Top-ranking Sydney real estate agent suspended
Just as Sydney claims its dubious status as Australia’s underpriced capital, Quakers Hill looks to be ground zero for questionable property tactics after a second top-performing local agent was suspended.
Deepak Bangarh, owner and director of DKB Real Estate in the heart of the northwestern suburbs, has had his real estate license suspended for 60 days by the industry regulator amid an ongoing investigation into sales price estimates.
It comes six months after Quakers Hill’s star sales rep Josh Tesolin’s real estate has been suspended By the Office of Fair Trading over allegations of fraudulent bidding, underquoting, high-pressure sales tactics and the production of false documents.
“Manipulation of estimated selling prices and advertising a property for less or more than the estimated selling price misleads consumers and sellers and causes costs, delays and loss of time,” NSW Fair Trading Commissioner Natasha Mann said in a statement.
The crackdown on agency behavior by Fairtrade follows an investigation. Sydney Morning Herald And Age Almost half of all property sales revealed at auction in Sydney last year Sell to more than 10 percent of the directorymaking it the underquoting capital of Australia.
Last November, the Minns state government publish new rules This will penalize agents with three times their sales commission for providing misleading price guides, as well as mandatory price guides in all advertising and providing buyers with a statement of information supporting estimated selling price claims.
Fair Trade investigators in Bangarh allege that he failed to include a reasonable estimated selling price in his agency agreement.
The suspension orders also apply to Bangarh’s private real estate company, which is currently under the management of McGrathNicol partner Matt Fehon.
Bangarh’s suspension is a pretty bad development since his famous debut in the industry, when he was ranked third nationally in the Real Estate Business Dealmakers Award.
“I know I didn’t do anything wrong,” Bangarh said. “As an immigrant, I feel that I am the victim of jealousy and discrimination from other agents working against me locally.”
Bangarh’s real estate business had improved following Tesolin’s four-month suspension last August. Bangarh had 139 sales last year.
Fellow Quakers Hill agent Peter Diamantidis, of Ray White United Group, a separate local agency, said Bangarh’s success had recently begun to emulate Tesolin’s, not just in terms of turnover but also thanks to its colorful suits and heavy reliance on social media to publicize its results.
At the time of his suspension last August, Tesolin was named Ray White’s top manager and had earned more than $9 million in commissions in the last financial year.
Tesolin’s suspension was scheduled to be lifted last December, but he was given a second suspension until April, pending possible disciplinary action. The regulator’s latest allegations include allegations regarding an incentive commission scheme.
Tesolin hasn’t shyed away from his success over the years, speaking openly about his Gucci shoes and Rolex watches at industry events. The family’s wagon was a Bentley Bentayga and they owned a real estate portfolio worth more than $15 million.
However, last July investigation into business conduct by this masthead It revealed that its record-high commissions were fueled by a dubious, incentivized commission scheme in which customers were charged tens of thousands of dollars extra through a last-minute incentive payment.
The plan was detailed in a leaked team SMS chat shared by the wider Tesolin office, detailing how Tesolin could increase its commissions to a total of $420,000 in one day.
Tesolin has previously denied allegations that it violated any relevant property laws.
Ray White initially sided with his star agent, but a few weeks later announced the mutual termination of the franchise agreement with Tesolin and the Quakers Hill office. The next day, Tesolin restarted his real estate business under the NGU banner.
More recently, Tesolin has pivoted from real estate sales to training the next generation of agents through his online coaching business, Peak Mentoring.
Once listed, the Bentley family sold for $260,000 and the family home in Bella Vista was rented. Two of the investment properties purchased by Tesolin in 2024 were put up for sale again. The home he bought in North Kellyville in 2024 for $1.5 million was listed for sale last month for $1.7 million, while a home he owns in Kellyville Ridge was listed for sale with a guide of $1.58 million.
Tesolin is currently located in Rozelle, where he listed and then purchased a parkside home in the inner west in 2024 for $2.2 million.
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Lucy Macken is an investigative reporter for The Sydney Morning Herald.Connect with: X or email.
