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WHY YOU NEED A CompCheck™

The Office of Fair Trading, through their compliance enforcement officers in the field, is targeting real estate businesses throughout NSW. Their agenda is to close down the unethical and out-right dishonest operators but unfortunately, they do capture the good operators who just make the odd, but serious mistake, with some of the items on the OFT compliance checklist. Any real estate business could be the next to be contacted by the OFT - either:

  • as the result of a consumer complaint, or
  • the fact that they could be next to be audited if an audit has not taken place since September, 2003, or
  • a 'random audit' where OFT inspectors are 'in the area'.

Therefore, there is an urgent need for every licensee-in-charge to either have their business become compliant and/or remain compliant under the Property Stock & Business Agents Act and Regulations (and recent amendments).

THINK REAL ESTATE believes that it is better to have real estate businesses focus on the business of making money by having a third-party become the support to help stay within the law.

Scope of THINK REAL ESTATE Compliance Check - CompCheck™

The scope does focus on procedures to assess and implement office systems to comply with:

  • the PS&BA Act 2002, as amended
  • the PS&BA Regulations 2003, as amended
  • the Residential Tenancies Regulation 2006
  • Commissioner for Fair Trading Supervision Guidelines
    • Supervision Guideline 1 - Trust Accounts
    • Supervision Guideline 2 - Trust Accounts
    • Supervision Guideline 3 - Estimated Selling Price
    • Supervision Guideline 4 part (i) -- Advertising, Marketing & Promotional Material
    • Supervision Guideline 4 part (ii) -- Conflict of Interest and Duty to Disclose
    • Supervision Guideline 5 -- Complaint Handling Procedures

At the end of a CompCheck™ the principal will be given a full report and briefing on what is discovered during the CompCheck™ visit. In addition, if the principal of the business requests it, a full briefing and coaching session will be held with the staff, to cover all non compliant areas. This briefing session would gain participants CPD points.

While THINK REAL ESTATE cannot guarantee you will not have a visit from the OFT inspections, a CompCheck™ will mean Principals can focus on generating income, instead of worrying about compliance.

Cost will depend on the time taken and the size of the business. As a guide a normal size office would require a 3 to 4 hour visit. The charge for CompCheck™ is $330.00 per hour (incl. GST) with a minimum time of 3 hours. 50% of the minimum fee ($495.00) will be payable with the submission of the booking form.

There is no additional charge for out of Sydney visits, unless it is an urgent visit made at short notice. If you wish to book a CompCheck™ click this link.

If you have any questions regarding cost or what is undertaken, call (02) 9587 5277, or email us at