Inner West real estate agents fail Fair Trading inspection

Discussion in 'The Buying & Selling Process' started by Simon Hampel, 21st May, 2018.

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  1. Simon Hampel

    Simon Hampel Founder Staff Member

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    Inner West real estate agents fail Fair Trading inspection | Department of Finance, Services and Innovation

    17 May 2018
    Real estate agents in Sydney’s Inner West have been fined more than $66,000 after a recent Fair Trading crackdown, Minister for Better Regulation Matt Kean said.

    Mr Kean said inspectors visited 37 real estate agents in the area, and found 27 to be non-compliant, with 19 fined for underquoting offences.

    ...

    The real estate agents inspected were located in Ashfield, Burwood, Canterbury, Croydon Park, Drummoyne, Dulwich Hill, Five Dock, Leichhardt, Marrickville, Newtown, Petersham, Strathfield and Summer Hill.

    ... read more
     
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  2. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    ...................about time for some of them too! (just sayin')
     
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  3. KinG3o0o

    KinG3o0o Well-Known Member

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    serve them right.. $66k out of 19 agents.. is only 3.5k per agent.. dont see why will that stop them..
     
  4. Jacque

    Jacque Well-Known Member Premium Member

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    19 fined for underquoting- that's some serious numbers :eek:
    Worst one I've put up lately on my instagram was 42% sold over guide- and in this market that's gutsy!
     
  5. neK

    neK Well-Known Member

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    What's really required is that the agent must advertise they have been done for underquoting practices (eg Publication Orders). Much like businesses that have been done for breaches. The fine is just a joke. Like most things, its reputation that's important, and that's what needs be attacked.... $66k spread among 19 agent is diddly squat. The risk vs reward factor means they'll just keep doing it.