Real estate agents are being reminded of their responsibilities under Victoria’s underquoting laws – and the potential consequences of not meeting them – as our taskforce launched legal action this week against a Yarraville estate agency and its director.
The action comes as the taskforce continues to monitor sales campaigns and auctions around Melbourne, on Saturday visiting suburbs in the city’s north-east.
Nicholas Skapoulas and his agency, Nicholas Scott Real Estate, will face a VCAT hearing after our Underquoting taskforce initiated its first disciplinary proceeding.
Disciplinary proceedings can lead to the suspension or permanent cancellation of an estate agent’s licence.
The taskforce reviewed multiple sales campaigns managed by Nicholas Scott. We allege that Skapoulas and his agency committed several breaches of underquoting laws for 11 separate properties they were engaged to sell, including:
- repeatedly supplying Statements of Information that did not comply with the law. Examples included advertising an indicative selling price lower than the estimated selling price they’d given the seller, or not listing the median selling price or comparable properties in the area
- failing to provide information as required under a statutory notice issued by our taskforce officers.
Skapoulos has almost 30 years’ experience as an agent. Nicholas Scott employs 3 other licensed estate agents, along with agents’ representatives.
Under Victoria’s underquoting laws, Statements of Information are important documents that must be provided for all properties for sale. They contain guidance for buyers who are assessing whether a property is likely to be one they can afford, including:
- the indicative selling price
- the median selling price for properties in the same suburb, and
- the details of 3 comparable properties recently sold, when available.
The matter has been listed for a directions hearing at VCAT on June 10.