by Peter Mericka B.A., LL.B
Real Estate Lawyer
Qualified Practising Conveyancer Victoria
Director Lawyers Real Estate Pty Ltd
Enzo Raimondo, CEO of the Real Estate Institute of Victoria (REIV) is a master of the partial-truth. In a recent article in the Herald Sun newspaper Raimondo purports to advise consumers on “forming an accurate view about the value of a property” but deliberately avoids informing consumers of the easiest and most accurate method of all.
In his regular propaganda piece in Melbourne’s Herald Sun newspaper “Home Truths”, Enzo Raimondo tells trusting consumers:
“One of the biggest challenges prospective homebuyers face is forming an accurate view about the value of a property.”
(Herald Sun, Saturday 11 July, 2009 p.8)
So far, so good. It is indeed difficult for anyone to determine an accurate view about the value of a property. This was made particularly clear by an article on page 15 of the same newspaper about the deceptive practices of real estate agents who underquote on properties, declaring “Top real estate agency under investigation“. Reference was also made the Raimondo’s REIV having voted against measures that would stop this disgraceful practice. (See “REIV Votes Against Corruption Remedy“)
The problem of “forming an accurate view about the value of a property” is easily solved. Just get a formal valuation from a professional, qualified valuer. Whenever banks, courts, the Australian Taxation Office, other government departments or lawyers need to determine the true current market value of real estate they call for an independent written valuation, prepared by a professional valuer.
But real estate agents don’t want consumers to be independently informed about property valuations. So, instead of suggesting the most obvious, accurate, fair and reliable method for estimating the value of real estate, Raimondo leads consumers on a wild goose chase, which eventually ends up with the consumer being cooked. Here’s Raimondo’s suggestion to consumers…
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