Latest news with #NSWOfficeofFairTrading
The Age
6 days ago
- Business
- 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
6 days ago
- Business
- 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.
The Age
09-08-2025
- Business
- The Age
Underquoting, dummy bidding, false documents: Why ‘Teflon' Sydney agent was suspended
High-earning real estate agent Josh Tesolin has openly admitted that he has been the subject of an ongoing investigation by the NSW Office of Fair Trading in recent months, publicly decrying what he might have done to earn such scrutiny. '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.
Sydney Morning Herald
09-08-2025
- Business
- Sydney Morning Herald
Underquoting, dummy bidding, false documents: Why ‘Teflon' Sydney agent was suspended
High-earning real estate agent Josh Tesolin has openly admitted that he has been the subject of an ongoing investigation by the NSW Office of Fair Trading in recent months, publicly decrying what he might have done to earn such scrutiny. '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.
