EAC Office Compliance Review
When did you last think about or check that your office procedures properly demonstrate compliance with the Property, Stock and Business Agents Act 2002 and Regulation 2003 and the Supervision Guidelines issued by the Commissioner for Fair Trading? You may think, "We're good" or that an audit from the Office of Fair Trading (OFT) is unlikely. Think again. All it takes is a disgruntled client, prospect or tenant to contact OFT with a complaint.
Honest mistakes do happen, you can minimise the risk by having an independent assessment of your work practices. An incorrect agency agreement can lead to loss of commission and token attempts of compliance such as “we have checklists” can expose you to fines and penalties.
What you can expect: Our on-site visit will identify compliance weaknesses and areas of risk. You will receive immediate advice; often you can fix problems on the spot; followed by a written report of findings and recommendations. It is that easy.
Areas reviewed include:
- Licences and Certificate of Registration
- OFT Supervision Guidelines
- Banking Practices & Trust Accounts
- Estimated Selling Price Substantiation
- Advertising & Promotional Material
- Conflict of Interest and Duty to Disclose
- Financial & Investment Advice
- Complaints Handling Procedures
- Agency Agreements
- Auction Procedures
- Property Management Files
- Sales Files
- Occupational Health & Safety
Geoff Hunter, EAC’s Industry Liaison Officer has noted that some errors uncovered have the potential to amount to thousands of dollars in fines and lost commissions.
“Licensees are exposing themselves to a maximum fine of $20,000 for failing to implement the Commissioners Supervision Guidelines and Checklists and as a consequence not being able to demonstrate ”Proper Supervision” as required by section 32 of the Act.”
Contact us to book your In Office Compliance Review on 1300 137 161 or email firstname.lastname@example.org
Protect Your Business by minimising your Risk!