Estate Agent Magazine Nov 2020 Issue

The magazine for real estate professionals who are the difference.

The Journal of the Real Estate Institute of Victoria / NOV. 2020 / Vol. 84 No. 3

Celebrating a resilient and agile industry The pandemic forced many of us to think outside the box and that’s exactly what we did

TALENT ON SHOW Annual awards showcase the best of the best

LEASE legislation Is it time to change the way leases are structured?

The Estate Agent is published by the Real Estate Institute of Victoria.

Publisher REIV 335 Camberwell Rd, Camberwell, Victoria 3124 Editor Sarika Bhalla – sbhalla@reiv.com.au Partnerships & Advertising Emma Burton – eburton@reiv.com.au Established in 1936, the Real Estate Institute of Victoria (REIV) is the peak representative body for real estate professionals in Victoria. Our Mission is “To enhance the professional excellence of our members to the benefit of the communities they work within, and to advocate and represent their interests”.

Connect with REIV on social media.

Find us on: facebook.com/REIVictoria @REIVictoria REIV @REI_Victoria

Features 12-13 Auction competitions go on despite the pandemic The outbreak of coronavirus was not enough to stop the REIV Auction Competitions from proceeding

16-20 The 2020 REIV Awards and Competitions This year, more than any other, it was important to recognise and celebrate excellence in real estate

PRODUCTION Pagemasters

22-27 Is it time to change the way leases are structured?

The Retail Leases Act 2003 (Vic) has been amended by the Retail Leases Amendment Act 2020 (Vic)

28-29 Disclaimer Unless otherwise specifically expressed, the views or opinions appearing in The Estate Agent (EA) are those of the authors and do not represent the views of The Real Estate Institute of Victoria Ltd (REIV). The REIV gives no warranty about the accuracy, completeness, or reliability of the content of EA. The entire content is general information only. It is not advice or intended as advice and in no circumstances should be relied upon as such. Readers and third parties should verify the content and seek their own independent advice before making any decisions, financial or otherwise, based on what they have seen or read in EA. The REIV and EA do not endorse or take any responsibility for material on third party websites referred to in the EA.

2 | The Estate Agent – NOVEMBER 2020

What are we talking about?

Frequently asked questions REIV Information Officers David Dundas and Jim Lourandos address common queries from Members

Contents

Contents President’s report

Page 4

CEO’s report

Page 6

Bulletin

Page 11

Awards and competitions Page 12 Page 14 Page 16

Auction competitions President’s Award The REIV Awards

14

Auctioneer Andy Reid claims top honours

Legislation Is it time to change the way leases are structured?

Page 22

Best practice Frequently asked questions

Page 28

Webinars for Members

Page 30

Data insights Impact of COVID-19 on the market

34-35

Page 32

Training Real estate education requirements improved

Real estate education requirements improved

Page 34

Resources Safeguard your future using these hidden super perks COVID-19 and your business accounts The relevance of professional indemnity insurance

The Government has responded to lobbying from the REIV to lift minimum training requirements

Page 36 Page 38 Page 39

Membership New members Member milestones In memory

Page 41 Page 42 Page 42

39 Relevance of professional indemnity insurance Why in a COVID-19 landscape it may be a good time to question the cover you hold

The Estate Agent – NOVEMBER 2020 | 3

President’s report

Leah Calnan REIV President

Thank you to every member who followed the guidelines and instructions thrown our way; who embraced the changes and showed the public that the real estate industry could be agile; who supported their teams and checked in on their competitors; who acknowledged that although a tough position but a privileged one that allowed much of the industry to continue working in some capacity for most of the year.

Thank you to the team behind Gil King and me, the entire REIV team who worked many long hours, many weekends to ensure our Members were always up to date with the latest change.

Thank you to my team at Metro. New ideas were thrust at them quickly and they had to roadtest them ready for us to share with the wider industry. They have

Veterans honoured The REIV Board grants Honorary Life Membership to Members who have displayed outstanding and meritorious service to the real estate profession and the Institute. This year the recipients are two highly respected veterans of real estate, Neville Sanders and George Thomson.

4 | The Estate Agent – NOVEMBER 2020

As 2020 comes to a close, I want to begin with a thank you. Thank you to every member who stood up for the challenges over the past eight months.

taken on so much more, allowing me to work with the Members and the industry, knowing it was for the benefit of us all.

When I look back over the past 12 months sometimes I feel I crossed many black cats leading into my term as President. On the other hand, there was definitely someone watching over me too. While I’ve had to face many challenges this year, the support that I have received and the outcomes that eventually came our way far outweigh the anxiety and stress we experienced.

Whether it was the two defeated proposed constitution changes, or the unprecedented challenges presented by the pandemic, we got through it all together and I feel stronger for it.

We learnt how to home school. We moved our offices to our kitchen benches. We

introduced FaceTime and Zoom meetings to replace our opens for inspection. Our movement outside of our homes was restricted to 5 km. We could only exercise for one hour a day and only allowed one visit a day to the supermarket. We had to be tucked up at home by 8 pm. Every day we focused on the new COVID numbers and all while the rest of the country’s economy was recovering, and Victoria was struggling to understand how things went so wrong!

