April 2012 Vol 63/03 Seal the right deal Bring your best to the negotiating table Career shift How to stay in the finishing same industry but gain a new specialty Emotional rescue touches Keep anxiety and picture perfect property stress to a minimum for buyers, vendors and you is all about style Adrian Bo, Principal at McGrath Coogee, talks about the value of property styling. 9 18 22 Contents APRIL 2012 REGULARS 12 LEGAL FEATURES Pets boost strata 04 Member rewards 28 communities As safe as houses 15 Seal the right deal Research shows pets can promote What the new Work Health and 05 CEO’s message Bring your best to more than just good health for their Safety legislation means for you. 06 In brief owners; they can benefit Owners the negotiating table. Corporations and agents too. 07 REINSW in the media 30 Ruling on unpaid 20 14 Career shift 40 Training calendar Australian first strata levies What a Supreme Court decision How to stay in the green innovation same industry but 42 New members means for Owners Corporations. A Sydney office has been awarded gain a new specialty. 44 Research a Six Star Green Star rating. CHAPTERS 45 Supplier directory 22 IN BUSINESS 33 COVER STORY 46 Last word High risk you can’t ignore Finishing touches 16 New WHS legislation means Recruit, retain and retrain Picture perfect property agents need to be more aware is all about style. Make sure you find, keep and train of safety at heights. the best employees for your business. NEWS 34 36 9 18 Steps to success Emotional rescue Food trumps fashion Ignorance is no defence Five tips to help you survive the Keep anxiety and stress to a minimum for buyers, on prime shopping strips What agencies should consider first few months of your career. sellers and you. Weak retail sales have made for when undertaking a self-assessment difficult leasing conditions on of their employment regime. 35 Sydney’s prime shopping strips, Cuts both ways but food remains popular. EVENTS Cutting your commission costs you and the industry. 10 26 Infrastructure investment Residential Sales Conference 38 Research rates NSW regions that Highlights of the action, speakers and Lure more landlords are in the economic fast lane. lessons from the annual conference. Tips to attract more landlords. REINSW Major Partners The Real Estate Journal is a member only publication from The Real Estate Journal is printed on paper the Real Estate Institute of New South Wales. To find that is totally derived from resources Average monthly out more about membership, call (02) 9264 2343, email which are managed to ensure their distribution 4,307 copies [email protected] or visit www.reinsw.com.au renewability for generations to come. 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This amount of full colour Stand out from your front, black and white reverse, competitors and be noticed 310gsm stock business cards with Your Brand Unleashed’s are normally priced at $145. fantastic range of merchandise. 1000 Your Brand Unleashed can As a benefit to REINSW assist agencies with all their members, Your Brand BUSINESS branding needs, from logo Unleashed offers a design and business card discount of 15 per cent CARDS $99 Visit www.yourbrandunleashed.com.au or email [email protected] REINSW member rewards Earn a monthly rebate of With the Mercedes-Benz Trading Reference Australia REINSW members receive up to $98 (ex GST) when Corporate Programme, REINSW (TRA) offers a free three-month a 25% discount on the you choose M2 for all your members can receive up to trial of its tenant database to subscription price for 12 months telecommunications needs. $4000 in discounts. REINSW members. for this online client survey tool. Call 0408 481 048 or Visit www.mercedes-benz. 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Call REINSW on 0408 414 971 or visit Call 1300 695 645 or visit Call 1800 988 396 or visit Visit www.realestateVIEW.com.au www.realbusinessfirst.com www.propertyDATA.com.au www.realcover.com.au 4 Real Estate Journal April 2012 CEO Playing our part in industry improvement REINSW has been actively To achieve this outcome, requirements of members. through continuing training, can participating in both the those with carriage of NOLS It is clearly in the interest differentiate themselves from National Occupational Licensing and Project need to engage of consumers of property non-members in their market. System (NOLS) and the and consult broadly with all services and the reputation Conduct Harmonisation Project stakeholders. This will, of of the profession generally It is clearly an interesting (the Project), which is designed course, take time and REINSW that members are cognisant and challenging time for to complement NOLS. is concerned that slavish of contemporary legislative, agency practice. adherence to predetermined practice and technological We continue to wait for the timing milestones may take developments. public release of the Regulatory precedence over striving for Mandatory CPD Impact Statement (RIS), the creation of a better system. It is an implied term of all Members are reminded that which is the next phase of agreements between a completion of CPD currently the project. When the RIS is We will, of course, keep professional service provider remains mandatory for released it will enable REINSW, members informed of and their client that the certificate and licence renewal. and for that matter other Real developments in relation advisor is aware of all matters Until the NOLS position Estate Institutes nationally, to this important issue. pertaining to those services. becomes clear, agents must to have further input into the Accordingly, it is incumbent complete their CPD. development of the legislative upon the professional service instruments that will govern Training is an investment provider to dedicate sufficient If you need to clarify your licensing and the practice of It is rumoured that continuing time toward maintaining their personal circumstances, real estate in Australia. professional development (CPD) skills and knowledge. please contact REINSW by will no longer be required as calling (02) 9264 2343 or emailing Given that we have not yet a pre-condition for certificate Training should never be [email protected] sighted the RIS, it appears and licence renewal under a chore or a matter of unlikely that the nominated start NOLS. That, if adopted, runs compliance. If it is, then you are date of 1 July 2012 is achievable. contrary to the uniform and doing the wrong training. Good vocal position of the Real Estate training is an investment in the REINSW is supportive of Institutes across Australia. asset that is you, and it should both NOLS and the Project, be sought out and embraced. however our support is If the rumours prove to be true focused on creating the and the regulator proceeds in The REINSW Board will seek best system for the industry, this direction, then the REINSW input from members in relation consumers and the industry’s Board will carefully consider to training expectations and Tim McKibbin professional service providers. the training expectations and the means by which members, REINSW CEO All the latest from the REINSW newsroom For up-to-the-minute news on issues that affect you Real Estate Journal April 2012 5 IN BRIEF Smoother approvals need infrastructure support The State Government must underserviced by transport links speed up its investment in and other social infrastructure.” infrastructure to support new development. Ms Pilkington urged the NSW Government to investigate That is the message alternatives to improving from Laing+Simmons transport links and other General Manager Leanne associated infrastructure to Pilkington who says while deliver long term solutions the Government enabled without relying on developers. nominations of greenfield She said the North West Rail Link development sites in project was a good example of recognition of the need to infrastructure supporting growth. increase supply, infrastructure must also meet demand. “Continuing population growth and the prevailing housing “Without the corresponding undersupply make the level of investment in forthcoming release of the infrastructure and willingness State Infrastructure Strategy to push projects through, a critical moment for the state’s seeking to speed up future,” Ms Pilkington said. development approvals and open up landowner nominated “A strategy focused on the land for development is an long term strength of the empty gesture at best, and at employment market, provision worst could create significant of adequate housing supply to congestion and amenity support population growth, and problems,” Ms Pilkington said. the implementation of effectively planned infrastructure is “This is particularly the case necessary if Sydney is to for greenfield sites on the city’s counter worsening urban outskirts, in areas already sprawl over the long term.” Spotlight on The 2012 REINSW Awards necessarily need to be an Finalists and winners are able to your submission to REINSW by for Excellence can give you Award winner in order to ‘win’.