Property managers and principals should be wary as real estate agencies come under fire in a state-wide crackdown on compliance.
NSW minister for fair trading Matthew Mason-Cox revealed recently that several real estate agents and agencies have been fined as part of a real estate compliance blitz in Sydney’s south.
“Over the past week, NSW Fair Trading officers have been out in Cronulla and the Sutherland shire investigating more than 114 real estate agencies as part of Operation Kuban,” Mr Mason-Cox said.
“A number of real estate agents were caught by NSW Fair Trading officers for unlicensed trading, failure to complete mandatory education to remain accredited and poor record-keeping.”
Mr Mason-Cox said officers examined 613 licences and also exercised their powers to retrieve data and examine property sales records.
“Seventeen individual agents were handed a $550 fine and four agencies were fined $1,100 each for breaching NSW Fair Trading laws,” he said.
“A number of agents will be required to produce further documentation in order to avoid penalties.”
Operation Kuban is part of NSW Fair Trading’s ongoing compliance operations.
“In the past year, NSW Fair Trading inspected close to 500 real estate agencies across the state and handed out $120,000 in fines to agents and agencies,” Mr Mason-Cox said.
“NSW Fair Trading will continue to closely monitor the market to ensure consumers are being treated fairly and agents are acting within the law.”