In my decades of leadership in the real estate industry, one debate consistently resurfaces: should we increase regulation and raise barriers to entry?
While the intention behind such proposals is often well-meaning, I believe maintaining our relatively deregulated environment is important for the industry’s vitality and accessibility.
Looking at other sectors, particularly financial planning, we’ve seen how overregulation can stifle growth and innovation.
During the Banking Royal Commission era of 2016-2018, I witnessed firsthand, through our involvement in the home loans business, how excessive regulation can make a profession nearly impossible to navigate. As I often say, you “wouldn’t do that job for all the tea in China.”
The beauty of real estate lies in its accessibility as a career path.
Some of our industry’s most remarkable success stories come from individuals who might never have had the opportunity if we required traditional qualifications like university degrees.
These are people who have transformed their lives through real estate, bringing fresh perspectives and energy to our profession.
Critics often argue that higher barriers to entry would improve professionalism and service quality.
However, I’ve found that prerequisites don’t determine excellence – it’s driven by commitment, creativity, and execution. In our business at Place, we’ve seen countless examples of people from diverse backgrounds becoming exceptional agents through determination and hard work.
The current framework allows for something unique: natural selection based on performance rather than prerequisites.
Those who succeed in real estate do so because they’re committed to excellence, not because they’ve cleared artificial hurdles. This creates an environment where success is determined by results and client satisfaction rather than academic credentials.
Consider this: the most successful agents I’ve worked with share common traits – drive, emotional intelligence, and an ability to connect with people.
None of these qualities are taught in a classroom or guaranteed by a degree.
They’re developed through experience, mentorship, and a genuine passion for helping people find their “happy place” – whether that’s a new home or a rewarding career.
That said, maintaining a deregulated environment doesn’t mean accepting lower standards.
Instead, it requires agencies and industry leaders to invest in their people’s development.
At Place, we’ve built comprehensive internal training programs and mentorship systems that far exceed minimum industry requirements. This approach allows us to maintain high standards while remaining accessible to talented individuals from all walks of life.
The real estate industry’s relatively light regulatory touch has also enabled innovation and adaptation.
When market conditions change or new technologies emerge, we can pivot quickly without waiting for regulatory frameworks to catch up. This agility has been necessary for our ability to evolve with changing consumer needs and expectations.
Let’s take a look at the current debate about auction price guides, which differs across states.
Rather than getting caught up in regulatory discussions, successful agencies adapt and excel regardless of the rules. As I often tell my team, if we had to have price guides on our auctions, we would list and sell just as many properties – it’s about execution and service, not the regulatory framework.
The key to maintaining industry standards isn’t more regulation – it’s better leadership and stronger company cultures. When agencies invest in their people, maintain high internal standards, and focus on client outcomes, they naturally elevate the profession. This organic approach to quality control is more effective than any externally imposed regulation.
Looking ahead, our industry faces significant challenges and opportunities. The rise of technology, changing consumer expectations, and evolving market conditions will test our adaptability. A deregulated environment gives us the flexibility to meet these challenges head-on, allowing for innovation and creative solutions that rigid regulatory frameworks might otherwise stifle.
Let’s focus on what truly matters: delivering exceptional service to our clients, developing our people, and continuing to innovate.
The beauty of our industry is that success is available to anyone willing to work for it, regardless of their background or formal qualifications. That’s worth protecting.
