Articles in Category: Member Update

Contents of Real Estate Excellence Member update - emailed to members the first week of each month plus loaded online in the Member updates folder.


Property Management Excellence (PME) system podcasts (Member offices only)

Online training podcasts for member office (PME system)

PME system members;  the existing training videos which form part of the system, are going to be replaced with podcasts - the podcasts will be at Member Online and can be listened to via Audio (M4a files) anytime when completed. They will not be on the Apps listed below as it is a membership benefit. Members could login on their smart phone and play whilst travelling and or remote. The audio training can also be heard on your PC in the office.  The future training podcasts will marry up with the chapters of the PME manual (38 chapters). 

The following podcasts (audio training) are currently available for PME system member offices (with many more to come)

# Understanding the PO Act and regulations

# The management agreement PO Form 6 – the law, best practice and completion 

# Scripts for lessors who ask "Why am I paying the management agreement for?", "Why am I paying a letting commission?" and "Why am I paying an administration fee?"

# PO Regulations – what all property managers and salespeople should know 

# When do staff need a certificate of registration

# The Sales Excellence manual (part of the PME system) – an overview

 Click here for information regarding the Property Management Excellence podcast series

 

 

$90 000 stolen by scammer in real estate transaction

Sourced article www.propertynerd.com.au 25 November 2018

Best practice note from Stacey Holt Real Estate Excellence -  The sourced article is below this practice note. We recommend banking details not be updated and or changed unless all parties as listed on the title search have signed a form such as below. Real Estate Excellence member offices; you can find the form below at Member online, PME system folder, and then folder 27 Trust accounting. Identification should always be sought for all clients upon listing property for sale and rent which marries up with the title search. Banking details should never be updated via an email only without signatures matching the listing authority.f

Real Estate Scammer Steals $90,000... And Nobody Cares

 

A Brisbane businessman had a deposit stolen from him, and nobody seems to want to fix it.

More than 5 months ago, Andrew Buckley, former CEO of Cardno, sold a property for $1.2 million, through the Ray White agency at Mermaid Beach.

As part of the deal, $120,000 was deposited in a trust account. As the sale proceeded, the agency took $30,000 in commission from theaccount, then asked him to email them his bank account details.

He did. But then so did someone else. Another email was sent with false bank account details. And the remaining $90,000 went to someone other than Mr Buckley.

The agency sent the money to a Westpac bank account based in Sydney. The money has not been recovered.

Amazingly, according to Mr Buckley, nobody will take responsibility for the missing money.

He said he has even gone to the authorities, who have done nothing.

"I'm incredulous that no one seems to want to fix it."

He said he was "flabbergasted" that no one even called him to check on his bank account details. They simply sent it to the other account.

"As far as I’m concerned … this is a well-known scam.

"The advice is that businesses double-check … two-step verification. It’s particularly if it’s changing your bank details."

Ray White has blamed the situation on Mr Buckley. An email later sent to him regarding the matter claimed it was his fault: "The fact that it has now come to light that it was not Mr Buckley who sent those written directions is as a result of Mr Buckley’s own failure to ensure the security of his email account."

Mr Buckley, however, said that while his email could have been hacked, it could just as easily have been Ray White's email that was hacked. He said that ultimately, that is irrelevant as the agency has a responsibility to verify the details. "You're looking after someone else's money."

The agency refused to speak to the media. The head Ray White office also would not address the issue directly, although it said there had been 4 known instances of "cyber interference" in the past year.

A memo was sent out to Ray White agencies last month, warning agents to "never accept a change in bank account details via email without confirming its legitimacy with your client."

That memo seems a bit late to be able to help Mr Buckley.

In a statement to the media Westpac said that account names are not used for payments, but instead they rely on the 6 digit BSB (bank-state-branch) number plus account number.

Mr Buckley was advised to go to the Office of Fair Trading (OFT) for help. But OFT was of no assistance either. In a letter to Mr Buckley, OFT wrote that there was "insufficient evidence to support a breach of the Agents Financial Administration Act 2014 … or the Property Occupations Act 2014 in relation to the transaction."

He said that he might be able to sue to get his money back, but he is concerned that a suit would just eat up the money he was trying to get back.


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Mould in rental property

The Federal Government Health Minister commissioned an inquiry into mould and its health effects. The Committee have released a report which may lead to greater legislative requirements in Australian rental property relating to disclosure. One of the Committee recommendations is below. Review the full report here.

Keep informed on this matter via your preferred education and legislative update provider. Real Estate Excellence member offices will be kept informed of any developments via the member update service. 

Mould

 

 

Why property managers need support and understanding from all

As I write this, I have just hung up from my third property manager in as many days who is dealing with a suddent death of a tenant. The tears and emotion are heartbreaking to hear.

Property managers don't just manage property and or tenancy; they are caught up in some of societies hardest issues; death, domestic violence, drugs and separations.

Over the weekend, I assisted two property managers who had found out their tenants have suicided, my first call yesterday from a property manager was advice for a domestic violence situation where the perpetrator had been arrested, the victim placed in a safe house with their children and the rental property smashed up in a drug fuelled violent rage.

My business receives request from our members for support and advice regarding drugs, domestic violence and suicide at least four times a week.

Want to bag a property manager? Walk a mile in their shoes before you do so...

QLD information below

Death of a sole tenant

Domestic violence in a rental property