virtual - REINSW Estate... · Virtual office Technology is allowing real estate agents to work...
Transcript of virtual - REINSW Estate... · Virtual office Technology is allowing real estate agents to work...
virtual officeHow technology is changing the way real estate agents work
Google AnalyticsTools to improve your
online presence
City viewsThe future of Sydney’s
urban landscape
Real AccreditationBe recognised asan industry leader
FEB 2011VOL 62/01
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SmokeAlarmsA U S T R A L I A
The Real Estate Journal is printed on paper
that is totally derived from resources which
are managed to ensure their renewability for
generations to come.
The Real Estate Journal is a member only publication from the Real Estate
Institute of New South Wales. To find out more about membership, call
(02) 9264 2343, email [email protected] or visit www.reinsw.com.au
Average monthly
distribution 4,307 copies
While the government’s intention is to preserve the environment, I believe this outcome should not be at the cost of the livelihood of Australians living in these areas.
ContentsFEATURES
12COVER STORY
Virtual officeTechnology is allowing real estate
agents to work remotely and connect
with clients in a variety of virtual ways.
18Google Analytics for beginnersHow Google Analytics can give your real
estate business a competitive edge.
26City viewsUrban planning expert Craig Allchin
gives his perspective on Sydney’s
changing urban landscape.
38Specialist accreditationSet yourself apart as an industry leader
with REINSW Real Accreditation.
REGULARS
02 Member benefits
03 President’s message
04 CEO’s message
06 In brief
08 REINSW in the media
21 Training liftout
29 Product news
40 New members
41 Research
42 Supplier directory
44 Last word
NEWS
10Asset-rich retirees may miss
out on pension The impact of a government plan to
include the family home in the age
pension means test.
TECHNOLOGY
20iPhone apps every real estate
professional should haveThere are thousands of useful apps for
real estate professionals available for
the iPhone, many of which are free.
IN BUSINESS
30Mandatory PI insurance –
the way forwardREINSW is taking the lead in protecting
the integrity of our industry.
32The power of networkingBuild a strong professional network that
will help you achieve your sales goals.
CHAPTERS
34RuralA real estate professional examines the
Murray-Darling Basin Plan and its impact
on the surrounding communities.
35CommercialHow will the commercial building
disclosure (CBD) program impact
client advertising?
36Holiday & Short-Term RentalsFind out why getting involved in
short-stay accommodation can help a
community grow.
26
FEBRUARY 2011
34
38 12
ON THE COVER
Matt Angilley, Principal
of Real Estate Partners,
describes his completely
online real estate agency.
Real Estate Journal February 2011 1
REINSW member benefits
Earn a monthly rebate of
up to $98 (ex GST) when
you choose M2 for all your
telecommunications needs.
Call 0408 481 048 or
visit www.m2.com.au
REINSW members get $50
off their first wine order and a
5% discount on subsequent
orders at Cellarmasters.
Visit www.cellarmasters
community.com.au/reinsw/
Enjoy a cost-effective
advertising solution with free
multi-loading to the large
portals and free access to a
rental archive.
Visit www.realestateVIEW.com.au
REINSW members and their
families receive 20 per cent
off Deposit Power Short-term
Guarantee premiums.
Call 1800 678 979 or visit
www.depositpower.com.au
Trading Reference Australia
(TRA) is offering a free
three-month trial of its tenant
database to REINSW members.
Call (02) 9363 9244 or visit
www.tradingreference.com
MEMBER BENEFITS
propertyDATA.com.au gets resultsIndustry-owned propertyDATA.com.au has proven it is a strong player in the property data market.
propertyDATA.com.au is one of Australia’s
leading data products. Developed in
conjunction with REINSW, the portal
combines recent property data from
REINSW members together with the state
governments’ official records to provide a
comprehensive data product for agents to
accurately appraise and value property.
propertyDATA.com.au provides all of the
latest sales and historical data in one simple
interface. You will no longer need to access
multiple systems. propertyDATA.com.au
allows you to access:
1. Market data A comprehensive set of current market
listings are integrated within the interface.
These listings include information related to
days on market and price changes to assist
you to track market movements.
2. Recent sales and auction results
With our dedicated call centre, REINSW
will collect weekly sales data so you
have the most up to date information to
produce accurate CMA’s for your clients.
3. Go Prospecting
propertyDATA.com.au provides agents
with access to a dynamic prospecting
system with residence records in mail
merge format. This system is fully
compliant with ACMA and all numbers
washed against the Do Not Call register,
every month.
In NSW, propertyDATA.com.au is
exclusively sold to REINSW members.
For more information about subscribing to
propertyDATA.com.au, call 1300 695 645.
REINSW members can access
exclusive deals on selected IT
products and services through
REI PowerBuy.
Call (02) 9264 2343 or visit
www.powerbuy.com.au/rei
REINSW members enjoy a 25%
discount off the base premium
for professional indemnity
insurance with Realcover.
Call 1800 988 396 or visit
www.realcover.com.au
2 Real Estate Journal February 2011
The benchmarking tool for the
real estate profession. Discounts
for REINSW member agencies.
Call REINSW on
(02) 9264 2343, or email
PRESIDENT
REINSW Major Partners
RESIDENTIAL TENANCIES ACT 2010 COMES INTO FORCE
The Residential Tenancies Act 2010 and its associated Regulation
took effect on 31 January 2011.
REINSW was strongly opposed to several items in the initial draft
of the legislation which was released in 2010. Vigorous lobbying by
REINSW meant some of these proposals were abandoned.
REINSW will provide members with a complete analysis of the
changes in a detailed article that will appear in the March edition of
the Real Estate Journal. REINSW will also be conducting detailed
training across NSW. See the Training Calendar on page 21 for dates
and locations.
New year, new challengesIt has been a devastating start to
the year for many Australians living
in Queensland and northern NSW.
The floods have left thousands
homeless and out of business.
Our hearts go out to those affected
as they pick up the pieces and
attempt to resume their lives.
On behalf of REINSW, I would like
to applaud the efforts of our real
estate colleagues in flood-affected
areas who have stepped up and
taken a lead role in helping rebuild
their communities. Sales agents
and property managers are finding
people homes and helping many
rebuild their businesses.
2011 will be a busy year in those
flood-hit areas in Queensland and
northern NSW as reconstruction
begins. Here at REINSW, we
are also looking forward to an
extremely busy year with an
upcoming state election, new
education and training programs,
and the delivery and expansion of
key business initiatives.
In 2011, REINSW will continue
to develop products and
services for the benefit of
our members. These include
professional indemnity insurer
provider Realcover, business
benchmarking tool Real Business
First, data resource propertyDATA.
com.au and property portal
realestateVIEW.com.au. Industry-
owned initiatives ensure the
needs of real estate professionals
are met at competitive price and
that the integrity of the industry
is protected.
This year we will also continue
to build on our relationship with
members by providing timely and
relevant information on issues that
directly impact agents, the way
they do business and the future of
our industry. Members will see us
out and about around NSW as we
increase our presence in Divisions
and cater for member needs at a
grassroots level.
And as the year shapes up to
be a strong one for our industry,
REINSW will build upon our
lobbying successes of 2010
and continue to lead the way
through 2011 in representing
members’ interests and those of
the industry.
Technological trends
This year REINSW will focus on
informing members of trends
that affect the way they work,
including the rise of certain
technologies. In this edition, we
feature an ‘online only’ business
and explore innovations that will
influence the future of the real
estate profession (page 12).
On the topic of technology – are
you aware there are tools that
can assist you in measuring
how an online inquiry makes
its way to your inbox? Learn
how to use and understand
Google Analytics from an
online marketing expert – a
must-read article for real estate
professionals looking to improve
their online presence (page 18).
REINSW programs
2011 will also witness the
launch of REINSW’s Real
Accreditation program, which
provides clear evidence of a
verified level of expertise in the
most knowledge-intense areas
of real estate practice. The
program aims to improve levels
of professionalism, training
and service within our industry.
REINSW will also market the
benefits of choosing an REINSW
Accredited real estate professional
to consumers (page 38).
Finally, REINSW has resolved
that from 1 July 2012
professional indemnity (PI)
insurance will be a condition of
REINSW membership (page 30).
I congratulate the REINSW Board
on this move forward to protect
our industry and its customers.
Wayne Stewart
REINSW President
Real Estate Journal February 2011 3
CEO
Latest from the REINSW newsroomFollow REINSW on Facebook and Twitter for
up-to-the-minute news, advocacy and
updates that affect you.
facebook.com/REINSW
twitter.com/REINSWnews
A sign of things to comeThe commercial and residential
property sector enjoyed an
encouraging start to the year.
Commercial property
In recent years, other state
governments have offered
various incentives to attract
business to their states. This,
along with the resources
boom in Western Australia and
Queensland, contributed to an
increase in the offi ce vacancy
rate in Sydney in the fi nancial
year ending 2009.
Last year, commercial land
values in Sydney’s CBD staged
a turnaround. According
to fi gures from the NSW
Valuer General, the value of
commercial property in the CBD
rose 2.4 per cent in the fi nancial
year ending 2010, a marked
contrast to the 12.5 per cent fall
in the previous fi nancial year.
With the economy improving and
Sydney the centre of commercial
activity in Australia, this upswing
should be felt throughout 2011.
Residential property
In the residential market,
forecasters predict the median
house price in Sydney will rise
above $650,000 during 2011.
Currently, national house price
growth is around 5.3 per cent.
A steadily rising population and
a growing shortage of homes are
pushing prices up.
Political impact
In the lead-up to the state
election, the entire NSW
electorate will be looking
to both political parties for
a resolution to the rental
crisis and housing shortage
(particularly affordable housing)
throughout NSW. A long-term
roadmap – including a review of
the current planning framework,
property taxes and government
incentives for investors – will be
a key election issue.
The NSW Liberals & Nationals
have already announced their
intention to repeal the ad valorem
tax should they be voted in.
This tax charges 0.2 per cent on
properties between $500,000
and $1 million, and 0.25 per
cent on those valued above $1
million. However, this is just the
beginning of what is required to
address this growing problem.
So, early indicators show 2011
will be a strong year for the
property industry – supported
by a robust economy, declining
unemployment and strong
consumer and business
sentiment. REINSW will continue
to lobby on behalf of members
to ensure a prolonged period of
prosperity for our profession.
Tim McKibbin
REINSW CEO
4 Real Estate Journal February 2011
2011 REINSW AWARDS FOR EXCELLENCE
Entries for the 2011 REINSW
Awards for Excellence are
opening soon.
The Awards celebrate the
outstanding achievements
of real estate professionals
across NSW, and recognise
them as the foundation and
future of the real estate
industry. The Awards also
aim to encourage agencies to
strive for even greater success
in the future.
From Tuesday 1 March 2011,
you’ll be able to download
a REINSW Awards for
Excellence Entry Kit from the
REINSW website. Go to
www.reinsw.com.au and click
on ‘Awards for Excellence’
in the ‘Events & Awards’
menu. The winners will be
announced at the REINSW
gala dinner in October.
