The WA Property Q&A Podcast Por Peter Fletcher arte de portada

The WA Property Q&A

The WA Property Q&A

De: Peter Fletcher
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Welcome to WA Property Q&A, the ultimate podcast for property buyers in Western Australia. Join your host, Peter Fletcher, as he interviews a lineup of industry experts to bring you the latest insights, tips, and advice on navigating the Western Australian real estate market. Each week, Peter delves into the pressing questions and topics that matter most to property buyers in WA. From discussing the intricacies of property laws and regulations specific to the region to exploring the current market trends and opportunities, this podcast covers it all. Focusing on practical advice and real-life experiences, WA Property Q&A offers a valuable resource for real estate agents, property conveyancers, and anyone looking to purchase property in Western Australia. From understanding the local property market dynamics to uncovering hidden gems in different regions, this podcast equips you with the knowledge you need to make informed decisions. So, whether you're a first-time buyer, an experienced investor, or a real estate professional, tune in to the WA Property Q&A podcast for a weekly dose of expert interviews, insider tips, and engaging discussions that will help you navigate the world of property in Western Australia like a pro. Get ready to discover the secrets to successful property buying in WA!Copyright 2025 The WA Property Q&A Economía Exito Profesional Finanzas Personales Gestión y Liderazgo Liderazgo
Episodios
  • EP43 Understanding AML-CTF in WA Real Estate: A Guide for Agents, Buyers & Sellers

    EP43 Understanding AML-CTF in WA Real Estate: A Guide for Agents, Buyers & Sellers
    Jun 18 2025
    This week on the WA Property Q&A, Peter Fletcher welcomes back Ches Rafferty to discuss the significant changes brought about by AML-CTF (Anti-Money Laundering and Counter-Terrorism Financing) regulations impacting Western Australian real estate agents and conveyancers. Ches clarifies the complexities of these new rules, effective July 1st, 2026, emphasizing the importance of customer due diligence and suspicious matter reporting. He explains the need for real estate professionals to verify the identities of buyers and sellers, outlining the potential consequences of non-compliance – hefty fines reaching millions of dollars. While acknowledging privacy concerns, Ches stresses the crucial role of these regulations in preventing serious crimes like drug trafficking and human exploitation. He also highlights the upcoming release of detailed guidelines from AUSTRAC in January 2026, advising listeners to begin their education and planning now, but to avoid rushing into costly solutions before the guidelines are released.Key Takeaways:AML-CTF regulations require real estate agents and conveyancers to implement comprehensive compliance programs by July 1st, 2026.Customer due diligence, including identity verification and checks against sanctions and politically exposed persons lists, is mandatory.Suspicious matter reports must be filed with AUSTRAC when unusual behavior is detected, even if it's a "mate" involved in the transaction. Non-compliance carries severe penalties, including substantial fines and potential business closure.Detailed AUSTRAC guidelines will be released in January 2026; professionals should begin educating themselves and planning their compliance strategy now.Understanding AML-CTF in WA PropertyWhat is AML-CTF? AML-CTF stands for Anti-Money Laundering and Counter-Terrorism Financing. It's a federal act expanding regulations to minimize money laundering and terrorism funding in various sectors, including real estate. This impacts real estate agents and conveyancers (but not property managers) from July 1st, 2026.Impact on Real Estate Agents and Conveyancers: All real estate agents and conveyancers must implement an AML-CTF program, conduct customer due diligence (identifying buyers), and file suspicious matter reports (SMRs) with AUSTRAC if buyer behavior seems suspicious. Detailed guidelines from AUSTRAC are expected in January 2026.Customer Due Diligence: This involves verifying the identity of buyers and sellers, checking against money laundering and terrorism lists. While the exact timing isn't fully defined yet, it's likely required upon offer submission. Refusal to comply with identity verification can result in the agent or conveyancer refusing to proceed with the transaction. It's not the agent's responsibility to prevent transactions, but they must still proceed with due diligence and reporting of suspicious activity. "Tipping off" is illegal, thus even if you are suspicious the transaction still proceeds.Verification and Safe Harbor: Verification platforms can help real estate agents and conveyancers meet their obligations. While these platforms can provide evidence of due diligence, they do not provide absolute safe harbor; the business retains ultimate responsibility. Comprehensive record-keeping is crucial. Ongoing due diligence is generally only required for clients with frequent transactions, like professional property buyers.Source of Funds: While not always required, scrutiny of funds increases if the source seems unusual (e.g., a sudden shift from financing to cash). Suspicious activity needs to be reported.Penalties for Non-Compliance: Non-compliance carries significant penalties, including criminal charges, fines up to $6 million for individuals and $24 million for businesses, and daily penalties for failure to enroll. Record-keeping is crucial to demonstrate due diligence and avoid penalties.Educate yourself and your staff on AML-CTF regulations.Start planning your compliance strategy now; don't wait until June 2026.Enroll with AUSTRAC as soon as possible after January 2026.Consider using a reputable compliance platform to assist with due diligence and reporting.Implement robust record-keeping procedures.Develop clear processes for identifying and reporting suspicious activity.Implement an AML-CTF compliance programLinks and Resources: AUSTRAC - Summary of AML/CTF obligations for tranche 2 entitiesScantek - AML/CTF platform expressions of interestScantek - Real estate agents, here’s what you need to know about the upcoming AML/CTF Tranche 2 changesVisit the AUSTRAC website to learn more about AML-CTF compliance requirements. Start researching technology and service providers to assist with your compliance program now, don't wait until the last minute. Begin your preparations today to ensure a smooth transition and avoid the significant penalties associated with non-compliance.
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    54 m
  • EP42 Navigating Strata Management: Insightful Tips from Nikki D'Agostino