The industry came together as one and gave their representative body the strength of a collective voice that could not be ignored. Leadership of some of Victoria’s franchise groups, independent businesses and even service providers such as the listing portals collectively united and supported the approach and messaging from the REIV.

Neville Sanders An REIV Member since 1971, REIV Past President and REIA Past President, Neville is well known for his real estate knowledge and expertise.

Neville is a licensed estate agent and qualified valuer and an active member.

He has served on numerous REIV Board, Division and Chapter committees over the years. Neville was a Director of the REIV from 2006 to 2015 and was elected President in 2012 and served as president until 2014.

He represented the REIV as the nominated director for Victoria to The Real Estate Institute of Australia (REIA) from 2012 to 2016 and in 2014 was elected President of the REIA, holding that office until 2016.

Neville has served the real estate profession in Victoria and Australia at the highest level and has carried the

interests of the profession through his involvement with the REIV and REIA. He has been notable also for his contribution to, and advocacy for, Owners Corporation management practice, education and training.

President’s Sectionreport head The media reported on our every move and the government saw a membership body that stood strong for their members, clients, and the wider industry.

Leah Calnan – President REIV

2020 has been an incredibly tough year for everyone but the sun is beginning to shine again.

The media reported on our every move and the government saw a membership body that stood strong for their members, clients, and the wider industry.

We have had losses. Housing not being considered an essential service still leaves many of us wondering why not?

Commercial agents being prohibited to return to private inspections at the same time as their colleagues in residential property was another mind-boggling decision by the government.

But, we have had wins and some significant ones.

Intense lobbying over the Easter weekend allowed for concessions to be made for the real estate sector, allowing us to work through to early August.

The second round of negotiations was even more difficult. Following some vocal campaigning in the public forum, over and above negotiations with the government, we succeeded in getting private inspections to recommence for

George A Thomson Jr An REIV Member since 1951, George is a Fellow of the REI and one of the most respected real estate agents in Victoria.

2020 has been an incredibly tough year for everyone. It has not discriminated.

It has reminded us that for all the technology available, the need and desire for face-to-face interaction with our clients, our team members and our family will never be replaced. We can innovate, but we will never be replaced. Now, for the next 12 months!

Leah Calnan REIV President

George is considered an authority in property management, valuation work and legal matters.

George began his career with G.A. Thomson & Co Pty Ltd at their Carlton office working for his father, George Thomson Sr, who was President of the REIV. In 1965, he set up their Murrumbeena and Mentone offices, eventually growing the business to offices in Malvern, Carlton, Brunswick and Brunswick West, Flemington and Northcote.

Over his 65-year career in real estate, George was a significant contributor to the REIV. From committee member to chairman of the inner northern branch, he headed the Property Management committee for more than 20 years, served as a Board Director for more than 10 years and

residential property. It took further work to ensure that this relaxation was extended to commercial real estate too.

was vice president to Bill Heath in 1982.

George got great satisfaction in contributing to the Institute. George is considered an authority in property management, valuation work and

legal matters. George was active on the Valuation committee, the rental determination panel, disputes committee, sales/auctioneering committee, ethics committee and legal committee that looked at the Estate Agents Act and Residential Tenancies Act continually.

George mentored and trained some of the highly respected names in real estate.

The Estate Agent – NOVEMBER 2020 | 5

CEO’s report

Gil King REIV CEO

The World Health Organisation declared a COVID-19 pandemic in March. Barely had we settled back into the year with the prospect of a vigorous return to property transactions when that was knocked over with the first wave and swept away with the second. The spring sale season, which is anticipated every year, none more so than this year after a couple of quieter than usual years, was all but stalled as Metropolitan Melbourne was placed into lockdown. However, we did see some very encouraging signs in regional Victoria.

One of the biggest challenges posed by the pandemic was continued, meaningful

6 | The Estate Agent – NOVEMBER 2020

In the final EA magazine each year it is customary to look back and reflect on the year that was. This is one year that many of us might want to forget. But in the words of Benjamin Franklin, “Out of adversity comes opportunity”. We have suffered a great deal this year; however, we have also learnt much.

interaction and engagement with our Members. Coming to the close of this challenging year, I am extremely pleased when I look back and assess how we all evolved and adapted. I believe we have emerged stronger, more focused, agile and proactive than ever before.

Engagement is not dependent on in-person interaction, if you are committed you can find a way.

We learnt that we do not have to draw people into Camberwell to train, learn and develop. We do not need to travel vast distances to engage with our regional members. During 2019 under

the Presidency of Robyn Waters we reconnected with our regional Division Members by visiting many of the major towns through the Connect Series. The 2020 Series was brought to a sudden halt early in the year, after a nervous but fruitful event in Ballarat. What the pandemic taught us is that we can engage with our Members on ‘virtual’ platforms; and we got much better at it the more we did it. We are out there again engaging with the regional Divisions and encouraging regional membership on the Chapter Committees, something that was considered almost impossible in the past.

