Common Compliance Mistakes NSW Real Estate Agencies Make
Compliance failures can expose real estate agencies to major financial penalties, reputational damage, and regulatory action.
Here are some of the most common compliance issues seen across NSW agencies.
Incorrect Agency Agreements
One of the most common problems involves incomplete or improperly executed agency agreements.
Agencies should ensure:
- All required fields are completed
- Clients receive copies promptly
- Agreements are signed correctly
Poor Record Keeping
NSW legislation requires agencies to maintain proper records.
Common issues include:
- Missing inspection records
- Incomplete communication notes
- Poor document storage systems
Trust Account Errors
Trust accounting breaches remain one of the highest-risk areas in real estate.
Problems often include:
- Delayed banking
- Incorrect receipts
- Unauthorised withdrawals
- Reconciliation errors
Misleading Advertising
Advertising claims must be accurate and evidence-based.
Agencies should avoid:
- Misleading price guides
- False property features
- Edited images that misrepresent properties
Lack of Supervision
Assistant agents must be properly supervised.
NSW Fair Trading expects agencies to demonstrate:
- Clear supervision systems
- Staff training
- Ongoing compliance monitoring
Compliance should be embedded into agency culture. Agencies that prioritise systems, training, and supervision are far less likely to encounter regulatory issues.