Greedy vendors the main underquoting cause: REINSW
Jonathan ChancellorDecember 7, 2020
The chief cause of underquoting, according to the president of the Real Estate Institute of NSW Malcolm Gunning, was agents being “lured” into under quoting by home owners with unrealistic expectations.
“I think vendors think they know more than the agents at this stage,” Gunning told The Sunday Telegraph, adding that television shows were contributing to the situation.
Gunning added agents think they have to get a crowd.
“If I get a crowd I’ll get competition and someone will fall in love with the house and get it towards that price the vendor wants. That’s why agents under quote, it’s the by-product,” he said.
He also claimed the industry watchdog was at fault, allowing agent education levels to slip to their lowest ever.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
Tags:
Underquoting