We are changing the physical meeting

CEO’s report Section head set-up in Camberwell to enable regional Members to ‘attend’ meetings with a visible presence and not stuck on the end of an impersonal telephone.

We quickly adapted to new ways of delivering the qualification training for agent’s representative and those who were seeking the Certificate IV in Property Services. Online and blended delivery of training took us to a new level, and we could enable participation from all corners of Victoria.

Yes 2020 has been hard. But perhaps we needed to be reminded of just how strong and resilient we really are.

Gil King – CEO REIV

These virtual sessions were not just for those in the far-flung corners of the State. Our REIV Board and Chapter Committee meetings moved on-line and so did Member’s Council and the Past Presidents’ Council.

we were looking forward to engaging much more closely with them than we were ultimately able to. This was made more difficult because the AFL too had to adapt in order to move forward. What perfect timing for us to be engaged with them and I hope that next year this shared experience with the AFL Coaches will be able to bear fruit and we will engage more closely with them face-to-face.

Yes 2020 has been hard.

But perhaps we needed to be reminded of just how strong and resilient we really are. So, I am not going to just reflect on this year but the last three, because we are coming to the end of our three-year strategic planning period. In 2018 the REIV Board of Directors set the REIV Mission, Strategy Statement and Strategic Goals for the coming three years.

Though it posed many new challenges, the REIV Awards and competitions embraced the new digital world too. The annual Senior and Novice Auctioneering competitions were held completely online. While we couldn’t have the same in-person celebrations, high achievers for 2020 were recognised with a digital release for the Awards for Excellence and Commercial & Industrial Marketing Awards.

Advocacy & representation

In 2020, we entered into a partnership with the AFL Coaches Association and

On Good Friday, the Victorian Government effectively shut the real estate industry down. In the space of three days over

Our strategy statement aimed that by 2021 we will be the recognised voice of all Victorian real estate professionals offering quality representation, advocacy, education, networking opportunities and maintaining professional standards. Let’s reflect on that and where we are today.

Easter we were able to change their direction. We were able to advocate to get private inspections reinstated against the tide of the government’s strategy.

Time and time again we were called upon by government to understand what the practical application of their various ‘Directions’ were. More often than not, we interjected, often without being asked and when they weren’t really looking for our input. We corrected their mistakes time and time again, on various government websites, in relation to the advice given over the phone by government call centres, and even in their many ‘Directions’ issued by the Chief Health Officer. We often annoyed them – but that is our job.

We are their conscience for the real estate sector and believe me when I say, they know who we are.

Education and professionalism We have finally been successful, against all odds and after a three-year battle, in getting the qualifications for the real estate profession raised to a much higher level. No longer are we the people who just do a week of study and get a qualification. This was originally not supported by Consumer Affairs Victoria, but I am pleased to say that the group of individuals in government who we are dealing with now regarding this issue are very supportive of these higher qualifications. We are as amazed at this new-found support, as we were at the resistance that was presented by the former CAV personnel.

CONTINUED ON PAGE 8

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The Estate Agent – NOVEMBER 2020 | 7

CEO’s report

I believe we have emerged stronger, more focused, agile and proactive than ever before.

Gil King – CEO REIV

Thank you to our Members for your support. We needed you this year, and we will always need you.

CONTINUED FROM PAGE 7

We have also reviewed the REIV CPD requirements, and while we continue to advocate for mandatory CPD we have reintroduced it in a meaningful way for our Membership without making it too onerous and difficult to achieve.

Networking and engagement Networking opportunities have become more meaningful as important forums like the Members’ Council have evolved.

Simple but significant improvements like the way the Council receives reports from the grassroots Chapters and Divisions is developing with every meeting. With new and reinvigorated Committees in 2021, this can only get better. I have mentioned our plans for our engagement with regional Victoria and this too will provide us with feedback from the grassroots across the state. We have also conducted countless (it feels like) 8 | The Estate Agent – November 2020

webinars and online discussions in 2020 and committed additional resources to maintain these activity levels into the future.

We have welcomed Valuers and Owners Corporation Managers as full Members.

Our media profile has gone through the roof and our social media presence is huge, growing and engaging.

It is worthy of reflection to note progress on these Strategic Goals. I would contend we can be rightly proud of our progress on these matters. For this I must thank our Board of Directors, welcoming of course two new Directors Andrew Meehan and Jacob Caine. COVID-19 has seen the number of required meetings of Directors increase substantially and their commitment and engagement has been outstanding.

None of these achievements would have

been possible without our amazing, talented, and professional staff. The way they have adapted to different working conditions is a credit to their commitment to you. It has not been easy for them, but I am constantly in awe of their productivity and continued passion to support you, our Members.

Finally, thank you to our Members for your support. We needed you this year, and we will always need you. One comment I have made many times this year is that what we have done over the past few months is what we do year in and year out; it is just so much more visible in this environment. On behalf of the REIV Board and staff, I wish you and yours a great end to the year, a wonderful and happy festive season and the prospect of a bumper new year.

