REIV Conference – Underquoting panel discussion
Estate Agents in Melbourne may be interested to attend the REIV Ignite Conference on the 21st of March at Crown Conference facilities. It should be a very informative day with some top speakers, including Simon Cohen from Consumer Affairs Victoria, Gus Balbontin from Lonely Planet and Stephen Scheeler former Managing Director of Facebook (Aus & NZ).
I have been invited to speak at one of the panel discussions together with Adam Docking, Richard Spratt and Adrian Butera. Conversation should be lively as the session is specifically about our experience almost one year in of Victorian underquoting laws that came into effect in May 2017.
If you are interstate there were significant changes to underquoting laws introduced by Consumer Affairs Victoria in May 2017. Metropolitan selling agents must now have a Statement of Information available at all open houses, on request and on all online advertising. It must contain the median value for the area for a house or unit, depending on what they are selling. It must also contain three comparable sales that have occurred within two kilometres of the property being sold and within the last six months. If the selling agent reasonably believes there are not three comparable sales, then they must have none.
Some Melbourne based agencies have been fined recently for underquoting and no doubt they will be upgrading their compliance policies and practices to ensure they follow new laws.
Buyers should note that the properties they want to buy can sell for a lot more than the range or price quoted on the Statement of Information. At Buyer Solutions we strongly believe that you should hire independent, professional representation in the form of an experienced Buyers Agent to help you buy. The Buyers Agent should be a member of both the REIV and REBAA. Property buyers should take comfort from REBAA’s motto “Buy with Confidence”. An experienced Buyers Agent will be able to advise you when to stop bidding or make your final offer. Competition for the property and how easily you can replace to opportunity are things that you need to consider when determining a property’s value.
These organisations have minimum entry level criteria, you must have the qualifications and also have professional indemnity insurance. Buyer Solutions works all over Melbourne and surrounding suburbs and we also buy in regional and country for clients.
Events/Presentations, Housing Market, Janet Spencer, Real Estate News & Opinion, REIV, Victorian Regulation
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