Underquoting laws are now effective, and the importance for agents to understand and abide by the changes to the laws has been reaffirmed over the last few months. However, what is also vital is for agents to be able to educate their vendors and prospective buyers on what the new changes mean to them.
With underquoting being such a hot topic in the media, clients are more likely to quiz their agents on underquoting, so understanding what the changes mean for buyers and sellers should be front-of-mind.
REINSW President John Cunningham has recently spoken to Domain.com.au about six main changes in the underquoting laws that will affect buyers and sellers. These will prove useful to an agent when discussing pricing strategies with their clients:
- Not being able to use the term ‘offers over’, or any other similar language in advertisemen
- A maximum 10 per cent price range
- Advertising being kept up-to-date
- All conversations about price to be documented
- Underquoting becoming easier to police
- Harsher penalties for agents found to be underquoting
If you are unclear about what the changes mean for you and your clients, there is still time to attend one of our Underquoting Information Sessions
To read the Domain.com.au article in full please click here >>>