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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

[email protected]

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


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


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.


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.


REINSWIN THEMEDIAThe state of the housing

market in regional areas and

rental vacancy rates made

news as 2010 drew to

a close.

Print

• 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

Every agent in different, every claim is different – so you need an insurer that really knows your business.

Realcover is the only real estate industry-owned professional indemnity insurer in Australia. Established by real estate agents, for real estate agents, you can rely on Realcover to understand your business needs.

Let Realcover protect your business and your reputation.

Obtain a no-obligation quote from Realcover by calling 1800 988 396 to find out how much you can save!For more information, call 1800 988 396 or email [email protected]

* 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.”


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


REINSW member Matt Angilley,

Principal of Real Estate Partners.


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.”


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


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

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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


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


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


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


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



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



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



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


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.”



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

[email protected].

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


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


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.


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.


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.


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.


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



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.


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.


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


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


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


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


Art Director: Simon Wan

Sales Manager: Nicole Dixon

Advertising: Mark Lewis

0414 881 300


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


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

[email protected]

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

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