New underquoting legislation in Victoria one year in
Underquoting – One of 8 informative break-out sessions at REIV’s Ignite 2018 conference.
New underquoting legislation in Victoria one year in was the the topic of the a lunch time break out session at last week’s REIV Ignite conference held at Crown Conference Centre in Melbourne.
Underquoting panellists
A well attended session the four panellists included Jim Lourandos, Compliance Officer at the REIV, Adrian Butera, Managing Director of Compton and Green, Richard Spratt Franchise Manager of Barry Plant and myself. The event was ably chaired by Adam Docking from the REIV Board and MJ Docking and Associates.
I was pleased to see attendees from rural Victoria and metropolitan Melbourne and lots of questions were asked specific to how their offices should use the Statement of Information form provided by CAV.
Adam asked Jim “what are the key issues you hear from agents?” Jim responded with a raft of issues which made it clear to me that many agents are still not understanding how the legislation introduced in May 2017 in Victoria affects their daily practice in terms of pricing the properties they sell, how to fill out an authority and how to fill out and promote the Statement of Information now required for residential property sales.
REIV Ignite Conference
For example, many agents present thought that comparable properties should be selected on price, not on the similarity of the property. Attendees were reminded that estimates and indicative prices need to be revised when they reasonably expected that the estimate on the authority ceased to be reasonable.
REIV Ignite Conference
A great deal of time was spent discussing agencies needs in terms of compliance. It seems the industry is adjusting to the new legislation with a strong emphasis on procedural changes to adjust and comply and to document all logic in determining advice and advice to vendors on meticulously kept files. The days of verbal advice and agreement are long gone.
So, all in all it was a great break out session run by the REIV and it was informative for the panellists and session attendees.
If I can help anyone to better understand the legislation or for advice on all matters real estate, please contact me at jspencer@buyersolutions.com.au
+61 39816 8555