For many years, the Real Estate Institute of Victoria (REIV) has misled and deceived real estate consumers. Whether it be trying to justify (or deny) dodgy practices such as false price quoting or whether it’s brushing-aside common claims of widespread dishonesty, as far as real estate bodies go, they don’t come much dodgier than Victoria’s Real Estate Institute (REIV).
The institute is headed-up by Enzo Raimondo (who once told the Victorian public that he did not know what was meant by dummy bidding). It’s Raimondo’s job to spread the myth that agents who belong to the institute are all honest and committed to a rigid code of ethics. [It’s hard not to laugh when writing such a statement].
The Real Estate Institute’s main role is to protect agents. The institute cares about agents. It does not care about consumers.
The Institute regularly and deliberately feeds false information to the public.
There are few better (or worse, depending on how you look at it) examples of the Institute’s chronic crookedness than the weekly auction results.
The Institute constantly paints a far rosier picture of the auction results than the reality. It purposely fudges the figures to make auctions appear to be the best way to sell a property. Of course, the truth is the opposite. Auctions are the worst way to sell a property, especially in a tough market such as now.