for all businesses.
Depending on the goods and services sold by your business, there may be differential application of the GST; that is, some goods and services are taxed while others are not. Accurately tracking and recording these different transactions can require additional effort. In some cases it may be more effective and efficient to actually hire additional personnel to handle some of these compliance hurdles, but many businesses are reluctant to do so.
Statistics gathered over the last several years of GST administration have indicated that the GST may affect your small business in New South Wales more than larger businesses. In particular, micro-businesses--those with annual turnover of less than $2 million--seem to have a particularly difficult time with GST compliance. Fines for mistakes by micro-businesses were much higher than those for larger businesses.
Effects Through the Integration of New Processes
The GST can affect your business in New South Wales by requiring business practices you might not other need to pursue. For example, you will need to implement business processes that help you to avoid overpayment or underpayment of the GST. Both types of mistakes will result in extra costs for your business. It's also crucial to monitor cash flow so that you can ensure full funding of your required GST payment when due.
Specific effects of the GST on your business may apply in New South Wales. There has been a great deal of debate about the amount of GST paid from New South Wales to the central government compared to the amount received back by the state. There is a perception (which may be real) that New South Wales is in effect funding other states.
It seems quite clear for now that the GST is here to stay. It will continue to affect your business in New South Wales, but there is little that can be done. You will need to be prepared in advance for hard costs like required technology and soft costs like the loss of productivity due to compliance activities. Planning for efficient compliance with GST regulations should be a standard part of every business strategy.
Both Tony Rizk & Jim Mcdonald are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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