A PROMINENT real estate agent has called for a ban on auction price guides in a bid to end the practice of “price baiting”.
Greg Scherwinski said he was sick of “lazy agents” advertising homes for less than a vendor’s asking price in order to lure in more interested buyers.
JPP Buyer Advocates director Ian James said he had seen some “ludicrously low” quotes, but banning of price guides would not stop price baiting or underquoting.
“It’s like not wanting people to speed anymore and doing so by removing all speed limits,” Mr James said.
“Price baiting needs to be addressed, but it is a very complex issue and every system you can think of that benefits buyers will be a detriment to sellers, and vice-versa.”