RP Data CEO Graham Mirabito today commented on the announcement by the ACCC where they are proposing that heavy fines be imposed on real estate agents and vendors who consciously mislead buyers
Supporting the move by the ACCC, Mr Mirabito said that RP Data (rpdata.com) has long been an advocate of transparency within the real estate industry.
“RP Data (rpdata.com) fully supports the proposal by the ACCC to provide a formalized and national level of regulation for the real estate industry. There is currently a great deal of variation between the states with regards to the level of transparency and diligence a real estate agent or vendor must conform to when selling a property.”
“A national set of rules will provide standardization across the industry which will assist in boosting the credibility and consistency of the real estate industry as a whole.”
“Australians have over 70 per cent of their wealth underpinned by property and they rely on their trusted advisors to provide them with transparency and relevant reports in order to make confident decisions.”
“Many professional advisors have the systems and tools to provide these reports and transparency. As the largest and most experienced property information and analytics provider in Australia, each month we see millions of professionals logging into the rpdata.com systems, searching 2 million properties and producing 60,000 Comparative Market Appraisal (CMA’s) reports.”
“This demonstrates that a great number of agents do provide the professional service we expect and this is helped in states like QLD and NSW where CMAs are compulsory and certainly best practice.”
“If the legislation is passed, the onus will be on real estate agents to substantiate their listing price and statements made in their communications to the market.”
“Across the property industry, it is in our best interest that we encourage real estate agents to provide vendors with evidence of market conditions including comparative sales information and competitive market listing examples.”
“Ultimately by accessing tools such as an automated valuation (AVM), recent sales data or current market listings, consumers should arrive at an auction completely prepared with an assessment of what the property going under the hammer is likely to be worth,” Mr Mirabito said.
Rpdata.com is an expansive property information and analytics business providing a variety of mechanisms such as detailed market information to real estate professionals and consumers that provides market guidance.