Alliance to Victorias damaging real estate changes

The Real Estate Institute of Victoria (REIV) is leading an alliance to fight changes to the Estate Agents Act. The proposed changes will exempt the largest owners of commercial property from offering key protections embedded in the Act.

As a result, many small businesses will lose the important protections currently afforded to them when they buy or lease commercial property.

The inherent safeguards provided by the Estate Agents Act, such as mandatory use of a trust account, access to the REIV’s valuation and mediation processes and many other assurances put in place by the Act will be lost if these changes are implemented.

“These damaging changes are being rushed through without a proper process or parliamentary scrutiny, at five minutes to midnight.” said Enzo Raimondo, CEO of REIV.

It is also expected that the alliance will be erecting hundreds of billboards across Victoria in coming weeks to share its concerns. “The alliance has already received pledges of $1 million for a fighting fund to campaign against these damaging changes right across Victoria.” Mr Raimondo said.

Peter Strong, executive director of the Council of Small Business of Australia (COSBOA) said: “Victorian small businesses deserve better. Negotiating against the massive commercial property owners is already tough enough without being stripped of key legislative protections.”

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