An article by Jennifer Duke “In Victoria underquoting is endemic, rampant, it’s grubby, it’s misleading and deceptive and it’s a fraud on home buyers,” explained Rowe. “Consumer Affairs Victoria lacks the necessary laws and resources to police underquoting. Real estate agents enjoy the luxury of loop holes in the rules to bait home buyers into attending auctions which are outside their budget. This frustrates buyers. Underquoting causes home buyers to waste their time, money and...
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Ever wondered why agents underquote? The simple answer is because it works. This may not be a popular view of underquoting and as frustrating as it may be, underquoting is a necessary evil in Melbourne’s auction system. Growth in property prices this year has highlighted the widespread practice of underquoting and the frustration of buyers who miss out when properties sell for much more than the advertised estimate. Ironically, the practice that frustrates buyers is...
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OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQu alified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd When stupidity reaches the front page of The Age newspaper, something has to be said. Today’s Age screams, “Push to end underquoting” (The Age, Monday 29 March, 2010 p.1). Unfortunately, the author, Property Editor Marika Dobbin, appears to have ignored the real problem and has just followed the parade of misinformed real estate industry commentators. Let me confirm,...
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OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd There is little doubt that the real estate industry in Victoria is the most corrupt in Australia. This is largely due to the power and arrogance of the Real Estate Institute of Victoria (REIV). The recent dismissal of Mr. John Keating from the REIV ethics committee is an example of the contempt the REIV has for ethical conduct, and...
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OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd I believe that the real estate industry in Victoria is the most corrupt in Australia. This is confirmed time and again, not only by the conduct of individual real estate agents, but also by the behaviour of the peak body representing real estate agents, the Real Estate Institute of Victoria (REIV). We have seen how the REIV condones criminal...
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OPINIONby Peter Mericka B.A., LL.BReal Estate LawyerQualified Practising Conveyancer VictoriaDirector Lawyers Real Estate Pty Ltd According to Chris Vedelago, writing for The Age newspaper, “Falling sales levels and the prospect of a weaker market has led more than one in 10 real estate companies to consider selling up…The number of companies looking to move out of real estate has quadrupled…The Real Estate Institute of Victoria says agency revenues have dropped 20%.” When things get...
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Opinion by Neil Jenman Consumer Advocate Victoria’s real estate industry is embroiled in another scandal. This time, the body at the centre of the scandal is the Real Estate Institute of Victoria (the REIV) and its CEO, Mr Enzo Raimondo. The REIV is an industry association whose members comprise around 80 per cent of the state’s 6,000 estate agents. The REIV’s purpose is to protect the interests of its member agents. One of its aims...
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