All residential real estate agents in the state will need to complete the course by 30 June 2025 to comply with continuing professional development (CPD) requirements.
NSW Fair Trading said the mandatory course had been developed as part of its CPD requirements for property professionals.
According to a statement, the course supports residential agents to understand the impact of underquoting on agents, agencies, the industry and consumers, provide accurate and consistent estimated selling price information, communicate effectively any market changes and adjustments to price estimates, maintain records and documents around price estimates in line with legislative requirements, and follow supervision requirements and report unacceptable behaviour related to underquoting.
“By completing this course, agents will enhance their knowledge and skills, building trust and confidence in the market and the industry,” the government body outlined.
Fair Trading said underquoting “remains a contentious issue in NSW, undermining trust and confidence in the market and the industry”.
Stressing that the practice “erodes trust in the real estate industry and damages the integrity of the NSW property market”, Fair Trading said underquoting also results in a number of avoidable costs for potential buyers, flagging costs for building and pest reports, strata, legal and title search fees, travel costs and time spent at inspections, and maintaining liquid cash for a deposit.
Fair Trading reported it had worked with TAFE NSW to develop the new underquoting course, with input from the Real Estate Institute of NSW.
Run through TAFE NSW, the course will cost agents $75 – and must be completed by 30 June 2025 to comply with CPD requirements as set by the Strata and Property Services Commissioner each year.
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