Licensees who run a business are under legal obligation to ensure that the business is supervised correctly – particularly when large sums of money and Trust Accounts are involved.

That means you!

Without adequate supervision, extreme stress and financial losses can occur.

Not want you want on your plate.

Not only that, without it, you can be up for negligence, misleading conduct and fraudulent use of Trust money.

Definitely not what you want!

Supervision guidelines in NSW real estate typically include information on the roles and responsibilities of supervisors and their supervisees, the frequency and methods of communication, documentation and record-keeping requirements, performance evaluation criteria, and disciplinary procedures.

They include steps needing to be taken to prevent fraud, under-quoting and misrepresentation.

Your supervision requirements

As per Fair Trading NSW, these requirements include:

  • supervision of employees engaged in the business
  • establishment of procedures designed to ensure that the provisions of the Act and Regulation and other relevant laws are complied with, and
  • monitoring employees’ conduct to ensure that those procedures are being followed.

These guidelines ensure that the real estate agency complies with relevant legislation and industry standards and protects clients’ interests.

Real estate agencies need clear and compelling supervision guidelines to promote workplace accountability, integrity, and professionalism.

If you need a refresh download the NSW Fair Trading supervision guidelines.

Wait, we can help!

Did you know if we do your trust accounting, you should have in your supervision guidelines our workflow?

Do you remember our workflow?

If not, reach out, and we can review the workflow again.

Remember, if you don’t have supervision guidelines, you can buy some from ACOP and customise them for your office.

Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 27 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.