Nelson Alexander is committed to applying responsible price quoting to each property that is offered for sale.
Government legislation provides very clear guidelines for estimating a likely sale price or selling range for a property. Changes in legislation now make it an offence to deliberately over quote a likely selling range to a potential seller and deliberately under quote a likely selling range to a purchaser.
The ACCC guide to the Trade Practices Act for the Real Estate Industry states:
"It is now an offence under some state and territory fair trading legislation for an agent to quote an estimate of the selling price that does not reflect its true value, for example, overstating a selling price to an owner."
The REIV Guide for Buyers & Sellers states:
"The practice of deliberately overstating an estimated selling price to encourage a seller to engage the services of an agent is known as over quoting. It is illegal for an agent to mislead a seller or prospective seller about the estimated selling price of a property."
We are required by law to give an indication of where a 'willing but not anxious' buyer is likely to see value in your property and then apply responsible quoting to the market place.
In some instances a property can command a premium price that is over and above our 'reasonable' estimate of fair market value through competition and varying market conditions.