Prepare your entries now to
ensure you’re in the running to
win one of the industry’s most
prestigious awards.
KEY DATES
Entries open:
Tuesday 1 March 2011
Entries close:
Thursday 12 May 2011
2 days. 12 speakers.You’ll never be the same after AREC11.rudy giulianialan jonestom ferrypeter rollings + more 22 - 23 may 2011sydney convention centre darling harbourTRET.COM.au
shifthappens
australasian real estate conference
main sponsors
(l-r) Clarendon Homes Design
Specialist Shaila Divakarla,
Landcom Development
Director Carmen Osborne,
Blacktown Mayor Alan
Pendleton and Clarendon
Homes GM Nick Duncan.
‘Real estate’ a popular Google searchAs part of its annual
Zeitgeist festival
(German for ‘the spirit
of the times’), Google
has revealed the top
Australian web searches
for 2010. The term ‘real
estate’ ranked seventh
behind well-established
websites including
Facebook, YouTube,
Google itself, eBay,
Hotmail and Yahoo.
Will Easton, Sales
Industry Lead at Google,
says: “Australians are
online and they’re looking
for your brand and your
business … you need to
be online to respond to
their interest and convert
these consumers into
customers.”
Google’s top 101. Facebook
2. YouTube
3. Google
4. eBay
5. Hotmail
6. Yahoo
7. Real estate
8. Maps
9. Commonwealth
10. White Pages
In a joint venture with Landcom
and Blacktown City Council,
Clarendon Homes will construct
three sustainable homes at
The Ponds, Sydney. Each
will demonstrate sustainable
technologies and features for
residential building.
Construction of a 6-star* home,
8-star home and 10-star home
(the maximum star rating
awarded for sustainability) will
begin this year. The 10-star
home aims to generate zero
emissions and leave no impact
on the environment.
Currently, NSW building
regulations require all newly
constructed residential homes
to have a minimum star
rating of 5.
*The star qualification reflects
the building’s energy rating.
Green homes show the way
Agent appeals against licence suspensionA real estate agent in Gosford
will appeal against a decision
by NSW Fair Trading to
suspend his licence for
10 years.
The licence was cancelled
when an investigation found
the Director and Licensee of
Misteri Pty Ltd (trading as
Raine & Horne Gosford) had
been involved in unlawful
practices, states NSW Fair
Trading Deputy Commissioner
Steve Griffin.
According to the Department,
11 townhouses bought by
Misteri Pty Ltd for $2.5 million
were sold on the same day to
the NSW Land and Housing
Corporation for $3 million.
Angus Raine, CEO of Raine &
Horne, says the franchise is
seeking legal advice on how
the proceedings will impact
the Raine & Horne network.
“As always, Raine & Horne
will endeavour to ensure the
reputation of the network and
the goodwill of the Raine &
Horne name are upheld at all
times,” he says.
6 Real Estate Journal February 2011
IN BRIEF
St George Bank will recognise
rental payments as evidence of
genuine savings, assisting first
homebuyers to acquire finance.
Mortgage broker Loan Market
welcomed the move, saying
it will provide a much-needed
boost to the property market.
“Higher interest rates, tougher
lending conditions and the
end of the boosted Federal
Government grant at the end of
last year have driven first-time
buyers out of the market,” says
Dean Rushton, Chief Operating
Officer at Loan Market. “But
if rental payments were taken
into consideration as a factor
in assessing genuine savings,
that would enable many people
to pursue the dream of home
ownership.”
St George will accept rent
as a form of savings for a
home deposit provided there
is evidence of a minimum
of 12 months’ continuous,
satisfactory rental history and
the property is leased through
a licensed property manager,
according to Dean.
Lending first-time buyers a hand
Transfer tax puts brake on investmentThe ad valorem tax on property
transfers may deter future
investments in NSW, states a
report by the Property Council of
Australia (PCA). Implemented in
July 2010, the new tax charges
a 0.2 per cent fee on transfers
between $500,000 and $1
million, and 0.25 per cent fee on
transfers above $1 million.
“NSW needs to learn its lesson
– you don’t encourage growth
and investment by taxing it
into submission,” says NSW
Executive Director Glenn Byres.
“The preliminary figures that
show revenue falling well short
of projections give life to industry
concerns that the new tax would
serve as a brake on investment.”
Figures obtained by the PCA
under Freedom of Information
laws reveal the following about
the ad valorem tax:
• $9.29 million in revenue was
collected in the four months
from July through October
• October delivered the most
revenue with $4.45 million
collected – well short of the
$8 million average monthly
forecast.
20-year leases divide governmentGranting wealthy owners of
waterfront properties 20-
year leases over jetties is not
protecting the Sydney Harbour
for the public good, says
Minister for Planning Tony Kelly.
In a letter to Minister for Ports
Eric Roozendaal, Mr Kelly
said: “When approved, the
landowners with waterfront
leases will have exclusive use of
the waters of Sydney Harbour
adjoining their land.”
Mr Kelly adds that the policy
breaches the government’s
Sydney Regional Environmental
Plan, which states the Harbour
“is to be recognised as a public
resource, owned by the public,
to be protected for the public
good, and the public good has
precedence over the private
good whenever and whatever
change is proposed for Sydney
Harbour or its foreshores”.
NSW Maritime has just published
a new domestic lease policy
on its website that introduces a
formal system of 20-year leases.
IN BRIEFT
hin
ksto
ck
Aussies splurge on kitchens and bathroomsAustralians are demanding
more luxurious kitchens and
bathrooms, according to
a report from the Housing
Industry Association (HIA).
The results are based on the
amount of money Australians
spend each year on new
and renovated kitchens and
bathrooms as well as the state
of industry activity.
Key findings
The HIA report found:
• The kitchen industry was
worth $6.9 billion in 2009/10.
The total value of kitchens
is predicted to rise to
$7.6 billion in 2011/12.
• The bathroom industry was
worth $4.2 billion in 2009/10.
The total value of bathrooms
is predicted to rise to
$4.7 billion in 2011/12.
WHAT CONSUMERS ASK FOR• Engineered stone bench
tops, followed by solid-
surface and granite
bench tops.
• Two-pack-polyurethane
painted doors, followed
by low-pressure laminate
doors.
• Glass and engineered
stone splashbacks.
• Two-door fridges with
icemakers, wine cooler/
fridges and European
freestanding stoves.
Consumer watchdog calls for review of planning lawsThe Independent Commission
Against Corruption (ICAC) has
called for reform of Part 3A of
the Environmental Planning and
Assessment Act.
Part 3A planning laws allow the
State Government to override
local council decisions on major
projects.
ICAC made a total of 20
recommendations to manage
and mitigate corruption risks in
the Part 3A process.
“There are various elements of
Part 3A that are discretionary,
particularly as regards
residential and commercial
development, which … have
the potential to deliver sizeable
windfall gains to particular
applicants,” states the report.
“This creates a corruption risk
and a community perception
of a lack of appropriate
boundaries.”
However, property development
industry group Urban Taskforce
says problems with the local
planning process shouldn’t be
ignored when considering
ICAC recommendations. “It’s
best that government takes a
holistic approach,” says Aaron
Gadiel, Chief Executive of
Urban Taskforce.
8 Real Estate Journal February 2011
REINSWIN THEMEDIAThe state of the housing
market in regional areas and
rental vacancy rates made
news as 2010 drew to
a close.
• In the Newcastle Herald,
REINSW President Wayne
Stewart predicted a slow
growth period across the
Hunter for the coming
few years.
• An REINSW representative
discussed in The Sydney
Morning Herald whether
Australia is experiencing a
housing bubble.
• REINSW Board member
Brett Hunter said in the
Central Coast Express
(Gosford) that 2011 is set
to be a good year for both
buyers and sellers.
Radio
• 2GB (Sydney) used
REINSW vacancy rate
figures to illustrate that
Sydney’s south west
and inner city are the
most difficult regions
in which to find rental
accommodation.
• In a segment on 2SM,
Wayne Stewart said
Sydney’s rental vacancy
rates had fallen for the
fourth month in a row.
DECEMBER MEDIA ROUND-UPREINSW appeared in:
• 1 TV spot
• 15 radio spots
• 13 print articles
• 15 website stories
The total audience reached
in Australia was 1.28 million
people. View all of REINSW’s
recent media coverage at
www.reinsw.com.au
AFS 227017
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* REINSW members receive 25% off Realcover’s standard professional indemnity insurance rates in NSW.
Th
inksto
ck
A Federal Government working
paper that found Australian
retirees are asset rich but
income poor has recommended
the family home be included in
the age pension means test.
The proposal has been met with
strong opposition from peak
seniors bodies.
The move would disqualify
many retirees from receiving
the pension, says National
Seniors Chief Executive
Michael O’Neil.
“People would be forced to
look at selling their home to free
up cash to enable them to live
during their later years.”
Families Minister Jenny Macklin
has ruled out the option. She
says the government would “not
change long-standing policy that
exempts the family home from
the pension assets test”.
Charmaine Crowe, Policy
Coordinator for the Combined
Pensioners and Superannuants
Association of NSW, applauds
the decision.
“We’re pleased the Minister has
ruled out including the home
in the means test … you’ve got
people in their 80s and 90s
who have been receiving the
age pension since they were
60 or 65. For them to suddenly
find it has been cut because of
the value of their home – that’s
something that no one wants
to see.”
She also points out that the
consequences of such a move
are not just financial. “If people
move out of their communities
it will disrupt connections they
have with family, with friends
and with health care facilities.”
Charmaine gives the example
of retirees living in the inner-
west suburbs of Sydney, such
as Balmain. “These regions
were very much working class
40 or 50 years ago and many
people still reside in those
areas. Their houses may have
increased tenfold in value.
“For them to move to another
part of Sydney they would have
to move quite a distance away.
And even then they are not
going to make a lot of money
from downsizing because
houses throughout Sydney are
expensive.”
10 Real Estate Journal February 2011
NEWS
Asset-rich retirees may miss out on pensionSeniors groups warn the elderly may be forced to sell their homes if the government implements a plan to include the family home in the age pension means test.
INCENTIVES TO DOWNSIZE
Homeowners aged over
65 are currently being
offered stamp duty
savings of up to $22,490
to encourage them to
downsize.
The NSW Government
scheme was introduced in
2010, exempting seniors
from paying stamp duty
on property purchases
costing up to $600,000.
The discount applies
to purchases of newly
constructed houses
and units, off-the-plan
acquisitions, and house
and land packages.
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BY BEN POWER
Technology is allowing real estate agents to work remotely and connect with clients in a variety of virtual ways. This begs the question: is this the end of the traditional shopfront office?
When Matt Angilley gets up to go to work as a real estate agent
he doesn’t go to the offi ce. He doesn’t have one. Angilley, the
winner of the 2010 REINSW Award for Excellence for Innovation,
is the Principal of Real Estate Partners, an agency started in 2004,
which operates in Sydney’s south west. Real Estate Partners uses
technology to be completely mobile.
