Ensure you never miss an issue of the
real estate business bulletin
Top 5 agents’ mistakes: NSW Fair Trading

Top 5 agents’ mistakes: NSW Fair Trading

by Reporter 0 comments

Stacey Moseley

Real estate agents and principals are making the same mistakes over and over again and landing in hot water with NSW Fair Trading, the regulator’s assistant commissioner has said.

Don Jones, assistant commissioner, compliance and enforcement at NSW Fair Trading told a packed room of agents and principals at an industry event in Parramatta in Sydney's west, that principals investigated by Fair Trading often made similar mistakes.

Many of them could easily be avoided, Mr Jones added.

“There are a number of errors agents and principals are making and we see them over and over again,” he told the 'industry update' event, jointly run by the Real Estate Institute of New South Wales (REINSW) and Real Estate Employers’ Federation (REEF) of NSW.

According to Mr Jones, the top five issues that get agents into trouble are:

1.    Licensees not having an understanding and/or primary access to their trust accountant.
2.    Not keeping their licences current and visible
3.    Having a “friendly” accountant or auditor
4.    Agents making false representations to vendors and purchasers
5.    Hiring the wrong staff and/or not training them properly.

“Whilst it is not necessary for an agent to display their licence on the wall, it can be the difference between noticing whether or not a licence has expired,” he said.

“We had an agent who practised for 18 months without a valued licence simply because it was tucked away in a draw, out of sight out of mind.”

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Top 5 agents’ mistakes: NSW Fair Trading
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
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

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?