REINSW says NSW Fair Trading ineffective on agent underquoting

NSW Fair Trading was more interested in grabbing headlines than seriously address the issue of underquoting, Malcolm Gunning, the president of the Real Estate Institute of NSW said.

"The state has had legislation prohibiting underquoting since 2002, however, Fair Trading have failed to comprehend or address the issue," he said saying Fair Trading did not understand the issues. 

"Fair Trading has been completely and totally ineffective in its approach and policing of underquoting for the last 13 years.

The industry has been tarnished by Fair Trading’s failure to properly understand and address the problem.

"Fair Trading have preferred to grab headlines rather than seriously address the issues.

Fair Trading’s persistence with the same old tired strategies do not serve the consumer or the property industry, he said.

"The greatest challenge is for the Fair Trading to admit its failings to date and commence a constructive and cooperative dialogue with industry.

"REINSW is ready for this change in direction and we would welcome the opportunity to work together to develop strategies to address underquoting which is a blemish on our industry and damages consumer confidence." 

Malcolm is president of the Real Estate Institute of NSW and Principal of Gunning Commercial, which has offices in Hurstville and Surry Hills in Sydney.