Gil King CEO, REIV

Bulletin Annual General Meeting

Manage your membership

The 2020 REIV Annual General Meeting is scheduled for Tuesday, 24 November, 2020. Registration for the AGM will close at 4pm on the same day. Proxy Appointment Forms must be received by the REIV Company Secretary by 4pm on Monday, 23 November, 2020.

The REIV website offers a large range of resources for Members. You can manage most of your membership details online too.

PLACE OF MEETING: Virtual meeting Using Zoom video conferencing DATE OF MEETING: Tuesday, 24 November, 2020 TIME OF MEETING: 4pm

• Review and update your personal and business profile • Access in-depth market data and reports with customisable interactive online charts • Access Member-only resources, information and tools • Take advantage of discounted Member pricing when you log in and register for training and events

Online member listing The REIV Choose a Member platform has been effective in creating higher online visibility for Members.

Each REIV Member – individual and office, has a dedicated profile page on reiv.com.au Make sure you add a link from your online collateral to your REIV profile

• Manage your CPD points including applying for external CPD recognition • Check and pay REIV invoices

Please login with your personal Membership Number and Password.

In recognition of the challenges presented by the coronavirus, due date for membership renewals was extended to October 2020. Any unpaid renewals will be due for termination on 1 December, 2020. For any queries, please contact the Membership team on membership@reiv.com.au

2020 REIV Diary page giving your clients greater confidence in you and your business.

The platform will soon include an All Member listing providing another alternative to search for an REIV Member. The service areas will also been refined to include Owners Corporation Management and Valuation services. Find out more by visiting reiv.com.au/choose-a-member

The REIV Annual Diaries for 2021 are now available for purchase.

With handy tools such as stamp duty tables, settlement date planner, metric conversion charts, real estate conventions, REIV codes and rules of practice and more, the REIV diary is a must-have item. Contact stationery@reiv.com.au to order yours for $50 including GST.

Helping to house the homeless Do you have a vacant property that could be used as a pop-up shelter for those facing homelessness?

Housing All Australians (HAA) is bringing a private sector voice and commercial lens to help address Australia’s chronic shortage of low-income affordable housing.

• Reasonably close to public transport • May have existing kitchen and bathroom facilities.

We are unlike any other charity in the affordable housing space in Australia.

They require vacant properties that could be re-purposed for short-term transitional accommodation for people facing homelessness, e.g. women over 50 years of age.

Properties that could be used as pop-up shelters:

• Expected to be vacant for three to five years • Could accommodate minimum six people once it has been repurposed by HAA and their partners • Can be offered to HAA at peppercorn rent

Housing All Australians is a private sector registered tax deductible (DGR1) charity that believes it is in Australia’s long-term economic interest to provide housing for all its people; rich or poor. To learn more about pop-up shelters please email info@housingallaustralians.org.au or visit housingallaustralians.org.au

The Estate Agent – NOVEMBER 2020 | 11

Events

Auction competitions march The outbreak of coronavirus was not enough to stop the REIV Auction Competitions from proceeding this year.

The 2020 REIV Auctioneering Competitions gave us an incredible platform to support and recognise the adaptability of our sector. Keeping this in mind, the 2020 events embraced technology and moved online. While there is nothing better than a face-to-face ‘live’ auction, 2020 has shown us more than ever before how technology can assist us in our profession.

Both the senior and novice competitions were held online, each consisting of a

single round. Organised as closed online meetings, recordings of the auction calls are available for viewing.

The competitions have a history of recognising some of the best auctioneers in the state. The list of past winners is a testament to the significance of this platform, and this year was no different.

We congratulate the winners who succeeded in making a mark among some unique challenges.

Senior Online Auctioneering Competition:

James Doherty

Alisha Hobart

Anthony Molinaro

Andy Reid

Paul Tzamalis

Steven Zervas

2020 REIV Senior Online Auctioneer of the Year Andy Reid The Senior Auctioneer of the Year competition showcases creativity, showmanship and skill of competing auctioneers.

Tristan Tomasino

Thank you to our Auction Partners for their continued support

12 | The Estate Agent – NOVEMBER 2020

Section Events head

on despite the pandemic Novice Online Auctioneering Competition:

George Apostolopoulos

Kinson Gao

Anthony Kirwan

Isabella Kou

Jake Parish

Daniel Secatore

Dee Spittal

2020 REIV Novice Online Auctioneer of the Year Christian Cortese

The Novice Auctioneering competition provides a great platform for new auctioneers to strengthen their expertise and experience.

Chris Manolopoulosas

The Estate Agent – NOVEMBER 2020 | 13

Events

Andy’s obsession with the craft of auctioneering started in 2012.

The adrenaline rush gripped Andy, and the level of clarity is something he wishes he could bottle up.

Andy Reid

2020 REIV President’s Award & 2020 REIV Senior Online Auctioneer of the Year

Andy always knew that he was loud, and he found a way to use it.

focused on progressing any business he worked in and/or with. But over his life through hospitality management, marketing and real estate sales he knew what his purpose was – to serve others in their success. And so, the journey began!

