### NSW - Asbestos - Property Professional's Practical Guide

#### Underquoting and Other Challenges

Learning Outcome:

• New laws called PSBA Act Amendment (Underquoting Prohibition) Act 2015
• New laws commence 1 January 2016
• Never quote less than what is stated on your Agency Agreement
• If your Estimated Selling Price moves substantially due to market forces and feedback you
• Advise your Vendor/Seller in writing and provide evidence as to why
• Update it on Agency Agreement
• Change your online “price guide” on realestate.com.au & Domain
• The “Must Haves of a Sales File” and in particular the Estimated Selling Price Checklist
• If you verbally or otherwise quote a ESP to a buyer you must record and keep for THREE (3) years
• If you use a Price Range it CANNOT BE GREATER than 10%
• When putting the ESP in the Agency Agreement you must RECORD it. ie. was it a CMA, and it must be given to the vendor in writing
• DON’T USE – “offers over”, “offers above” OR “bidding to commence from” or “+” signs - these are deemed vague and misleading by NSW Fair Trading