One of the most talked about topics in the real estate industry for the last six months has been the recently enacted Queensland legislation, which bans the use of auction price guides. By far the most controversial aspect of the new Property Occupations Bill, there is now talk that some other states may soon follow suit.
The legislation will not be enacted for 3-6 months but it is important that we, as agents, and you as sellers and or buyers are aware of the new process.
How will we handle the inevitable price question from buyers if we can’t provide a guide? And how do we attract potential buyers to your property without some price indication to entice?
The solution is that we can provide a list of recent sales with the vendor’s written permission which can be made available on enquiry. This fits in with Queensland’s new legislation and allows agents to give a list of comparable sales to buyers.
We note here the definition of the word “give”, which implies a physical act. It doesn’t mean talk about or even discuss, it means handing over a list of comparable sales to assist the buyer in their own formulation of a price.
For the seller it means giving permission for your agent to give the prospective buyer the recent comparable sales and for the buyer it means that you have to make up your own mind on the value of the property and bid accordingly.
Agents will be permitted to load listings on a property portal website in accordance with current practices.
Ref: REIQ & Jason Andrew