Andy’s obsession with the craft of auctioneering started in 2012. The adrenaline rush gripped Andy, and the level of clarity is something he wishes he could bottle up. Auctioneering is where Andy is at his happiest.

At just 21, Andy was running a hospitality business with an annual turnover of more than $12 million, with a raw ability to handle pressure and communicate effectively with large teams. Since then, Andy has been 14 | The Estate Agent – NOVEMBER 2020

After completing his Agents Representative Course with the REIV Andy joined Stockdale & Leggo in 2010 as a Sales Consultant and Auctioneer.

He went on to become a licensed real estate agent and an active REIV member. Starting with the REIV Senior Auctioneering Competition 2018 & 2019

Andy has participated as a bidder in the 2019 Australasian Auctioneering Competition; stepped in at the eleventh hour to conduct the ‘live’ auction at the 2019 REIV Awards for Excellence auctioning off 3 Brad Blaze original paintings to raise in excess of $17,000.

Joining the REIV Auction Chapter Committee in early 2019 Andy continues to support the Victorian auctioneering profession.

Andy is a highly deserving winner of the accolades he has received in 2020.

We wish him the very best for the future.

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Awards

‘In the middle of every difficulty lies opportunity’ – Einstein At the time entries to the 2020 REIV Awards and Competitions commenced, Victoria was well into the COVID lockdown and restrictions. There were many discussions and opinions on organising and hosting Awards and Competitions in a year that was exposing us to new challenges every day.

It was decided that all REIV Awards and Competitions would continue albeit in an adapted format. This year, more than any other, it was important to recognise and celebrate excellence in real estate.

The importance the membership places on the REIV Awards is evident by the 236 entries received across all categories. Members from all business sizes and structures took the time to develop their Awards’ submissions.

While not every entry wins, the process of creating a submission helps you review your strategy, recognise the wins and the losses and identify areas for improvement. This is why every REIV Awards submission is eligible for CPD points.

The 2020 Awards and Competitions also created an opportunity to showcase the innovation and adaptability of the real

estate sector. Reflecting the sector’s quick move to online methods of business, the REIV auction competitions were held completely online. The competitors are to be commended on their dedication and commitment. At times, the changing restriction levels created some uncertainty regarding the competition format, but each competitor was willing to adapt to participate in a State level competition like no other.

Planning an Awards presentation during a Stage 4 lockdown in metro Melbourne was a hurdle we hoped we didn’t have to jump. Fondly called the “Brownlows of real estate” the gala night at Crown was not a possibility this year.

The usual change of format has been a shift to online video conferencing. The option was explored for sure, but with a schedule of more than 52 categories,

holding interest would be challenging to say the least.

It was time to think outside the box and that’s what we did!

Like any successful campaign we started with what is widely considered the key objective of entering the REIV Awards. Recognition from the peak body in Victorian real estate is a major achievement and can be the difference that sets you apart in the marketplace.

The accolade is an important way to differentiate and stand out in a very competitive industry. And so, the idea was born.

The 2020 REIV Awards focused on digital tools to create opportunities to share and acknowledge real estate excellence with your clients, colleagues, and the public.

A series of winner reveal videos were developed alongside finalist and winner logos, social media, print media and more to profile the high achievers for 2020. Our statistics tell us that this approach was well-received.

Congratulations to all the entrants. This was a tough year but you put the time and effort to appreciate the wins.

Thank you to all our Award Partners for their continued support

16 | The Estate Agent – NOVEMBER 2020

Awards

Awards for Excellence Community Service Award

Project Marketing Award

Winner Woodards Real Estate

Winner VIP with Mirvac Real Estate

Finalists Bonaccorde Property Services Nelson Alexander OBrien Real Estate

FInalistS Lowe Living Marshall White

Corporate Promotion Award

Residential Marketing Award - Budget under $10,000

Winner Aston Commercial

Winner Blackbird & Wren Real Estate

Finalists RT Edgar Mount Eliza TJ Sparks Pty Ltd

Finalists Barry Plant Manningham Jellis Craig Northside

Innovation Award

Residential Marketing Award - Budget over $10,000

Winner Network Pacific Real Estate Finalists OBrien Real Estate Ray White Victoria

Marketing and Communications Award Winner Barry Plant Mitchell Shire Finalists Brad Teal Real Estate Nichols Crowder RT Edgar Mount Eliza

Best Website Award Winner Philip Webb Real Estate Finalists Eview Group Max Brown Real Estate

Achievement Award

Marketer of the Year

Winner Sarah Meldrum RT Edgar Mount Eliza

Winner Maria Xu Woodards Camberwell

Finalist Annamaria Stella Twig Real Estate

Finalists Blake Hedley Hedley Perrett Real Estate Leanne Williams RT Edgar Mount Eliza

Business Broker of the Year Winner John Kasapi Benchmark Business Sales & Valuations

Outstanding New Agent of the Year Winner Marcello Caspani-Muto CBRE

Finalists Choon Ng Xcllusive Business Sales Melbourne Steven Mostafa Link Business Melbourne

