Accused of dummy bidding and underquoting, ‘Teflon’ Josh still rakes it in despite suspension

The multimillion-dollar business of Josh Tesolin looked to be on hold, at least temporarily, when he was suspended last month by the industry regulator amid allegations of dummy bidding, underquoting and high-pressure sales tactics.

But a recent company restructure means the Quakers Hill agent, who is known for being among the highest-earning agents in the country, is still making a handsome living from the dividends of another real estate business.

The former Ray White agent and his company, Tesolin Consulting, were slapped with a four-month suspension in August, pending possible disciplinary action, after a slew of allegations for serious and repeated breaches of the law.

Among the claims made by the NSW Office of Fair Trading were more than 100 cases of underquoting and producing false documents for the regulator, all of which came after an almost three-year investigation into Tesolin and his Quakers Hill office.

But not included in the suspension orders was another real estate company, Norwest Realty Pty Ltd, which is the registered company behind a recently launched business called NGU Quakers Hill, the profits of which will end up with Tesolin.

And while Tesolin was replaced as a director of Norwest Realty two days after he was served with a suspension, all of the shares in the company are owned by his Tesolin Family company, of which he is the sole director and owner.

Tesolin was replaced as a director by his mother Annette Tesolin, and the office licensee, Paul Mylott.

The 30-year-old has long dominated the Quakers Hill property market, averaging 60 listings at any given time when he was the star of the Ray White franchise. Two months after he was suspended, his NGU Real Estate Quakers Hill office has about 37 properties currently for sale.

Tesolin’s renown in the industry has soared in the past five years as he has scooped up a swag of industry awards and accolades at the annual Ray White awards, including as its highest-earning agent. He says he earned more than $9 million last financial year alone.

But in recent months, a pall was cast over the Quakers Hill business after an investigation by this masthead revealed a unique incentive scheme whereby Tesolin charged clients tens of thousands of dollars’ extra commission by way of a last-minute incentive payment he said would boost buyer interest.

The scheme was detailed in a leaked team SMS chat shared by the broader Tesolin team office, revealing how Tesolin turbocharged his commissions to total $420,000 in one day.

Tesolin’s suspension coincided with The Sydney Morning Herald and The Age’s Bidding Blind investigation into industrial-scale underquoting in Sydney and Melbourne’s auction markets, in which Tesolin’s average auction sale price was found to be more than 19 per cent above the low end of the price guides provided to buyers.

Ray White previously maintained an unwavering commitment to its star performer, but a few weeks after details of his incentivised commission were revealed, the real estate giant launched its own internal investigation into the claims. Days later, Ray White head office and Tesolin mutually agreed to terminate their franchise agreement.

Tesolin was not idle for long. A week later, he set up shop as part of the Brisbane-based franchise NGU, of which his NGU Quakers Hill agency is the trading name of Norwest Realty.

Norwest Realty was principally a rent roll company when it was purchased by Tesolin in 2022. As a property management business, it was not included in the suspension orders of Fair Trading.

A company restructure this year meant Norwest Realty has been increasingly used as the holding company of the office’s property sales business.

Tesolin did not respond to requests for comment.

A spokesman for Fair Trading said: “As the investigation is ongoing, it is not appropriate to provide further comment at this time.“

A show-cause notice served on Tesolin and Tesolin Consulting by Fair Trading had its initial August 29 deadline extended to September 26, given the quantity and seriousness of allegations against him.

During the suspension, corporate restructure expert David Mansfield, of Deloitte, was appointed by Fair Trading as manager of Tesolin Consulting, but not as manager of Norwest Realty.

Days after Tesolin was suspended, the Real Estate Institute of NSW also suspended his industry membership.