How compliant are NSW agents under the new rent bidding laws?

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How compliant are NSW agents under the new rent bidding laws?

27 June 2023

NSW Fair Trading has released a report after monitoring the conduct of agents under the new rent bidding laws introduced late last year. Fair Trading announced earlier this year that they would be undertaking a ‘rent bidding compliance program’.

In their latest Property Matters issue, NSW Fair Trading reports that inspectors recently conducted 76 undercover inspections at open homes and reviewed over 1,100 online rental advertisements. It was found that 98% of agents visited were complying with the ban on solicited rental bids.

Further reform to the rules around rent bidding will be carried out under a new bill, which was introduced to NSW Parliament last month.

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Over $300,000 stolen from real estate trust account by scammers

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Over $300,000 stolen from real estate trust account by scammers

26 June 2023

Less than a month after a real estate agent lost $43,080 and two settlement agents lost a combined $64,468, a Western Australia real estate agent has lost $329,500 in trust account money after falling victim to a remote access bank scam last week.

Western Australia Consumer Protection reports that the scammer convinced the agent to download remote access software to their computer, which the scammer then used to access the agency trust account. The scammers were successful in completing a range of transactions out of the trust account while on the phone with the victim. The agent’s real bank then called to alert them that they were concerned about possible fraudulent activity on their account.

We recently published a blog post on protecting your real estate business from scam activity and fraud.

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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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June 2023 Newsletter

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June 2023 Newsletter

20 June 2023

Newsletter snapshot:

  • Site-wide ‘End of Financial Year’ discount code!

  • Industry updates: Scammers target real estate and settlement industry trust accounts // Northern Territory 'Water Plan' announced, providing water security for Territory residents.

  • Disciplinary action: WA agency fined over failure to act in best interest of clients // Victorian estate agent prosecuted for alleged trust account misuse // Queensland agent sentenced to eight years in jail for fraud // Victorian agent jailed for trust account misuse.

  • Legislative changes: NSW portable bond scheme and further reform to recent laws around rent bidding // WA Consumer Protection announces changes to tenancy laws // South Australia rental reforms: An update on laws for renting with pets.

  • Important reminder: ACT CPD due 30 June 2023 for licence holders.

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South Australia rental reforms: An update on laws for renting with pets

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South Australia rental reforms: An update on laws for renting with pets

18 June 2023

Earlier this year, the South Australian Government provided broader insight into the changes expected to residential tenancy laws. The Government sought and received feedback on a range of issues, including the rules around ending or not renewing a lease, maximum bond amounts, rent bidding, and tenant rights around renting with pets.

South Australia Consumer and Business Services (CBS) has today provided an update on the issue of renting with pets, and the new rights and responsibilities of tenants and landlords around the issue.

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Victorian agent jailed for trust account misuse

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Victorian agent jailed for trust account misuse

16 June 2023

Just days after a Queensland agent was sentenced to eight years in jail for trust account fraud, a Victorian agent has received a 12-month prison sentence for the misuse of funds belonging to their clients.

Consumer Affairs Victoria (CAV) has reported that in addition to the 12-month prison sentence handed down by the Country Court, the former agent has been issued with a two-year Community Corrections Order.

The former agent’s breach of the Estate Agents Act 1980 was based on causing almost $1.6 million in trust account deficiencies and the fraudulent transfer of around $776,000 in trust funds for their own use.

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Nothern Territory 'Water Plan' announced, providing water security for Territory residents

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Nothern Territory 'Water Plan' announced, providing water security for Territory residents

15 June 2023

The Northern Territory Government has today announced the release of a strategic plan for water across the Territory. The ‘Territory Water Plan’ offers a package of actions that aims to deliver ongoing water security for all Territorians.

The Northern Territory is on track for a growing population and an economy of $40 billion by 2030. The water plan provides a sense of security for residents and the broader community, and makes the Territory more attractive to prospective property buyers and investors.

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Queensland agent sentenced to eight years in jail for fraud

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Queensland agent sentenced to eight years in jail for fraud

13 June 2023

Queensland Fair Trading and Queensland Police have investigated a Brisbane agent for fraudulent acts surrounding the use of trust account funds. The former agent, who was based in the Newmarket area, has today been sentenced to three years imprisonment by the Brisbane Supreme Court. The agent was sentenced to an additional five years imprisonment for other Queensland Police matters.

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Scammers target real estate and settlement industry trust accounts, WA Consumer Protection reports

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Scammers target real estate and settlement industry trust accounts, WA Consumer Protection reports

30 May 2023

Agents in Western Australia are being urged by Consumer Protection to stay vigilant when it comes to fraud prevention and suspicious scam-like activity.

Consumer Protection has reported that in the past two days, WA ScamNet received one report from a real estate agent who advised they’d lost a total of $43,080, and two reports from settlement agents who lost a total of $64,468.28.

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WA Consumer Protection announces changes to tenancy laws

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WA Consumer Protection announces changes to tenancy laws

26 May 2023

Significant changes to Western Australian tenancy laws have been announced, in an effort to “improve rights for renters and provide certainty for landlords”.

The changes centre around prohibiting the practice of rent bidding, reducing the frequency at which rent may be increased, and allowing greater freedom for tenants around making minor modifications to a rental property and keeping pets on premises.

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NSW portable bond scheme and further reform to recent laws around rent bidding

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NSW portable bond scheme and further reform to recent laws around rent bidding

10 May 2023

Following the NSW Government’s recent move to make solicited rent bidding on rental properties illegal, the Government will today introduce a bill to NSW Parliament with the aim of providing cost-of-living relief and better protection to NSW renters.

Not only does the legislation aim to eliminate the practice of secret rent bidding, it will also mark the first stages of the development of a portable bond scheme.

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