“It’s all about location, location, location; but it’s not about location
of the offi ce, it’s about the location of the consumer,” Matt says. “It’s
about taking offi ce location out of the equation.”
Matt’s operations are a glimpse into the way technology is radically
changing the face of the real estate offi ce. Under Matt’s version,
there is no future for the real estate offi ce. Others believe they will
survive, but that technology will revolutionise how they operate.
Traditionally, a prospective buyer turned up at the agent’s offi ce,
and the agent then drove them around and they looked at a number
of houses. A big selling point for agents was their large window
displays. But Matt says that now less than one per cent of inquiries
come through shopfront windows.
The internet has become the major source of inquiries – around 60
to 70 per cent – and newspapers and signboards generate
virtualoffice
12 Real Estate Journal February 2011
REINSW member Matt Angilley,
Principal of Real Estate Partners.
Real Estate Journal February 2011 13
another 15 to 20 per cent.
“People don’t want to turn up
at a real estate agent to have a
look at something in the shop
window,” says Matt. “They
research on the internet, create
a short list, and nine times out
of ten they want to meet you at
a particular property.”
The virtual office
Matt says that means an office is
no longer necessary. Real Estate
Partners’ employees meet
potential buyers and tenants on
site at the property and show
them through. The buyer signs
the contract at the property
or their home, or often at their
workplace. Vendors also do all
the paperwork at their homes or
even a coffee shop, sometimes
as late as 11pm.
Real Estate Partners does have
a physical presence where their
servers and a limited number of
original hard copy documents
are kept. All documents are
scanned and stored on the
servers, which are also backed
up offsite and stored at Matt’s
house. Matt says he would
now be “shocked” if he had to
pay $50,000 or $100,000 for
premises when that money could
be better spent on employing
another two or three salespeople
to increase revenue.
But there is one benefit of having
a shopfront: brand awareness
from people driving past. To
compensate for that, Real Estate
Partners has four corporate Mini
Coopers that staff drive and a
corporate courtesy truck. “We
have used our vehicles for brand
awareness,” he says. “People
need to see it on a daily basis
to combat the negatives of not
having an office.” This is not
an added expense as Matt has
supplied company cars instead of
paying the staff a car allowance.
For the real estate office of
the future to be completely
mobile, agents will need to be
able to do everything, including
email, faxing, scanning, and
accessing all necessary
information, through electronic
devices, such as iPhones/
Smart phones and iPads. Matt
says the technology isn’t quite
there yet. For example, Real
Estate Partners’ agents don’t
have two-way communication
with the database at the
moment. When they go out into
the field they only have access
to static information on their
mobile devices.
“The hardest thing is being one
of the pioneers,” he says. “The
technology isn’t tried and tested.
We’re still at least six months
away from where we want to be.
But once we get to that point
where it doesn’t matter where I
am, and I have complete access
to every file electronically that
a typical agent would have in
a filing cabinet, it’s going to
be a very powerful force to be
reckoned with.”
The physical office
John Cunningham, Principal
of Cunninghams Property,
a finalist in the Innovation
category at the 2010 REINSW
Awards for Excellence, believes
there is a future for the physical
office. “There will still be an
office,” he says. “Agents will be
able to work remotely, but the
office will still be the hub.”
Indeed, his firm is bucking
the trend of toning down the
appearance of real estate
offices by opening a new
office that has the feel of a
community centre. “Your
perception in the marketplace
is critical,” says John.
Ben White, Director of the
Ray White Group, says how
agencies operate in the future
depends on what services
they offer. “If you believe an
agency is just a collection of
salespeople, then the industry
will fragment with salespeople
operating more virtually,”
he says. “If you believe that
broader services will be offered,
then the economics of the
industry will drive stronger
physical agencies.”
Ben says an example is
property management. “It
is the lifeblood of a strong
agency. It can’t, almost by
definition, be run virtually.
“Landlords want local property
managers who know the
property, and it requires strong
teamwork. Similarly, if an
agency offers financial services
to their clients, particularly
home loan support, then the
teamwork involved to do that
will require a physical space.
“We have seen, for some time,
the evolution of agencies to
be a collection of different
specialists who work as a team
to service their clients with
broader services,” Ben adds.
“I think technology
improvements makes this easier,
but nothing will substitute good
teamwork and good leadership.
Even strong sales teams thrive
in an office environment with
what we call ‘businesses in a
business’ models, where young
agents work with more senior
ones to provide mentorship and
better productivity.”
Keeping up with
technology
John says technology will
drive change, and agents
need to continue to develop
their technological capabilities
to keep pace with consumer
demand and to build community
relationships. Some people are
into social media, some people
are into communicating by
landline and nothing else, and
“We have seen, for some time, the evolution of agencies to be a collection of different specialists who work as a team ... I think technology improvements make this easier.”
“Once we get to that point where ... I have complete access to every file electronically that a typical agent would have in a filing cabinet, it’s going to be a very powerful force to be reckoned with.”
14 Real Estate Journal February 2011
FEATURE
newspapers still have a very
strong place in the market’s
perception of your agency,” he
says. “You’ve got to cover all
bases – technology enables you
to do that.”
Cunninghams Property is
currently building a new internet
site, which is 80 per cent video
driven, and which includes
video tips, property videos and
testimonial videos. On every
page there is either a video
explanation or photos with a
voice over. TV pages
(www.agentsname.tv) are being
developed for all their sales
people. “We’re doing a hell of
a lot on video at the moment,
both for properties and agent
profiles,” John says.
Cunninghams Property is also
developing its technology to
cater for mobile employees.
“Everyone has an iPhone, and
when the new iPads come out
this year the firm will provide
platforms for them,” says John.
But John says agents should
also use technology, such as
Facebook pages and blogs,
to become more community-
focused and increase their
visibility in the community.
“They need to start thinking of
their communities and networks
in a more proactive manner.”
For example, Cunninghams
Property has a Facebook
page called ‘Love living in
Manly’. “We’re building online
communities that are based
around locality rather than
based around our business,”
John says. “We’re providing
lots and lots of free, accessible
information through various
social media and our blogs that
links back to our website.”
Technology has allowed real
estate agents to become
increasingly mobile. But it is
another question whether that
means they will lose complete
touch with a central office. or
whether the brand building
associated with having a
presence in the community
will ensure the survival of the
physical office.
“We’re providing lots and lots of free, accessible information through various social media and our blogs.”
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TECHNOLOGY
I am a firm believer that all real
estate agencies should use
Google Analytics – not just
because it’s free, but because
you can’t improve what you
don’t measure.
It is called Google Analytics,
but it also records visitors,
traffic and user behaviour
from other sources including
Bing, realestateVIEW.com.au,
Facebook, Twitter, LinkedIn,
YouTube, Yellow Pages and more.
It will take your web developer
minutes to install. Then you can
monitor performance data 24/7
and stop guessing how well your
website is doing.
What you should monitor
1. Visitors
The Visitors Overview reveals
how many new and returning
visitors came to your website and
how extensively they interacted
with your content (i.e. how many
pages they visited and the total
time they spent on each). This
allows you to see how well you
are engaging your real estate
prospects and/or clients.
In this category, there is a
Benchmarking option where
you can compare your website
with others of a similar size
within your industry. This is
anonymous data, but it will
give you an indication of where
you stand in relation to the
competition.
2. Traffic Sources
Do you know how people
find your website? The Traffic
Sources option will tell you
which sites people visited
before coming to yours. This
includes how many entered
your web address directly into
the browser and how many
came from portals such as
realestateVIEW.com.au.
This option will also reveal
which visitors were directed to
your site from paid advertising
with Google AdWords or Yellow
Pages, for example. So agencies
that advertise online should use
Traffic Sources to find out which
of their advertisements is
most effective.
You can also monitor the success
of your social media efforts
through Traffic Sources, which
tracks which visitors found your
website through Facebook,
Twitter, LinkedIn and YouTube.
3. Content
How can you improve your
website experience for your
visitors if you don’t know which
pages are being viewed and
which links are being clicked?
Use the Content option in Google
Analytics for detailed information
on which pages and content are
most popular.
Google recently added In-Page
Analytics within the Content
category. This allows you to
BY MONTE HUEBSCH
Find out how Google Analytics can give your real estate business a competitive edge.
Google Analytics for beginners
18 Real Estate Journal February 2011
view exactly where people are
clicking on your subpages. You
can also use the drop-down
filter at the top to hide any clicks
below a certain percentage to
focus on where most people
are clicking, or create your own
filters to only see clicks from
new or returning visitors, certain
geographies etc.
One more advanced Content
feature is Goals, where you can
monitor if a form is filled out, a
white paper is downloaded or a
visitor signs up for your newsletter.
This way, you can understand
what is working and what isn’t and
work to improve problem areas.
Tricks you should know
1. Google Alerts
If you want to keep on top of
your website and know when
something out of the ordinary is
happening, you should visit the
Intelligence section of Google
Analytics and set up alerts. You
can configure the service to email
or text you when something
specific happens (e.g. when the
number of visitors goes over a
certain threshold).
2. Custom reports
Create your own custom reports
using the My Customisations
menu. Think about what you
really want to know about your
website and develop a custom
report that you can view every
time you log in.
3. Export PDFs
Google Analytics can create
formatted PDFs of your data
that you can send to your
manager or your clients.
This is a great way to give
someone who isn’t familiar wi
Google Analytics an overview
of a specific event or a monthly
analytics report.
Learn more about Google
Analytics by watching a video
demonstration here:
www.google.com/analytics/
tour.html
Monte Huebsch is the CEO of
www.AussieWeb.com.au and
www.AussiewebConversion.com,
a Google Authorised Reseller.
Monte holds the Google
Analytics Individual Qualification
and completed the first Google
Apps training at the Googleplex
in California, USA.
CLAIM YOUR GOOGLE PLACES LISTING
Every business that trades
from a physical location or
provides a mobile service
can claim their listing in
Google Places.
Google Places listings
often show up in a location-
specific organic Google
searches, in Google Maps
and Google Earth. It will
also appear when someone
searches on a web-enabled
mobile phone.
Google Places is free. Go
to www.Google.com/places
and follow the instructions
to claim your listing.
Telephone Australia Wide: 1300 668 283 Email: [email protected] Web: www.supalease.com.au
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TECHNOLOGY
ARE YOU
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TENANCY LAW
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Evernote – FREE
Use Evernote to create text notes, snap
photos and record voice memos that you can
then access at any time from your iPhone,
computer or the web. For example, real
estate agents can take pictures of an unusual
house, receipts or inspection items and save
them as searchable notes. The easy-to-use
voice recorder is also handy when you get a
fl ash of inspiration on the road.
Field Force – FREE
Since going live in the app store, Field
Force has received almost all fi ve stars.
It is a private network where real estate
teams can keep up with each other using
automatic location sharing. It also allows
mobile agents to blast out important
messages to the whole team and handle
leads on the spot by creating contacts and
assigning them.
