Reporting underquoting
- property address.
- your contact details.
- details of the real estate agent.
- screen shots of the property advertisement.
- Statement of Information.
- written representations made about the property (if relevant)
- explain the problem - for example, why you think the property advertising is misleading.
What is the fine for Underquoting?
Agents who commit an underquoting offence can be fined up to $22,000 and could lose their commission and fees earnt from the sale. Before the latest compliance blitz, there had been 22 official complaints of underquoting lodged to NSW Fair Trading since the beginning of the year.
What is Underquoting in real estate Victoria?
Underquoting is deliberately advertising properties below their expected selling price in an effort to increase interest from buyers. Victorian agents are required to advertise a realistic price range that is not below their estimated selling price.
