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A Melbourne real estate agency has admitted underquoting the advertised price of a property in breach of consumer law after it was found guilty of the offence by Consumer Affairs Victoria.
Village Real Estate, with offices in Seddon and Newport, has come clean about the incident and acknowledged its wrongdoing.
Director Marty Rankin said the real estate industry already suffers from negative public perception.
“And we haven’t helped this perception with our recent actions,” Mr Rankin said.
“We hold ourselves accountable for our actions. We are not proud of the incident and our priority since has been to develop processes which embrace the new statutory requirements.”
Mr Rankin said the company will implement “significant changes” to bring it in line with impending regulations and will amend its property pricing process.
He said Village Real Estate’s revised pricing model will reflect its new commitment to ethical and transparent behaviour.
“Ultimately, if representatives of the industry cease to irresponsibly promote properties with misleading price ranges, then all buyers and sellers will enjoy a more open and honest transaction,” he said.
“As agents, we are all responsible to provide a fair and honest real estate service.”
Consumer Affairs Victoria has not released details of the breach but is understood to be pursuing the matter.
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