NSW Fair Trading has recently intensified its focus on underquoting, reinforcing the responsibility of licensed agents to uphold transparency and accuracy in property transactions. This heightened scrutiny is a timely reminder that our industry’s reputation relies on professional integrity, and that accurate quoting practices protect both agents and consumers alike.

Under the Property and Stock Agents Act 2002, agents must never advertise a property at a price lower than the reasonable estimated selling price agreed with the vendor. Estimates must be evidence-based, documented, and updated if conditions change. Fair Trading has confirmed that audits will increase in the coming year, with penalties of up to $22,000 per breach. Proposals are also being considered for a public register of sanctioned agents, underscoring the reputational risk associated with non-compliance.

While these changes may feel like regulatory tightening, they also represent an opportunity. By demonstrating best practice in quoting, agents can distinguish themselves as trusted professionals in an increasingly competitive marketplace. Accuracy in price guides not only ensures compliance but also strengthens vendor relationships and builds credibility with buyers.

What you can do now:

• Revisit your appraisal process to ensure all price estimates are evidence-based and properly recorded.

• Communicate openly with vendors about realistic market expectations, reducing the temptation to advertise below value.

• Review your agency’s supervision guidelines to confirm that quoting procedures align with Fair Trading requirements.

• Embrace transparency as a point of difference — positioning your agency as professional, reliable, and client-focused.

As an industry, we share a collective responsibility to maintain public confidence in property transactions. By treating accurate quoting as a cornerstone of good practice, we can not only meet compliance standards but also elevate the reputation of the profession as a whole.