Minister for Better Regulation Matt Kean said the audit results showed many agents weren’t meeting industry benchmarks and needed to do better.
He added: “The results are totally disappointing with only six of the 24 agents inspected found to be fully compliant with NSW Fair Trading requirements.
“Thirty penalty infringement notices totalling $31,900 were issued, but of particular concern was one business that was found to be operating without the necessary licence, and three that were using an un-audited trust account.
“In addition to the ﬁnes, 13 licensees or corporations were ﬁned for failing to supervise their business, while two agents were issued with education letters.
“It’s clear these agents need to pull their socks up, and Fair Trading will continue to target those who aren’t playing by the rules to make sure consumers are put ﬁrst.”
REINSW CEO Tim McKibbin said the results emphasised the importance of the REI’s bid for the property services industry to pursue professionalism recognition.
If accepted, it would mean agents are bound by a Professional Standards Scheme which is a legal instrument that binds an association to monitor, enforce and improve the professional standards of their members and protect consumers of professional services.
Find out more about the journey here.