Melbourne Agent fined $330,000 for underquoting
A Melbourne agent fined $330,000 for underquoting will be feeling the pain with this fine. It is true that deceptive practices such as underquoting waste the time and money of Victorians on properties they simply cannot afford. “Underquoting erodes the confidence of purchasers and vendors in the conduct of real estate agents.”
According to the law, it is illegal for an agent to publicly advertise or advise a list price that is lower than the vendor’s reserve or asking price, or the agency’s fair estimate of the current market price.
False and misleading representation of property prices seems to be a widespread issue across Melbourne and a major pain point for many of our clients who come to us after being repeatedly disillusioned by wanting to buy properties they cannot afford. Although Consumer Affairs is having a go at eliminating this problem, it’s still all too common.
This is why turning to a Buyer’s Agent such as Buyer Solutions when making a property purchase is sensible. Buyer’s Agents are highly skilled in properly valuing a property and insuring the client is well informed and is able to make a smart financial decision. Often times Buyer’s Agents are able to advise clients if a property is being both over valued or under quoted. Years of experience working for the buyer rather than the vendor prove to be invaluable during a property purchase. Buyer Solutions will share their market knowledge and independent research with you and you can make informed, unemotional decisions based on that information with their help.
Buyers need to protect themselves during a property purchase by aligning with independent advisers who are experienced, competent and ethical in their work. At Buyer Solutions, we promise to help you secure a property within your budget and with great value and capital growth potential for the right price.
For practical tips, advice and representation when buying property in Melbourne contact Buyer Solutions by emailing info@buyersolutions.com.au or call us a + 613 9815 8555.
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