Victoria’s Statement of Information requirements continue to challenge Melbourne agents. The compliance burden is significant, and getting it wrong carries consequences. Technology can help—but only if you choose and implement tools correctly.

The Compliance Challenge

The Statement of Information requires agents to provide:

• Indicative selling price
• Three comparable sales
• Median house/unit price for the suburb

This information must be provided to prospective buyers before they inspect and must be updated if circumstances change. The comparable sales must be genuinely comparable, and the indicative price must reflect realistic vendor expectations.

The penalties for non-compliance are substantial, and Consumer Affairs Victoria has shown willingness to investigate complaints.

Manual Process Problems

Agencies handling Statement of Information manually face several challenges.

Time consumption: Researching comparable sales, calculating medians, and producing compliant documents for each listing consumes hours that could go toward revenue-generating activity.

Consistency issues: Different agents within the same agency may interpret requirements differently, creating compliance risk.

Update management: When prices change or new comparable sales emerge, manual updating is error-prone and often neglected.

Documentation gaps: Proving compliance requires documentation. Manual processes often fail to create adequate records.

Technology Solutions

Several technology approaches address Statement of Information requirements.

Integrated CRM solutions: Modern CRMs serving the Victorian market include Statement of Information functionality. They pull comparable sales data automatically, calculate medians, and generate compliant documents integrated with listing workflows.

Dedicated compliance platforms: Standalone tools specifically for Statement of Information compliance exist. They focus purely on this function but require integration with other systems.

Data platform features: PropTrack, CoreLogic, and similar data providers offer tools that identify comparable sales and produce compliant documentation. These leverage their data assets effectively.

Document automation: Template-based systems that populate Statement of Information documents from listing data reduce manual effort while maintaining compliance.

Selection Criteria

When evaluating Statement of Information technology, consider:

Data quality: The tool is only as good as its comparable sales data. Ensure it accesses comprehensive, current sales information.

Integration: Does it work with your existing CRM and listing management? Standalone tools that require double entry defeat the efficiency purpose.

Update automation: Can the system alert you when updates might be needed? Proactive compliance management prevents problems.

Audit trail: Does the tool document when Statements were produced and provided? This documentation is valuable if compliance is questioned.

Ease of use: Complex tools that agents avoid using provide no benefit. Simplicity drives adoption.

Implementation Advice

Successful Statement of Information technology implementation requires more than purchasing software.

Training: Ensure every agent understands both the legal requirements and the technology that supports compliance. Knowledge gaps create risk.

Process integration: Build Statement of Information generation into listing setup workflows. If it’s an afterthought, it gets forgotten.

Quality checking: Review Statement of Information documents before distribution. Technology assists but doesn’t eliminate the need for human oversight.

Regular audits: Periodically check that procedures are being followed and documents are being produced correctly.

The Compliance Culture

Technology enables compliance but doesn’t create compliance culture. Agencies that treat Statement of Information as a tick-box exercise rather than a genuine buyer protection mechanism eventually have problems.

The best agencies view these requirements as opportunities to demonstrate professionalism. Thorough, accurate Statements of Information build buyer trust and differentiate agencies that take obligations seriously.

Technology should support this professional approach, not enable minimum-viable compliance.

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Linda Powers advises Victorian agencies on compliance technology and processes. Statement of Information requirements represent one of several areas where technology reduces compliance burden while improving outcomes.