Real estate agent selection agencies should be treated the same as financial advisers and directly renumerated by the vendor, according to the Real Estate Institute of Australia (REIA).
In a submission to the Royal Commission into Misconduct in the Banking Industry REIA President Malcolm Gunning said there has been a proliferation of businesses established to assist vendors selling their homes by choosing an agent for them.
“These businesses portray themselves as an impartial consumer advocate offering a free service to choose the most suitable agent for marketing their property,” Mr Gunning said.
