REIQ joins REINSW in quitting REIA

The Real Estate Institute of Queensland (REIQ) has quit the Real Estate Institute of Australia (REIA).

REIQ chairman Rob Honeycombe confirmed the organisation had left the REIA, effective 30 March.

Property Observer reported last month its resignation was imminent in a column by a former REIQ president.

REBonline now reports Honeycombe told REIQ members that Queensland was not getting value for money from the $260,000 annual contributions.

“Our resignation from REIA was not a decision your board took lightly, but we will not continue spending your member funds where we do not see sufficient return on investment,” he wrote in a letter to REIQ members.

“Businesses need to evolve – our agencies do this continually. REIQ must do this, too. Similarly, we think it’s time for REIA to return to a member-focused and more efficient organisation.”

Honeycombe said there have been ongoing discussions about changes to the REIA since NSW left the national body in 2012.

“In March 2014, the REIQ asked the other real estate institutes to consider the option of a smaller, more efficient REIA team with a sole focus on lobbying and policy,” he said.

“As a board member of REIA, I continued this conversation at all REIA meetings during 2014 and again earlier last month when the REIA board met in Perth.

“Despite initial resistance, we’re really encouraged the real estate institutes have now agreed to come together this month – importantly, with NSW representatives – to explore a new model for the national body.”