One of ‘s most divisive real estate agents has finally broken his silence after Daily Mail revealed that he and his agency were being investigated by NSW Fair Trading for underquoting and complaints.
Josh Tesolin, who made headlines in 2021 after he made $7million in commissions at just 26 years old, addressed the investigation publicly for the first time in a podcast interview with fellow agent Adrian Bo that was released on May 28.
Tesolin, who is the owner and principal of Ray White Quakers Hill in Sydney’s northwest, said the investigation had been ‘going on for three years, now’.
‘What are we being investigated for? Fair Trading came in, asked for files, we complied with the regulator,’ Tesolin continued.
‘Anything the regulator has asked, whether it be 500 files… three files… we have completely complied with the regulator at every single stage.’
Tesolin also took the opportunity to lash his critics, telling Bo they were simply jealous of his success.
‘As you know Adrian… tall poppy syndrome is a big thing in this industry,’ he said.
His admission about the long-running NSW Fair Trading investigation contradicts the statement the Ray White Group provided to Daily Mail a month earlier, which claimed that ‘Josh Tesolin is not aware of any personal investigation into him’.
‘Rather, on 16 March 2023, the corporate licensee responded to an investigation by NSW Fair Trading; since that date, there has been no penalty, fine or regulatory action taken by NSW Fair Trading against the corporate licensee or Mr Tesolin,’ it said.
A Fair Trading spokesperson confirmed this week that the investigation was ongoing.
‘The Strata and Property Services Taskforce within NSW Fair Trading is investigating Quakers Hill Ray White Real Estate and Josh Tesolin following proactive compliance blitzes into underquoting and complaints,’ they said.
‘As this investigation is ongoing, no further comment is available at this time.’
It’s understood the investigation will be completed in the coming weeks.
When contacted by Daily Mail about Tesolin’s comments on the podcast, Ray White said it was unaware of the ‘specific matters’ under investigation.
‘The Ray White Group has always offered its full cooperation and support to NSW Fair Trading in any investigation of its members,’ a spokesperson said.
‘In relation to Ray White Quakers Hill, we have still not been informed of the specific matters under investigation, despite being told by the media.
‘NSW Fair Trading have provided Ray White – the franchisor – with no formal communication regarding its investigation regarding Josh Tesolin.’
Daily Mail is not suggesting Tesolin has engaged in underquoting, only that NSW Fair Trading is investigating his agency in Quakers Hill.
In 2021, Tesolin was awarded the Number 1 Agent in by RateMyAgent, a title he secured four years in a row, from 2020 to 2023, standing out among over 60,000 real estate agents nationwide.
Never one to shy away from celebrating his achievements, Tesolin made a bold statement at a real estate conference in New Zealand, debuting a custom-made jacket adorned with images of properties he’s had a hand in selling.
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.
A property sold on June 5 by the Tesolin Group was guided at $950,000, much lower than the $1,145,000 it sold for in 2021.
The home in Riverstone ultimately sold for $1,351,000, a difference of 42 per cent from the reserve.
Tim McKibbin, the CEO of the Real Estate Institute of NSW, said it was unusual for a property to be listed for less than its previous sale price in the current market.
‘I’m not shocked that it was marketed at a lower price, but generally, you wouldn’t expect a property to sell for less than it previously did,’ he told Daily Mail .
‘There could be a multitude of factors influencing this, the property may have been damaged, or there may have been changes in the surrounding area.
‘All of these elements can impact a property’s value.’
The agent interviewing Tesolin, Mr Bo, made headlines in 2019 after he was forced to resign from McGrath Real Estate in the city’s eastern suburbs.
His resignation came in the wake of an investigation into a complaint that Bo had reportedly asked a much younger staffer ‘how many c***s he had sucked?’
The former McGrath Real Estate agent owns a boat, named ‘Inappropriate’.