Ensure you never miss an issue of the
real estate business bulletin
New app helps agents avoid $22,000 fine 

New app helps agents avoid $22,000 fine 

New app helps agents avoid $22,000 fine 
by Tim Neary 0 comments

A seasoned real estate agent has developed an app that will help agents comply with NSW Fair Trading’s guidelines for underquoting and avoid a massive $22,000 fine. 

In January 2016, NSW Fair Trading introduced its Underquoting Property Prices Guideline. Under the guidelines, agents must adhere to certain responsibilities regarding price quoting when marketing a property. These responsibilities include both making reasonable estimates and keeping records.

Agents who fail to comply could be slapped with a $22,000 fine.   

In response to the new guidelines, Veyron Applications has developed AgentLog, an app that allows NSW real estate agents to record and store details of price discussions they have with potential buyers and sellers. 

“An agent must record the price quoted, the property it is related to, the time, date and phone number,” Veyron Applications director Benjamin Bedford told REB.

“Each record needs to be kept for three years and can be requested by the Office of Fair Trading during an audit. As you can imagine, it is difficult to keep records. This app makes it easy and allows the office they work for see who is recording the information and where.”

Mr Bedford said many agents will admit that they are not doing anything to keep proper records, while others are simply taking screenshots or jotting down their exchanges in a diary.

AgentLog, developed by Australian company Appster, is free to download and costs $10 for each property added. The app allows three agents to be assigned to a single property.

New app helps agents avoid $22,000 fine 
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?