Ensure you never miss an issue of the
real estate business bulletin
Watchdog seizes control of real estate agency

Watchdog seizes control of real estate agency

by Reporter 1 comments

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]

 

Watchdog seizes control of real estate agency
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?