Dear Member,

Today, as the Chair of PICA, I have written to several industry trade associations
raising our emerging concerns with regards to the way in which some operators in
the property investment space are conducting their operations.

Our concerns cover:

- The Advertising & Promotional practices of some industry operators
- The ‘Get Rich Quick’ messaging
- Some operators offering unlicensed Financial Advice
- Some Real Estate (Buyers Agents) – actions and behaviours
- Greater transparency of property transactions, as to who is earning what

All of which is leading to a deterioration of the professionalism of the sector and
encouraging short-term speculation within the market. Both issues ultimately
untenable and have unstainable and potentially unintended consequences, putting
new and existing property investors at risk.

A sample copy of the letter we have send Trade Associations has been uploaded to
the PICA website and can be access by clicking here.

PICA’s Charter is all about protecting property investors interests, which aligns to a
boarder long term balanced and sustainable residential property marketplace.

Whilst we work closely with the industry to promote the benefits of investing in
property, and we recognise that most operators will do the right thing by their clients,
we are seeing a growing number of operators who are either acting in their own
financial self-interest or given their inexperience, they are naively putting their clients
and the broader property market at risk.

An outcome PICA isn’t willing to accept and hence why we have written to these
trade association and some government regulators expressing our emerging
concerns.

Kind Regards,
Ben Kingsley
Chair

On behalf of the PICA’s National Board.