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Underquoting reforms

Discussion in 'General Property Chat' started by jins13, 30th Jul, 2016.

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  1. jins13

    jins13 Well-Known Member

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    Hi,

    Just wanted to touch base if anyone have been successful with reporting a real estate agent for underquoting in NSW. Wouldn't mind ruining a real estate agent who wanted me to outbid my own offer when there were no other offers and my offer was above the maximum listed price.

    I wonder if any real estate agencies been issued with any fines in this CY period.

    FYI- The new underquoting reforms was effective from the 1 January 2016.
     
  2. Marg4000

    Marg4000 Well-Known Member

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    I can understand your bring pisqued off.

    However, how much time and energy do you want to waste on this??

    Maybe better to just move on.....
    Marg
     
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  3. jins13

    jins13 Well-Known Member

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    Learning process for me and some of my former uni buddies work in the legal department of Fair Tradining, so not really much work on my part.
     
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Submit it to OFT complete with the advertising showing price expectations. Then request that the agent present the bidding record from the auction.
     
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  5. jins13

    jins13 Well-Known Member

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    I drew first blood. Received an email from the agent apologising...........
     
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    Have/will they accept a lower offer post-auction?
     
  7. jins13

    jins13 Well-Known Member

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    Not too sure, but it's not about the property anymore. I have no emotional attachment to it, but just the lack of respect and professionalism shown by the agent.
     
  8. Azazel

    Azazel Well-Known Member

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    Did you submit a complaint to the relevant authorities?
     
  9. joshrowe

    joshrowe Member

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    Here's how real estate agents from NSW and VIC ranking in terms of their quoting accuracy:

    Agent Rankings Archives - realAs blog

    If you have specific cases you want to share with realAs, just shoot me a note - hello@realas.com


    Josh
     
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  10. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

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    Hi @jins13 we feel your pain only too well- if I were in your shoes I'd say you have a valid claim for a complaint (despite the paperwork it involves!) so go ahead otherwise the practice will continue to thrive, if the same agents continue to get away scott free.

    As you can guess however as BAs we need to be careful we don't burn bridges, and rather we advise our clients accordingly as we know the market (despite some of the dodgy price guides touted :rolleyes:)

    Interesting list there @joshrowe and not surprised to see McGrath Epping at the very top. Was doing some googling on them recently and serial offender seems to be an understatement when it comes to some of these agents... interesting find was this blog from way back in 2011 about a certain agent in this area from a disgruntled competitor Ray White Beecroft Real Estate: Another Wayve Vaughan underquote?

    and this article from earlier in the year about McGrath north shore Prestige property agent McGrath hit with underquoting complaints

    Some agents have definitely cleaned up their act but it appears others have not. You can only blame "the market" for so long vs experience and intimate knowledge of a particular specialty area.
     
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