PHOTO: Real Estate Agents. FILE
Sydney real estate agents who deliberately underquote property prices have been put on notice as Fair Trading takes aim at the practice.
NSW Fair Trading inspectors will attend auctions, open houses and agencies across Sydney to identify agents deliberately low-balling property values, with those caught facing fines of up to $22,000.
They could also lose their commission, and face jail.
Legally, NSW real estate agents need to provide an estimated selling price with evidence, based on how much similar homes in the area have recently sold for. The price can either be one figure, or within a 10 per cent range, however it also needs to be revised during the auction campaign as more information around buyer expectations comes to light.
Better Regulation Minister Keven Anderson said $6,000 worth of fines have already been handed out after Fair Trading inspectors found 14 breaches while inspecting 33 agents.
Fines were also issued for operating without a licence or operating without the right insurance.
And in the year to September 2020, Fair Trading issued nearly $400,000 in fines.
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