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REIQ Journal : August 2008
36 JOURNAL Q & A public liability cover of clients, and their responsibilities under the PAMD Act Code of Conduct. or further consideration. Thirdly, but just as important as sales, is the property management portfolio. Assessment is done here with all property managers as the question/answer format is generally the most productive. Q What are some of the most common problems you identify in offices? A While each agency has areas that require attention in mostly minor areas, I find that incorrect completion of PAMD forms, lack of comprehensive file notes and outdated practices in property management are the more commonly identified issues. Property managers regularly inherit the practices of their predecessors and issues arise with documentation. A short training component built into the assessment process overcomes these difficulties. Q What advice would you give to principal licensees in reducing risk for noncompliance? A Identify the person responsible in the office for checking files at the listing point and demand consistency of file completion. Principals need to make staff aware of complaint handling procedures, the REAL ESTATE ACCOUNTING & TAXATION SEMINARS Presented by Peter Hallahan Principal, Hallahan & Co. Chartered Accountants and in conjunction with Macquarie Relationship Banking The REIQ compliance assessment checks provide an ideal opportunity for principal licensees to take advantage of an external examination of their business activities and minimise their risk, with a comprehensive report and constructive input. Q From your experience as an investigator at OFT, what legislative changes have been the most significant over the past decade? A Undoubtedly, the implementation of the PAMD Act. The Auctioneers and Agents Act, which was rescinded in 2001, was open to endless interpretation and extremely difficult to work with. The PAMD Act has had its own peculiar problems over the last seven years, but these are eventually overcome. I think it is an impossible task for any piece of legislation to be kept at the forefront of the ever-changing business of real estate practice. Q You are involved with the resident unit manager and auctioneer chapter committees as part of your role with the REIQ. What are some of the main issues for these chapters currently? A The resident unit management committee has concerns with buyers in strata title communities not being aware of the role of resident unit managers. This lack of knowledge on behalf of owners often impedes a manager’s ability to meet body corporate commitments and provide a high standard of living and security for owners and tenants alike. Is your Business in Shape For Challenging Times? With a potential long-term softening of the market, it’s time to stabilise, strengthen and protect your business. you need to understand and control - cost pressures, succession planning and more. If you’re worried about the future, REGISTER TODAY. Date Location Diana Plaza Hotel, Woolloongabba Cost $66 (incl. GST) per person CHARTERED ACCOUNTANTS GIVING YOU THE RIGHT INFORMATION HALLAHAN & CO. Our seminar will step you through the critical issues Hallahan & Co. is a professional team of Chartered Accountants and Business Advisers based in Brisbane. Peter Hallahan and the team have been working with Real Estate clients for more than 20 years. These “plain-speaking” seminars give you all the information you need about critical issues, without the technical jargon. For more information or a registration go to www.hallahan.com.au and click on the “Seminars” tab. REIQ Journal August 2008