We have recently received an update from realestate.com.au in relation to their service and the displaying of pricing information within their systems.
In our system, you have a number of options in relation to pricing. The search price field is never displayed but is used to determine sorting and search results. The other pricing fields are used to determine what pricing is displayed on the listing on the various sites that we upload listings to.
We have received notification that from December 3 2018, REA will be making changes to the what is displayed on listings in their system based on the relationship between the search price and the display price.
This is the correspondence from REA:
We’re emailing you to let you know that, as of the 3rd of December 2018, we will be changing the way we deal with the relationship between search price and display price.
These changes have been carefully considered by our teams and are being made to help improve our site experience by reducing instances where there is a material difference between the price displayed on a listing and the search price. This change is in line with our Acceptable Use Policy.
Any listings loaded to our site from the 3rd of December with a display price outside of 10% of the search price will have the display price removed from the listing and replaced with “Awaiting price guide”.
This will also generate an error notification during XML processing, however, this error will not block the listing from processing, rather it will be in place as a prompt to ensure that the agency and you are alerted to these actions and can correct this discrepancy.
Once any corrections are made to the listing and the 10% discrepancy is corrected, the listing will be displayed as normal on our site.
If you have any questions regarding these changes, please do not hesitate to contact us.
The team at Realestate.com.au
In general terms this will mean that if there is a difference greater than 10% between the search price and the displayed price that is entered, REA will still process and display the listing, but will show the words “Awaiting Price Guide” in the pricing display until such time as the difference is rectified.
EAC is not privy to the reasoning that was used by REA to make this change but, based on the 10% variation used, it may well be in response to continued practices of underquoting by some agencies in NSW.