WE ARE ALL STUDENTS AND TEACHERS IN OUR OWN WAYS…
The REOS System
We believe in sharing knowledge and empowering others
to create a better work place environment in the Real Estate Arena.
Introducing REOS
REOS is a comprehensive operating system that caters to all your real estate needs. This innovative system offers unparalleled protection against non-compliance, ensuring your business operations align with the most current regulations. Furthermore, REOS streamlines your real estate management procedures and provides CPD-Diploma training to ensure you remain up-to-date with industry standards. With REOS, you have exceptional protection against the complexities of compliance, making it your ultimate personal shield.
Our Services Include
- Education and nationally recognised qualifications
- Self development
- Real estate systems (white label)
- Industry forms
- Career path advisory (Real estate)
- Leadership and job ready workshops
- Networking with other agents to list and Sell
- Community mindset
The Most Common Complaint Filed Against Real Estate Agents
As a real estate agent, maintaining the highest standards of professionalism, honesty, and trustworthiness is paramount. One of the most common complaints filed against real estate agents revolves around the concept of breach of duty. here we’ll delve into what breach of duty entails, provide examples of actions that could lead to such breaches, and emphasize the potential legal ramifications agents may face.
Breach of Duty
breach of duty, in the context of real estate, refers to a situation where an agent fails to fulfill their legal obligations or responsibilities to their clients, colleagues, or the public. this breach can occur when an agent’s actions or inactions deviate from the accepted standards of professionalism and ethics within the real estate industry.
- Misrepresentation of Property
- Underquoting
- Conflict of Interest
- Negligence
- Failure to Disclose
- Disclosure of beneficial interest
Supervision Guidelines
Licensees who run a business have a legal obligation to ensure the proper supervision of their business.
It is vital that businesses are properly supervised, particularly as large sums of money
and trust accounts may be involved.
Poor supervision can cause distress and financial loss for consumers.
It can also lead to claims of negligence, misleading conduct and fraudulent use of trust money — for which substantial maximum penalties apply.
Licensees who run a business must ensure proper supervision in accordance with the Secretary’s Guidelines for the Proper Supervision of the Business of a Licensee (the supervision guidelines).
The supervision guidelines set out the requirements for proper supervision of a business, including the steps they must take to prevent fraud, under quoting and misrepresentation.
THESE REQUIREMENTS INCLUDE:
Supervision of employees engaged in the business establishment of procedures designed to ensure that the provisions of the Act and Regulation and other relevant laws are complied with, and monitoring employees’ conduct to ensure that those procedures are being followed. Corporations or individuals who run a business under a Class 2 licence will need to employ a Class 1 licence holder to be the licensee in charge (LIC) of their business.
Visit the licensee in charge page for more information about the requirements relating to LICs.
Failure to comply with the Supervision Guidelines carries a penalty of up to 200 penalty units ($22,000) for a corporation or 100 penalty units ($11,000) in any other case.
The Problem
In order for real estate businesses to serve clients fairly, supervise staff, maintain compliance and enforce prescribed regulatory expectations set by NSW Fair Trading, time poor real estate agents need to comply with a substantial number of government regulations.
Without a clear roadmap (REOS), doing so is highly challenging, time consuming and error prone.
Under the new reforms NSW Fair Trading have the enhanced powers to not only penalize for non-compliance but to also suspend a business from trading until such time as breaches are rectified.
The Solution REOS
RUN YOUR BUSINESS WORRY FREE
A comprehensive and scalable online document management system (REOS), offering compliant structured workflows to enable a real estate agency or agents (Class 1 and Class 2 Agents, Assistant Agents) to properly supervise staff and manage the regulatory requirements, whilst meeting their clients’ needs in an optimal manner.
- Human Resources Important information and procedures Employment processes Enterprise agreements General correspondence Independent contractor etc.
- Sales Management Pre listing kit Agreements, contracts Project marketing Settlement of sale Dispute resolution etc.
- Property Management Landlord management Tenant management Rental Bond Online Dispute resolution Repair and maintenance processes etc.
- Employee Supervision Hierarchy control Job role management Level of authority management Agreements for employess including independent contractors etc.
- Efficiently Managing Trust Accounting Procedures and Ledgers Ensure that your trust accounting procedures and ledgers are in compliance with The Office of Fair Trading's regulations.
- Reporting Employee activity reports Monthly and yearly statements and ledger reports Simple overview charts to review sales and PM activities
