It is a clear no from legislation. NSW Property Agents can only share commission with other licensed people or entities. A licensee must not enter into an arrangement with or act in conjunction with a person that the licensee knows to be an unlicensed person, whereby the unlicensed person or entitled to a share of the commission, fee, gain or reward payable to the licensee in respect of any property transaction.

Absolutely YES is the answer to this question. As legal practitioners upload their Order on Agent prior to settlement and it can only be released at the time of settlement, it is accepted by industry associations that the legal practitioner letter that has been uploaded meets the requirements for the provision of an Order on Agent. As such, this can be accepted as the agent’s notice to release keys and deposits and celebrate the settlement of the property with their clients.

The answer is yes and no. If the agent is an Assistant Agent (Certificate of Registration holder), then they are authorised to assist a licensed Stock & Station agent to sell a large rural land holding. However, if the agent is a licensed Real Estate Agent, they are NOT authorised to assist the licensed Stock & Station agent in the showing of the property or negotiations with the vendor and purchasers.

When selling a property by auction, there are specific requirements as to how auctions are conducted. The Property and Stock Agents Act and Regulation provides instructions for sale by auction. Section 18(3) of the Regulation refers to the conditions of sale by auction of co-owned residential property or rural land by a seller as executor or administrator. In this instance, there can be more than 1 vendor bid made to purchase the interest as a co-owner. This can include a beneficiary of a property, for example if it is a deceased estate and there could be 3 or 4 beneficiaries and one of them want to purchase the property, then they can register to bid.

Strata schemes must report every year. Strata managers and secretaries of owners corporation who have finished their annual strata reporting for 2022, can now complete their 2023 annual reports. All strata schemes must report online through the Strata Hub or in person at a Service NSW Centre each year within three months of the annual general meeting (AGM). There are penalties for late reporting and out of date information. Any strata managers or strata secretaries who have not yet reported for 2022 MUST get it done before 30 June 2023. Penalties of up to $5,500 may apply for not completing the first strata report by 30 June 2023.

Assistant Agents must progress to a Class 2 licence within four years of their certificate of registration start date, or risk being unable to work as an assistant agent for a 12 month period. Every Assistant Agent must be enrolled into their Certificate IV qualification relevant to their work functions. Assistant Agents must also have their Licensee-In-Charge complete a work experience logbook in order to submit an application for a Class 2 licence.

Section 24 of the NSW Residential Tenancies Act 2010, states that an agent must not take a holding fee from a tenant unless, the tenant’s application for tenancy of residential premises has been approved by the landlord AND the fee does not exceed the equivalent of one week’s rent for those premises. The agent must provide a receipt for the holding fee and must also not enter into a tenancy agreement with any other person/s within 7 days of payment of the holding fee, unless the tenant no longer wishes to enter into the residential tenancy agreement. The holding fee then goes towards the payment of rent.

When using social media as a marketing tool in the property industry, it is important to know the demographic nature of your clients. Some areas will not interact through social media mediums, whereas others are more than happy to complete whole transactions without ever meeting or communication with you in any other way. Do the research, ask you clients how they would like to be contacted and then work to your strengths.

Some of the reputational damage that real estate agents do to themselves is based on their communication – both written and verbal. Agents use emails, marketing fliers, social media, open for inspections at properties and other general conversations to communicate with their clients. Agents need to ensure that their communication is always respectful, non-discriminatory, factual and delivered confidently (not arrogantly). Agents always need to remember that they are providing a service to people who do not do property transactions every day – this is new to many people – so they need to learn the process.

Yes, yes, yes they can. The new Fee Free program in NSW improves access to training for a range of people. This program is in place for people to enrol up until 31 December 2023. This is different from the traineeship program where someone must be employed and must commence the program at the beginning of their employment. This program is for ALL people who meet the eligibility criteria of being over 15 years of age, are no longer at school, they live or work in NSW and are an Australian or NZ citizen, permanent resident or an humanitarian visa holder. ACOP offers this program for 4 of its qualifications – real estate, mortgage broking, business administration and leadership & management.