The Real Estate Institute of Australia (REIA) has expressed concern that financial advisers are taking fast-tracked courses offering real estate licences and potentially promoting investment properties to their SMSF clients.
In a recent communication, the REIA said these short courses do not require attendants to sit any exams, are completed entirely online and have a “very suspicious” 100 per cent success rate.
“We are concerned by this and we hear this concern from our members, some of whom say that they are increasingly being asked by planners and accountants who are representing SMSF trustees about whether suitable properties are available,” REIA’s chief executive officer Amanda Lynch told SMSF Adviser.
“We are concerned by anyone doing these courses, including people who then promote investment properties to their SMSFs clients. These courses are not at all respected in the industry and anyone doing them will struggle to find work as an agent afterwards.”
Ms Lynch also noted that some members are reporting an increase in demand from vertically-integrated organisations looking for suitable properties.