The underquoting reforms are no longer just another proposed legislative change. The Property and Stock Agents Amendment (Underquoting and Other Agent Conduct) Act 2026 has now passed, marking one of the most significant changes to residential property sales in NSW in recent years. 

While much of the discussion has focused on increased penalties and new advertising requirements, the bigger story is this: compliance is no longer just about individual agents. It's about the systems, processes and supervision that sit behind every property campaign. 

The agencies that will be best placed under the new framework aren't necessarily the biggest. They're the ones that have taken the time to review how they work. 

1. Can You Support Every Price Guide? 

Every estimated selling price should be backed by evidence. 

Comparable sales, current market conditions, buyer demand and the property's individual characteristics should all contribute to how a price guide is determined. Just as importantly, there should be a clear record explaining how that estimate was reached. 

If NSW Fair Trading asks how a price guide was established, agencies should be able to demonstrate the reasoning behind it with confidence. 

2. Are You Reviewing Price Guides Throughout the Campaign? 

A price guide isn't something that's set on day one and forgotten. 

As buyer feedback, written offers and market conditions change, agencies should regularly review whether the estimated selling price remains reasonable. If it doesn't, it should be updated, the seller notified and marketing amended where required. 

Having a documented process for reviewing campaigns helps ensure pricing remains accurate throughout the sales journey. 

3. Are Your Salespeople Consistent? 

One of the biggest compliance risks isn't intentional underquoting. It's inconsistency. 

If different members of the team are giving different price expectations, recording conversations differently or handling vendor instructions in different ways, the risk of complaints increases. 

Clear internal procedures and regular training help ensure every salesperson follows the same approach. 

4. Is Your Licensee in Charge Across Every Campaign? 

The new reforms reinforce something the industry has been seeing for some time: supervision matters. 

Licensees in Charge should have visibility over how price guides are determined, when they're reviewed and whether the agency's procedures are being followed consistently. 

Good supervision isn't about checking paperwork after a property has sold. It's about providing oversight throughout the campaign. 

5. Have You Reviewed Your Agency's Procedures? 

Many agencies already have procedures for pricing, record keeping and vendor communication. The question is whether they've been reviewed since the legislation passed. 

Now is an ideal time to revisit your internal processes and ask: 

• Are our pricing procedures documented? 

• Does every team member understand them? 

• Are we keeping the records Fair Trading expects? 

• Would our systems stand up to scrutiny if we were audited? 

The answers to those questions could make all the difference. 

The Opportunity Behind the Reform 

Every legislative change brings additional compliance obligations. It also presents an opportunity to strengthen professional standards across the industry. 

Agencies with strong systems, clear procedures and well-trained teams won't just reduce regulatory risk. They'll build greater confidence with vendors, buyers and their own staff. 

How Under the Hammer Can Help 

Keeping up with regulatory change is becoming an increasingly important part of running a successful agency. At Under the Hammer, we help real estate professionals understand legislative reforms and, more importantly, how to apply them in practice. Through our CPD programs, compliance training and practical resources, we support agencies to build stronger systems, improve supervision and stay ahead of regulatory change. 

Because good compliance isn't just about knowing the rules. It's about having the right processes in place before you need them. 

Contact our team today to see how we can help you.