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Agents fined $25,000 after compliance blitz

9 April 2018

More than 70% of Northern Beaches real estate agents inspected were fined over $25,000 after a NSW Fair Trading compliance blitz.

Minister for Better Regulation Matt Kean revealed that 17 real estate agents were inspected and 12 issued fines for non-compliance with real estate laws, including seven notices for breaching underquoting provisions.

Minister Kean said: “This latest blitz found real estate agents were failing to make written records of likely sales prices, or were representing likely sales prices far below what was expected – and that’s just not on.

“It was also disappointing to see so many real estate agents failing to cut the mustard when it came to licensing and supervision requirements. In fact, just three of the 17 agents were compliant.”

The real estate agents inspected during the operation were located in Manly, Mona Vale, Palm Beach, Avalon, Seaforth, and Newport.

REINSW President Leanne Pilkington added: “In the current market where prices were more stable agents should have no problem accurately quoting property prices.
“It can be difficult for agents to accurately predict the price in a rising market, but in a market like we have right now agents should have no problem accurately quoting property prices. 
“The agents should be clear on the prices because the market is quite stable and I am open to tougher penalties for agents who breached the rules.”

REINSW underquoting guide

REINSW has created a one-page quick guide on underquoting with the five main issues you need to know about. Download the PDF here. You can also find out everything you need to know about underquoting on our hot topics page here.

Pathway to professionalism

REINSW, in conjunction with REIA, are working with the Professional Standards Councils (PSC) and its agency, the Professional Standards Authority, to explore how real estate agents can be formally recognised as a profession.

According to the PSC a profession is a “disciplined group of individuals who adhere to ethical standards”. 

John Cunningham, Chair of the REIA Professionalism Committee, said: “Our journey will require us all to change – our attitudes, our behaviours and the way we collectively present ourselves. But by working together we can be the change we want to see.”

The PSC uses the 5 Es to define the elements that are necessary to qualify as a profession. Over the course of 2017, we’ll be featuring an article about one of the following Es to explain the pathway forward.

Find out more about the journey here.