Finalists Annamaria Stella Twig Real Estate Isabella Kou Woodards Blackburn

Buyers’ Agent of the Year

Owners Corporation Manager of the Year

Winner Janet Spencer Buyer Solutions

Winner Kate Yeowart Strata Equity Management

PropertyData Sales Agency of the Year Metro

Finalists Frank Valentic Advantage Property Consulting Melissa Opie Keyhole Property Investments

Finalist Stephen Briffa Network Pacific Real Estate

Winner Cayzer Real Estate Port Melbourne

Business Development Manager of the Year

Winner Marshall White Finalists Philip Webb Sales RT Edgar Mount Eliza

Finalists Buckingham & Company Estate Agents Hodges Sandringham

PropertyData Sales Agency of the Year Regional Winner Jellis Craig Macedon Rangese Finalists Doepel Lilley & Taylor Wilson Estate Agents

18 | The Estate Agent – NOVEMBER 2020

Winner Melissa Hickson Prime Residential Property Management Finalists Gabriela Ammendola GA Industrial & Commercial Gary Liew Philip Webb Rentals

Property Valuer of the Year Winner Sam Mountstephen CBRE

Operational Support Award Winner Andrew Byrne Upside Realty Vic Finalists Amber Sealey RT Edgar Mount Eliza Bianca Dobson Nicholas Lynch

Awards

Operational Leadership Award

Commercial Property Manager of the Year

Residential Sales Team of the Year

Commercial Agency of the Year

Winner Rebecca Berry Belle Property St Kilda

Winner Jon Barkla CBRE

Winner Jellis Craig Doncaster

Winner CBRE

Finalists Damian Portaro Ray White Mildura Katie Taplin RT Edgar Mount Eliza Sadhana Smiles Harcourts Move Pty Ltd

Finalists Gabriela Ammendola GA Industrial & Commercial Paul Kernan Colliers International (Victoria)

Finalists Blackbird & Wren Real Estate RT Edgar Mount Eliza

Finalist GA Industrial & Commercial

Residential Property Management Team of the Year Winner Brad Teal Real Estate Finalists Network Pacific Real Estate Nicholas Lynch Rentals

Residential Property Manager of the Year Winner Anna Molinaro OBrien Real Estate Blackburn Finalists Michael Cummaudo Love Real Estate Preston Tayla Deane Philip Webb Rentals

Residential Property Manager of the Year (Executive) Winner Megan Wilson Nelson Alexander

Novice Online Auctioneer of the Year Winner Christian Cortese Nelson Alexander ENTRANTS George Apostolopoulos Nelson Alexander Kinson Xin Guo Nelson Alexander Anthony Kirwan Colliers International (Victoria) Isabella Kou Woodards Blackburn Chris Manolopoulos McGrath Estate Agents Jake Parish Jellis Craig Whitehorse Daniel Secatore Woodards Carnegie Dee Spittal Nelson Alexander

Senior Online Auctioneer of the Year Winner Andy Reid Sold By Auctions ENTRANTS Alisha Hobart EYS Auctions Anthony Molinaro OBrien Real Estate - Blackburn James Doherty Vision Real Estate Paul Tzamalis The Auction Company Steven Zervas Fletchers Real Estate Tristan Tomasino Biggin & Scott Yarraville

Small Residential Residential Salesperson Agency of the Year of the Year Winner Winner Michelle Stephens OBrien Real Estate Carrum Downs Finalists Robert Groeneveld Philip Webb Sales Taney Jain Reliance Real Estate

Winner Vicki Sayers RT Edgar Mount Eliza

Winner Nicholas Lynch Real Estate Finalists Warlimont & Nutt Real Estate Woodards Manningham

Large Residential Agency of the Year

Finalists Nicholas Lynch Nicholas Lynch Real Estate Trent Cameron Warlimont & Nutt

Winner Nelson Alexander

Commercial Salesperson of the Year

Finalist Joshua Twelftree CBRE

Finalists Blackbird & Wren Real Estate RT Edgar Mount Eliza

Medium Residential Agency of the Year

Residential Salesperson of the Year (Executive)

Winner Julian Heatherich Savills (Vic)

Keyhole Property Investments

Finalists Brad Teal Real Estate Woodards Blackburn

President’s Award Winner Andy Reid

The Estate Agent – NOVEMBER 2020 | 19

Awards

REIV Commercial & Industrial Marketing Awards Best Sales Campaign - Development Site Budget under $20,000 Winner Savills (VIC) 398 - 410 Burke Road, Camberwell

Best Sales Campaign - Industrial - Budget between $15,000 $30,000 Winner Facey Kendall O’Dea 116 - 118 Abbott Road, Hallam

Finalists Gorman Commercial Real Estate 13 - 15 Station Street, Kew East Knight Frank Australia 297 - 307 Roslyn Road, Highton

Finalists CBRE 34 - 50 Discovery Road, Dandenong South CBRE 1 Wurundjeri Drive, Epping

