For every property they are marketing, Victorian agents must now provide a fact sheet with comparable sales, median prices, and estimated sale price, under new underquoting laws that come in today.
In Victoria, underquoting has been rife for over a decade. Consumer Affairs Victoria has introduced new rules, which come into effect on 1 May 2017.
The best measure of an agent is their ability to accurately appraise a property's value, says Greg Troughton, CEO REISA.
Melbourne agency fined for underquoting by Federal Court.
Once a professional tennis player, Natalija Tanevska now heads up Cohen Handler's Inner West office.
REIV welcomes government changes announced today.
Poor price quoting is a symptom of a broader, more important issue – the educational qualifications required to practice as an agent in Victoria.
This is why marketing a property without a price for at least the first part of the campaign is the most efficient way to achieve the best possible outcome. And to get the best of the best, this means using the auction method.
Agents will need to be clearer in their price guides and can no longer use "offers over" or similar words in advertising or quoting to buyers.
Advertisements and representations that say "offers over" or "offers above" or any similar statement are no longer allowed.
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