Real Estate Agency Compliance Auditing
We understand Consumer Affairs Victoria compliance from back to front!
Real estate agencies are regularly under attack from industry bodies to ensure they comply with their legal obligations. This can be a difficult task, especially as the buck stops with the Officer in Effective Control (OIEC). The OIEC is responsible for all actions undertaken by his/her staff including the sales team and/or rental agents. Unfortunately it’s often the case that errors are made by team members that aren’t uncovered until it’s too late.
This is where GMG Management Services comes in. We can prepare a pre-audit of your business to ensure your agency is compliant and meets all your legal obligations. As part of the report we identify any compliance gaps that can then be rectified. A confidential disclosure statement is prepared and signed and you can be reassured that your pre-audit remains confidential.
There are many cases of agents who thought they were compliant but after undergoing a spot check from Consumer Affairs Victoria (CAV) they found there were many areas with breaches, which incurred huge monetary fines.
Here’s an example. Many real estate agents don’t realise that if you employ an agent’s representative and allow them to perform agent’s rep duties before they complete their agent’s representative qualification you can be fined 500 penalty points which equates to $73,805 with the current 2014-2015 penalty rates that change on the 1st of July annually.
Consumer Affairs can do spot compliance checks on real estate agents. If you’re not compliant, you risk an expensive fine.
Call Gail today on 0401 401 058 to discuss how we can help ensure that your real estate agency is compliant with Consumer Affairs Victoria’s requirements.