Australia’s top-ranked real estate agent has had his licence suspended by NSW Fair Trading.
Joshua Tesolin’s suspension, which came into effect on Friday, will remain in place for 120 days, according to the NSW Fair Trading website.
The exact reason for the suspension has not been confirmed, but it comes in the wake of an investigation by NSW Fair Trading into Mr Tesolin, first reported by Daily Mail.
In a statement to Daily Mail, the department previously said that Mr Tesolin and his agency were under investigation due to ‘following proactive compliance blitzes into underquoting and complaints.’
Under NSW law, real estate agents must provide a reasonable estimate of a property’s likely selling price in the agency agreement.
If a price range is used in advertising, the highest price must not exceed the lowest price by more than 10 per cent. In NSW, underquoting is an offence, attracting penalties of up to $22,000.
Daily Mail doesn’t suggest that Mr Tesolin has engaged in underquoting, only that NSW Fair Trading was investigating him.Â
Despite the official scrutiny, the western Sydney-based agent was one of Australia’s highest-performing agents, reportedly raking in $9million in commissions over the past financial year.
Josh Tesolin (pictured), Principal of NGU Quakers Hill (formerly Ray White) has had his real estate licence suspended by Fair Trading NSW
The NSW Fair Trading website shows that Josh Tesolin’s real estate licence has been suspended
Tesolin isn’t just a top-selling real estate agent – he and his wife, Sophia, have amassed a property portfolio estimated at more than $15million.
It comes just weeks after Mr Tesolin rebranded from Ray White, to Queensland-based NGU.Â
The rebrand was confirmed by his lawyer, Lisa Jemmerson, in a statement to Daily Mail.Â
‘Ray White and Josh Tesolin, Australia’s number one real estate agent, today announced they will be parting ways at the end of July following a mutual agreement that supports Tesolin’s ambitions to further his own business ventures,’ she said.
Ms Jemmerson emphasised the decision to part ways was mutual, despite Ray White previously telling Daily Mail there were ‘no plans to terminate’ the relationship.
NGU chief executive Emil Jesuric bragged about Mr Tesolin joining the company in a post to social media, calling it ‘a new era’ for the expanding real estate brand.
‘[NGU is] excited to officially welcome Josh Tesolin, Australia’s #1 Agent, and his powerhouse team to the NGU family,’ Mr Jesuric wrote.Â
He praised Tesolin’s accolades, including multiple number-one rankings by RateMyAgent and Realestate.com.au, and highlighted their shared values of trust, loyalty, and a relentless drive for excellence.Â
NGU group CEO Emil Jesuric bragged about Tesolin rebranding to them just weeks before Tesolin’s licence was suspended
Mr Tesolin and his wife Sophia (right) have amassed a major real estate portfolio worth $15million
Mr Tesolin’s departure came in the face of a ‘compliance review’ initiated by Ray White, following public reports relating to his incentive fee structures.
‘Given the seriousness and very public nature of the allegations regarding the incentive fees, we have agreed with Josh that we will undertake our own compliance review into his incentive fee arrangements,’ Ray White’s head office stated.
‘This will include looking at the nature of these arrangements, how they operated, and whether there was any misalignment with client interests.’
Daily Mail Australia has contacted Josh Tesolin, NGU Group and NSW Fair Trading for comment.
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Bombshell update on Josh Tesolin, Australia’s top real estate agent at the centre of a Fair Trading probe