Protecting your real estate business from scam activity and fraud

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Protecting your real estate business from scam activity and fraud

21 June 2023

As technology and internet capabilities advance, it is crucial for real estate businesses to understand the ways in which they can prepare and protect personal and financial information to keep their business, clients, and tenants safe.

Fraud can arise in many forms, including through email correspondence and attachments, e-signed leases, electronic use of documents, and online banking. Agencies and their staff are increasingly susceptible to high-tech fraud that is more difficult to detect.

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Let's talk about subletting

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Let's talk about subletting

31 October 2022

As the cost of living rises and rental markets tighten, more tenants may consider taking on a roommate to relieve some of the financial pressure.

Before entering into a shared tenancy, it is crucial that all parties understand the arrangement they have signed up to. Laws around subletting differ across each state and territory’s residential tenancy legislation. Let’s look at some of the general rules that apply to most Acts and Regulations. Later, we will identify the legislation that regulates subletting across each state and territory.

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Workplace stress support services

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Workplace stress support services

26 September 2022

Working in real estate can be incredibly rewarding and often challenges you to be your best self. What’s better than helping your clients meet their property goals and negotiating a deal through to a successful outcome, or seeing a tenant settle in and feel at home in their new rental?

It is important for both employees and employers to remember that with real estate being such a fast-paced industry, agents and admin staff alike are prone to stress and burnout.

Let’s check out some state-based and national support networks that are out there for anyone struggling with challenging emotions in the workplace.

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Trust account audits due 30 September: NSW, the ACT, Tasmania, Victoria

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Trust account audits due 30 September: NSW, the ACT, Tasmania, Victoria

31 August 2022

Trust account audit procedures differ depending on the state or territory in which you operate. These requirements are set out in property legislation, with each regulatory body often outlining and summarising trust account obligations online via their websites.

Trust account audit guidelines exist to ensure that trust money held by agents is properly managed and can be accurately accounted for at all times. Serious penalties may be incurred by agents for the misuse of a client’s money, including heavy fines and imprisonment.

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New courses available for the ACT!

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New courses available for the ACT!

13 July 2022

On 1 July 2022, the ACT government introduced changes to the regulation of the real estate industry.

The reforms include changes to:

  • licence and registration categories

  • qualification and experience requirements for licences and registrations, and

  • restrictions on the activities each licence and registration group can undertake.

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Have your say on NSW laws for real estate, strata, assistant and stock and station agents

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Have your say on NSW laws for real estate, strata, assistant and stock and station agents

1 July 2022

NSW Fair Trading is inviting feedback on the proposed new Property and Stock Agents Regulation 2022.

The current Regulation supports the Property and Stock Agents Act 2002 and is due to expire on 1 September 2022.

The proposed new Regulation has been modernised and improved with more clarity, better consumer protections and less administrative load for agents.

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WA Consumer Protection: Audit period starts soon!

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WA Consumer Protection: Audit period starts soon!

29 June 2022

The Consumer Protection division of the WA Department of Mines, Industry Regulation and Safety has advised the following in their recent newsletter blast:

Reminder: Audit period starts soon!

Agents who hold a triennial certificate and have held monies in trust during the

2021-22 financial year will need to provide a Statement of trust account money - Annexure A to their appointed auditor following the end of the financial year after 30 June 2022.

Agents who have not held or received any trust funds during the financial year must lodge a statutory declaration to this effect in lieu of an audit report.

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An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

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An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

1 June 2022

An important update for students yet to complete their ACT course (CPP07 Property Services Training Package)

This update does not apply to you if you have already completed your ACT CPP07 course (e.g. units with ‘CPPDSM’ unit code).

This update is important if you have not yet completed your ACT course.

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NSW Fair Trading: a recap on recent important updates

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NSW Fair Trading: a recap on recent important updates

28 April 2022

  • Flood recovery rental support now open for applications

  • Free interpreting service for real estate agents

  • Strata information is now easier to find if you are selling or managing a strata property

  • Reminder: Real estate trust account audits due 30 September 2022

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