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Domain Group has rolled out extensive updates to its agent product suite ahead of Victorian legislation changes aimed at ending underquoting.
The changes will help real estate agents prepare and upload a statement of information (SOI) with every listing from 1 May, as required by law.
Domain Group’s director of product management Lyndon Maher said the goal is to deliver products that make it as easy as possible for agents to comply with the new legislation.
Doing so would “showcase our clients in the best possible light,” Mr Maher said.
In consultation with real estate influencers and Consumer Affairs Victoria, Domain Group’s suite of products – which extends to CRM, property data and listing uploaders – have been updated to ensure agents have everything they need to stay compliant.
The updates include a web-friendly data function for publishing the SOI and a price finder SOI generator.
The Estate Agents Amendment (Underquoting) Bill 2016 came into effect on 1 May and applies to all residential homes sold by private sale or at auction.
Under the new legislation, agents are required to provide all prospective purchasers with an SOI, essentially a buyer fact sheet containing three comparable sales, the town’s median house price and the agent’s estimated selling price.
In regional Victoria, the comparable homes must have sold in the preceding 18 months and be within a 5km radius of the property for sale.
The comparable homes must be of similar standard, size and condition to the property that is up for sale. If the agent believes there are fewer than three comparable sales that meet these parameters, they must say so.
In determining the estimated selling price, agents are required to take into account the selling prices of these comparable properties with the price expressed as either a single amount or a price range not greater than 10 per cent. Offers over and price-plus advertising are prohibited.
Agents will also be required to revise the property’s estimated selling price if the agent receives an offer above the advertised range.
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