Do you comply with CAV Price Guidelines?
To avoid your agency being fined more than $29,000 for breaching the price guidelines, ensure you know your obligations in complying with the rules.
Underquoting property prices by Victorian Real Estate Agents is constantly in the Media and CAV are clamping down on Agents. The current CAV guidelines include the following points:
- If a price range is advertised or quoted, the lowest amount in the range must not be less than the vendor’s selling price. If the vendor has not provided a selling price, the lowest amount in the advertised price range must not be less than your current estimate of the likely selling price.
- Price advertising, marketing and advice must be updated for any genuine offers on price which are rejected by a vendor during a sales campaign.
- If the lowest amount in the range falls below your estimated selling price or the vendor’s selling price, the practice is misleading and constitutes underquoting.
- Price plus (+), over, in excess of (>), from, quoting greater than, expect over, offers invited from are considered misleading.
Ensure you have a copy of a printed comparables report in your sales folder associated with the property which will provide supporting evidence on how you derived at your price quote range.