A real estate agency’s financial control has been taken over by a state-appointed supervisor to ensure the safety of consumers’ money and property.
The State Administrative Tribunal of Western Australia has appointed a supervisor to take over the financial operational of Macro Realty in East Victoria Park.
The agency is suspended from carrying on its business and controlling its bank accounts, after making unsubstantiated claims about rental income potential for properties in the Pilbara region at the beginning of this year.
This action follows the agency’s failure to appoint a person in bona fide control of the agency, having been granted a three-month grace period to find a replacement in February.
The three-month grace period was granted by the Acting Commissioner for Consumer Protection David Hillyard, on the condition that the agency submitted its monthly reconciliation summary reports for its three trust accounts for February, March and April 2016.
“The agency’s failure to adequately adhere to these conditions was cause for action to be taken to have a supervisor appointed in order to safeguard the money and property of consumers,” Mr Hillyard said.
“It is extremely important that agents understand and fully comply with any condition placed on their licence, especially relating to three-month grace periods. The risk for doing otherwise, as in this instance, can be fatal to their business.”
[Related: PMs put on notice about rental claims]