Underquoting reforms in 2016

Not sure if your taking the **** lol

 

Moi? Never!

 

Had a look at the real estate ads this morning, most have changed their ads to a price, no more 'offers over $!!!!!'

 

Will have a look!

 

Does the reform only apply from today? Some of the older properties in my "favourites" folder still have offers over...

 

Being able to offer a property with an offers above price was a very powerful tool in the vendors favour

It stopped vendor crunching. It enabled the vendor to set a minimum price with every chance of getting a higher price.

It left the agent very little room to move. I believe this is a retrograde law change that will benefit agents and leave vendors in a position to be crunched on price.
I would not be surprised if the real estate industry was behind this move.

Sell your property through DIY salesandleasing on realeastate.com.au and put offers above.

 

I noticed this too. Guess it's a case of agents being on holiday mood and this will change next week once they are back to work?

 

You do realise there are penalties for doing just that

 

Sell your property yourself and put offers above. Easy

 

Genuine question... do the new reforms apply to all or just registered agents? I thought that individuals selling their own houses aren't regulated in the same way as registered agents...

 

They are not. There are a number of sites online that allow you to to sell or lease your property yourself through realestate.com.au
I use DIYsalesandleasing because i can get on realestae.com.au for a couple of hundred and pay no commission.I have sent them an email to see how they stand on this situation for sales in NSW .

 

I was under the impression DIYsalesandleasing/forsaleandlease were licenced real estate agents - as Realestate.com.au will only accept ads from licensed agents. I sold a property through Forsaleforlease a few months ago.

P.S. - Have just looked at my General Sale Authority for 'forsaleforlease' and it required the agents's [forsaleforlease] signature and Vendor's Authority [me] to place my ad. on RealEstate.com.au

 

Some of the new listings still have "offer over" but most now have prices. Maybe these agents haven't caught on.

 

Mine was still listed as for being for sale... no mention of it being under contract. The agency is on holidays.

 

Even real estate agents need a break I guess.

 

To get the highest price possible, do you think having the listing say
"Price guide $x,xx0,000" is the way to go? (x being a digit)
Or would you give a 10% range?
I am leaning towards saying "Price guide".

 

Anybody can advertise and sell their own home on realestate.com.au through DIYsalesandleasing.com.au for a couple of hundred odd and pay no commission.

 

DIYsalesandleasing are in reality Armadale Real Estate Agents who are licensed agents who run their business at Armadale, VIC

 

Could mean NSW laws do not apply to them if they're only licensed in Victoria.

 

Agents must "ensure the highest price in a price range does not exceed the lower price by more than 10% (for example, $500,000-$550,000)"

Perhaps my brain isn't switched on today, but wouldn't this be a breach? 10% of 330,000 is 33,000 yet the range is 60,000?
2 Dudley St Gorokan NSW 2263 - House for Sale #121627346 - realestate.com.au

Just one example from this agent in current listings, previously notorious for massive price ranges with huge underquoting at the lowest end.