The institute, which has 6,500 voluntary members and aims to maintain industry standards and deal with grievances within the industry, says its report will coincide with an expected government report on the real estate industry.

Last month the trade and industry department called for tenders from independent investigation experts into the role and effectiveness of the Estate Agency Affairs Board.

Rawson says the institute will use the review period to undertake its own review. Once this is complete the institute will make its own proposals on how the industry should be run.

"Together with the thorough trade and industry department report, these should provide a powerful catalyst towards the setting up of better systems," says Rawson.

The institute has employed two academics: Anders Aeroe, a doctor in industrial economics at A&T Consulting, and a colleague whose appointment awaits confirmation.

"The investigative team will then canvas a wide spectrum of property and associated industries, including financial institutions, the legal profession and mortgage originators, and by mid-January will submit a report on how they envisage the industry functioning better," says Rawson.

The trade and industry department review aims, among other things, to investigate the effectiveness of regulatory bodies such as the Estate Agency Affairs Board in dealing with complaints lodged against agents, especially unregistered estate agents, and the administration of the Fidelity Fund in the compensation of customers who suffer monetary loss due to unethical conduct.