Best Sales Campaign - Development Site Budget over $20,000

Best Sales Campaign Office - Budget under $15,000

Winner Allard Shelton 4 Birchwood Drive, Mooroolbark

Winner Savills (VIC) 362 Wellington Road, Mulgrave

Finalists Aston Commercial 925 Whitehorse Road, Box Hill CBRE The National Development Site Portfolio

FInalist Gorman Commercial Real Estate 163A Burke Road, Glen Iris Knight Frank Australia 357 Ferntree Gully Road, Mount Waverley

Best Sales Campaign Specialised Property

Best Sales Campaign - Office - Budget between $15,000 $30,000

Winner Gorman Commercial Real Estate with Knight Frank 14D Oleander Drive, Mill Park Finalists Allard Shelton 61 - 65 Victoria Parade, Collingwood Nichols Crowder (Carrum Downs) 1233 Point Nepean Road, Rosebud

Best Sales Campaign - Industrial - Budget under $15,000 Winner Facey Kendall O’Dea 80 Star Crescent, Hallam Finalists Facey Kendall O’Dea 2 / 13-14 National Drive, Hallam Nichols Crowder 8 - 12 Coora Road, Oakleigh South

Best Sales Campaign Retail - Budget under $15,000

Best Leasing Campaign - Budget over $10,000

Winner Facey Kendall O’Dea with O&Co 192 - 194 Lonsdale Street, Dandenong

Winner CBRE Swanston Central

Finalists Allard Shelton 60 Ferguson Street & 3 Cox’s Garden, Williamstown CBRE 20 Church Street, Brighton Gorman Commercial Real Estate 703 Glenferrie Road, Hawthorn

Best Sales Campaign - Retail - Budget $15,000 - $30,000 Winner Savills (VIC) 1000 Nepean Highway, Moorabbin

Winner Knight Frank Australia with Dawkins Occhiuto 13 - 15 Compark Circuit, Mulgrave

Finalists CBRE 429 - 431 Brunswick Street, Fitzroy CBRE 60 Hardware Lane, Melbourne Gorman Commercial Real Estate 65 Clow Street, Dandenong Quinn Reynolds Property 23 Robertson Street, Gisborne

Finalist Gorman Commercial Real Estate with Jellis Craig Boroondara 1A Scotia Grove, South Yarra

Best Sales Campaign - Retail - Budget over $30,000

Best Sales Campaign - Office - Budget over $30,000

Winner CBRE 174 Ocean Beach Road, Sorrento

Winner Gorman Commercial Real Estate with CBRE 2 Luton Lane, Hawthorn Finalist CBRE Dulux House, Melbourne

20 | The Estate Agent – NOVEMBER 2020

Best Leasing Campaign - Budget under $10,000 Winner Gorman Commercial Real Estate 40 Hinkler Road, Mordialloc Finalists Cushman & Wakefield Agency 79 - 81 Fitzroy Street, St Kilda Miglic Dean Down Street, Collingwood

Best Campaign by a Small Agency Winner Aston Commercial 925 Whitehorse Road, Box Hill Finalists Aston Commercial 1036 Glen Huntly Road & 1A Laura Street, Caulfield South Miglic Dean Down Street, Collingwood

Best Campaign by a Medium Agency Winner Allard Shelton 4 Birchwood Drive, Mooroolbark Finalists Facey Kendall O’Dea 116-118 Abbott Road, Hallam Gorman Commercial Real Estate 40 Hinkler Road, Mordialloc Gorman Commercial Real Estate 13 - 15 Station Street, Kew East

Best Campaign by a Large Agency Winner CBRE Swanston Central Finalists CBRE The National Development Site Portfolio Knight Frank Australia 297 - 307 Roslyn Road, Highton Savills (VIC) 398 - 410 Burke Road, Camberwell

C&I Gold Award for Overall Marketing Excellence Winner CBRE Finalists Allard Shelton Gorman Commercial Real Estate Savills (VIC)

Legislation

Is it time to change the way leases are structured?

The Retail Leases Act 2003 (Vic) has been amended by the Retail Leases Amendment Act 2020 (Vic), which is now in effect, having received Royal Assent on 22 September, 2020.

The changes to the Act are as follows:

1. Essential Safety Measures (ESM) (Sections 3, 29, 41(2)) In brief Tenants are now liable to pay for the cost of ESMs for the premises leased by the tenant, if this obligation is specified in the lease.

What you need to know Leases granted to tenants must contain an obligation on the tenant to pay for the cost of ESMs to pass on this cost.

It is also important that the estimated cost of repairs and maintenance work (including in respect of ESMs) be given by the landlord or managing agent to the tenant in accordance with section 46 of the Retail Lease Act 2003 (Vic) (Act). An estimate must be given in the disclosure statement and annually each year before the cost is incurred, or the tenant is not liable to pay the cost.

Background In May 2015 VCAT gave an advisory opinion on ESMs. Essentially, compliance with ESMs is mandated by the Building Act 1993 (Vic) and required to be observed by owners, or landlords of properties, and to a very limited extent on occupiers, or tenants.

