Estate Agents Co-operative Ltd and OAMPS have worked together to negotiate a new insurance offering for members of the Co-operative.
The Professional Indemnity insurance provides a broad range of coverage which enables agents to comply with their legislative requirements. In addition, the policy coverage also automatically extends to a number of key benefits:
- Fidelity (Employee Theft) – cover included for no additional premium to a sub-limit of $100,000;
- Employment Practices Liability – cover included for no additional premium to a sub-limit of $100,000;
- Franchisor’s coverage – the policy extending to Franchisors as insured’s where they are joined to an action with the insured, or as a result of the insured actions;
- Insurance Distribution Activities Extension – Cover is specifically extended to include distribution of insurance products as part of a Real Estate Agency’s activities. This is very relevant in the case of property management, where commonly agents provide insurance solutions or hold agencies with insurers to provide products for property owners, tenants or strata plans. With the changing landscape of strata requirements, this is especially prudent.
- Referral Services Extension – Agents provide their client with a number of referral sources, be it property maintenance, tradespersons, conveyancing, building and pest inspections, mortgage brokers and many more. It could be alleged that the agent has a duty to perform due diligence on any persons or companies they recommend to their own clients. The policy cover extends to protect agents for their liability arising out of any allegations or claims arising from a referral relationship.
- Bodily injury or property damage in any way is not excluded under the policy. This is a common exclusion that relates to a primary exposure for agents, whether showing clients through open houses, hosting auctions or providing property management activities.
- Legal costs are in addition to the policy limit, that is the limit is available for payments of any awards against the agent, rather than being used up by applicable legal defence costs;
- Sub-Contractors and Consultants – the vicarious liability to the insured agency is covered for the actions of any sub-contractors and consultants;
- Dishonesty of Employees – cover is provided to the agency for the actions of dishonest or fraudulent employees, provided such acts were not condoned by the Insured;
- Minimum premiums for a Professional Indemnity cover of $1,000,000 in any one claim, with $3,000,000 in the Aggregate begin at $1,250 including all taxes, fees and charges.
- Higher levels of cover are available as required.
We have also negotiated reduced rates for office insurance and public liability, as well as a policy for management liability cover for members in order to provide a holistic solution to their business needs.
EAC Director Anthony Chapman stated “I recently renewed my business insurance options using this new facility and I saved over a thousand dollars in premiums whilst getting superior cover at the same time.”
For more information, or to obtain a quotation, Members can speak with their local OAMPS branch, or contact Drew Ferns at OAMPS on 02 4226 8700.
Last week we said farewell to our Company Secretary and COO, John Carson’s after 42 years of loyal service with the Co-operative.
Below is a video where we said thank you to John. We wish John all the best in the future.
The NSW Office of Local Government has announced that the provisions that require a property with a swimming pool to have a certificate of compliance before it can be SOLD or LEASED will now commence on 29 APRIL 2015 (NOT 2014) an extension of 12 months.
This means that the requirement to attach a valid Certificate of Compliance or current Occupation Certificate to the Contract for Sale or to the Residential Tenancy Agreement will now not apply until 29 April 2015.
Click here to view NSW Office of Local Government circular to councils.
For further information members can call EAC Agency Practice Support on 1300 137 161
The 3rd March 2014 saw the commencement of the of Co-operatives National Law in New South Wales and Victoria which provides the national legislative framework for Co-operatives.
The new laws mean less red tape and reporting burden for smaller co-ops, and for all co-ops, the ability to trade across state borders without dual registration.
For more information read the update released by NSW Fair Trading
For more information about Co-operatives you can visit the Co-operatives and Associations page on the NSW Fair Trading site.
Real Estate offices may have received an email from NSW Fair Trading on 28 February regarding a New Condition report for residential tenancies. The prescribed report has been changed by the addition of ‘window safety devices’ wherever ‘windows/screens’ appears. This change is effective from 1 March 2014.
For those offices using EAC eForms the necessary changes have been made and the updated form is now available for use.
If you are using EAC printed forms these forms may still be used BUT YOU MUST write in the additional words”/window safety devices” as outlined above.
So on the form wherever you see “windows/screens” you must change this to “windows/screens/window safety devices”
The example above shows the change to EAC’s Condition Report on our eForms system.
These changes do not impose any obligation on the landlord to install window safety devices if none exist.
EAC believe that the notice provided by Fair Trading of this change was inadequate and is seeking clarification from Fair Trading as to the practicality of these changes and the likely implications for leasing and managing agents and members will be informed as soon as this advice comes to hand.
EAC Members may direct any questions they have to our Helpline on 1300 137 161.
