Underquoting and the challenges it creates for consumers has long been a matter of media attention, fuelling distrust in our sector. The introduction of underquoting legislation in 2017 brought new requirements, including Statements of Information, and while most of the sector has complied, public perception remains that underquoting is widespread. This continues to erode consumer confidence in our profession.
In 2022, the government established the Underquoting Taskforce. Notably, more than 30% of complaints to the Taskforce have come from agents themselves, showing the sector’s willingness to address the issue and be recognised for its professionalism and service.
To this end, the REIV has formed a Strategic Working Group representing a cross-section of our membership, to help develop a Blueprint for Price Guides that:
Brings greater transparency for buyers.
Protects vendors’ right to achieve the best possible price.
Provides government with a balanced, evidence-based perspective.
About the Working Group:
Members drawn from REIV Chapter Committees, the Regional Working Group, Past Presidents Council, and leaders from small, medium, and large agencies.
Chaired by an independent expert.
Six weeks of engagement via interviews, discussions, and consultations with stakeholders including government, opposition, and CAV.
Outcome:
A report, documented by the independent expert, presented to the REIV Board.
Upon Board approval, the report will be shared with Members, government and relevant agencies for consideration and adoption.
Working Group:
Adrian Butera - Compton Green, REIV Master Auctioneer and REIV Director
Andrew McCann - CEO, Jellis Craig Corporate
Domenic Belfiore - CEO VIC/TAS, Ray White
Jacob Caine - REIV Director
Lisa Pennell - CEO, Barry Plant Grp.
Luke Banitsiotis - Ray White, REIV Auction Chapter Committee
Mark Errichiello - Master Advocates, REIV Director and Buyers Agent
Nigel O'Neil - CEO, Woodards Group
Robyn Waters OAM - REIV Past President's Council
Scott Petrie - Trevor Petrie Real Estate, REIV Regional Division Working Committee
Sam Hatzistamatis - REIV President
Tonya Davidson - Davidson Property Advocates, REIV Buyers Agents Committee
Tracey Dean - McGrath, REIV Sales Chapter Committee