Jail Time for Real Estate Agent

The SMH reported on Friday that a Melbourne real estate agent who cheated an elderly man into selling his property to him for half the market value has been jailed for 2 years. Apparently the dodgy agent was commissioned to sell the property valued at $300,000 and ended up purchasing the property himself for $150,000.

Not only did the agent pay half the market value of the property but he broke industry laws buy purchasing a property his agency was commissioned to sell. At the time the agent and his wife owned a Ray White Franchise in Doncaster Melbourne. Shortly after the allegations arose, Ray White cancelled his franchise. Since then the agent, his wife and daughter have run another major real estate agency franchise in Doncaster East.

Consumer advocate Neil Jenman said the incidence of real estate agents buying undervalued properties was rife in the residential market and more agents should be prosecuted by the justice system, rather than face industry fines.

It is great to see authorities catch up with these rogue agents, lets hope this sets a benchmark for what is unacceptable in the industry.

Source SMH 22/8