Real Estate Agents Beware – Check Your Property Information!
Comments(4) 
Be aware of what you publish in your property advertising
Writing good property listings for the internet is all about content and creating cut through in a very cluttered market, but what content should be included?
In this day and age, real estate agents need to be aware of what they write and publish in listings either on the net or in traditional media.
In an article written by solicitor Tim O’Dwyer on the Australian Real Estate blog, he warns that information you provide in your listings, if found to be deceptive at a later stage, can result in you being sued and the contract cancelled.
Here’s a snapshot of some of Tims article: “The Supreme Court of New South Wales recently ruled that the buyers of an off-the-plan property were entitled to a rescission of their contract and a deposit refund because the estate agent for the developer had engaged in misleading and deceptive conduct. These inexperienced investor-buyers had relied on baseless representations in newspaper advertisements that the value of the inner city terrace units being marketed by the agent would double in five years. A major law firm soon issued a media release suggesting that, in a falling market, off-the-plan buyers might try to get out of deals done years earlier by relying on pre-contractual mis-representations. Property developers and their agents were warned “to carefully check the wording of their advertisements or other representations” to make sure they were “based in fact”, while any statements regarding future value must have a “reasonable basis” with further information being provided to qualify those representations”.
So be very careful what information you include in your on line property listing, check all information carefully before you include it and publish it on the net. Also make sure that you flag your properties as “under contract” or “sold” and move them to the sold data base on the portals when the deal is complete. I’ve had cases where the Qld Dept of Fair Trading had contacted me in my role with realestate.com.au after consumer complaints to them, about agents not flagging properties as under contract or sold. The consumers can get very annoyed about this and they don’t think very highly of agents who they see as wasting their time.
If in doubt, don’t include it, and if it’s sold, move it!
Particularly for us that is as we market our eco properties direct to buyers, so we’re unable to hide behind the shield of an estate agent to cover off the legal details of listings for us – however its worth it I think as we do like to deal with our clients directly!
Glad to find this detailed and interesting property blog, and though we’re on opposite sides of the world I hope to pop back occasionally.
Regards,
Pete
http://www.new-homes-cornwall.com
Thanks for your comments on this article.
Regards
Mike
Yes, it is very frustrating. I am spending long hours at the computer making lists, calling real estate agents only to find the property sold, under offer or removed from market.
Couple this with the photography which distorts the true size of internal space within, or the agents that advise a house is ideal and you take the time to visit the property, only to find it lacks specific requirements outlined to the real estate agent and its no suprise people are calling the Dept. of Fair Trading….!!