We have just released our CPD Workshop Calendar for the next 6 months which includes Property Management 2014 and Commercial and Retail Leasing and Management 2014 workshops. These workshops have been designed for agency principals and all property management staff.
These practical “hands on” sessions are important for those who wish to update their skills in this area and who are looking at delivering client service that is second to none.
The workshops provide 12 CPD points and our early bird rates are as low as $135.00 for EAC Members which provides a significant saving over the rates charged by many other CPD providers.
Click here to view the CPD Workshop calendar for dates, locations and registration details.
The Council of Australian Governments (COAG) held its 36th meeting today in Canberra and it would appear as though National Licensing for our industry will not be proceeding.
In the Communique from the meeting it was stated:
“COAG noted that, following the outcome of extensive State-based consultation, the majority of States decided not to pursue the proposed National Occupational Licensing Scheme (NOLS) reform. Most jurisdictions identified a number of concerns with the proposed NOLS model and potential costs. States instead decided to investigate approaches that would increase labour mobility and deliver net benefits for businesses and governments.”
” To this end, States agreed to work together via the Council for the Australian Federation (CAF) to develop alternative options for minimising licensing impediments to improving labour mobility and to manage the orderly disestablishment of the National Occupation Licensing Authority from early 2014.”
While EAC was in favour of National Licensing, we had stated that in the proposed form we did not believe it was in the best interest of the industry or consumers. We can now look forward to maintaining the educational standards and professionalism of the real estate occupations.
Posted in COAG, David Crombie, EAC, Estate Agents Cooperative Ltd, National Licensing, real estate, real estate agent, Real Estate Institute of Australia
Tagged COAG, david crombie, EAC, Estate Agents Co-operative Ltd, National Licencing, Real Estate, Real Estate Institute of Australia
The EAC Board held its November Board Meeting in Ballina on Wednesday, 27 November followed by a meeting of Member Principals from the Northern Rivers. At the meeting the Chairman Dale Whittaker and CEO David Crombie updated the members on some of the initiatives the Co-operative is currently working on and other changes that are currently affecting the industry. Each of the Directors provided the members with an overview of the property market in their respective areas and in return the meeting provided the directors with an opportunity to obtain feedback directly from the members.
EAC Chairman Dale Whittaker and EAC CEO David Crombie presenting at Northern Rivers Members Meeting
A lighthearted moment shared by EAC Board and EAC members
The EAC Board would like to thank all the members that attended.
NSW Fair Trading has started a tenancy dispute service. The free voluntary service is said to provide a convenient alternative to having residential tenancy matters heard by the Consumer, Trader and Tenancy Tribunal (CTTT).
The service starts on 1 December 2013 and NSW tenants, landlords and property managers can use the service to resolve selected residential tenancy disputes.
According to Fair Trading the service can be used to assist in resolving disputes to do with:
- repairs and maintenance
- non-urgent health and safety issues
- alterations and additions
- access to the premises including inspections
- non-compliance with the tenancy agreement
- water saving devices and smoke alarms
- provisions of correct notices
- ending a tenancy
- breaking a lease, and
- condition reports.
If the parties cannot agree to a resolution to a dispute, either party may lodge a claim with the CTTT. All other residential tenancy matters not dealt with by Fair Trading will continue to be heard by the CTTT.
For more information about the free dispute resolution service, go to the Residential tenancy dispute page on the Fair Trading website or contact the Fair Trading hotline on 13 32 20.
Posted in David Crombie, EAC, Estate Agents Cooperative Ltd, NSW Fair Trading, Residential Tenancies
Tagged david crombie, EAC, Estate Agents Co-operative Ltd, NSW Fair Trading, Property Management, Real Estate, tenants
Estate Agents Co-operative (EAC) today announced the release of our updated property listing management feature, Red Square Addlist, which was launched to coincide with the release of the Co-operative’s modernised real estate property portal, realestateworld.com.au.
I am delighted to announce that as a result of extensive research and consultation with our members that we can now proudly offer, what I feel, is an innovative property listing management and upload solution for the real estate industry.
Red Square Addlist allows users to effortlessly search, preview, monitor and update their stock list directly from one screen. Our QR code creation feature will simplify print marketing and our unique Product Distribution List (PDL) option will allow offices to share exclusive listings within their group.
Although Red Square Listing Management has been a popular inclusion to EAC’s products stable for many years, our development team has been constantly building the system over the past 12 months to create this latest cutting-edge version compatible with not just our updated real estate portal realestateworld.com.au but also with an agent’s own website, leading customer relationship management tools and the majority of major real estate websites in Australia.
In keeping with our Co-operative’s mission of providing cost effective products and services that meet the needs of today’s real estate professional, EAC will be able to offer our listing management and upload tool at a significantly lower cost than most of our competitor brands currently on the market.