What else am I required to do once I have changed the agency agreement?
You are required to change all advertising and promotional material as soon as practical to reflect your new opinion. This includes flyers, ads, brochures, editorial and internet price guides.
What do I do if the vendor has given me a price they want the property advertised at?
If the vendor has stated an asking price then you are at liberty to advertise the asking price as long as it is equal to or above your estimate of selling price. If the asking price is below your estimate you are breaking the law if you quote it. Also keep in mind you cannot indicate to someone that they can purchase a property for less than what the vendor has told you they will accept.
A vendor has asked me to offer the property by using the term “By Negotiation” or “Express Sale” or Expressions of Interest”. Can I do this?
Yes you can. But remember that if a buyer asks “what does the vendor want”, then the price guide you give must be at least the current estimate of selling price you have given to the vendor, or a figure the vendor will accept if that is above your estimate.
Do I have to record every conversation on price I have with people who show interest in one of my listings on price?
Yes you do but there are ways to make this easy for you. If you are holding an open for inspection, and you give every attendee the same price guide then you only need to record the price guide you gave against all attendees.
I’m driving in the car and someone calls me and I talk price with them, do I have to pull over and make a written record.?
You should be using a hands free kit, but no. Make the record when you get back to the office.
Buyers often ask me what other buyers are offering or prepared to pay for the property, can I answer them?
Keep in mind that all offers from prospective buyers is confidential information and it is a breach of the Rules of Conduct to disclose them. If you give an indication of where other buyers may be at, then the guide you give MUST be at least your current estimate of selling price or more.
Want to know more? Think Real Estate are currently conducting 12 CPD Point training workshops on the New Underquoting Laws right across NSW. You can book online at thinkrealestate.net.au
Alternatively our team can come to you and conduct an in-house training session in your offices. These in-house sessions also include the Underquoting Survival Guide which has full details of how to comply with the new legislation, including draft Policies & Procedures, Forms and checklists that will help you comply with the legislation, and make the compliance easy and simple.
For further information contact: Brian Cannan on 1300 660 402 or email [email protected]