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Camera, Action! the Changing Media Landscape and Its Impact on the Property Industry First Class Results for Our Clients MAY 2011 VOL 62/04 Expert assistance Why you should outsource vital tasks Young gun How one agent climbed the real estate ladder Benchmarking for profit The tool that will revolutionise your lights, business camera, action! The changing media landscape and its impact on the property industry First class results for our clients Adept’s Property Management system enables us to provide our commercial property owners with the information they need. As a result, their confidence in the quality of our management services has increased and helped us grow our portfolio of commercial properties under management. As well as offering a rich, flexible set of features to help us improve productivity, we’ve also found Adept’s support to be first class. Caddie Dabaja Principal Laing+Simmons Parramatta Managing commercial property portfolios? Discover why Adept’s property management software is a leading choice for Australian property managers. Automate critical tasks including rent reviews, lease expiry alerts and option renewals Powerful reporting: owner, tenant and property intelligence Comprehensive accounting modules Concurrent cash and accrual ledgers compliant with Australian trust laws To find out more or to arrange a demonstration: call us on (02) 9330 5555 email [email protected] visit www.adept.com.au ADEPT Business Systems ASL Level 1,12 Tryon Road, Lindfield NSW 2070 Sales and Leasing Phone (02) 9330 5555 Fax (02) 9330 5599 APM Property Management www.adept.com.au B5(,16:B0D\B&217(176LQGG 30 ON THE COVER PRESIDENT Bondi agent Mary Anne Cronin has achieved celebrity status after featuring on television shows like The Block and Hot Property. 18 20 14 Contents MAY 2011 REGULARS NEWS CHAPTERS FEATURES 04 Member benefits 12 34 14 On the buses Rural: When disaster strikes 05 President’s message COVER STORY A novel new solution to housing NSW is no stranger to the destructive Lights, camera, action! 06 CEO’s message affordability and undersupply in forces of nature. What can agents do to The changing face of media and how it Australia is offering tenants the chance minimise the effect of natural disasters affects the property industry. 08 In brief to live in converted buses. on their businesses? 10 REINSW in the media TECHNOLOGY 36 18 Benchmark your way to Commercial: Big changes in the 23 Training liftout 30 greater profit Sydney pub market Your personal navigator Real Business First is a benchmarking With fire sales caused by the after effects 40 New members GPS technology means no agent ever tool that will revolutionise your agency. needs to run late for an appointment. of the GFC, Sydney’s metropolitan hotel 41 Product news Plus, five of the best devices curently landscape is undergoing a significant on the market. shift as cashed-up buyers pounce. 20 43 Research Expert assistance LEGAL Douglas Driscoll explains why 44 Supplier directory 38 outsourcing vital tasks makes sense. 46 Last word 33 Residential sales: The return of When a courtroom victory the first homebuyer 28 Anecdotal evidence suggests that costs you money Young gun first homebuyers are returning to the A recent damages case reveals that Sydney agent Andrew Lutze writes marketplace. How do they differ from fighting a claim in court can be an about those first few diffficult years and other buyers? expensive experience. how he made his way to the top. 34 We’ve lost very few homes since the 1957 fires hit Leura. Far more people are killed on the Great Western Highway than by bushfires. The Real Estate Journal is a member only publication from the Real Estate The Real Estate Journal is printed on paper Average monthly Institute of New South Wales. To find out more about membership, call that is totally derived from resources which distribution 4,307 copies (02) 9264 2343, email [email protected] or visit www.reinsw.com.au are managed to ensure their renewability for ng generations to come. ent Real Estate Journal May 2011 3 B5(,16:B0D\B&217(176LQGG 30 MEMBER BENEFITS TRA’s rental revolution Trading Reference Australia’s new free online application facility is a winner for agents and landlords. Trading Reference Australia (TRA) has new service even includes the logo of REINSW members launched a new free online application the real estate agency on the tenancy facility that combines a potential application, ensuring it blends with each are entitled to a free renter’s tenancy application with a agency’s branding. These ideas and three-month trial of search of their tenancy record. developments are subject to Australian TRA’s tenant database. and international Patents Right Pending. “Our online tenancy application places the accountability back on the tenant for REINSW formed an alliance