Stick to developer’s price list


estate agents should not advertise a residential property at any price, rental or terms different from that instructed by the client concerned.

Otherwise, they may be subject to disciplinary action by the Estate Agents Authority.

The authority had received an anonymous complaint regarding an online advertisement of a first-hand residential property, posted by an estate agency on an online platform, listing the home at HK$16 million.

But according to the developer’s price list on the Sales of First-hand Residential Properties Electronic Platform, prices at that project ranged from HK$16.567 million to HK$21.541 million.

The estate agency claimed it had received a special notice from the developer saying the price could be adjusted to HK$16 million or less.

However, upon EAA’s inquiry, the developer said it did not instruct any appointed estate agency to adjust the listed amount from that stated in the price list.

The EAA disciplinary committee found the estate agency issued an advertisement in which the property price stated was different from that instructed by the vendor.

Thus, it was in breach of section 9 (3) of the Estate Agents Practice (General Duties and Hong Kong Residential Properties) Regulation, which states: “A licensed estate agent shall not cause or permit to be advertised a residential property in respect of which he is acting as agent at a price or rental or on terms different from those instructed by the client concerned.”

As a result, the EAA disciplinary committee reprimanded the estate agency and fined it HK$3,000.

(08 February 2018)

(Published in The Standard)