New laws prohibiting real estate agents from encouraging prospective tenants to offer higher rents than advertised have been introduced today.
The reforms to the Property and Stock Agents Regulation announced earlier this week will require real estate agents to advertise rental properties with a fixed amount rather than a price range or by negotiation.
“I encourage real estate agents to familiarise themselves with the new regulations and ensure they comply with them in their dealings with renters.” From Saturday, real estate agents are also no longer allowed to invite, suggest or encourage a prospective tenant to offer an amount higher than the advertised rent for the property.Those who breach the new regulations can be issued with an on-the-spot fine of $1,000 for a corporation or $550 for an individual.
“While the initial focus of NSW Fair Trading is on educating the industry, there will also be regular compliance campaigns and strict enforcement action,” he said. “Every single weekend you're seeing a nuclear arms race when it comes to rents across the residential market in Sydney,” Opposition Leader Chris Minns said.
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