Unlicensed Oatley agent fined $20,000 following NSW Fair Trading investigation

A Sydney real estate agent who operated a business in Oatley while unlicensed has been ordered to pay fines and costs totalling more than $20,000, following a NSW Fair Trading investigation

Mike Damcevski from Earlwood was ordered to pay $2,833 in fines and costs, $10,800 in consumer compensation and $7,217 to the Property Services Compensation Fund by the Parramatta Local Court.

In addition to operating without a real estate licence, Damcevski also failed to account for rent collected on behalf of two property owners.

Damcevski held a real estate agent’s licence from April 2003 to April 2006 and from November 2006 to November 2007.

NSW Fair Trading Commissioner Rod Stowe said Fair Trading investigated Mike Damcevski’s conduct after being made aware through a consumer complaint that he was carrying on the business of a real estate agent without holding a real estate agent’s licence.

The investigation found Damcevski had undertaken unlicensed activities including the managing of rental properties, collection of rent money and the receipt of commissions in relation to that money.

Damcevski did not respond to NSW Fair Trading’s correspondence and failed to attend a voluntary interview with Fair Trading investigators to respond to the allegations against him.

He also failed to account for rent collected on behalf of two property owners. The properties were managed and the rent was collected by Damcevski, but he did not remit the net rent collected to the property owners, and consequently they suffered financial losses.

One owner made a claim on the Property Services Compensation Fund of NSW, and the claim of $7,217 was paid by the fund.

The second owner has been awarded compensation by the court, which ordered Damcevski to reimburse the property owner $10,800.