New underquoting laws apply to the sale of NSW residential property from 1 January 2016 to give clearer rules for agents around the quoting of property prices.
NSW Fair Trading defines an underquoting offence as follows:
“The underquoting reforms are designed to stop real estate agents understating property prices. An agent is committing an underquoting offence if they state or publish a price for a property that is less than their reasonable estimate of the property’s likely selling price contained in the agency agreement with the seller. This practice of underquoting can cause interested buyers to waste time and money on inspecting properties, getting reports and attending auctions based on misleading estimates of the selling price.”
As an agent it is critical that you understand how the underquoting laws affect you. As your professional association we have developed this topic page to give you a one-stop shop to find all the information, advice and documents you need to ensure that you can comply with the law and continue to provide your valued service to your clients.