Real Estate Agent Faces Licence Suspension Amid Ongoing Investigation
Josh Tesolin, a prominent real estate agent in Australia, has recently faced a significant professional setback. His real estate licence has been suspended by the New South Wales (NSW) Fair Trading for 120 days, effective from Friday. This development comes as part of an ongoing investigation into his practices, although the exact reasons for the suspension have not yet been disclosed.
The investigation reportedly began after NSW Fair Trading launched a compliance review targeting issues such as underquoting and customer complaints. Under NSW law, real estate agents are required to provide a reasonable estimate of a property's likely selling price within the agency agreement. Additionally, if a price range is used in advertising, the highest price must not exceed the lowest by more than 10%. Violations of these rules can lead to penalties of up to $22,000.
While the Daily Mail has not directly accused Tesolin of underquoting, it reported that he was under scrutiny due to these compliance concerns. Despite the official investigation, Tesolin remains one of the top-performing real estate agents in the country, having earned approximately $9 million in commissions over the past financial year.
Property Portfolio and Career Achievements
Beyond his success as a real estate agent, Tesolin and his wife, Sophia, have built a substantial property portfolio valued at over $15 million. This financial success underscores his reputation in the industry. However, his career has not been without challenges.
Just weeks before the licence suspension, Tesolin rebranded from Ray White to NGU, a Queensland-based real estate company. This move was confirmed by his lawyer, Lisa Jemmerson, who stated that the decision was made through a mutual agreement. According to Jemmerson, the partnership with Ray White would end at the end of July, allowing Tesolin to pursue his own business ventures.
Ray White had previously indicated that there were no plans to terminate the relationship, but the decision to part ways was ultimately made amicably. The rebranding marked a new chapter for Tesolin, as he joined NGU, a company that expressed enthusiasm about his arrival.
NGU's Perspective on the Partnership
NGU’s chief executive, Emil Jesuric, welcomed Tesolin to the company, describing it as “a new era” for the brand. He highlighted Tesolin’s achievements, including multiple number-one rankings on platforms like RateMyAgent and Realestate.com.au. Jesuric also emphasized shared values between the two organizations, such as trust, loyalty, and a commitment to excellence.
Tesolin’s departure from Ray White coincided with a compliance review initiated by the company, following public reports about his incentive fee structures. Ray White’s head office stated that they had agreed with Tesolin to conduct an internal review of his arrangements. The review aimed to assess whether there were any misalignments with client interests.
Ongoing Scrutiny and Future Outlook
As the situation unfolds, several parties involved have been contacted for further comment, including Josh Tesolin, NGU Group, and NSW Fair Trading. While the details of the suspension and the investigation remain under wraps, the incident highlights the importance of regulatory compliance in the real estate sector.
For now, Tesolin’s future appears to be tied to NGU, where he continues to build on his legacy as one of Australia’s top real estate agents. Whether this new venture will help him navigate the current challenges remains to be seen.