Compliance is tough. The legislative framework for our industry is difficult, extensive and complex – and with so many boxes to tick, the pressure to get everything right can be daunting. But it doesn’t have to be.
REINSW is here to help with a new service – REI Compliance Check.
“We know that NSW Fair Trading is always out and about, knocking on agency doors,” REINSW General Counsel Nicole Unger said. “The last thing you want is to be caught unaware and fined for instances of non-compliance.
“That’s why we’ve developed this new service, available only to REINSW members.”
REI Compliance Check is designed to check your agency’s compliance with key aspects of the legislative framework to help prepare the agency for when NSW Fair Trading comes knocking.
Ms Unger emphasised that the purpose of the REI Compliance Check is to provide agencies with peace of mind.
“This independent assessment of your agency’s practices and procedures will give you a fresh perspective on compliance,” she said. “Importantly, an REI Compliance Check will identify red flags and gaps in your agency’s compliance – saving you time and money – and it will give you the opportunity to rectify the issues before NSW Fair Trading comes to your door.
“Not only will the check help you to avoid potential fines, it will also give you essential information to identify training requirements for your team.”
“Importantly, an REI Compliance Check will identify red flags and gaps in your agency’s compliance – saving you time and money – and it will give you the opportunity to rectify the issues before NSW Fair Trading comes to your door.”
Tailored checks
Ms Unger explained that REI Compliance Checks will be conducted online.
“So that REINSW can reach as many members as possible around New South Wales, the REINSW Compliance Consultant won’t be attending your office in person,” she said. “Rather, they’ll be assessing the documents, photos and information you upload via the secure online registration form.”
The REI Compliance Check can be tailored depending on the agency. When registering for a check you can choose the package that best suits your needs.
“Different agencies will have different needs and, with this in mind, we’ve created a range of packages, so you can pick the check that best suits you,” Ms Unger said.
“We strongly recommend that agencies register for an REI Compliance Check on an annual basis and, if they operate both a sales and property management arm, they should select the complete package, which includes checks on their agency, sales and property management files.
“The Agency Check includes a check that the relevant measures are in place in relation to signage, corporation licences, agent licences and certificates, licensees in charge, CPD, professional indemnity insurance and the Supervision Guidelines.
“Agencies can then also add either a Sales Check or Property Management Check, or both, where the REINSW Compliance Consultant will conduct a review of files.”
Worthwhile process
Tiana Mueller, Director at MMJ Real Estate in Wollongong, was one of the first to trial the new REI Compliance Check service.
“I couldn’t be happier that REINSW is now offering this service,” she said. “We all try our best to comply with the legislation, but it can be hard – things change so often. Not only is the REI Compliance Check a ‘sanity check’ for all of those things we’re doing right, it’s also a way to identify things that may have slipped through the cracks.
“Importantly, the REI Compliance Check is not a test – no one is going to rap you over the knuckles if you have gaps in your procedures. The REINSW team genuinely want to help you fix any non-compliances and ensure that NSW Fair Trading can’t ping you for something if they come knocking.”
“The REI Compliance Check is not a test – no one is going to rap you over the knuckles if you have gaps in your procedures. The REINSW team genuinely want to help you fix any non-compliances and ensure that NSW Fair Trading can’t ping you for something if they come knocking.”
“The REI Compliance Check is not a test – no one is going to rap you over the knuckles if you have gaps in your procedures. The REINSW team genuinely want to help you fix any non-compliances and ensure that NSW Fair Trading can’t ping you for something if they come knocking.”
Tiana Mueller
MMJ Real Estate
Comprehensive report
Ms Unger added that agencies will receive a comprehensive report following their REI Compliance Check, which will set out detected non-compliances and recommended steps for rectification.
“Not only are we providing feedback on instances of non-compliance, we’re also pointing agents to important resources and information that can help in fine-tuning processes and procedures going forward.
“We’ve made it as easy as we can for agencies to comply with their statutory compliance obligations. They can choose to discuss the findings in the report with an REINSW Compliance Consultant by way of a 15-minute phone consultation and they can also choose to register for a Follow-up REI Compliance Check if they want an REINSW Compliance Consultant to check that they have rectified the identified non-compliances.
“Further, it’s highly recommended that agencies register for an annual REI Compliance Check to maintain peace of mind and do their best to ensure compliance with legislation.”
Would you pass a NSW Fair Trading compliance audit? Let our compliance experts help to give you the reassurance you need.
For more information about REI Compliance Check, watch our new webinar with REINSW President Peter Matthews, General Counsel (Legal) Nicole Unger and Natasha Mann, NSW Fair Trading Commissioner.
Introductory special offer
For a limited time, you can enjoy the peace of mind of having your files checked at significantly reduced prices.
Please see our website to learn more about REI Compliance Check, and register for this important new service, available exclusively to REINSW members.
Follow the steps for our simple online registration process and read the FAQs or email us at [email protected] if you have any further questions.