Toolkit helps agents comply with new Victorian underquoting legislation

Realestateview.com.au has developed a tool to help real estate agents comply with the new underquoting laws introduced on 1st May by Consumer Affairs Victoria.

The tool, named 3Comps, is designed to help real estate agents and prospective buyers gain a realistic value of a home based on three comparable sales in the area.

Enzo Raimondo, chief executive officer, Realestateview.com.au welcomes the legislative change because it will improve transparency.

“Whilst the SOI ensures compliance, 3Comps not only compliments and exceeds this compliance, it does it in a way that is responsive, intuitive and in a language, that will improve the user experience for those searching for property," he said,.

“This tool, which has been released today, allows agents to display three comparable properties dynamically on their listing, while creating a personalised, branded SOI for agents, improving the online user-experience for property seekers, further enhancing the industry’s credibility."

Philip Webb from Philip Webb agency said anything that adds transparency, anything that gives the real estate industry and the profession more integrity, is a good thing.

“We have to keep complying with what is needed and I see this as just an extension of that. I think it will turn out to be a very positive thing,” he said.

As part of the Estate Agents Act 1980, real estate agents in Victoria will soon be required to provide a Statement of Information (SOI) and three comparable property sales to prospective buyers across all residential listings.

For more information on the 3Comps tool, the legislation and how it affects both real estate agents and consumers, please click here.