A Victorian real estate agent has allegedly fled overseas after being accused of stealing hundreds of thousands of dollars from clients and employees.

Debra Lawry, who traded as Debra Watchman, is accused of taking hundreds of thousands of dollars from her clients and staff, emptying the company's trust accounts and telling other agents she was in hospital while flying to Europe at the end of last month.

Primary school teacher Shay Preston had just sold her family home, and while she got the deposit back from Ray White, it cost the single mum thousands of dollars in extra expenses in the meantime.