with TRA in assist my clients select tenants for their supplying the correct information and March 2010 to help members with one owners,” explains Gai. they’re entering the TRA search criteria of their most vexing issues – protecting at the same time,” explains Gai Williams, landlords, their clients, from bad tenants. “The new tenancy application facility TRA Managing Director. also addresses new Residential Gai believes one of the reasons for Tenancies Act 2010 legislation and is an According to Gai, the new facility TRA’s success is the priority she gives example of how we continue to monitor also saves time by speeding up the to listening to clients. This helps her developments to refine our service.” tenancy application process and is formulate ideas which continue to refine legally safer for property managers and improve the TRA system. “This For more information call (02) 9363 9244 and the Principals of the agency. The results in a more professional tool to or visit www.tradingreference.com REINSW member benefits Earn a monthly rebate of REINSW members get $50 Access the latest and most REINSW members can access up to $98 (ex GST) when off their first wine order and a comprehensive sales and exclusive deals on selected IT you choose M2 for all your 5% discount on subsequent auction results collected via the products and services through telecommunications needs. orders at Cellarmasters. REINSW call centre. REI PowerBuy. Call 0408 481 048 or Visit www.cellarmasters Call 1300 695 645 or visit Call (02) 9264 2343 or visit visit www.m2.com.au community.com.au/reinsw/ www.propertyDATA.com.au www.powerbuy.com.au/rei REINSW members enjoy a 25% Enjoy a cost-effective REINSW members and their The benchmarking tool for the discount off the base premium advertising solution with free families receive 20 per cent real estate profession. Discounts for professional indemnity multi-loading to the large off Deposit Power Short-term for REINSW member agencies. insurance with Realcover. portals and free access to a Guarantee premiums. rental archive. Call REINSW on Call 1800 988 396 or visit Call 1800 678 979 or visit (02) 9264 2343, or email www.realcover.com.au Visit www.realestateVIEW.com.au www.depositpower.com.au sales@realbusinessfirst.com.au 4 Real Estate Journal May 2011 B5(,16:B0D\B&217(176LQGG 30 PRESIDENT Exploring property’s media evolution Can you believe it is May 2011 stories from member agents Chapter news for rural agents at all times of the already? What a busy start to provide both enlightenment and Our Chapters are all busy year. Read about how they cope the year it has been, with most solutions for success. with their respective issues with these problems. sectors of the marketplace and marketplaces. On the recording strong demand and The Real Estate Results commercial front, read about the Finally, I have thus far resisted shortage of supply. Network has adopted rise of the super pub and how the urge to buy a GPS, but Real Business First to set big players such as Merivale I’m not sure that’s sensible in Watching buyers compete benchmarks within its system. and Keystone have affected the today’s market. Getting around for property on a plethora of Why? Understanding your metropolitan hotel business. your local streets in the fastest lifestyle television shows is business better gives you the way possible is not about another testimony to a confident ability to drive it to even greater In the residential area, we are speeding but about finding the marketplace. This month’s cover success and profits. experiencing the return of the best route and GPS technology story discusses the role that first homebuyer. After the rise is an affordable solution. We the media plays in real estate, We also talk to Andrew Lutze, a and fall of 2008/2009, there have a look at some options. through not only lifestyle TV, but young agent who discusses the is strong anecdotal evidence in print and online as well. trials and tribulations of those suggesting they are back and Enjoy the read and don’t forget first few years in business. Many we look at what makes them to get your tax receipts ready for Read how this evolution in media of you will relate to this story. different in the marketplace. next month! has changed our industry, both within and from the consumer’s Meanwhile, Douglas Driscoll Let us also spare a thought for point of view. from Starr Partners explains our friends in rural NSW who why it is sensible business seem to face an endless barrage Business success to outsource many tasks to of environmental calamities. The challenge of running professionals in their field, a From droughts to flooding rains, your own business today has decision that can increase your locusts to bushfires, it seems Wayne Stewart never been greater but several own agency’s productivity.
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