Month: September 2012

Fair Trading releases new videos for real estate agents

/ David Crombie / Leave a comment

NSW Fair Trading has released 3 new short videos on the Fair Trading YouTube channel.

The videos provide important tips on what to consider when buying or selling a home and the requirements of pricing real estate. The new videos are:

The DOS and DON’TS of pricing real estate  – In this video Fair Trading gives tips to real estate agents about pricing residential property.

Do your homework when buying or building a home – Research is the key to buying the right home. In this video Fair Trading provides important tips about things to consider when buying a home. Make sure that your research includes a Red Square Neighbourhood Report from an EAC Member.

Do your homework when selling a home – Making the process easier, This video outlines important information to help make selling your home as stress free as possible. Make sure that your research includes a Red Square Comparative Market Analysis Report from an EAC Member.

NSW Fair Trading welcomes your feedback and would like to hear your ideas on topics for future real estate videos. Email your feedback and ideas to: property@services.nsw.gov.au.

To view the whole range of Fair Trading videos on offer visit the Fair Trading YouTube channel.

EAC & NSW Fair Trading Partner to Provide Real Estate Fact Sheets

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This week NSW Fair Trading announced the partnership with EAC to supply fact sheets pertaining to Agency Agreements, Bidders Guides as well as New Tenant Checklists.

This partnership sees NSW Fair Trading ceasing to supply their real estate fact sheets in print form, which bulk copies can now be purchased through EAC. Click here for details.

NSW Fair Trading will however continue to provide online access to fact sheets for consumers to download and print from the NSW Fair Trading Website. These forms will be also available to order in selected community languages.

EAC also offer a wide range of real estate forms that cover residential, rural, commercial, business and retail requirements for real estate professionals. Click here to view the benefits of EAC printed real estate forms.

Help me support people with Multiple Sclerosis

/ David Crombie / 1 Comment

I am taking part in the 2012 Gong Ride in order to raise funds for people affected by Multiple Sclerosis (MS). MS is the most common disease of the central nervous system and affects more than 21,000 Australians.

Did you know?

* The average age of diagnosis of MS is just 30 years

* MS affects three times as many women as men

MS Australia aims to minimise the impact of multiple sclerosis on all individuals affected by the disease, as well as their families, carers and the community, by offering a wide range of services, equipment and support. MS Australia’s goal is to assist everyone affected by MS to live life to their fullest potential and secure the care and support they need, until we ultimately find a cure.

Please donate by clicking here and me help MS Australia support all people affected by multiple sclerosis.

Professional Indemnity Reform Provides more protection for Consumers and Agents

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Minister for Fair Trading Anthony Roberts has announced consultation on proposed
compulsory professional indemnity insurance for licensed property occupations, to ensure
consumers’ compensation claims for loss or injury can be met by industry members such
as real estate agents and strata managing agents.

Mr Roberts said proposed professional indemnity insurance means consumers renting or
living in a strata scheme have the security of knowing that if they are entitled to financial
compensation, the agent has the insurance to cover the claim.

“Given the risks associated with liability confronting the property industry, it makes sense
to require the industry to hold appropriate professional indemnity insurance cover,” Mr
Roberts said.

“The majority of the property industry already holds this kind of insurance however it is
essential that those who do not are brought in line with best practice standards.”

It is proposed from 1 January 2013, all licensees under the Property, Stock and Business
Agents Act 2002 be required to hold a minimum of $1 million professional indemnity
insurance with a number of set policy inclusions.

“The NSW Government values the comments of all interested parties on this important issue and NSW Fair Trading will carefully consider all views before finalising a proposal,” said Mr Roberts.

NSW Fair Trading has released a draft Amending Regulation proposing the introduction of mandatory professional indemnity insurance and is seeking feedback by 5 October 2012.

Copies of the Amending Regulation can be found on the Fair Trading website at
www.fairtrading.nsw.gov.au.

Estate Agents Co-operative Ltd has previously provided feedback on this proposal in our meetings with Fair Trading and will be making a submission. If you have any feedback on the draft Amendment regulation please forward them to our Practice Support Team.

Review of NSW property, stock and business agents laws

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Fair Trading is looking for feedback on the exposure draft Property, Stock and Business Agents Amendment Bill that has been released for public and industry consultation.

The draft Amendment Bill seeks to clarify and streamline the Act and reduce unnecessary red tape for licensed agents. These include stock and station agents, buyer’s agents, business agents, strata and community management agents and on site residential property managers.

Key proposed reforms include:

  • broadening the range of accepted qualifications for auditors of agents’ trust accounts to include members of recognised accounting bodies who hold practising certificates
  • agents no longer being required to lodge a separate annual statutory declaration with NSW Fair Trading if they did not receive trust money during the financial year
  • agents only having to lodge their annual audit return with NSW Fair Trading if the audit return is qualified by their auditor
  • empowering the Director-General to order random trust account audits
  • requiring agents to notify the Director-General each time they open or close a trust account at a financial institution, and
  • amending the requirements relating to the handling of unclaimed trust money, to ensure money is swiftly returned to its rightful owner wherever possible.

Go to the Review of the property stock and business agents legislation page on the Fair Trading website to download the draft Amendment Bill, fill out a questionnaire or make a formal submission.

Feedback on the review of the property stock and business agents legislation closes on 5 October 2012.

Estate Agents Co-operative Ltd is in constant contact with Fair Trading in regard to issues such as this and if you have any feedback please forward them to our Practice Support Team.