A high-profile real estate agent is being investigated by the consumer protection regulator over accusations of underquoting.
Josh Tesolin and the Ray White branch at Quakers Hill in north-west Sydney are being probed by NSW Fair Trading.
Mr Tesolin is regarded as one of Australia’s top-performing agents and made headlines after earning $7million in sales commissions at just 26 years old in 2021.
He has collected numerous industry awards and his agency gained recognition in 2022 after selling a remarkable 549 homes in just one year.
A NSW Fair Trading spokeswoman told Daily Mail Australia an investigation had been launched ‘following proactive compliance blitzes into alleged underquoting and complaints’.
‘As this investigation is ongoing, no further comment is available at this time,’ she said.
Underquoting is an offence in NSW, with agents facing fines of up to $22,000 for failure to comply.
Under NSW law, agents must provide a reasonable estimate of a property’s likely selling price in the agency agreement.
High-profile real estate agent Josh Tesolin (pictured) is being investigated by the consumer watchdog over accusations of underquoting
Josh Tesolin (pictured) made headlines in 2021 for earning $7million in sales commissions
Josh Tesolin’s (pictured) agency Ray White Quakers Hill sold 549 homes in 2022
If a price range is used in advertising, the highest price must not exceed the lowest price by more than 10 per cent.
Daily Mail Australia does not allege Mr Tesolin has engaged in underquoting, only that there is reason for NSW Fair Trading to investigate him.
Bluestone Property Corporation director James Anderson said several factors could lead to properties being sold well above the price guide.
‘Often properties that are going to auction can usually sell for up to (or beyond) 10 per cent above the top end of the quote range because auction conditions provoke emotional, competitive buying,’ he said.
A Ray White spokesman told Daily Mail Australia the agency was ‘proud of our transparency, professionalism and adherence to NSW Fair Trading requirements’.
Daily Mail Australia contacted Mr Tesolin for comment.
