Brokers have been urged to join planners and accountants to push for regulation in the investment property sector.
Fund manager DomaCom said brokers and their professional colleagues would boost the sector’s image and better protect consumers if they banded together to drive out spruikers.
DomaCom’s head of sales and marketing, Warren Gibson, said they should support the reform process by joining one of two associations: the Property Investment Association of Australia or Property Investment Professionals of Australia.
“If financial planners, accountants and brokers support these bodies and gain the credentials being offered, they can increase their client reach, extend their revenue potential and bring property into a regulated space,” he said.
Mr Gibson added that it would also allow them to boost their qualifications and differentiate themselves from rivals.
“Much has been written about investing in the property market particularly in relation to the SMSF sector, with concern voiced from many quarters about its appropriateness … and the lack of regulation surrounding property,” he said.
[Related: Investor group warns brokers about SMSF advice]
