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Wikipedia defines the concept of "Best Practice" as follows:
"Best Practice is a management idea which asserts that there is a technique, method, process, activity, incentive or reward that is more effective at delivering a particular outcome than any other technique, method, process, etc. The idea is that with proper processes, checks, and testing, a project can be rolled out and completed with fewer problems and unforeseen complications."
The real estate industry in Victoria beset with problems. It is fundamentally unfair, it's methods promote inappropriate and improper practices, and it is in need of urgent cultural change.
The concept of the sale commission, and the use of the Exclusive Sale Authority by members of the Real Estate Institute of Victoria (REIV), have been indentified as factors contributing to the declining standards of service and ethics in the industry. Conflicting interests further compound the industry's problems, affecting other professionals whose role it is to protect consumers from over-zealous real estate sales-people.
In coming months we will be building a set of benchmarks and procedures as Real Estate Best Practice. We believe that this is the first time that any attempt has been made to establish a clear set of standards in the interests of consumers and the real estate industry as a whole.
(This page is under construction as at Saturday 24 February, 2007)