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REIV Auction advertising guidelines
To ensure consistency in advertising and to conform with good estate agency practice, in line with the
requirements of the Estate Agents Act 1980 and Estate Agents (Professional Conduct) Regulations
1997, the REIV expects its members to observe the following guidelines when advertising real estate
for sale by public auction -
1. If a vendor has advised a reserve at the time of listing or during the course of a sale campaign,
any price included in an advertisement must not be less than the vendor's reserve.
2. Whether or not a vendor has set a reserve, if a price range is to be included in an advertisement
the upper limit must not exceed 15% of the amount of the lower limit of the range and is to be
referred to as the “estimated selling range” (“ESR”)
3. An estimated selling range, must be one which in the professional opinion of the agent - formed
on the basis of his or her skill, experience and knowledge – he or she genuinely believes the
property may be sold, in light of current and relevant comparable sales evidence.
4. Estimated selling ranges in advertisements must be regularly reviewed to reflect any changes in
the agent's estimate of the current market price, and in particular where a vendor rejects a preauction,
unconditional cash contract of sale signed by the intending buyer(s) to purchase the
property.
5. A single figure price in an advertisement must not be advertised as a price plus, or in any other
manner which creates uncertainty about the selling price. Advertisements must not contain a
reference to an opening bid or estimated opening bid."
Example of REIV Guidelines in practice
Current practices that will no longer be used• Mid to high 500,000s
• $570,000 plus
• $380,000+
• $350,000+ Buyers
• Buyer Inquiry: $300,000 plus
• Buyer Inquiry Range: $300,000 - $400,000
• Low $600,000’s
• Opening bid $330k
• Suit $660,000 Plus Buyers
• $1.05 Mill to $1.25 Mil
• In excess of $550,000
• Price Guide $420,000+
• Quote price $270,000 plus
Advertising practices that will be allowed• estimated selling range: $400,000-$460,000
• $400,000
• NO PRICE DISPLAYED
[ 本帖最后由 patricb 于 2007-5-30 22:36 编辑 ] |
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