Properrty

Published in Western Sydney Business Access | Parramatta Times | Blacktown News | info@accessnews.com.au

Eradicating A property scourge BEWARE the UNDERQUOTERS

 DALLAS SHERRINGHAM

WE’VE all fallen for the scourge of real estate marketing, the dreaded price ‘underquoting’.

You know the drill, you see an att ractive house advertised in your preferred suburb and price range, only to fi nd that it sells for hundreds of thousands of dollars above the quoted price.

It can happen repeatedly, which makes you wonder why agents do it? Well, underquoting is a great way to get a list of all potential buyers in your area and how much they have to spend.

And it also draws buyers to auctions, pleasing the vendors on auction day.

Well, the NSW Government has had enough of this contentious form of marketing and a NSW Fair Trading team was formed in 2021 dedicated to proactively stamping out underquoting in the real estate industry.

It has quickly swung into action, issuing 117 fi nes worth almost $200,000 during the past nine months, and in a fi rst for NSW, imposed restrictions on serial ‘underquoters’.

Minister for Small Business and Minister for Fair Trading Eleni Petinos said addressing the conduct of both the listing agent and licensee in charge helped the business comply with legislation and the expectations of consumers.

“Understating the expected price of a property for sale by providing false estimated selling prices of the property completely wastes the time and money of potential homebuyers,” Ms Petinos said.

“Underquoting will simply not be tolerated. We will continue to investigate and penalise where false prices are provided to consumers.

Round table being formulated

“Th e rules are clear–agents must not understate the selling price in advertisements about a property for sale. Th ey must be able to provide evidence on how they arrived at the estimated selling price and ensure the estimated price remains current.

“While complaints for underquoting rose last year, so has action by the regulator. In 2021 Fair Trading received more than 320 complaints in relation to underquoting and issued penalty notices for around a quarter of them. Th e laws in place are working and being used appropriately when poor conduct can be proven.”

Property Services Commissioner John Minns said he was working closely with industry and stakeholders to ensure a united approach to issues such as underquoting as the real estate market continued to experience growth.

“COVID has not aff ected the property market, in fact the real estate industry has encountered record sale and income during COVID. Agents successfully worked within the requirements and have managed to achieve record sales,” he said.

“Underquoting is not just a breach of the Property and Stock Agents Act, it is unprofessional and costs consumers time and money. All stakeholders agree an industry and regulator collaboration can achieve much to educate, communicate and enforce increased standards.

“We are forming a roundtable to identify how we can improve outcomes for buyers and industry and this will include representatives from Fair Trading, the NSW Real Estate industry and buyers’ advocates.”

Enforceable undertakings can be a benefi cial option as consumers receive redress quickly and Fair Trading and the trader co-operate to reach a reasonable solution and prevent future non-compliance.

Th is undertaking requires at least two licensed agents, or one licensed agent and a certifi cate holder, to approve comparable pricing for every new property listed for sale.

During the 12 months of 2021, Fair Trading received 329 enquiries and complaints related to underquoting. An assessment of the complaints identifi ed 211 breaches of the Property and Stock Ants Act 2002.

Th ere were 114 penalty infringement notices issued valued at $248,800 and eight matt ers were referred for formal investigation.

THE RULES ARE CLEAR

Agents must not understate the selling price in advertisements about a property for sale. They must be able to provide evidence on how they arrived at the estimated selling price and ensure the estimated price remains current.

Minister for Small Business and Minister for Fair Trading Eleni Petinos.

Agents suspected of underquoting should be reported by calling NSW Fair Trading on 13 32 20.

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WESTERN SYDNEY BUSINESS APRIL 2021 Edition 120 MARCH2022|EDITION130 BUSINESS|LIFESTYLE WWW.ACCESSNEWS.COM.AU ParramattAOUR CITY’SLOCAL PAPER ParramattA ISSUE20|MARCH2022 TRUSTEDLOCALNEWS WWW.PARRAMATTATIMES.COM.AU Pa arram

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Parramatta residents wait two years takes on a hot field of sporting and celebrity contestants in the top rating program. After for their pool, they are welcome to all, she won four Commonwealth Games gold medals and was full of determination in an dive to Wenty. all-new sneak peek of the 2022 season of SAS Australia, which started on February 21 on Channel 7 and 7plus. More page 6.

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WELCOME to Blacktown's NEW LOCAL media voice, The Blacktown News (BN). The Blacktown News is the much-anticipated new newspaper and digital media brand that The News will be distributed across 110 strategic distribution points in the LGA. Published in digital and print editions the Blacktown News o ers maximum impact for targeted advertising As one of the state’s fastest growing cities, Blacktown has undergone a signi cant transformation. GRANT Hews has a great reason to be inseparable from his best mate and savior, Echo the Maltese Terrier. You see, Echo saved Grant’s life when he fell into a diabetic coma and when Grant was admitted It's population is set to rise from 400,000 to 540,000 residents by 2036. The Blacktown News is the print and digital media resource that connects residents and visitors to the city’s diverse community, its progress, business opportunities and lifestyle. covers Blacktown LGA with local news written by experienced journalists.

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Grant owes his life to mate Echo other. And we all know the healing power of an animal, a power that should never be underestimated. The heartwarming story begins in late December when Grant was diagnosed with COVID-19 and other underlying health issues at the hospital. More: page 6.

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