A new mandatory underquoting course has been developed as part of NSW Fair Trading’s Continuing Professional Development (CPD) requirements for property professionals, which came into effect on 1 July 2024.
Why the course has been introduced
By completing this course, agents will enhance their knowledge and skills, building trust in the industry and boosting consumer confidence in the real estate market.
Underquoting remains a contentious issue in NSW, undermining trust and confidence in the market and the industry. It leads potential buyers to waste valuable time and money on researching, inspecting properties, and attending auctions where they have no chance of being the successful buyer.
This practice erodes trust in the real estate industry and damages the integrity of the NSW property market.
Underquoting also results in avoidable costs for the potential buyer, including:
- costs for building and pest reports
- strata, legal and title search fees
- travel costs and time spent inspecting properties, and
- maintaining liquid cash for the deposit in case you’re the successful bidder at auction
To deal with the issue, NSW Fair Trading and TAFE NSW have developed the new underquoting course for licensed agents in residential real estate sales. The course has had input from the Real Estate Institute of NSW.
The course must be completed by residential real estate agents by 30 June 2025 as part of the CPD requirements set by the Strata and Property Services Commissioner each year.
What the course covers
The course supports residential real estate agents to:
- understand underquoting and its impact on agents, agencies, the industry, and real estate consumers
- provide accurate and consistent estimated selling price information
- communicate effectively with sellers and buyers to inform them of market changes and adjustments to price estimates
- maintain records and documentation relating to price estimates in line with legislative requirements, and
- follow supervision requirements and report unacceptable behaviour relating to underquoting.
How to find the course
To register for the course, visit the TAFE NSW website
Register before 30 October 2024 to receive a 50% discount on the $75 course fee.
More information
Visit the Changes to Supervision Guidelines and CPD page for more information on your new CPD requirements for 2024-25.