- The underquoting law in Victoria has meant all listings have to reveal prices
- Seymour agent Sammi Russo has revealed how to find this on realestate.com.au
- Her TikTok account has blown up, and she now has over 7,000 followers
Trawling through the property listings sites can leave some people frustrated when there is no price showing.
Twenty years or so ago, listings in newspapers often did not show the price or even the address of the property. Those days are gone.
Online sites now show exactly where the properties are on a map, and most display a price, or price range, or something.
But what if the display says ‘POA’ (Price on Application)?
You could spend some time playing around with the price filters, to see where the listing appears, or not. Every property has to have a price in the back end of the listings website, even if it is not to be displayed.
But, thanks to a new underquoting law in Victoria, there’s actually a simpler solution.
What is Underquoting?
According to Consumer Affairs Victoria, underquoting can occur when a property is advertised at a price that:
- is less than the estimated selling price
- is less than the seller’s asking price
- has already been rejected by the seller.
In Victoria, real estates have an obligation to show:
- the estimated selling price
- comparable property sales
- a Statement of Information for prospective buyers, and
- advertising prices, terms and symbols.
These underquoting laws only apply to sales authorities signed on or after 1 May 2017.
Real estate agent Sammi Russo has been working in the industry since 2011, and has recently been using TikTok to answer client questions with short, snappy videos.
Earlier this week, in one of these videos, she let the cat out of the bag, showing viewers how to scroll down to the ‘Statement of Information’ on one of her realestate.com.au listings.
Within the statement, the house price, a median price for the suburb and three comparable recent sales are displayed.
But only in Victoria.
Meanwhile, the video in question (which you can see on Ms Russio’s TikTok account @sammirusso) has blown up and she now has over 7,000 followers.
Ms Russo has been using TikTok in an innovative way, answering questions from buyers. The ‘where do I see the price if it’s not listed?’ question was the one that took off.
Being mentioned on Channel Seven News probably also helped.