As networks acclimatise to Victoria’s reserve price disclosure laws, some agencies are using the reforms as an opportunity to improve services, refine operations, and boost transparency to gain buyer trust.
Victoria’s reserve price disclosure laws are now in effect, requiring agents to publish reserve prices seven days before an auction or fixed-price sale and publicly disclose the final price within seven days after.
According to Jellis Craig, while many disagreed with the reforms, the network saw them as a chance to strengthen support for its people, enhance consumer transparency, and establish a network-wide approach to best practice.
Jellis Craig chief executive Andrew McCann said the reforms were an opportunity to add a layer of transparency and trust for buyers and create a more consistent consumer experience.
“Now, they can be prepared with a target and range, giving them greater confidence about whether they can purchase a property,” he told REB.
“It's more about affordability than competition, and it's one of the most significant updates and changes we've seen in the industry.”
While agents’ roles are largely unchanged, McCann said there was now additional responsibility required around campaign management to ensure deadlines can be met on time.
“Firms need to recognise their responsibility and have the right support systems in place to ensure these changes operate smoothly and don't get in the way of an owner's opportunity to sell," McCann said.
Jellis Craig said it established a dedicated working group consisting of business leaders, compliance specialists and senior executives to help develop a strategic response.
The network also rolled out a compliance program, including technology enhancements, operational systems to streamline compliance processes, vendor education resources, and ongoing training support.
“While many agencies are still assessing the implications, we’ve already been building the systems, processes and support structures our agents need to succeed under the new framework,” McCann said.
To educate clients, the network created consumer-facing materials for agents to communicate the changes, including website landing pages, print flyers, social media and email communications.
McCann said the business’ primary focus had been on ensuring every member of its network was informed, supported and equipped to navigate the changes with confidence.
He said the reforms highlighted that the role of the modern real estate professional was becoming increasingly complex.
“Today’s agents are being asked to do more than ever before. They need to be sales experts, marketers, negotiators and now highly skilled compliance professionals,” he said.
“The strength of the support network around them has never been more important.”
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