My Realty – $1.19
Keep track of listings, leads and electronic
lockbox keys with the My Realty app. My
Listings stores the address, number of
bedrooms/bathrooms, fl oor space and
price of the properties you are handling;
My Leads allows you to enter names and
phone numbers of prospects; and My
Keyboxes helps you keep track of
lockbox keys.
There are thousands of useful apps available for the iPhone, many of which are free. The Real Estate Journal reveals its favourites.
iPhone apps every real estate professional should have
Google Maps – FREE
Google Maps can pinpoint your location and
give you directions based on the direction
you are facing. You can also look up a suburb
and use Google Street View to show clients
what to expect before they visit a property.
tapMortgage – FREE
Calculate mortgage repayments and stamp
duty calculations for your clients using
tapMortage. Then hit the email button
to send them an amortisation table with
accompanying charts for your calculations.
Compass – $1.19
Using the Compass app, you will become
a master of feng shui by knowing which
direction a home faces and where the sun
will rise and set on the house your buyers
or renters are considering.
In the last edition of the Real Estate Journal, the
Education & Training (E&T) team shared a few
initiatives for focus in the fi rst quarter of 2011.
‘Continuous improvement’ was one of these
initiatives, and I am pleased to say that we are hard
at work reviewing many of our existing processes
and resources.
One project REINSW has already undertaken
is the review and update of courseware in line with
the changes under the new Residential Tenancies Act,
which has now taken effect.
All REINSW courses linked to the new Act will be
updated to refl ect the changes. However, specifi c
units within the Course in Property Practice have
been identifi ed to undergo a full rewrite through the
valuable feedback and support of our members, the
industry and REINSW trainers.
This is a large fi nancial investment for REINSW,
which we view as necessary to ensure we are
following through on our commitment of continuous
improvement. It will also enable us to develop
relevant training resources that meet the changing
needs of our members and the industry.
The E&T team is committed to developing ‘best of
breed’ education and training products that will not
only give our students the foundations of knowledge
they require to succeed, but also assist in the
continuing growth of our industry.
Putting plans into action
Continuous improvement is the Education & Training team’s mantra for 2011.
SAVE THE DATEMark your calendars so you don’t miss out on major REINSW
conferences in 2011. The CPD events will help you to develop
and hone your professional skills.
• Residential Sales Conference
Wednesday, 2 March 2011
• Property Management Conference
Wednesday, 23 March 2011
• Strata Management Conference
Friday, 20 May 2011
• Holiday & Short-Term Rentals Conference
Wednesday, 17 August 2011
• Commercial Conference
Wednesday, 14 September 2011
• Women in Real Estate Conference
Wednesday, 9 November 2011
• Young Agents Conference
Wednesday, 7 December 2011
Th
inksto
ck
BY MICHELLE MORCOMBE, REINSW EDUCATION &
TRAINING MANAGER
Real Estate Journal February 2011 21
expressCOMMISSION
REINSW Training CalendarMARCH/APRIL 2011
MARCH 2011
MON TUE WED THU FRI SAT SUN
FEB 28 MAR 1 2 3 4 5 6
SYDNEYReal Estate Licensing Course (full time) – Week 3Managing Agency Finances – 5 days
SYDNEYCourse in Property Practice (full time) – 4 days(9.00am-5.00pm)
TAMWORTH CPDResidential tenancies reform in practice (9.30am-1.30pm)
ARMIDALE CPDResidential tenancies reform in practice (9.30am-1.30pm)
PORT MACQUARIE CPDResidential tenancies reform in practice (9.30am-1.30pm)
SYDNEY CPDResidential tenancies reform in practice (9.30am-1.30pm)
7 8 9 10 11 12 13
SYDNEYReal Estate Licensing Course (full time) – Week 4Residential Property Management – 5 days
GRIFFITH CPDResidential tenancies reform in practice (9.30am-1.30pm)
WAGGA WAGGA CPDResidential tenancies reform in practice (9.30am-1.30pm)
ALBURY CPDResidential tenancies reform in practice (9.30am-1.30pm)
SYDNEY CPDEssential OH&S for property managers (9.30am-1.30pm)
FORRESTERS BEACHAll About Auctions Forum (10.00am-12.30pm)
14 15 16 17 18 19 20
SYDNEYReal Estate Licensing Course (full time) – Week 5Client and Agency Communication – 5 days
SYDNEYCourse in Property Practice (full time) - 4 days(9.00am-5.00pm)
GOSFORD CPDResidential tenancies reform in practice (9.30am-1.30pm)
BATEMANS BAY CPDResidential tenancies reform in practice (9.30am-1.30pm)
DUBBO CPDResidential tenancies reform in practice (9.30am-1.30pm)
WOLLONGONG CPDResidential tenancies reform in practice (9.30am-1.30pm)
SYDNEY CPDAn agent’s guide to tax & property investment (9.30am-1.30pm)
21 22 23 24 25 26 27
SYDNEYReal Estate Licensing Course (full time) – Week 6Auctioneers Accreditation – 3 days
CANBERRACertificate of Registration (full time) – 5 days(9.00am-5.00pm)
YOWIE BAYAll About Auctions Forum (6.00pm-8.00pm)
28 29 30 31
SYDNEYCourse in Property Practice (full time) - 4 days(9.00am-5.00pm)
SYDNEY CPDPrepare for selling like never before (9.30am-1.30pm)
WANT TO KNOW MORE?
You can find out more about all of our courses by going to www.reinsw.com.au – simply click on Course Schedule in the Training menu.
SYDNEY Residential
Sales Conference
SYDNEY Property Management
Conference
expressCOMMISSION
www.reinsw.com.au/training
keep learning with REINSW Education & Training
MON TUE WED THU FRI SAT SUN
1 2 3
4 5 6 7 8 9 10
SYDNEY CPD Creating impact and influence(9.30am-1.30pm)
NEWCASTLE CPD Prepare for selling like never before (9.00am-1.00pm)
TERM 1 ENDS
11 12 13 14 15 16 17
SYDNEYCourse in Property Practice (full time) – 4 days(9.00am-5.00pm)
SYDNEY CPDSteps to listing success for property managers (9.30am-1.30pm)
YASS CPDThe ABC of Compliance (9.00am-1.00pm)
QUEANBEYAN CPDThe ABC of Compliance (9.00am-1.00pm)
BOWRAL CPDThe ABC of Compliance (9.00am-1.00pm)
18 19 20 21 22 23 24
SYDNEYCourse in Property Practice (full time) – 4 days(9.00am-5.00pm)
PUBLIC HOLIDAY
GOOD FRIDAY
PUBLIC HOLIDAY
SYDNEY CPDAn agent’s guide to tax & property investment (9.30am-1.30pm)
25 26 27 28 29 30
PUBLIC HOLIDAY PUBLIC HOLIDAY TERM 2 STARTS
PARRAMATTA CPDPrepare for selling like never before (9.00am-1.00pm)
APRIL 2011
CPD workshops – go to www.reinsw.com.au for course descriptions and prices
Course in Property Practice (full and part time as indicated). Price includes REINSW Student Membership
Licensing Course (full and part time as indicated)
Forums and Divisional meetings
24 Real Estate Journal February 2011
RESIDENTIAL TENANCIES REFORM IN PRACTICE
Change is here – fi nd out what it means for you!
When the new Residential Tenancies Act 2010
came into effect on 31 January 2011, property
management practice in NSW changed signifi cantly.
Learn more about the impact of the changes on all
parties and what your obligations are as an agent,
including:
• the structure of the new prescribed Residential
Tenancy Agreement and each of its new clauses
• the structure and content of the new Condition
Report
• the new material fact regime applying to
residential tenancies
• termination of tenancies and service of notices
… and much more.
Find out what the new residential tenancies regime
means for you in practice.
REINSW is coming to a location near you! Refer
to the Training Calendar for locations.
Cost $199 REINSW members / $245 Non-members
CPD 12 points (Learning Category 3)
AN AGENT’S GUIDE TO TAX AND PROPERTY INVESTMENT
Add greater value to client relationships by being able
to explain the tax implications of investing in property
and the relevant tax laws associated with appraising
and listing property for sale or rental.
Sydney 15 March 2011
Sydney 19 April 2011
Cost $199 REINSW members / $245 Non-members
CPD 12 points (Learning Category 3)
RESIDENTIAL SALES CONFERENCE
The key to real estate sales success is building and
refi ning your skills and knowledge in order to drive
standout sales results.
Join us at this one-day conference and hear from
real estate industry leaders, who will motivate you
to focus on fresh strategies and techniques that will
deliver exceptional results.
Be distinct, not extinct
John McCann – real estate coach and
performance psychologist
Negotiating the right commission
Peter Kakos – real estate coach and trainer
Real estate hot topics – underquoting and
effective cause of sale
John Cunningham – Director, Cunninghams Property
and REINSW Vice President
Breaking old habits
Pancho Mehrotra – sales training professional
The PA – an agent’s best friend
Ivan Bresic – Director, BresicWhitney
For more information on topics and speakers,
go to www.reinsw.com.au
Sydney 2 March 2011
Cost $245 REINSW members / $299 Non-members
CPD 12 points (Learning Category 2)
STEPS TO LISTING SUCCESS FOR PROPERTY MANAGERS
A property manager’s role is a dual one: not only
must they have the expertise to maintain current
properties, but they must also have the skill-set to
grow the rent-roll. Learn the steps to successfully
secure new business and reap the rewards.
Sydney 12 April 2011
Cost $199 REINSW members / $245 Non-members
CPD 12 points (Learning Category 3)
TRAINER OF THE MONTHYorgo Kaporis
Yorgo Kaporis has almost
20 years’ experience in the real
estate industry, and has worked
in both the government and
private sectors. He is a licensed
real estate agent specialising in
property management services
and assessment management,
and a qualifi ed Workplace
Trainer and Assessor.
Yorgo has a reputation for
being an unconventional trainer
– thinking outside the normal
real estate square. He uses
his own distinctive brand of
student interaction and lively
communication skills to engage
students and inspire excellence.
Over the years he has facilitated
many courses, including
Continuous Professional
Development, the Course in
Property Practice, Licensing
courses and a variety of skills-
based courses.
If significant increases in online advertising costs are making you see red, then maybe it’s time to change your view.
realestateVIEW.com.au offers a more affordable solution to advertise your properties and as the fastest growing portal in Australia*, there is simply no better time to subscribe.
To find out how realestateVIEW.com.au can help your business, phone 1300 695 645 or email [email protected]
STOP SEEING RED... AND SWITCH TO A BETTER VIEW
* Based on statistics from Nielsen Net Ratings in October 2010
26 Real Estate Journal February 2011
PEOPLE
City viewsA rapidly growing population and demographic change are putting pressure on Sydney’s residential development and infrastructure. The Real Estate Journal asks Craig Allchin, Director of Six Degrees and adjunct Professor of Architecture at UTS, for his views on how to meet these critical challenges.
Are current development
trends in Sydney sustainable
in terms of providing
adequate housing?
