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Make Sure You Are Compliant

10 Jul 13

The roadshow on training agents and sales representatives on the legislative changes to property sales and management was a huge success.  Thank you to all those who attended.

REISA expects the new laws to commence in a few months.

However, REISA wants to emphasise that all agents must ensure that their businesses are compliant with the laws as they are now and prepare for the laws to come.

As REISA advised you repeatedly at the sessions, there will be a lot more money for Consumer and Business Services to undertake compliance activities and prosecutions once the legislation has passed.  There will be a lot more white cars.  There will be a lot more audits.   There will be a lot more authorised officers on the ground – at open inspections, at auctions and in your business.

You must also remember that there will be a new category of offences – those that are prescribed.

These offences relate to price representations, s24G applications and false and misleading representations.  If you are found guilty of one of these, there goes your livelihood.  You are out of the business.  And you will be disqualified from getting back in.

And make no mistake – the Government is looking to make an example of an agent who is doing the wrong thing.  Don’t be that agent!

In particular REISA wants you to ensure that:

  • You are only acting for vendors under a current sales agency agreement.
  • You undertake the correct s24G processes if you wish to gain a beneficial interest in land or business that you are authorised to sell.
  • You give price representations, either verbally or in writing, that are compliant with the prescribed minimum advertising requirements.
  • You do not disclose details of previous offers to prospective purchasers.

These will be hot button issues that the Government will seize on when the new legislation commences.

They may not have had the resources to fully investigate these issues before.

Now they will.

It’s time to make sure you are compliant.