How to deal with Underquoting

In this episode, I unpack the murky (and often maddening) world of underquoting in Victoria—what it is, why it happens, and how you can protect yourself as a buyer. With over 13 years experience as a buyer’s agent, I’ve seen just how widespread and frustrating this issue is, and I’m breaking down not just the rules, but the real-world implications, examples, and strategies you need to know.🔍 What I Cover:What underquoting actually is (according to Consumer Affairs Victoria)The 3 rules agents must follow when quoting a priceWhy Statement of Information pricing isn't always trustworthyReal examples of dodgy quoting practicesWhy some agents are “technically” following the rules but still misleading buyersHow agents can use old or non-comparable sales to justify low quotesThe grey areas where the law is hard to enforceWhat changes trigger a quote range update—and why that rarely happensWhy you shouldn't assume all agents (or quote ranges) are dodgyTips for decoding quote ranges before wasting time or moneyThe uncomfortable truth: underquoting works (and that’s why it persists)The conflict agents face when trying to be ethical in an unethical environment💡 Key Takeaways:✅ Underquoting is illegal, but hard to prove✅ The Statement of Information can be manipulated—do your own comparable sales analysis✅ If a vendor has rejected an offer based on price, the quote range must be updated✅ If rejected based on terms, it doesn’t mean they have to update the quote range ✅ If the vendor won’t consider pre-auction offers, the agent isn’t required to pass yours on✅ Ask smart questions like:“Can I confirm the top of the range would buy the property, assuming terms are acceptable?”🛠️ What You Can Do:✅ DO:Educate yourself on comparable salesLearn what legislation agents must followDon’t be afraid to ask direct but polite pricing questionsTrack what properties are selling for, not just what they're quoted atKnow your market and monitor sale trends🚫 DON’T:Assume all agents are doing the wrong thing (but don’t take them at face value either)Start a fight with an agent during the negotiation phase—it can backfireWaste money on building inspections without clarity on the vendor’s expectations🧠 Final Thoughts:There’s no perfect solution to underquoting. It’s an issue of compliance, competition, and at times—plain old bad behaviour. But as a buyer, you’re not powerless. Knowledge is your best defence.And remember my motto:Never let a bad agent, or a bad vendor, come between you and a good property.🔗 Resources:Consumer Affairs Victoria – Underquoting