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Compliance and Legislation are not dirty words, they are business essentials

by Denise Stanley - Real Estate Consulting Solutions

As a qualified trainer of Real Estate Legislation in NSW and Qld, it is astounding how many agents are unaware of their legal obligations when running a business.

Most states introduced compulsory learning areas, ‘Continual Professional Development’, to help educate Real Estate Agents on their responsibilities and obligations to help them to act compliantly, but it is not working.

If we compare the time and effort one puts into building the business and making sales, to the time we allocate on educating us on our legal obligations it is miniscule.

Did you wake up one day and say, ‘I think I will go into business today?’

Hopefully not, but for many successful agents the answer is, ‘YES’.

Running your own business requires an understanding of legislative practices that affects the business, staff, consumers, taxation and more.

receive numerous enquiries from business owners, agents and consumers looking for answers - my top 5: Wages, Agents hired as Contractors, Soliciting Past Clients, Price Substantiation and Trust Transaction Breaches.

I have witnessed so many real estate agents that don’t educate themselves. They wing it, until one day they are confronted with a situation that ends up in court or they’re fined for noncompliance.

I urge all agents and business owners to take the time to re-educate yourself or engage a specialist to help you identify what you need to know to ensure you and your staff are acting compliantly.

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