The results are in for MPA’s poll on whether brokers should give property investment advice, suggesting that the practice is already widespread
The results are in for MPA’s poll on whether brokers should give property investment advice, suggesting that the practice is already widespread
MPA has been polling the broking community on a divisive issue: Is it ever acceptable for brokers to give property investment advice? With recent reports of brokers receiving huge commissions for inappropriate advice, attention has been focused on this largely unregulated sector.
As the chart shows, 48% of respondents claim to already give property investment advice, whilst a further 26% would consider it if property investment advice was a regulated profession like broking. However it’s also important to recognise that one in four respondents claim they would ‘never’ consider giving property advice.
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Whilst the results certainly suggest the issue remains divisive, the high propertion who already give property advice comes as something of a surpise. Or perhaps not: Ben Kingsley, Chair of the Property Investment Professionals Australia (PIPA), himself previously a broker, told MPA that “lending is a fundamental component of most property investment actions, so there is definitely a huge opportunity for brokers with multiple skillsets in the property investment space.”
PIPA are campaigning for property investment advice to be a legally regulated profession, with similar educational standards as have permeated broking in recent years. “Our view is very clear”, Kingsley explain “if you’re qualified to give advice, then you’ll do so in the client’s best interest.” Evidently at least 48% of respondents feel they are already qualified.
Polls can cut across a number of complex issues; but these results will certainly be an encouragement to brokers considering giving property advice. However with a quarter of respondents being strongly opposed to the practice, this debate doesn’t look likely to go away soon.
Have you nominated yourself for the MPA Top 100 brokers yet? Nominations close Friday next week (19 September)!
MPA has been polling the broking community on a divisive issue: Is it ever acceptable for brokers to give property investment advice? With recent reports of brokers receiving huge commissions for inappropriate advice, attention has been focused on this largely unregulated sector.
As the chart shows, 48% of respondents claim to already give property investment advice, whilst a further 26% would consider it if property investment advice was a regulated profession like broking. However it’s also important to recognise that one in four respondents claim they would ‘never’ consider giving property advice.
Whilst the results certainly suggest the issue remains divisive, the high propertion who already give property advice comes as something of a surpise. Or perhaps not: Ben Kingsley, Chair of the Property Investment Professionals Australia (PIPA), himself previously a broker, told MPA that “lending is a fundamental component of most property investment actions, so there is definitely a huge opportunity for brokers with multiple skillsets in the property investment space.”
PIPA are campaigning for property investment advice to be a legally regulated profession, with similar educational standards as have permeated broking in recent years. “Our view is very clear”, Kingsley explain “if you’re qualified to give advice, then you’ll do so in the client’s best interest.” Evidently at least 48% of respondents feel they are already qualified.
Polls can cut across a number of complex issues; but these results will certainly be an encouragement to brokers considering giving property advice. However with a quarter of respondents being strongly opposed to the practice, this debate doesn’t look likely to go away soon.
Have you nominated yourself for the MPA Top 100 brokers yet? Nominations close Friday next week (19 September)!
