Underquoting, dummy bidding, false documents: Why ‘Teflon' Sydney agent was suspended
'I'd like to hear what it is. And I'd like to respond back as fully as possible with the truth,' said Tesolin, known among his contemporaries as 'Teflon Josh'.
Now he knows: Dummy bidding, underquoting, high pressure sales tactics and producing false documents to Fair Trading are among the allegations being levelled against one of Australia's top-earning real estate agents.
An extensive investigation by the regulator has landed Tesolin and his private real estate company, Tesolin Consulting, a four-month licence suspension – pending possible disciplinary action – over allegations that he has committed serious and repeated breaches of the law.
Included in the allegations are more than 100 cases of underquoting by Tesolin, all while his corporate interests operated under the Ray White Quakers Hill banner.
Loading
Fair Trading's suspension comes on the day The Sydney Morning Herald and The Age launched Bidding Blind, an exhaustive 18-month data investigation into what has been revealed to be industrial-scale underquoting across Sydney and Melbourne's auction markets.
An investigation by this masthead into Tesolin's business conduct a month ago revealed a unique incentive scheme whereby he charged clients tens of thousands of dollars' extra commission by way of a last-minute incentive payment he said would boost buyer interest.
The scheme meant people who were selling their houses in suburbs such as Quakers Hill and Acacia Gardens had their initial commission of $40,000-plus increased to more than $75,000 and $80,000 as part of the last-minute proposal.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Age
3 days ago
- The Age
Real estate underquoting: Industry leaders back calls to reveal auction reserve prices after report
He also said if a vendor insisted on a higher price than an agent recommended, this should be published too. 'Essentially, it turns the process into a private treaty one and will take longer to sell. Once the property has been on the market for long enough, and if it's unsold, then the auction process can be introduced once the price gap has narrowed.' McGrath Estate Agents founder and chief executive John McGrath strongly supported any changes that created greater transparency, but said sellers should retain the right to accept or reject any offer. 'The real issue isn't reserve pricing, it's agent compliance with existing price guide regulations,' McGrath said. 'If agents follow a straight bat with current quoting rules, transparency issues largely disappear.' On Monday, Premier Chris Minns said he reserved the right to look at legislation that would force agents to publish the vendor reserve before auction, but there were no immediate plans to do it. Premier Chris Minns at Burwood Park on Monday. He has not ruled out a look at publishing reserve prices. Credit: Steven Siewert The NSW Office of Fair Trading is looking at potential industry reforms by way of a series of roundtable forums with stakeholders. Key among those measures are increased penalties for underquoting and a similar model to Victoria that offers better pricing guides for buyers. Tim McKibbin, chief executive of the Real Estate Institute of NSW, is among those working in the background with Fair Trading on the reform process. 'What I can say is that we are committed to finding a solution, everything is on the table and some encouraging progress has been made,' said McKibbin. McKibbin's industry lobby group chief counterpart in Victoria, Jacob Caine, revealed on Sunday that the institute would support the introduction of reserve price disclosure as well the adoption of a new model that would provide free building and pest reports to prospective home buyers. The rules around property pricing are tighter in Victoria than in NSW. Victorian legislation makes price guides mandatory on marketing, and price estimates must be accompanied by a statement of information showing comparable sales that inform the estimate. In NSW, Liberal leader Mark Speakman said he would consider the issue of whether vendor reserves should be published, but as yet the party hadn't committed to a position. Start the day with a summary of the day's most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.
Sydney Morning Herald
3 days ago
- Sydney Morning Herald
Real estate underquoting: Industry leaders back calls to reveal auction reserve prices after report
He also said if a vendor insisted on a higher price than an agent recommended, this should be published too. 'Essentially, it turns the process into a private treaty one and will take longer to sell. Once the property has been on the market for long enough, and if it's unsold, then the auction process can be introduced once the price gap has narrowed.' McGrath Estate Agents founder and chief executive John McGrath strongly supported any changes that created greater transparency, but said sellers should retain the right to accept or reject any offer. 'The real issue isn't reserve pricing, it's agent compliance with existing price guide regulations,' McGrath said. 'If agents follow a straight bat with current quoting rules, transparency issues largely disappear.' On Monday, Premier Chris Minns said he reserved the right to look at legislation that would force agents to publish the vendor reserve before auction, but there were no immediate plans to do it. Premier Chris Minns at Burwood Park on Monday. He has not ruled out a look at publishing reserve prices. Credit: Steven Siewert The NSW Office of Fair Trading is looking at potential industry reforms by way of a series of roundtable forums with stakeholders. Key among those measures are increased penalties for underquoting and a similar model to Victoria that offers better pricing guides for buyers. Tim McKibbin, chief executive of the Real Estate Institute of NSW, is among those working in the background with Fair Trading on the reform process. 'What I can say is that we are committed to finding a solution, everything is on the table and some encouraging progress has been made,' said McKibbin. McKibbin's industry lobby group chief counterpart in Victoria, Jacob Caine, revealed on Sunday that the institute would support the introduction of reserve price disclosure as well the adoption of a new model that would provide free building and pest reports to prospective home buyers. The rules around property pricing are tighter in Victoria than in NSW. Victorian legislation makes price guides mandatory on marketing, and price estimates must be accompanied by a statement of information showing comparable sales that inform the estimate. In NSW, Liberal leader Mark Speakman said he would consider the issue of whether vendor reserves should be published, but as yet the party hadn't committed to a position. Start the day with a summary of the day's most important and interesting stories, analysis and insights. Sign up for our Morning Edition newsletter.
Daily Telegraph
3 days ago
- Daily Telegraph
‘Serious': Why top Sydney agent Josh Tesolin was suspended
Don't miss out on the headlines from National. Followed categories will be added to My News. A high-flying Sydney real estate agent has been suspended for allegedly underquoting the selling price of more than 100 properties and dummy bidding at auctions. NSW Fair Trading also alleged Josh Tesolin, of Tesolin Consulting, had produced false documents to the watchdog and breached rules of conduct by using 'high pressure sales tactics'. The regulator announced over the weekend that Mr Tesolin had been suspended immediately for four months, pending possible disciplinary action, for engaging in 'serious and repeated breaches of the Property and Stock Agents Act 2002'. 'The conduct is believed to have occurred while Mr Tesolin and Tesolin Consulting operated under the banner of Ray White (Quakers Hill – Tesolin Group),' it said. Former Ray White real estate agent Josh Tesolin has been suspended for four months. Picture: Supplied Mr Tesolin was named agent of the year in 2021. Picture: AAP/Monique Harmer Mr Tesolin, 29, was raised in Sutherland Shire by parents who owned Fantastic Furniture stores. Before his suspension he was Ray White's top-performing realtor internationally and was crowned the number one residential agent at the Annual REA Excellence Awards in 2021. He boasted on social media he had earned more than $9 million in commissions this financial year. The Rolex-wearing and Bentley-driving agent's own property portfolio was worth more than $15 million. As principal of Ray White Quakers Hill he had a focus on properties in Sydney's western suburbs. In 2023 he employed 30 staff at the branch, including his mother as general manager and his wife as office manager. Mr Tesolin and Ray White have reportedly terminated their franchise agreement. When contacted Mr Tesolin on Monday, his lawyer said he would not be making any statements to the media. NSW Fair Trading said David Mansfield of Deloitte had been appointed manager of Tesolin Consulting during the suspension. Impacted customers were encouraged to direct any enquiries to Deloitte or reach out directly to NSW Fair Trading on 13 32 20. Originally published as 'Serious': 'Top-performing' real estate agent suspended
