Revealed: The real estate agents that copped multiple underquoting fines

As Fair Trading Minister Anoulack Chanthivong mulls tougher penalties for underquoting, the real estate agents who copped multiple fines can now be named.

Repeat real estate underquotes should be forced to declare their offences on advertising material, the state Opposition says, as part of a crackdown to stop agents wasting buyers’ time and money.

The Saturday Telegraph can now reveal the four agencies who copped multiple $2,200 fines for giving low-ball price estimates last year, as Fair Trading Minister Anoulack Chanthivong mulls tougher penalties.

The Telegraph revealed last week that 95 fines were issued for unlawful underquoting last year, copping penalties the Opposition has called a “slap on the wrist”.

Four of those fines were issued to Ray White Eastern Beaches.

Asked for an explanation, the agency’s principal and head of property management James Hayashi said the company was “deeply sorry”.

Ray White Eastern Beaches copped four underquoting fines. The agency’s principal James Hayashi said the company was “deeply sorry”. Picture: Tim Hunter

“We acknowledge the fines and we want to sincerely apologise for them,” Mr Hayashi told the Telegraph.

He said that some of the company’s agents “did not have the correct understanding of certain points of the legislation”.

“To address the issue and prevent any future concerns, we have undertaken extensive compliance training,” Mr Hayashi said.

Fair Trading Minister Anoulack Chanthivong is considering tougher penalties. Picture: NewsWire/John Appleyard

Three other agencies were issued two fines each in 2024.

Inner West real estate agency Adrian William copped two penalties, which director William Pereira blamed on “genuine human error”.

“In both instances, there was genuine human error and issues with our processes and procedures, which we have subsequently rectified,” Mr Pereira said.

Underquoting is, anecdotally, rife in Sydney.

He said the company has employed a “full-time compliance officer,” and implemented more training.

“We have made every effort to meet our legal and ethical obligations in all transactions that we have facilitated, and genuinely agree with calls for industry reform.

Raine & Horne Ashfield received two fines last year, relating to an apartment on Chandos Street Ashfield.

Principal Tony Andreacchio said he was fined because he failed to communicate a change in the property’s guide price to every potential buyer who had inquired.

The property’s “estimated selling price” on the agency agreement was listed as being between $800,000-$870,000.

The initial guide given was $805,000, before being increased to $875,000-$900,000. The property sold under the hammer for $970,000 in June.

“We maintain that it was (a) communication process (error) rather than misleading on price,” he said.

Frank Bartolone’s company Bartolone Pty Ltd was also fined twice. Mr Bartolone works at McGrath Estate Agents in Liverpool.

Mr Bartolone was contacted, but did not respond.

Opposition Fair Trading spokesman Tim James said repeat offenders should be forced to “prominently disclose their offences,” including on advertising.

“Repeat offenders with a pattern of offences, if they continue to hold a license, should be obliged to give notice openly and publicly of their track record and this should extend to advertisements,” he said.

Minister Chanthivong said he had asked bureaucrats to give him advice on “potential changes to the law to ensure that the laws prohibiting underquoting … are as robust as possible, and that the penalties are an adequate deterrent”.

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Originally published as Revealed: The real estate agents that copped multiple underquoting fines