NSW Fair Trading find Sydney agencies falling short on industry standards

NSW Fair Trading find Sydney agencies falling short on industry standards
NSW Fair Trading find Sydney agencies falling short on industry standards

Some 18 out of 24 real estate agencies in western Sydney recently audited by NSW Fair Trading failed random inspections on industry standards.

The inspections were conducted on compliance with Continuing Professional Development (CPD) requirements in December in the suburbs of Wentworthville, Toongabbie, Pendle Hill, Greystanes, Westmead and Girraween.

The compliance crackdown checked whether businesses operated with a necessary licence.
 
It checked whether agents were sufficiently trained with adequate ongoing supervision, and also whether ongoing professional development was maintained.

Minister for Better Regulation Matt Kean said many agents were not meeting industry standards.

“The results are totally disappointing with only six of the 24 agents inspected found to be fully compliant with NSW Fair Trading requirements,” Kean said.

The three-day crackdown resulted in 30 penalty infringement notices, totalling $31,900.

One agency business that was found to be operating without the necessary licence.

There were three that were using an unaudited trust account.

Some 13 licensees were fined for failing to supervise their business.

Two agents were issued with education letters.

“It’s clear these agents need to pull their socks up, and Fair Trading will continue to target those who aren’t playing by the rules to make sure consumers are put first.” Mr Kean said.

Fair Trading declined to name the agencies because of ongoing investigations.

Tags: 
Real Estate Training Regulations

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