Supervision Guidelines and Compliance Services

Stay Compliant with the New Supervision Guidelines set out by NSW Office of Fair Trading

New guidelines are effective 1 July 2024.

The Guidelines is a set of mandated procedures by NSW Fair Trading to ensure that all Real Estate Agencies are effectively and properly supervised and that no part of the business is left unsupervised by the Licensee in Charge

Every Licensee in Charge (LIC) has a legal obligation to ensure the proper supervision of their business. According to the ACT and the Supervision Guidelines issued by NSW Fair Trading, each business must have written procedures on how their agency will comply with core requirements.

Key Changes and Takeaways:

• An introduction from the Strata and Property Services Commissioner setting out what to expect from the new Supervision Guidelines, and the overarching goal to improve professional standards in the industry.
• The supervision guidelines have been categorised into 3 requirements;
  1. People Leadership – Supervision of persons
  2. Legal Compliance – Operational procedures
  3. Professional Conduct – Monitoring business conduct
• All three overarching requirements for supervision set out in the Property and Stock Agents Act are now addressed including supervision of persons engaged in the business, operational procedures for legal compliance, and monitoring of conduct within the business
• You must be either supervised or a supervisor; you cannot be neither. The Licensee in Charge is solely responsible for implementing procedures.
• Ensuring that employees are properly licensed and completing Continuing Professional Development (CPD) is crucial. No licensed practitioner is immune from these guidelines.
• Adherence to the Australian Consumer Law (Competition and Consumer Act 2010) is critical, especially concerning underquoting and false or misleading representation in property services.

Additional Resources and Compliance Support

• Supervision Guidelines: NSW Fair Trading Supervision Guidelines 
• Licensee in Charge Exemptions: NSW Fair Trading LIC Exemptions 

• Supervision Guidelines Manual