Underquoting

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.
 

Quick guide

Download REINSW’s one page quick guide to the five main issues that you need to know about.

Download PDF >>>

NSW Fair Trading guidelines

Here are some common Questions and answers about underquoting. Q&As >>> 

Here is a PDF of the Underquoting guidelines for residential property.

Download PDF >>>

Member-only Helpline

Get practical advice on any underquoting question from the helpline team of licensed and experienced agents.

Call (02) 9264 2343 (option 4)
Email [email protected]

Agency agreements

All of REINSW’s agency agreements are fully compliant with the new underquoting rules. You can access them in paper or electronic formats (REI Forms Live). 

Go here >>> 

Notice of Revised Estimated Selling Price

When you change your estimated selling price you need to notify your vendor in writing and amend the agency agreement. We’ve developed a form at no charge to help you do just that.

Download now >>>

Mandatory guide (PDF download)

Agents must give this NSW Fair Trading mandatory guide to the seller before they enter into a contract to sell their property.

Download a free PDF copy >>>

Submission

Read REINSW’s submission on underquoting to the State government

Download PDF >>>

News items

Catch up on all of our articles and news items on underquoting.

More >>>

Give us your feedback!

Do you have any feedback in relation to the Underquoting laws?

Email us at [email protected]