They’ll cater for a certain part
of the market but we need to
create new models that change
the proportion of housing types
to cater for an ageing and
differently formed population.
Within 30 years, a quarter of all
houses will only have one person
living in them, one quarter will
have families, the other half will
have a mix – couples with no
kids, single parents, and other
types of households. We need,
and increasingly people will
expect, a different product and
the industry really needs to cater
for that change.
Why has there been a delay
in meeting that demand?
It’s difficult. The leading firms
are so big it’s hard for them to
innovate because there are big
risks involved and they’ve got to
keep delivering the same profits.
Innovation is also the role of
government. Landcom in NSW
and equivalents in other states are
doing some interesting stuff. My
hope would be for Federal and
State Governments to put more
funding into experimenting with
new models and configurations
of housing. There’s a real
opportunity for the industry to
explore new ground and there
should be more government and
industry partnerships to explore it.
Is there an ideal model?
Our current suburban model –
the detached house on a
600-800 metre block with two
metres all around and a six
metre setback – is really bad.
We’ve been fooling ourselves
that we’ve done better by
moving from a quarter-acre
block. You don’t get many
mature trees, there’s a wasted
front yard and the streets don’t
work in the traditional way.
With 1000 square metres
[quarter acre] you can put
another house in the back at
some stage, change it to units or
do other things like grow vegies
and big trees in the backyard.
We need family housing on
bigger blocks, which isn’t
considered as cutting edge these
days, and more interesting and
dense small-family housing – up
to six storeys in a lot of suburbs.
That’s accepted worldwide as
a nice human scale and is more
affordable for the aged, the single
and other non-typical families.
Housing also needs to suit the
climate. Courtyard housing is
a good solution for the west of
Sydney because there’s a lot of
growth projected and it’s much
hotter, dryer and flatter than the
coastal areas.
What cities can we look to
for inspiration?
The Netherlands has some very
interesting aged-care housing
solutions. They’re putting the
dwellings above the shops on
the main streets of suburbs, and
the shops below provide food
and services to the old folks, but
there are also restaurants open
to the public, and medical clinics,
often with a school next door.
It’s a much more integrated
approach because there’s so
much that older people can
offer, and it keeps them engaged
in the everyday life of the city.
We’ve really missed the boat
by having separated zoning for
housing, schools and aged care,
because if it’s all thrown into the
mix, it improves the community.
I’m also a big advocate of learning
from the Asian city model. A lot
of people here are wary of the
density of big cities like Shanghai,
but there’s some very interesting
aspects of the way those cities
are designed and function which
creates vibrancy and brings
people together that we could
benefit from, apart from the height
and density.
Is urban infill a better
option than developing
greenfields sites?
It depends on the city. We
probably don’t need to spread
our cities much more, but it will
take time for the industry to
restructure and it’s a much safer
bet for a lot of the big players
to buy greenfields property and
either lobby for rezoning or, if
it’s already rezoned, just roll out
the communities.
There’s a lot we need to do
to retrofit our urban areas,
so infill is the focus of the
government’s plans for Sydney
and, increasingly, other cities.
The cost of infrastructure is a big
issue because we’re so spread
out, and existing infrastructure
is going to need replacing,
refurbishing and upgrading.
We need a clear process
for how to turn potential
infill development sites into
productive land for higher
density housing. The way
the development application
process works these days
is that someone submits a
“We probably don’t need to spread our cities much more, but it will take time for the industry to restructure and it’s a much safer bet for a lot of the big players to buy greenfields property.”
Real Estate Journal February 2011 27
28 Real Estate Journal February 2011
DA, the community panics
and they bring in the lawyers.
We’re fighting ourselves and if
we’re that oppositional we’re
never going to create a more
sustainable and appropriate city.
How will Sydney change
over the next decade?
Growth will continue around
the existing inner-city areas,
with Parramatta as an emerging
second centre. The trend
towards good quality unit and
apartment development will
continue. In the longer term –
30 years and beyond – we’ll see
a much greater density around
train stations and the harbour.
The single CBD is causing a lot
of problems in Sydney. I’ve done
some work on the five-yearly
review of the Metropolitan Plan by
the NSW Department of Planning,
which suggests that centres like
Liverpool, Penrith, Parramatta,
Olympic Park, Bankstown and
Chatswood could play a greater
role in terms of employment
and other activities to take the
pressure off a single city centre.
In the 1980s Tokyo had a similar
problem to Sydney and they
developed transport nodes like
Shinjuku and Shibuya. They’re
very dense and large, but there
are detached houses in between.
Smaller than ours – on a 100-150
square metre block. But I live in
a terrace on 200sqm in Glebe,
which is a great size for an inner-
city house.
I think we can learn from Tokyo
in how we can reshape Sydney
to cater for all these changes
without fundamentally changing
how we live or the titles and
structures we have in place.
What’s the biggest
obstacle to sustainable
development in NSW?
People’s resistance to change,
probably because the change
they’ve seen often hasn’t been
good. As a society, we need a
long, deep discussion about
what we really want in our
cities. Lessons can be learned,
particularly from Europe and the
UK, where they have community
consultation on how various
areas can be improved.
We need to sharpen up the
way our cities work to be more
sustainable and remain globally
competitive. The redevelopment
of Pyrmont over the past 20 years
has been a great example of what
can be achieved through a long-
term, government-led process,
and provides a range of solutions
which can be applied elsewhere.
PEOPLE
In tune.Banking that understandsthe real estate business.In Westpac, you have a bank with the tools to keep your business in the best of health. As Australia’s fi rst bank, we’ve been backing Australian businesses for almost 200 years.
We’re industry experts. Our Real Estate Specialists work closely within the industry, they’re familiar with the challenges and opportunities facing the sector and know what works. And what doesn’t.
We’re Focused. On delivering business strategies and solutions tailored to the real estate sector including:
• A specifi c real estate rent roll policy to help you invest in your business.
• Trust accounts to help you meet your regulatory obligations.
• An easy way to collect rents and make payments to your landlords and other suppliers.
• Personal banking including self managed super fund lending and commercial and residential property fi nancing.
We’re local. Your Westpac Real Estate Specialist is a local, single point of contact who knows your industry and will connect you with the expert team and resources available at your local Business Banking Centre.
To fi nd out how we can help; Call Jason Roach, National Industry Leader, Real Estate on 0448 455 556Email [email protected] Your local Westpac Branch and speak to the Bank Manager
Things you should know: This information is current as at September 2009. Westpac Banking Corporation ABN 33 007 457 141. 189812 (04/10)
CTTT Online is an internet-based service
that provides 24-hour online access to
Consumer, Trader and Tenancy Tribunal
(CTTT) services. In 2009-2010, more than
26,000 (45 per cent) of all applicants used
CTTT Online to lodge their application
with the CTTT.
Individuals and real estate agencies can:
• complete, lodge and pay for a
applications via the website.
• have their application (in most cases)
automatically listed for hearing
• receive an electronic notice of hearing
• go online to check how the application
is progressing.
Real estate agents and other regular users
of CTTT services can also create their own
frequent user account. CTTT Online will
pre-fill your agency’s details into the online
application. You can also maximise efficiency
by lodging up to six applications at one time.
Data transmitted through CTTT Online
is encrypted to ensure your personal
information and credit card details are
protected by the highest level of security.
A survey of CTTT Online users during
the year found 75 per cent rated their
experience as ‘above average’ to
‘excellent’, and 93 per cent indicated they
would recommend using CTTT Online
to someone else wanting to lodge an
application with the CTTT.
CTTT OnlineW: www.cttt.nsw.gov.au
Product newsThe latest market offerings for real estate professionals.
In June 2010, REINSW began
collecting sales results from
NSW agents. The support so
far provided has been strong –
particularly from those reporting
their auction results on a weekly
basis. The information collected
for auctions has been so strong
that propertyDATA.com.au
is pleased to present its first
quarterly update on the market for
the 4th quarter of 2010.
Data collection
Over the past three months, the
number of weekly auctions in
NSW has ranged between 500
and 900 per week. While the
bulk of auctions were held over
November and December, the
single biggest week for auctions
held was the week ending
31 October 2010, with 892
auctions held (see graph 1).
Typically, REINSW is collecting
80 to 90 per cent of the auction
outcomes on a weekly basis
through our dedicated call centre
and online. When comparing
the results to those published
in the Sun Herald, REINSW is
now collecting 50 per cent more
results than the newspaper.
Market trends and outlook
Over the past three months
of 2010* a total of 3982
properties were reported
as sold via auction, with a
reported total value in excess of
$2,830,343,725.
The clearance rate shows a
downward trend, starting the
quarter in the high 50s / low 60s
and declining to high 40s as we
entered the Christmas period.
Conversely, the proportion of
auctions that were scheduled but
withdrawn before commencing
trended upwards over the quarter.
Together these two factors
suggest a modest weakening in
demand within the auction market
(see graph 2).
Reporting to REINSW
If you are not regularly reporting
your auction results or are yet to
report your private sales data –
now is the time to do so.
For further information on how
to report your results quickly
and easily online, please contact
propertyDATA.com.au by
calling 1300 723 431 or email
Subscribe
If you want access to the freshest
data available on the market
collected by REINSW subscribe
to propertyDATA.com.au. For
more information on subscribing
contact realestateVIEW.com.au
on 1300 695 645.
* period 4/10 to 19/12
propertyDATA.com.auW: www.propertyDATA.com.au
Real Estate Journal February 2011 29
1000
900
800
700
600
500
400
300
200
100
0
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
10 Oct 10 Oct12 Dec 12 Dec28 Nov 28 Nov14 Nov 14 Nov31 Oct 31 Oct24 Oct 24 Oct
Clearance rate % Withdrawn
17 Oct 17 Oct19 Dec 19 Dec05 Dec 05 Dec21 Nov 21 Nov07 Nov 07 Nov
AUCTIONS HELD
Graph 1 Graph 2
CLEARANCE RATE, % OF AUCTIONS WITHDRAWN
Week ending Week ending
30 Real Estate Journal February 2011
IN BUSINESST
hin
ksto
ck
There are inherent risks
associated with the delivery of
any professional service, and
those risks need to be identified
and managed. The adoption of
best practice processes and
procedures is clearly essential –
but that is only the first piece of
the puzzle!
We live in a world that is
unpredictable and unforeseen
events are not just possible, but
likely. It is not possible to plan for
these events, so it is essential
to make provision for the harm
that is caused when such events
occur. But how?
The second piece of the puzzle
is professional indemnity (PI)
insurance, which will protect
you, your business and your
clients should an unforeseen
event occur.
It’s a ‘no brainer’ – every
agency should have sufficient
cover to protect not just the
agency itself, but also the
consumer. Not surprisingly,
the vast majority of REINSW
member agents already carry
PI insurance. However, there
are those who don’t and this
places them and consumers
at risk.
Mandatory PI insurance – the way forward
Making professional indemnity insurance compulsory is a necessary step in lifting standards within the real estate industry and protecting consumers.
