PROPOSED CHANGES TO 'UNDER QUOTING' IN THE REAL ESTATE INDUSTRY



Please read the article below on the proposed changes to 'Under Quoting' in the 'Real Estate Industry'...

Reforms set to rule out understated property prices
Agents will have clearer requirements to adhere to as a result of under quoting reforms. The proposed laws announced by the Minister responsible for Fair Trading seek to prevent prospective buyers wasting time and money on inspections because a property price has been under quoted.
The reforms will restrict agents from advertising or communicating (in writing or verbally) any price for a marketed property that is less than their evidence-based estimated selling price recorded in the agency agreement.  
About the requirements
Under the new laws, agents will be required to:
 

  • include their estimate of a property’s likely selling price in the agency agreement
  • record the evidence that informed their estimate and provide the vendor with this evidence in writing
  • ensure a price range is no greater than 10% of the bottom figure (eg. $500,000-$550,000)
  • ensure advertising does not include any imprecise or unclear statements such as 'offers over' or 'offers above' or $XXX,000+. Importantly, an agent must never include any price in an advertisement that is less than the estimated selling price in the agency agreement
  • record all quotes provided while a property is marketed
  • notify the vendor if the original estimated selling price is revised. The agent will be required to provide the vendor with evidence (eg. market feedback) for their revised estimate and amend the agency agreement. Agents will also need to update any marketing for the property as soon as possible to ensure that no price is communicated that is lower than the new estimated selling price for the property. 

Together, the requirements provide a level playing field for agents in a competitive market. They also preserve the vendor’s opportunity to work with the agent to gain the best price possible for their property. Fundamentally, they will enable true competition between buyers whose interest in a property is not solicited on the basis of an agent’s understated price assessment.

Next steps
The reforms to the Property Stock and Business Agents Act 2002 will be before Parliament in the coming weeks. They are expected to commence in early 2016. In developing the reforms, NSW Fair Trading assessed comparable laws in other jurisdictions and consulted with key representatives from the real estate sector.
For further information go to the website:-  http://www.fairtrading.nsw.gov.au/

Please let me know your thoughts and opinions on the proposed new 'Under Quoting' laws... 

www.thepropertyexpert.com.au


NEPAL FUNDRAISER

Nepal Fundraisers


I am overwhelmed with the generosity of those who came to the Nepal Fundraiser night at Cinque Restaurant Mona Vale last week, and the Fundraiser put on by Shane and Dave at the Collaroy Beach Hotel in June. Collectively we raised over $22,500 I would like to thank all of the sponsors and the management and staff at both Cinque Restaurant and the Collaroy Beach Hotel, and to all of those who attended bought raffle tickets and dug deep with the auction.

Thanks to RobertKlaric and Jon Harker our fabulous auctioneers for doing such a fantastic job. We are now $10,000 over our target of $50,000 and are heading towards $70,000. This will hopefully build 3 schools in remote areas of Nepal and provide education to deserving children.  I will be departing for Nepal on the 8
th November and will be joined by several volunteers. If you know of anyone who would like to join our team please contact me, we are looking for builders, carpenter, anyone who is prepared to do some hard labour. You will need to pay for your own flights, pre and post accommodation in Kathmandu, share landcruiser transport costs to the village and food costs. Camping equipment will be supplied.

By Lyn Taylor

BEWARE OF CHINA - THE PROPERTY AND STOCK MARKET CRASH IS COMING!...

We have just recently returned from our very successful business trip to Shanghai China.
To put everything into a very quick perspective…
The population in Shanghai is 24 million people, and in Australia we have a total of 23 million people.
Construction of new high rise developments have been happening fast and furious for the last 5 years, however the buyer demand for property has slowed to just virtually a crawl in Shanghai.  
The average 2 bedroom apartment in the centre of Shanghai sells for approximately $2 Million Australian dollars, however the majority remain empty and are offered for sale with no one buying them.
Now it’s very easy to see why the wealthy Chinese have been selling up in Shanghai China and moving to major capital cities in Australia to buy property and settle down.  
The reality is that, it’s been a half price property sale here for a very long time in Australia, especially for capital cities like Sydney and Melbourne for many of the wealthy mainland Chinese buyers wanting to invest and live while the markets in China have been strong.
However, Beware of China… The Property and stock market crash is coming!...
We have a very good Chinese client and friend who is in both markets, and has witnessed the Chinese Stock Market increase 150% in the last 12 months, but in the last few weeks it has been in free fall, losing nearly one third of its value.
And if property in China is now not selling fast and for no longer at the high prices that they were before, then the decline of Chinese investment will be also be very fast in to Australia.
Watch this space over the next 12 months as the Chinese property and stock market start to deteriorate further, and will ultimately have a massive impact on the Australian property market as well as the world economy.


