The Consequences of Real Estate Agent Misconduct No matter what industry you are in, there are rogue traders who will attempt to deceive. They cross the lines of not only ethical behaviour, but illegal behaviour. We have touched on this subject before in regards to Real Estate Bonds and bond theft. Over the years there have been many accounts of ... read more >>
There has been lots of discussion over the past 12-18 months regarding the need to overhaul the Property Services industry. We all agree that there are areas that are crying out for an overhaul, in particular in the areas of training requirements. We have read, digested and rummaged through the points made by the NSW Fair Trading and have summarised what ... read more >>
New changes to the Residential Tenancy Act 2010 are coming into effect as of the 30th January 2017 that it is now mandatory for all private landlords and agents to be registered with Rental Bonds Online and must now invite tenants to lodge their rental bonds using the system. Rental Bonds Online is an online service from the NSW Department ... read more >>
Despite this regulation being in place since January 1st, 2015, it was evident in this years audit that some agencies are still being reprimanded for not complying with the legislation of having a Unique Identification Number (UIN) for all their existing trust accounts. So if you've had a trust account prior to January 1st, 2015 and you're still not sure what the ... read more >>
We understand that by mid December, part of you may check out. Or be on the way the way to checking out. Focus turns from end of month reporting and reconciliations to Christmas parties and fun with friends and colleagues. After a hard year’s work we can see how this can happen… Yet, it is best to not let the ... read more >>
There are times when we just want an easy fix, there are times when an easy fix is OK and legitimate, but there times when it isn’t. There will be times in your trust accounting travels that you will receive unidentified funds and the process is pretty clear on how to treat these type of transactions. The Easy Fix Create an ... read more >>
No matter how well you prepare for it, when you receive your first breach from your auditor, it may very well come as a shock. We want to help before any potential meltdowns occur. So we have compiled a list if you have been found in breach from your auditor. It highlights the top 10 list of the most common ... read more >>
RENTAL BONDS ONLINE A New System to Reduce Misappropriation of Bond Money The misuse of trust money is still a hot topic in Real Estate. We have previously written about bond theft and how it is the most common cause of misappropriation of funds in the industry. Unfortunately the message seems to still have not gotten through with agents continuing ... read more >>
As with many aspects of business, it is acceptable to believe there will be a steep learning curve, mistakes made, and lessons learned as you navigate your way through business. The same goes for your trust accounting. We have previously outlined 10 of the most common mistakes made by real estate agents in a previous blog, which you are invited ... read more >>
Stealing from trust accounts is not just a plain bad idea – it’s illegal It would seem logic would prevail that stealing from your trust account would be a bad idea, yes? Unfortunately for some, this is not a clear-cut decision. Earlier this month, as reported by www.news.com.au, a Victorian Real Estate Agent, 43 years old from Huntingdale, was sentenced ... read more >>
