A second high-performing real estate agent from Quakers Hill in Sydney’s north-west has had his licence suspended by NSW Fair Trading amid allegations of misleading price estimates. Deepak Bangarh, owner and principal of DKB Real Estate, faces a 60-day suspension while regulators investigate his sales price estimates, marking another blow to the suburb’s real estate reputation.
The suspension follows an ongoing investigation by the Office of Fair Trading into Bangarh’s business practices. According to the regulator, investigators claim Bangarh failed to include reasonable estimated selling prices in agency agreements, potentially misleading both property vendors and buyers.
Real Estate Agent Suspension Highlights Quakers Hill Problems
The real estate agent suspension comes just six months after Josh Tesolin, another top-selling Quakers Hill agent, had his licence suspended by Fair Trading. Tesolin faced allegations including dummy bidding, underquoting, high-pressure sales tactics, and producing false documents.
NSW Fair Trading Commissioner Natasha Mann emphasized the seriousness of the violations in a statement. “The manipulation of estimated selling prices and the advertising of a property for less or more than its estimated selling price misleads consumers and vendors, and causes costs, delay and time wasted,” Mann said.
Bangarh’s real estate company has been placed under the management of McGrathNicol partner Matt Fehon during the suspension period. However, Bangarh has strongly denied any wrongdoing, stating he feels like “a victim of jealousy and discrimination as a migrant from other agents locally working against me.”
Sydney Emerges as Underquoting Capital
The crackdown on questionable real estate practices follows an investigation revealing widespread underquoting across Sydney. Research conducted last year found that almost half of all property sales at auction in Sydney sell for more than 10 per cent above the advertised guide price, earning the city the dubious title of Australia’s underquoting capital.
Additionally, the investigation prompted the Minns state government to announce new regulations in November. The proposed rules would penalize agents with fines equivalent to three times their sales commission for offering misleading price guides.
Meanwhile, the new regulations would also mandate price guides on all advertising and require agents to provide buyers with a statement of information backing up their estimated sales price claims. These measures aim to protect consumers from deceptive property marketing tactics.
Bangarh’s Rise and Fall
Bangarh’s suspension represents a dramatic reversal of fortune for the agent. Earlier this year, he was ranked third nationwide in an industry Real Estate Business Dealmakers Award, recognizing his sales performance.
In contrast to his previous success, Bangarh now faces professional scrutiny. His business had flourished following Tesolin’s suspension last August, with Bangarh completing 139 sales throughout the previous year.
According to fellow Quakers Hill agent Peter Diamantidis from Ray White United Group, Bangarh’s business approach had begun to mirror Tesolin’s methods. This included wearing colorful suits and heavily utilizing social media platforms to promote his sales results.
Tesolin Faces Extended Suspension
Josh Tesolin’s initial suspension was scheduled to end in December, but the regulator imposed a second suspension extending until April. The latest allegations against Tesolin include claims of operating an incentivized commission scheme.
Previously, an investigation revealed that Tesolin’s record-high commissions were driven by a questionable payment structure. Clients were reportedly charged tens of thousands of dollars extra through last-minute incentive payments, according to leaked office communications.
Following the controversy, Ray White terminated its franchise agreement with Tesolin and his Quakers Hill office. Tesolin subsequently relaunched his business under the NGU banner before pivoting to online agent coaching through his Peak Mentoring business.
Bangarh’s 60-day suspension will remain in effect while Fair Trading continues its investigation. Authorities have not confirmed whether additional disciplinary action may follow, or if the case could result in permanent license revocation pending the investigation’s outcome.