 

HOUSING BUBBLE? Yes or No!...New Foreign Investment laws - will it help Australian Property Market?

All the talk in the property market at the moment is about the ‘Housing Bubble’…Yes or No? Bubble or Bust!...

The reality is we have a real estate market in Sydney and Melbourne that have reached a boiling point of being ‘not sustainable’, especially for any further long term growth in 2015 and onwards.
In my professional opinion, the property ‘Bubble will not Bust’ it will just adjust and deflate slowly in certain property areas in 2016.
 
As for the new foreign investment laws introduced by Joe Hockey the Treasurer of Australia, we will see the Foreign Investment from China and other Asian nations look at ‘alternative ways' to get their money in to Australia.
It’s all a bit too much, a little too late from the Australian Government, as the majority of foreign investors have already managed to get in to Australia and buy the properties that they want without anyone taking any notice!...

Watch this space over the next few months as more news will come to the attention of the Australian public about what has been happening and what is currently occurring in the ‘property market’ with Foreign Investors.
 
Click on the link below to read the article with Joe Hockey and new foreign investment laws, plus visit our website to purchase a copy of "The Secrets of the Property Expert" :-

http://www.abc.net.au/news/2015-06-09/foreign-property-investment-probe-widens/6530556
www.thepropertyexpert.com.au

THE PROPERTY EXPERT - HOUSING BUBBLE AND CRASHES EXPLAINED

With over 25 years of real estate experience, working every property market, including 'Boom and Bust'. I have personally and professionally witness the pain attached to a market 'crash'. In my opinion what we will see in our real estate market in Australia is an 'adjustment' and not a 'crash' to house prices, especially in cities like Sydney and Melbourne. The property market simply can not sustain itself at the high levels we are currently witnessing and what is being played out in the 'Auction arena' every weekend for the world to see. The real estate markets around the world have proven that markets do not simply just continue to grow 10% to 15% yearly, without a correction or adjustment along the way. Please click on the link below and let me know your thoughts and comments on, 'Boom, Bust or Adjustment'...
http://news.domain.com.au/domain/real-estate-news/the-housing-bubble-explained-20150606-ghha4m.html

AUSTRALIA SELLING UP!?... WORKING WITH CHINESE BUYERS

Australia 'Watch and read this space!'... We can stop the Boats coming in!?... But, we can't stop the wealthy 'Chinese Foreign Nationals' coming in, buying up prime Australian real estate without as much as a Government & ATO check list?... No passports, No Tax file numbers, No worries!?... I wrote about this in my Book,  'Working with Chinese Buyers' on page Page 114 and 115...Secrets of the Property Expert.
Please let me know your thoughts and comments!...

Point Piper's Altona mansion sale dodged foreigh ivestment laws-Sold for $52 Mil

What can we do for you ...... Free Property Advice

A friend of ours for over 20 years just asked Leonie and I, for some
'personal and professional' help...
She then asked, "What do you actually do for work now?"

A good question! 
The simple answer:
The Property Expert International offers three unique Advisory services:

