Regulation of the investment property sector will help financial planners to push spruikers out of the area and provide clients with more protection, DomaCom believes.
DomaCom head of sales and marketing, Warren Gibson, called on planners, accountants and mortgage brokers to get behind the drive to regulate the sector by joining the Property Investment Association of Australia (PIAA) or Property Investment Professionals of Australia (PIPA).
Gibson said regulation of the sector would enable planners with qualifications from bodies such as the PIAA and PIPA to attract new clients and to provide quality advice to customers, while driving out "the spruiker element".
"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.
"This will help protect their client base and deliver better outcomes."
Gibson said that regulation would improve the image of the property investment sector at a time when concerns were being raised about the appropriateness of self-managed superannuation funds (SMSFs) investing in property.