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New Underquoting Laws - and what you need to know! EP 34
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New laws for real estate agents in Victoria came into effect on May 1st, 2017. Created to try to stop the practice of agents underquoting the selling price of their properties, they’ve introduced an additional layer of complexity for existing agents. In this episode of Real Estate Matters, Toni welcomes licensed agent Peter Gray to the show to discuss the new underquoting laws and what they mean for agents, sellers, and buyers.
According to documentation sent to all real estate agents who are affected, “All estate agents and agents’ representatives selling residential properties in Victoria will have new obligations relating to the estimated selling price, comparable property sales, Statement of Information, and advertising prices. There are also new penalties for non-compliance with the new laws.” Peter and Toni discuss each of the four areas of new obligations, with examples of how agents must comply with them going forward. They particularly discuss the new jargon, e.g. comparable sales and Statement of Information.
Finally, Toni and Peter discuss the impact (financial and otherwise) that the new underquoting laws could have on both sellers (vendors) and buyers, particularly new buyers.
About Peter Gray
Peter Gray is a licensed real estate agent who manages sales at Planinsek Property Group Pty.
Topics Covered
- When do the new underquoting laws come into effect?
- What is the practice of underquoting and why is it harmful?
- New regulations regarding a property’s estimated selling price
- What is a “comparable property”?
- How to find comparable properties
- What goes into a Statement of Information
- What are the new regulations regarding advertising prices?
- What is the penalty risk for not complying with the new laws?
- The possible impacts of the new laws on agents, sellers, and buyers
Connect with Peter Gray
Peter is happy to answer queries and can be contacted on pgray@planinsekproperty.com.au or 0499 660 031.
Learn More About the New Laws
For more information regarding the new underquoting laws, please see the website for Consumer Affairs Victoria: consumer.vic.gov.au/businesses/licensed-businesses/estate-agents/running-your-business/advertising-and-representations/understanding-underquoting
Toni welcomes questions and comments! Feel free to email her at toni@planinsek.com!
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