Are you frustrated by underquoting and real estate agents?
When it comes to knowing how much you should be paying for a property, there are so many factors to consider. For one thing, it’s often difficult to know for yourself the value of a home compared to similar options in the same neighbourhood – this takes years of experience and a keen eye always focused on the market. A buyer’s agent has exactly these things.
Real estate agents can be difficult to deal with when they have confusing quotes in advertisements, such as asking for “offers over $900,000 only”. After reading this, you might think you have a shot at buying, so lodge a bid, but that is then rejected because the property was actually under quoted.
How are buyers being protected?
There are restrictions in place around various regions in Australia, including Victoria, where under quoting has been rife.
“Victoria is the under quoting capital of Australia, it’s a cancer on the industry that must be fixed,” said Josh Rowe, CEO of RealAs to the Australian Financial Review.
Consumer Affairs Victoria outlines the legal aspects of advertising a property, including that it cannot be misrepresented in speech, text or images in any way – the same goes for the price or value. For example, an agent can’t advertise a price for a property that is less than the likely selling price, or the auction reserve price. This would be misleading, and buyers are now being protected.
“[The legislation] will give buyers transparency and information that they need so they’re not wasting heartbreaking hours going to auctions every weekend for places they were never able to afford,” said Consumer Affairs Minister Jane Garrett to ABC News.
Had enough of dealing with real estate agents who might be under quoting and pushing you out of the market? A buyer’s agent will get the job done right.