BY WAYNE STEWART, REINSW PRESIDENT
The role of REINSW
REINSW strongly believes
that PI insurance should be
mandatory for all agents. We
have been lobbying the NSW
Government for years to make PI
insurance mandatory, however
our efforts have been to no
avail. The Property, Stock and
Business Agents Act 2002 in fact
provides for the introduction of
mandatory professional indemnity
insurance cover as a condition
to holding a licence, however
the government has continued
to defer implementation of this
requirement.
PI insurance is mandatory in
Tasmania, and it is a condition
of membership to the Real
Estate Institutes of Victoria and
Western Australia. REINSW
has decided to follow in these
footsteps.
We are not going to continue
to wait for the government to
do what it promised when it
introduced the Property, Stock
and Business Agents Act back
into 2002. The REINSW Board
has decided to take the lead by
making PI insurance a condition
of REINSW membership. From
1 July 2012, in order to be eligible
to be an REINSW firm member,
a real estate agency must have
a minimum of $2 million in PI
insurance cover.
A clear advantage
The introduction of mandatory
PI insurance will give REINSW
members a clear advantage
in the marketplace. Currently,
member agencies who carry
PI insurance absorb the cost
without market recognition, while
agencies without PI insurance
operate at a commercial
advantage because they don’t
have that cost.
To date, consumers have faced
uncertainty in the absence of a
mandatory PI insurance regime
– unsure if they will be able to
recover losses should an incident
occur. This will no longer be
the case when dealing with an
REINSW member. Consumers
will now have the clear choice of
dealing with an REINSW member
who has PI insurance or a non-
member who may not.
The introduction of mandatory PI insurance will give REINSW members a clear advantage in the marketplace.
Professional indemnity
insurance supports real estate
agents and minimises the risk
to their businesses should an
unforseen event occur.
Real Estate Journal February 2011 31
REINSW member Richard
Patterson runs a successful
Richardson & Wrench franchise
in Lindfield. He has been in
the real estate industry for
25 years and remembers the
“dark days” a decade ago
when HIH collapsed and
professional indemnity (PI)
costs skyrocketed.
Since 2004, Richard has been
insured by Realcover, the
industry-owned insurer, and
says he feels secure in the
knowledge that his reputation
is protected.
“Reputation is critical – it
is a small marketplace and
people talk,” says Richard who
receives most of his business
through referrals and repeat
customers.
“A claim would cause a lot of
stress and heartache, and you
would worry about the future
of the business if word got out
that there was a claim made
against the agency.”
Richard admits to being
an advocate of Realcover,
having saved 50 per cent
on his PI insurance since
2004. However, no matter the
provider, he recommends all
real estate professionals take
out some level of cover.
“It doesn’t make sense to
operate a business without
insurance,” says Richard. “You
look at the potential legal costs
to defend your reputation and,
as a prudent business owner,
you will gladly pay a premium
for that protection.”
Case study
REINSW member Tim
Simpson of Brough Real
Estate tells of his experience
defending a claim.
“I have been a practising real
estate agent for just on 40
years and without warning
I found myself the defendant in
a compensation claim.
“The situation improved
dramatically with the support
of Realcover. The insurer took
into account that having a
claim made against you was
about more than money –
reputations were at stake.
“I was staggered at the legal
costs the plaintiff was racking
up and so pleased I was
covered for up to $2 million.”
Why risk it?Ten years after the collapse of HIH, more real estate agents are taking out professional indemnity insurance to protect their business.
DID YOU KNOW? The cost of a barrister for a
day is around $6000. While the
average cost of professional
indemnity insurance with
Realcover is $3000.
25% OFF*
Realcover PI insurance for REINSW members* REINSW members receive 25% off Realcover’s
standard professional indemnity insurance rates
in NSW.
Call 1800 988 396 or email [email protected] for a quote.
IN BUSINESS
The sales landscape has shifted
dramatically in the past decade.
There are many reasons for this,
but here are three key aspects of
this change:
• Buyers’ expectations are
higher than ever. They are
actively avoiding those who
‘push’ products, and instead
are looking to engage with
salespeople who can make
genuine connections and
deliver real value.
• Buyers are informed. It’s not
just the rise of the internet,
but also the growth in
specialist publications and
information services which
mean that buyers often know
(or think they know) more
about what they’re buying
than the salespeople they’re
dealing with.
• Brands have been
commoditised. No longer
are buyers impressed by
glossy brochures or stylised
advertisements designed to
build brand affection. They are
cautious and will do business
with individuals they trust.
In short, people want to deal
with knowledgeable, believable
and sincere people. And they still
want results.
Networks are the key to
success in 21st century selling.
Real estate agents have always
looked to build community
involvement and take active
roles in service organisations.
They have supported the
school fetes, and maybe even
been involved in community
initiatives like annual festivals
or parades. Previously, these
activities may have been
enough – but not today.
Views on networking
Networking, as an activity, has a
somewhat negative connotation
in Australia, mostly due to how
it has been undertaken. This
view is changing as people
realise the power of having
strategic connections that
align with their business and
personal goals.
Networking is not about:
• having 500+ friends on a
social networking site
• getting as many business
cards as you can at a social or
business gathering
• knowing lots of people.
It is about:
• planning and establishing key
connections
• building a set of quality
relationships – not a focus on
quantity of relationships
• becoming a trusted ally
of your connections and
becoming a hub – the ‘go to’
person in a network.
Strategic networks
A strategic network focuses
on clusters of relationships
where you develop deep and
meaningful two-way interactions.
It’s not good enough to make a
string of phone calls or undertake
a mail campaign anymore.
Strategic networking is about
being known in your community
and building relationships
outside and beyond the listing
and selling process.
Here are the three fundamentals of
successful strategic networking:
1. It takes time. Networks are
relationships, and they take
time to build the strength
and loyalty needed to gain
leverage. Don’t force it; just
let it grow at a natural pace.
2. You need to give to receive.
Years ago, social researcher
Robert Cialdini identified
six elements fundamental
to achieving influence over
others. A key element is
reciprocity. Do something
for someone else and they
are far more likely to do
something for you. So begin
strengthening your networks
by doing things for others.
3. Don’t be a fraud. It’s not
possible to have a great
personal relationship with
everyone you have to deal
with. Always be yourself,
deal fairly with others and
don’t pretend to be a close
buddy when you both know
it isn’t true.
Putting theory into practice
Here’s a simple way to start
helping others – and strengthen
your network in the process.
You’ve just sold a family a
home that requires renovations.
You can recommend trades
contacts in the area that the
new buyers can work with.
Although this is outside the
sales process, it will build
your credibility and indeed
the desire for others to start
helping you in return.
Real estate agents are in a great
position to help their network of
buyers. Everything from garden
care and pool maintenance to
interior design and maths tutors
are connections that others
will value.
And it’s not just buyers who
make up your network. Review
your network and ask yourself
these questions:
• Are you connected with
a range of professionals
The power of networkingBY JULIA PALMER AND PAUL SPARKS
How to build a strong professional network that will help you achieve your sales goals.
32 Real Estate Journal February 2011
to service all your clients’
needs?
• Do you have strong media
connections to ensure that
you are the expert they
turn to?
• Are you connecting your
clients to a range of quality
tradespeople and service
providers?
• Are your community
connections as strong and
wide as they could be?
• Are you building connections
with people who can influence
your career and future goals?
Your network is a valuable asset
that will help you build a strong
business in times of great change.
Invest in it, and enjoy the rewards
it will deliver. Not only will it build
your business, it will also provide
personal satisfaction as you help
others achieve their goals.
And, with the right attitude, it’s
lots of fun.
Julia Palmer is a respected
networking strategist. She is an
author, speaker and corporate
trainer who advocates the
effectiveness of networking as
a marketing and sales requisite.
Julia is the CEO of the
Business Networking Academy
which provides education and
resources on networking
that works.
Paul Sparks is the Principal
of Sales Effectiveness
Australasia, and a leader in
sales education in Australia.
Paul hosts a regular event
series featuring leading
speakers on professional
selling and is the editor of
Emerging trends in professional
selling, a collection of ideas,
research and best practice in
professional selling.
34 Real Estate Journal February 2011
BY TONY SANTOLIN
In a submission to the
Parliament of Australia,
various Murrumbidgee Valley
stakeholders have voiced
their strong opposition to the
proposed Basin Plan, which is
being developed by the Murray-
Darling Basin Authority (MDBA).
The release of the ‘Guide to
the Proposed Basin Plan’ has
generated real concerns about
the socioeconomic impact of
water cuts to the region and
the long-term viability of
some towns.
While the government’s intention
is to preserve the environment,
I believe this outcome should not
be at the cost of the livelihood of
Australians living in these areas.
Content of the Basin Plan
The Commonwealth Water Act
2007 specifies some content of
the Basin Plan, including:
• limits on the amount of water
(both surface water and
groundwater) that can be taken
from Basin water resources on
a sustainable basis
• identification of risks to Basin
water resources, such as
climate change, and strategies
to manage those risks
• the requirements that state
water resource plans must
comply with for them to be
accredited or adopted under
the Act
• an environmental watering
plan to optimise environmental
outcomes for the Basin
• a water quality and salinity
management plan
• rules about trading of water
rights in relation to Basin
water resources.
Impacts of the proposal
The MDBA has indicated that
the cost of the Basin Plan to
the Murrumbidgee Valley would
be 800 jobs and $800 million.
However, Australian Bureau of
Statistics modelling indicates it is
closer to 8000 jobs and $1 billion.
Another hidden impact of the
Basin Plan will be the decline of
social and community wellbeing.
Farming communities across
the basin have worked hard to
etch out a livelihood that they
may lose should the proposal
be implemented. And this will
facilitate the social decline of
surrounding communities as
a number of farmers leave the
Murrumbidgee Valley in search
of work.
A more balanced plan
Industries in Griffith (including
farming) have continually
invested in improved technology
and infrastructure to ensure
they are using their allocated
water and any wastewater in the
most efficient manner. These
on-farm efficiencies should be
complemented by government-
funded infrastructure
improvements in water delivery
and storage.
The survival of the area depends
on a more balanced Basin
Plan that doesn’t just take into
account the environmental
impact, but also economic and
community issues.
REINSW Board member Tony
Santolin lives and works as a real
estate professional in the Griffith
area. He is also a member of the
REINSW Rural Chapter.
The cost of saving waterA government plan to limit the amount of water that can be taken from the Murray-Darling Basin has been met with strong opposition by local communities.
CHAPTERS Rural
BY GENE MCGLYNN
CHAPTERS Commercial
Under the CBD program, most
sellers or lessors of office
space with a net lettable area
of 2000 square metres or more
are required to obtain and
disclose an up-to-date energy
efficiency rating.
During the 12-month transition
period (1 November 2010 to
31 October 2011) this means
disclosing a valid NABERS
Energy star rating. The NABERS
Energy rating must be a base or
whole building rating, registered
on the CBD program’s publicly
accessible website, and
included in any advertising.