    1/  We are your trusted 'Property Bodyguards'... A  Vendor Advocate !...  Are you are thinking of selling your property? We advise, protect and help you select the real estate agency, choose the right marketing campaign and negotiate the commission fees on your behalf!... We protect and guide you every step of the way through the whole selling process from A to Z. All FREE of charge!... The real estate agent that you select pays us a fee from their commission.   2/  We ‘ Negotiate’  the property deal that you can't!...  The most frustrating part of real estate today isn't  finding  the property on the Internet...for most buyers it is not being able to successfully negotiate the purchase of the property when dealing with the real estate agents!... We have been negotiating properties for over 25 years and we know exactly how to secure the property at the right price, saving you time, money & stress!... We 'advise and negotiate' on the properties that you select. We negotiate prior to auction, or bid at the auction with you...whatever it is, we negotiate 24/7 until the deal is finally done!   3/  We provide personal and business  ‘Mentoring and Training’  for real estate professionals and property consumers wanting to discover the 'Secrets of the Property Expert'.   We utilise our new book, ‘Secrets of the Property Expert’ in international training seminars and personal mentoring programs. You can obtain an autographed copy via our website;  www.thepropertyexpert.com.au  Find out how Leonie and I can assist you, financially and personally. If you or any of your friends need any property help or advice!?... Just call us on; 0411622257 Email;  robert@thepropertyexpert.com.au

 

1/ We are your trusted 'Property Bodyguards'... A Vendor Advocate!...

Are you are thinking of selling your property?
We advise, protect and help you select the real estate agency, choose the right marketing campaign and negotiate the commission fees on your behalf!...
We protect and guide you every step of the way through the whole selling process from
A to Z.
All FREE of charge!... The real estate agent that you select pays us a fee from their commission.

2/ We ‘Negotiate’ the property deal that you can't!...

The most frustrating part of real estate today isn't finding the property on the Internet...for most buyers it is not being able to successfully negotiate the purchase of the property when dealing with the real estate agents!...
We have been negotiating properties for over 25 years and we know exactly how to secure the property at the right price, saving you time, money & stress!...
We 'advise and negotiate' on the properties that you select.
We negotiate prior to auction, or bid at the auction with you...whatever it is, we negotiate 24/7 until the deal is finally done!

3/ We provide personal and business ‘Mentoring and Training’ for real estate professionals and property consumers wanting to discover the 'Secrets of the Property Expert'.
 
We utilise our new book, ‘Secrets of the Property Expert’ in international training seminars and personal mentoring programs.
You can obtain an autographed copy via our website;
www.thepropertyexpert.com.au
Find out how Leonie and I can assist you, financially and personally.
If you or any of your friends need any property help or advice!?...
Just call us on;
0411622257
Email;
robert@thepropertyexpert.com.au

It's never about the property it's alway about the people Real Estate Business blog

Mentoring and thought leadership in the real estate industry is now a critical part of the success of many leading agents. As a former real estate agent with more than 25 years’ experience in both boom and bust markets, I can vouch for the fact that experience will always count, and that wisdom is learnt from succeeding and failing.

The sharing of knowledge with industry colleagues is essential to promote leadership, strategy development and skills. A true mentor will keep you on track to survive the long journey of a career in real estate, and hopefully establish a foundation for long-term success.

The question is most commonly asked is: why use a real estate mentor and thought leader? The simple answer is that you can’t buy experience.

The advice I most share with my salespeople and others I have mentored is to remember that the key to a successful career in real estate is that it’s never about the property, it’s always about the people. I maintain that 20 per cent of real estate agents do all the business and 80 per cent just make up the numbers. As an agent, it’s up to you to ask yourself where you want to position yourself in business.

The top 20 per cent of agents is committed to excellence, with a mentality similar to professional sports people. They always want to come in first: second is not an option. They work hard and for very long hours, and keep themselves completely immersed in the world of real estate so they are always up to date and at the top of their game.

With each property, they focus on achieving the best results. Their attention to detail is excellent, as is their ability to communicate effectively and continuously with their customers. A top real estate agent knows their personal income always reflects the amount of effort they have put into each property.

Conversely, the bottom 80 per cent of agents doesn’t put in the commitment needed to achieve the best results. These agents do not share the elite athlete mentality of the top agents. Many are content to look like the typical estate agent with all of the trimmings, but their tax returns tell a different story.

Excuses are common when they do not achieve expected results. A lack of consistency and a lack of self-accountability are the key factors that hold this group back.

Some industry leaders with a wealth of experience are seemingly reluctant to share their experiences with younger peers, perhaps afraid of losing their edge. This disappoints me, as I truly believe if you’re sharing wisdom then you’re creating new opportunities to learn something yourself.

