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Perth agency fined for forgotten bonds

By Grace Ormsby
23 June 2020 | 1 minute read
Perth

An “administrative oversight” which saw a Perth real estate agency fail to lodge a number of security bonds for up to three months has led to $5,000 worth of fines.

MI Real Estate Pty Ltd, trading as Soco Realty, had accepted three security bonds from tenants but failed to lodge them as soon as practicable, or within the required 14 days prescribed by the Residential Tenancies Act.

A statement from the Western Australian government’s Department of Mines, Industry Regulation and Safety revealed that between August 2018 and May 2019, Soco Realty collected a total of $4,180 in security bonds from the tenants in Como, Cannington and South Perth, but delayed lodging them with the bond administrator.

During mediation in the State Administrative Tribunal, it was accepted that the conduct was an administrative oversight.

As a result of the misconduct, the tribunal ordered Soco Realty to pay $3,000 and fined its sole director a further $2,000.

The late lodgement of bonds is an issue the government department takes extremely seriously, according to the Commissioner for Consumer Protection, Lanie Chopping.

“While the majority of real estate agents do the right thing, there are a small number that do not,” Ms Chopping said. 

She highlighted that this disciplinary action follows three successful prosecutions involving late bond lodgements earlier in the year, so it should serve as a lesson to other agents that penalties await those who don’t comply.

“It’s vital that property managers keep their business in order to avoid similar oversights and potentially risk being prosecuted,” the commissioner said.

“Both real estate agents and private landlords are duty-bound to lodge bond money with the bond administrator within 14 days, which is ample time given it’s so easily done online these days.”

Perth agency fined for forgotten bonds
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ABOUT THE AUTHOR


Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.

Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.