After the transition period, a
valid Building Energy Efficiency
Certificate will be required.
These certificates will include
the building’s NABERS Energy
star rating as well as information
about the energy efficiency of
tenancy lighting, and general
energy efficiency guidance.
The impact on advertising
During and after the transition
period, all advertising for
affected office space must
include a NABERS Energy
rating. Advertising includes
banners on buildings, foyers
and perimeter fences, as well
as advertising in newspapers,
brochures, magazines and
internet sites.
The NABERS Energy rating
must be expressed by:
• using the rating from 0 to 5
worked out for the building
under the NABERS Energy
rating rules, disregarding
the effect of the purchase
of electricity under the
GreenPower program
• adding the words ‘-star
NABERS Energy rating’ after
the number (e.g. 4.5-star
NABERS Energy rating).
Every advertisement must
include the energy rating as
outlined above and ensure
that the rating is displayed
prominently so that:
• it is clearly visible
• it is not obscured
• the number and the text
are at least as large as the
majority of the text contained
in the advertisement.
An additional NABERS Energy
rating, inclusive of GreenPower,
may be included as long as it
is not more prominent than the
required NABERS Energy rating.
A NABERS Energy Commitment
Agreement rating cannot be
disclosed in advertising instead
of an officially certified NABERS
Energy rating. A building
owner may choose to include a
Commitment Agreement rating
in addition to the certified rating
on advertising, but this is not a
legal requirement.
Civil penalties may be imposed
for breach of a disclosure
obligation.
The CBD program was
developed by the Australian,
state and territory governments
as part of a broad package of
measures to encourage building
energy efficiency. It is managed
by the Australian Government
Department of Climate Change
and Energy Efficiency. For more
information, visit the website at
www.cbd.gov.au
Gene McGlynn is the Assistant
Secretary in the Department
of Climate Change and Energy
Efficiency (DCCEE), responsible
for implementing the CBD
program. The DCCEE supports
the Government in developing a
more sustainable Australia.
Commercial Building Disclosure: what your clients need to knowDo you have commercial clients responsible for office space of 2000 sqm or more? If so, you need to inform them about the new national Commercial Building Disclosure (CBD) program.
Real Estate Journal February 2011 35
CHAPTERS
BY BILL QUIRK
Not every real estate agency
is located in a prime tourist
location. But demand for
short-stay accommodation isn’t
necessarily driven by world-
renowned landmarks. It could be
the bush, a beach, a mountain,
vineyards, a river, new or
established industry (e.g. mining),
new residential development or
land subdivisions, a university,
specialised medical services, an
airport or an event that attracts
visitors on a regular basis.
According to a Tourism
Australia report, Australia faces
accommodation shortages in the
near term and the shortage is
causing hotel room rates to rise
signifi cantly. This means there
are opportunities for real estate
professionals to grow the value of
their rent roll by getting involved
in holiday and short-term rentals.
What you’ll gain
By offering short-stay
accommodation a landlord’s
rental revenue has the potential
to rise dramatically. This will,
in turn, increase your property
management fee. Assess the
properties in your rent roll and
determine which could make
the transition to short-stay
accommodation.
This sector generated around
$6.5 million in the Newcastle,
Hunter and Port Stephens areas
(my ‘backyard’) in 2009. The
local communities benefi t from
the tourist and business-related
visitation.
Improving the variety and
quality of accommodation in
your ‘backyard’ will attract
visitors who are likely to spend
their money at local stores,
restaurants etc.
And the best part is your offi ce
will be seen as a catalyst of
change, which will improve your
profi le within the community.
Getting started
With strong local knowledge,
real estate professionals are in
an excellent position to offer
the right type of short-stay
accommodation to suit the
requirements of a variety of
clients; e.g. tourists, white and
blue collar workers, students,
emergency services personnel in
times of crisis etc.
However, to succeed in this
sector you should follow the
REINSW Best Practice Guidelines
for Holiday & Short-term Rentals.
Most importantly, ensure you
adhere to local council zoning
regulations, individual owner’s
strata terms and conditions, as
well as relevant by-laws in your
area of infl uence.
I also recommend agents join a
local tourism/accommodation
service. And if there isn’t
one in your area, lobby your
local council to assist in its
development, stressing the
long-term benefi ts to the
community.
In search of new
opportunities
At Newcastle Hunter Tourism &
Accommodation Centre, we have
dissected our ‘backyard’ into
short-term and long-term need for
accommodation for the entire year.
Armed with this information,
we regularly communicate with
major infrastructure developers
and local stakeholders, as well
as organisations that may need
to provide accommodation
for visiting employees and/or
contractors.
It is our company policy to
refer inquiries that we can’t
accommodate to our local
council tourism department
or other appropriate
accommodation providers. This
ensures that we are capturing
that visitor dollar and keeping it
within the community.
Bill Quirk is the Principal of
Borrelli-Quirk Newcastle
Real Estate and Manager of
Newcastle Hunter Tourism &
Accommodation Centre. He is
also a member of the REINSW
Holiday & Short-Term Rentals
Chapter Committee.
Expecting visitors?Does your local area have the potential to become a tourist destination? Get involved in short-stay accommodation and put your region on the map.
Ph
oto
: C
ou
rtesy T
ou
rism
New
So
uth
Wale
s
Short-stay accomodation in the
Blue Mountains, NSW is on the rise
as a growing number of tourists
visit the region each year.
Holiday & Short-Term Rentals
36 Real Estate Journal February 2011
38 Real Estate Journal February 2011
MEMBERSHIP
(L-R) REINSW Accredited Property Specialists Lyn Kimball, Director of Fitzpatricks
Real Estate; John Cunningham, Managing Director of Cunninghams Property; and
Peter Matthews, Director of Ray White Lower North Shore.
Accreditation gives you a competitive edgeREINSW has launched its Real Accreditation program which will set you apart as an industry leader.
Real Estate Journal February 2011 39
Today’s consumers are more
knowledgeable and have
higher expectations than ever
before. They want focused
experience, and personalised
and responsive service.
By demonstrating that you
are a specialist in your area
of practice, your clients
and potential clients can be
confident that they are receiving
the highest quality advice and
guidance.
The REINSW Real Accreditation
Program can give you that
edge – providing clear evidence
of your advanced skills and
knowledge, and commitment to
professionalism.
Not all real estate agents will
qualify for Accreditation. Only
those able to demonstrate
that their skills and knowledge
satisfy the rigorous Accreditation
Guidelines will achieve
Accreditation status.
There is an application fee –
however, REINSW will dedicate a
significant proportion of this fee
to raising consumer awareness
of the benefits of dealing with an
Accredited Property Specialist and
an Accredited Agency. REINSW’s
focused marketing programs –
including logos, post-nominals,
brochures and flyers, advertising,
publicity and more – will help you
make the most of the marketing
edge Accreditation brings.
How to apply
• Complete the Accreditation
application form available at
www.reinsw.com.au/
accreditation.
• Provide evidence and/or
documentation to satisfy the
Accreditation Guidelines for the
relevant area/s of specialisation.
• Send the completed
Accreditation application
form, with evidence and/or
documentation attached and
payment of the application
fee to:
Membership Manager
Real Accreditation Program
REINSW
30-32 Wentworth Avenue,
Sydney NSW 2000
ACCREDITED PROPERTY SPECIALIST
An Accredited Property Specialist is recognised
as an industry leader who has attained a specific
professional level in one or more of 10 areas of
specialisation:
• Accommodation
• Business Broking
• Buyers’ Agency
• Commercial Property
• Property Auctioneering
• Property Management
• Property Sales
• Property Valuation
• Rural Property
• Strata Management
To be eligible an applicant must:
• be an individual member of REINSW
• be employed by an REINSW Full Firm
member agency
• have completed their compulsory CPD
requirements
• be able to satisfy the Accreditation Guidelines
• make a public commitment to ethical dealings.
ACCREDITED AGENCY
An Accredited Agency is an agency that is
recognised as operating at a higher professional
level, and accordingly has a superior profile in
the marketplace and the ability to attract and
retain the most qualified personnel.
To be eligible an agency must:
• be an REINSW Full Firm member agency
• hold professional indemnity insurance
• show that 50 per cent of eligible employees
are Accredited Property Specialists
• submit to a systems review every three years
• make a public commitment to ethical
dealings.
40 Real Estate Journal February 2011
MEMBERSHIP
NEW MEMBERS
My New Space Pty LtdBONDI JUNCTION
Property Sales and LeasingWETHERILL PARK
Lyne Gatty Real EstateTUROSS HEAD
Colliers International Coffs HarbourCOFFS HARBOUR
Belle Property Byron BayBYRON BAY
Bella Coastal PropertyMILTON
Area NetworkROZELLE
Realty International BalmainROZELLE
Grand Real EstateDEE WHY
Ray White BundeenaBUNDEENA
Ms D Bosler
BOWRAL
Mr G Flax
WAVERLEY
Mrs C Green
MITTAGONG
Ms J Spiteri
FIVE DOCK
NEW MEMBER, NICHOLAS PHILLIPS
“When you take a look at what REINSW offers, you realise you can always learn new things about the industry, which is invaluable to businesses.”
Nicholas Phillips is the Director
and Principal of Stirling + Phillips
Property Group, a new agency
that recently became an REINSW
member. However, this is not the
first time Nicholas has enjoyed
REINSW member benefits.
“Over the past 27 years I have only
worked for real estate proprietors
who were also REINSW full firm
members. Joining REINSW was one
of the first things I implemented
when I established my own agency.”
Nicholas started his career in real
estate within days of completing his
HSC in 1984. He had the “privilege
and sheer good fortune” to spend
his first three years alongside his
mentor Edwin W Harris. Mr Harris
ingrained a strong work ethic in
Nicholas, which he instils in his staff
at Stirling + Phillips Property Group.
Nicholas believes that this work
culture, together with information
obtained from REINSW (e.g.
legislation updates and market
news), are helping cement the firm’s
reputation in the community.
“I continually strive to provide clients
with higher levels of skill and market
knowledge,” he says. “When you
take a look at what REINSW offers,
you realise you can always learn
new things about the industry, which
is invaluable to businesses.”
As a member, Nicholas looks
forward to using the REI Forms
Live facility. “You have access
to all REINSW forms and agency
agreements online. So you can
produce a document electronically
and email it immediately in a
professional and cost-effective way.”
He also plans to take advantage of
the 10 per cent discount for REINSW
members on professional indemnity
insurance with Realcover.
“I was surprised at how much
cheaper Realcover products are
compared to other insurers,” says
Nicholas. “I will save nearly 50 per
cent on my cheapest quote – and
that’s on top of the REINSW
member discount.”
FULL FIRM PRACTICE MEMBERS
Real Estate Journal February 2011 41
RESEARCH
Residential vacancy rate – Compiled by Insightrix on behalf of REINSW
Check out the latest rate for your area. You can use it in your newsletters, information packs and discussions with potential investors.