And, ultimately, why feel threatened if you know you’re good at what you do? The success of those around you only makes you more successful. Mentoring and the promotion of ideas is essential in building good people, which is what our industry needs. 

by Robert Klaric Published REB blog

http://www.rebonline.com.au/blog/8852-it-s-never-about-the-property-it-s-always-about-the-people

 

View 3 minute video - Secrets of the Property Expert

Just wanted to say a very special 'Thank You' to all our family, friends, and supporters who have shared our unbelievable 'real estate' journey & life together over so many years!... The feedback and success of the new Book - 'Secrets of the Property Expert' has been a very humbling experience, and both Leonie & I, are very 'privileged & honoured' to be helping & advising more people than ever before... 'Sell, Buy & Negotiate Real Estate'...
Please view, comment and 'Share' this 3 minute Video with all your friends.

 

 

 

This Book is a Real Estate Game Changer!...

'Secrets of the Property Expert'

     
  
 
  
    
  
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  What an amazing week with the Book launch!... 'Secrets of the Property Expert'... Available now through our website...   www.thepropertyexpert.com.au   Thank you 'Richard Wilkins'... Nine Network Entertainment Director and TV Presenter... Plus, a very big thank you to everyone for your overwhelming 'support and kind words'... Very humbled by the well wishes and very proud of the Book too.

 

What an amazing week with the Book launch!... 'Secrets of the Property Expert'... Available now through our website... www.thepropertyexpert.com.au Thank you 'Richard Wilkins'... Nine Network Entertainment Director and TV Presenter... Plus, a very big thank you to everyone for your overwhelming 'support and kind words'... Very humbled by the well wishes and very proud of the Book too.

GEOFF LUCAS CEO - McGRATH REAL ESTATE AGENTS

GEOFF LUCAS CEO - McGRATH REAL ESTATE AGENTS

DR ANDREW WILSON - SENIOR ECONOMIST, DOMAIN GROUP

DR ANDREW WILSON - SENIOR ECONOMIST, DOMAIN GROUP

What will the property market do in 2015?

One thing that is for certain, is that all property experts, financial analysts and investors always ‘fear corrections’ in the market.

In my opinion, the world economy and financial markets will now be back in focus.

Australia is, as we all know the ‘lucky country’… however we are not immune to the world’s financial position in 2015.

Troubling signs are coming out of the USA, China, Russia and Europe.

The reality is that 2015, could see the economic problems that have not been fully resolved or addressed since 2008, which including rising unemployment rates and slowing economies will ultimately lead to a correction in many markets.

Watch this space…

China is heading for a hard landing, Europe’s Eurozone will struggle after the Greek election to maintain strength and stability and the USA need to raise interest rates.

Final thoughts on what will happen in 2015, is that the Australian property market will see very different results in the first quarter, than the last quarter of the year.

Best time to sell will be the first three months of this year, and the best time to buy will be in the last three months of this year.

Santa is coming! Where would he buy in this hot market?

The ‘hot’ real estate property market in Sydney will virtually come to an end by Christmas.
However, if you were a buyer in this market, the time to buy is now, Christmas!


As many properties that have been listed over the December period have struggled to sell and will struggle to reach the owner price expectations by Christmas Day.

The Sydney Auction clearance rates have adjusted and now starting to track backwards from 80% plus auction clearance rate over the majority of the year, to now 71% last weekend.

For the first time in 2014, we have seen the supply of property starting to outstrip the number of real buyers in many pockets of Sydney.

When there is property choice for buyers, the price ultimately set by the vendors will also need to be adjusted lower to achieve a sale now by Christmas.

The frenzy of buying in a hot Sydney market over the last 18 months, is no longer there.
As per a quote in my new book “Secrets of the Property Expert” available in all good book stores in early 2015.

If the markets are hot,
don’t follow the crowd
or you’ll get burnt.

The property market is adjusting and be prepared for a change in 2015.
It’s a simply property mathematical equation;
More properties on the market = adjusted expectations selling prices.

For more information, help and advice.
And to register for our new book;
‘Secrets of the Property Expert – Your Real Estate Survival guide
Email: leonie@thepropertyexpert.com.au

Merry Christmas and all the best for the New Year