    EP42 Navigating Strata Management: Insightful Tips from Nikki D'Agostino
    Apr 23 2025

    In this episode of WA Property Q&A, we welcome back Nikki D’Agostino, co-owner of Rezzi Strata. With decades of experience in the industry, Nikki shares insights into the complexities of strata management, from handling large-scale developments to guiding residential property owners. She also discussed the importance of proper governance, industry regulations, and the evolving role of strata managers in Western Australia.

    Key Topics in this episode:

    • The complexities of managing mixed-use strata developments
    • The importance of education and certification in strata management
    • Differences between residential and commercial strata schemes
    • Common issues residential strata owners face, including property modifications
    • How Rezzi Strata is adapting to rapid growth and industry challenges

    She discussed the importance of proper legislation, licensing, and industry advocacy, emphasizing structured budgets and bylaws in strata management. Nikki highlights how strata setups impact financial responsibilities, with grouped budgets differentiating costs for hotel operators, residential owners, and commercial tenants.

    She also notes the challenges property owners face, particularly in smaller residential developments, where many are unfamiliar with strata rules, such as requiring approval for modifications like patio installations. The conversation underscores the importance of clear regulations, well-implemented software systems, and professional expertise in managing strata properties efficiently.

    00:00 Introduction to WA Property Q&A

    00:48 Meet Nikki: Strata Management Expert

    01:23 Complexities of Strata Management

    04:46 Navigating Strata Approvals

    14:00 Understanding Strata Levies and Costs

    19:27 Reserve Funds and Long-term Planning

    24:26 Strata Loan and Levies Explained

    25:41 Unexpected Maintenance Costs

    26:39 Importance of Proactive Maintenance

    30:19 Strata Living: Pros and Cons

    32:52 Common Questions and Issues in Strata

    34:54 Parking Problems in Strata Complexes

    41:09 Final Thoughts and Advice

    #StrataManagementWA, #NikkiDAgostino, #RealEstateWA

    Visit our website: https://rezzi.com.au/

    Subscribe on these channels:

    Apple Podcast - https://podcasts.apple.com/us/podcast/the-wa-property-q-a/id1698464149

    Spotify - https://open.spotify.com/show/31Nnigbr2rHmUffkEUxRWY

    Podchaser: https://www.podchaser.com/podcasts/the-wa-property-qa-5401298
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    46 m
  • EP41 Choosing property management software: A conversation with Michelle Rigg.

    EP41 Choosing property management software: A conversation with Michelle Rigg.
    Mar 26 2025

    In this episode of WA Property Q&A, I sat down with Michelle Rigg, General Manager of Rentwest Property Solutions, to discuss the complexities of property management software. We covered Rentwest's journey from using VaultRE, Colmeo, to PropertyMe, and the challenges faced along the way. Michelle shares valuable insights into the decision-making process, implementation hurdles, and the importance of automation in property management systems. Tune in to gain a deeper understanding of property management in Western Australia and the future of property management software.

    00:00 Introduction to WA Property Q&A

    00:47 Meet Michelle Rigg from Rentwest Solutions

    02:37 Discussing Software Choices for Property Management

    03:58 Experience with Volt RE

    09:31 Transition to Colmeo

    11:57 Challenges with Colmeo

    19:54 Future of Property Management Software

    22:58 The Decision to Change Programs

    23:26 Team Involvement and Considerations

    24:25 Choosing Property Me Over Property Tree

    27:50 Transition Challenges and Manual Processes

    34:14 Reflections and Future Goals

    42:45 Conclusion and Contact Information

    Visit our website: https://rezzi.com.au/

    Subscribe on these channels:

    Apple Podcast - https://podcasts.apple.com/us/podcast/the-wa-property-q-a/id1698464149

    Spotify - https://open.spotify.com/show/31Nnigbr2rHmUffkEUxRWY

    Podchaser: https://www.podchaser.com/podcasts/the-wa-property-qa-5401298
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    46 m
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