Sales volumes drop and agents need to be mindful of their obligations.

In Victoria, the Estate Agents Act governs the conduct of estate agents in the state. The act sets out a range of legal obligations and requirements that estate agents must follow to ensure they act fairly and ethically towards both buyers and sellers.

One of the key obligations under the act is that estate agents must provide accurate information and feedback to both buyers and sellers. This means that agents must ensure that all information provided about a property is correct and not misleading in any way. They must also provide timely and honest feedback to both buyers and sellers throughout the sales process.

Another important obligation under the act is the requirement for estate agents to act in the best interests of their clients. This means that agents must prioritise the needs and interests of their clients over their own. They must also disclose any conflicts of interest and act transparently at all times.

The Estate Agents Act also sets out a range of consumer protection measures to ensure that buyers and sellers are not taken advantage of by unscrupulous agents. For example, agents must provide a written statement of their fees and charges before any agreement is signed. They must also provide clear and accurate information about the property being sold, including any representations to a buyer in regards to offers submitted. For example, you cannot tell a buyer the property is under multiple offer, if this is not the reality.

The Estate Agents Act is designed to ensure that real estate agents in Victoria act fairly and ethically towards both buyers and sellers. By following the requirements and obligations set out in the act, agents can help to build trust and confidence in the real estate industry and provide a better service to their clients.

If you're an agent and your volumes are dropping, be mindful of not ruining your reputation by trying for a quick fix by turning to high pressure sales or misleading tactics. You will benefit in the long run, and lets face it, real estate sales is a long game, by building trust and sales results that you can use to create a significant impact in your market place.

Treating everyone fairly, in the end, just makes great business sense.