SYDNEY Dec-10 (%) Nov-10 (%) Oct-10 (%) Sep-10 (%)
Inner 1.1 1.2 1.1 1.3
Middle 1.7 1.4 1.2 1.4
Outer 1.4 1.3 1.2 1.1
Total 1.4 1.3 1.1 1.2
HUNTER
Newcastle 1.7 1.8 1.4 1.2
Other 1.9 1.4 1.5 1.5
Total 1.8 1.6 1.4 1.3
ILLAWARRA
Wollongong 1.3 1.6 1.7 1.8
Other 1.9 1.8 1.6 1.4
Total 1.6 1.7 1.6 1.6
CENTRAL COAST 2.4 2.6 2.3 1.6
Inner Sydney Inner West Lower North Inner East SYDNEY
Week Number Auction Number Auction Number Auction Number Auction Ending Auctioned Clearance Auctioned Clearance Auctioned Clearance Auctioned Clearance Rate Rate Rate Rate
10/10/10 110 79.2% 40 68.3% 54 69.4% 70 67.1%
17/10/10 95 70.9% 47 67.9% 90 63.4% 68 76.9%
24/10/10 120 72.9% 51 80.4% 83 66.3% 83 75.5%
31/10/10 138 78.4% 47 66.7% 134 76.7% 195 62.4%
7/11/10 115 68.2% 57 63.9% 129 69.2% 97 65.5%
14/11/10 109 74.8% 35 59.5% 117 65.9% 99 67.8%
21/11/10 124 77.9% 51 64.8% 92 58.9% 102 68.5%
28/11/10 132 68.4% 51 88.5% 117 60.3% 132 64.5%
5/12/10 128 71.5% 48 60.0% 81 57.7% 94 66.3%
12/12/10 88 66.0% 46 64.7% 66 58.3% 64 66.2%
19/12/10 60 69.4% 46 62.5% 54 75.0% 47 59.6%
26/12/10 3 snr 4 snr 5 snr 2 snr
Did you know that your rent roll information is used by the Reserve Bank of Australia when making its interest rate decisions? REINSW Vacancy Rates
are a signifi cant source of property information for economists, so make sure you contribute by sending us your vacancy rate fi gures each month.
Sydney weekly auction clearance rates – provided by Australian Property Monitors
Dec-10 (%) Nov-10 (%) Oct-10 (%) Sep-10 (%)
ALBURY 2.4 1.9 1.7 1.9
CENTRAL WEST 1.6 1.7 1.5 2.2
COFFS HARBOUR 1.6 1.9 1.6 2.9
FAR WEST - - - -
MID-NORTH COAST 1.6 1.2 1.6 1.7
MURRUMBIDGEE 2.9 2.4 3.9 3.1
NEW ENGLAND 1.7 1.9 1.6 2.0
NORTHERN RIVERS 1.9 1.7 2.5 2.3
ORANA 1.8 1.6 2.1 1.8
RIVERINA 3.1 2.7 4.0 3.1
SOUTH COAST 1.6 1.7 1.4 1.5
SOUTH EASTERN 1.1 1.0 0.9 1.1
Number Auction Auctioned Clearance Rate
816 66.1%
629 62.3%
626 61.7%
558 64.3%
396 67.0%
843 64.1%
710 68.8%
477 73.8%
485 64.8%
632 72.0%
299 69.2%
504 68.8%
1.8%
1.6%
1.4%
1.2%
1.0%
0.8%
0.6%
0.4%
0.2%
0.0%
Source: REINSW Vacancy Rate Survey
Aug 10 Dec 10Jan 10 Feb 10 Apr 10Mar 10 May 10 Jun 10
Sydney residential vacancy rate
Jul 10 Sep 10 Oct 10 Nov 10
42 Real Estate Journal February 2011
SUPPLIER DIRECTORY
Australia’s largest and most trusted provider of cash-fl ow fi nance to the
real estate industry. To get your sales commissions paid now,
Call 1300 738211 or email [email protected]
AGENCY FUNDING
Backed by almost 200 years’ experience, a network of local bankers and a
partnership with REINSW, Westpac offers a complete solution for collecting rents, paying landlords, growing your business
and managing trust accounts.
Call Jason Roach on 0448 455 556
BANKING
The latest sales and auction results collected via the REINSW call centre;
access to the dynamic prospecting tool known as GoProspecting; and ‘on the
market’ data to get a well-rounded view of the marketplace.
Visit www.propertyDATA.com.au
DATA
Australia’s most experienced deposit guarantee provider with a proven history
and reputation of paying claims.
Call 1800 678 979 or email [email protected] www.depositpower.com.au
DEPOSIT GUARANTEES
The most powerful digital internet solution to display window listings.
It’s cost-effective and easy to manage. Fully customised to fi t your
window and brand.
Call 1300 767 116 or email [email protected]
www.ivisual.com.au
DISPLAYS
SIGNAGE
Professional indemnity insurance specifi cally designed to protect and support real estate agents. REINSW
members receive 25% off Realcover’s standard professional indemnity
insurance rates in NSW.
Call 1800 988 396 or visit www.realcover.com.au
FINANCIAL SERVICES
Adept Business Systems develops software specifi cally for Commercial and Industrial real estate agencies.
To register for a free briefi ng,
Call (02) 9330 5555 or email [email protected]
Australia’s longest running and most trusted smoke alarm service provider
for real estate agencies. Let us help you manage your duty of care.
Call 1300 125 276 or visit www.smokealarmsaustralia.com.au
IT
SMOKE ALARMS
To advertise in the Supplier Directory call Mark Lewis on
0414 881 300
A cost-effective advertising solution, free multi-loading to the large portals,
free access to a rental archive that allows you to benchmark rental values
in the market, and free website powering.
Visit www.realestateVIEW.com.au
Specialising in producing high quality signage, bulk corfl ute and one off photo signs delivered Australia wide promptly.
Visit www.lagunasigns.com.au or email [email protected] and our
agent will contact you.
PORTAL
To use the connection service, call 1300 664 715 or email
[email protected] with your details and our Agent Services Team will contact you within 24 hours.
UTILITY CONNECTION
P.O Box 749 Neutral Bay NSW 2089 P: 02 9904 4478 F: 02 9904 4492 www.recd.com.au
Our consultants focus on developing a “talent management” strategy with our clients, identifying business human resource needs, maximising position efficiency, recruiting, induction and retention plans to improve performance and profits.
We identify and match job seekers to a variety of permanent, temporary and contract positions within the areas of reception, administration, property management and sales. We use a combination of marketing methods, including our RECD referral network, online, print media, and social networking to attract and successfully place candidates in real estate offices throughout Melbourne and Sydney.
For more information contact us today on 02 9904 4478 or go to www.recd.com.au
Strategic Planning + Human Resource Development = Real Estate Career Developers
a successful formula
44 Real Estate Journal February 2011
Contact usReception: (02) 9264 2343
Email: [email protected]
Website: www.reinsw.com.au
BoardPresident: Wayne Stewart
Deputy President: Christian Payne
Vice President: John Cunningham
Vice President: Malcolm Gunning
Directors: Christine Clarke,
Miles Felstead, Brett Hunter,
Graeme Hyde, Margaret Lomas,
Sarah Lorden, Steve Martin,
Leanne Pilkington, Tony Santolin,
Warwick Watkins
AdministrationCEO: Tim McKibbin
General Manager: Peter Griffin
Membership Manager: Chris Carey
Marketing & Communications
Manager: Cathie Dickinson
Corporate Services Manager:
Kevin Kenna
Legal & Agency Services Manager:
Sam Kremer
Education & Training Manager:
Michelle Morcombe
JournalEditor: Leanne Mezrani
(02) 9818 8896
Email: [email protected]
Art Director: Simon Wan
Sales Manager: Nicole Dixon
Advertising: Mark Lewis
0414 881 300
Email: [email protected]
Rates: www.reinsw.com.au
Publisher: Mahlab Media
(02) 9818 8896
www.mahlabmedia.com.au
Cover photography by
Studio Commercial
REINSW Managing Editor:
Cathie Dickinson (02) 9264 2343
Email: [email protected]
DisclaimerWhilst the Real Estate Institute of New
South Wales uses its best endeavours in
preparing and ensuring the accuracy of
the content of this publication, it makes no
representation or warranty with respect to
the accuracy, applicability, fitness, legal
correctness or completeness of any of the
contents of this publication.
The information contained in this publication
is strictly for educational purposes only and
should not be considered to be legal advice.
Readers must obtain their own independent
legal advice in relation to the application of
any of the material published in this journal to
their individual circumstances.
The Institute disclaims any liability to any
party for loss or any damages howsoever
arising from the use of, or reliance upon, any
of the material contained in this publication.
The views and/or opinions expressed in this
publication are those of the respective author
and do not necessarily reflect those of the
Real Estate Institute of New South Wales.
YOUR STORY
We want to hear your stories!
If you have a humorous or
interesting story you’d like to
share with REINSW members
in ‘The lighter side of real
estate’, email the editor at
I have assumed some very
unusual roles throughout my
career. Some useful, others I’m
not sure what to do with. Here’s
a sample.
Removalist
I once found myself scrambling
to find a friend with a ute or
truck to help clear everything
from a property. Settlement
had occurred but the owners
still hadn’t moved out. It
became ridiculous – at one
stage I was crawling on the
floor clearing roof tiles and old
doors in my suit. At least my
drycleaner was pleased.
Demolition expert
Just before an Open for
Inspection, I walked in to
find the tenants had thrown
a party the night before and
made an impressive beer can
pyramid. It was funny at first.
But then came the task of
deconstructing it. Luckily, it
only took minutes to make the
home more presentable.
Divorce counsellor
Nobody likes a divorce,
especially me. However, I have
had a few experiences with
selling a divorced couple’s
property and it feels like
you’re involved in the marriage
break-up. There have been
times when I’ve been sitting at
a dining table while a couple
argues, and all I can do is try
to calm the situation. I have
to mention, however, there
have been other clients going
through a divorce who have
been delightful to deal with
despite their situation.
Gardener
Every sales agent knows
that presentation is the key
to maximising the sale price
of a property. Unfortunately,
sometimes it’s tough to
convince the vendor of this. I
often find myself raking leaves,
cleaning driveways and outdoor
entertaining spaces in order
to show the property in its
best light.
Spy
When entering a property, I
always ring the bell a few times,
knock loudly and say: “Hello,
it’s Braden from True Property”.
Despite these precautions, I
have still managed to walk in
on a couple having ‘adult time’.
While it seems funny, there were
a lot of awkward conversations
with the clients from then on.
These various roles keep my
job fun and interesting. They
have also equipped me with
skills that I never thought
I’d need as a real estate
professional. I’m sure they’ll
come in handy one day when I
least expect.
BY BRADEN WALTERS, TRUE PROPERTY
The lighter side of real estateWhen REINSW member Braden Walters set out to become a real estate agent, he never dreamed he would gain so many unusual skills.
LAST WORD
Real Estate Journal February 2011 45