AGENCY COMPLIANCE - COMPCHECK
Think Real Estate's compliance check service, Compcheck, is designed to assist offices and licensees in charge meet their compliance obligations under the Property and Stock Agents Act 2002 and Regulation 2022 and any specific requirements of the Commissioner of Fair Trading.
Compcheck is an on-site inspection service, conducted over 2-3 hours by one of our highly trained Assessors. This service is backed by a full written report outlining our findings and recommendations. Our Compcheck service offers peace of mind and we believe should be conducted annually at every agency.
Areas of review include the following:
-
Agency compliance as per the Property and Stock Agents Act and Regulation
-
Register of employees as per NSW Fair Trading
-
Currency of Licences & Certificate of Registration
-
CPD Compliance
-
Agency policy & procedures in accordance with Licensee responsibilities under Section 32 of the Property and Stock Agents Act 2002
-
Supervision Guidelines
-
Procedures for handling of complaints
Inspection of a random sample of Sales & Property Management files to check the documentation such as:-
-
Use of correct documentation (Agency Agreements)
-
Use of Privacy Policy
-
Auction procedures in accordance with Regulations of 2022
-
Estimated selling price substantiation and meeting the Commissioner's requirements
-
The use of disclaimers
-
Banking procedures
-
Key and tradesman registers
-
Advertising & procedures to ensure no misleading and deceptive claims
CompCheck fee:
-
Agency with less than 10 staff : $1,870.00 including gst (Sydney Metro)
-
Agency with less than 10 staff: $2,370.00 including gst (Outside Sydney Metro)
-
Agency with 10 plus staff : By quotation
Remember: Fair Trading can prosecute under the Competition and Consumer ACT 2010. Penalties can be as high as $500,000 for individuals and $10,000,000 for the Corporation.