If the obligation was imposed on an owner, or landlord, then that obligation could not be passed onto the tenant under the lease. If the tenant does the work, then the tenant can recover the cost from the landlord, or deduct the 22 | The Estate Agent – NOVEMBER 2020

Essential Safety Measures are measures concerning the building safety, such as warning signs.

cost from the rent under section 251 of the Building Act 1993 (Vic).

Some of the changes to the Act were drafted to overcome the above and if the tenant agrees under the lease to be liable for such costs, then the tenant can no longer deduct the cost of complying with ESMs from the rent under section 251 of the Building Act 1993 (Vic).

But what are ESMs? There is a list in schedule 8 of the Building Regulations 2018 (Vic). Basically, ESMs are measures concerning the building safety, such as the fire integrity of the building (for example, having wall wetting sprinklers), means of egress from the building (for example, having paths to exits), signs (for example, signs warning against use of lifts in the event of a fire), emergency lighting, firefighting equipment etc.

Conclusion Ensure the lease passes on the cost of compliance with ESMs to a tenant and ensure that an estimate of such cost is included in the disclosure statement and annually to the tenant. It should be noted that a tenant may be able to claim back costs on ESMs that occurred before 23 September, 2020.

2. Disclosure Statement on entering a new lease (Section 17) In brief A landlord is now required to give to a tenant, at least 14 days before entering into the lease, a copy of the disclosure statement and the proposed lease. If the lease is different to any previous lease given to the tenant, there is a penalty payable by the landlord. Also, the lease is

Section Legislation head

It is important that the estimated cost of repairs and maintenance work (including for respect of ESMs) be given by the landlord or managing agent to the tenant.

deemed to commence 14 days after the disclosure statement and lease are given to the tenant.

that the lease is deemed to commence 14 days after the disclosure statement and proposed lease are given to the tenant.

What you need to know You will need to give the tenant the disclosure statement and the proposed lease at least 14 days before the lease is entered into (defined to be when the tenant enters possession of the premises, or pays rent for the premises). So you will need to have the disclosure statement and the lease (including details of the tenant, the rent and the term in the lease). If the documents are prepared by the landlord’s lawyers, you will need to ensure the lawyers are instructed in time to comply with the 14-day requirement.

What does this mean? Often, a period of 14 days is not possible for either party. Lawyers will need to provide that if the tenant enters possession of the premises, or pays rent before the 14–day time frame, it does so under licence. This clause can be incorporated in the lease, together with an acknowledgement of the start date.

Background Previously, a landlord was only required to provide the disclosure statement and lease to the tenant seven days prior to entry into the lease. The lease did not start seven days after the documents were provided. This has now changed, so

Conclusion Please ensure that a landlord’s lawyers are instructed well in advance to comply with this new requirement. If no lawyers are involved, the 14-day requirement must be observed. If the 14-day period cannot be complied with, ideally lawyers should prepare the lease, or the dates will be out, which may have implications on the date for returning the security deposit, expiry of the lease and options for renewal.

3. Security Deposits (Section 24) In brief A security deposit is to be returned to a tenant (if the tenant performs its obligations under the lease) within 30 days of the lease ending.

What you need to know A landlord must return any security deposit within 30 days of lease ending.

This presupposes that the tenant is not in breach of the lease.

Background The previous requirement was to return the security deposit “as soon as practicable”. This never presented a problem in our experience. Further, there is no stated consequence if the landlord fails to do so. Of course, the tenant could claim that the landlord is in breach of the lease but we expect that this issue would be resolved before any mediation.

CONTINUED ON PAGE 26

The Estate Agent – NOVEMBER 2020 | 23

Legislation CONTINUED FROM PAGE 23

We always recommend that a landlord requires a bank guarantee rather than cash, as a cash security must be invested in an interest bearing account and accounted to the tenant. A bank guarantee is simpler and arguably not caught up with a trustee in bankruptcy, or liquidator if the tenant becomes insolvent. In other words, a landlord can call up a bank guarantee and retain the portion that represents the landlord’s loss, where the tenant is in breach of the lease.

Conclusion Please ensure that where possible, a security deposit is returned within the 30-day window, presumably, after the premises has been inspected and the tenant has complied with its make good obligations in particular.

4. Disclosure on lease renewal (Section 26) In brief A landlord is required to give a disclosure statement that is current (within three

months of being given) at least 21 days before the lease term ends, where the tenant has an option for a further term.

What you need to know Landlords are required to provide a disclosure statement on renewal of a lease, in the usual form, once a tenant has exercised its option for the further term. As a landlord will have already provide a disclosure statement (see below) no action under section 26 is necessary.

Background Section 28 (referred to below) specifies the information to be provided to a tenant. As such, we are unsure what sections 26(1) and (2) of the Act (which require a disclosure statement be provided to a tenant) actually achieves.

We see no value in providing a further disclosure statement and recommend one be provided under section 28 noted below.

Conclusion No action is required by a landlord to send a disclosure statement under section 26, if one is provided under section 28 of

the Act, as noted below. However, where a landlord provides notice under section 28 of the Act and does not include a disclosure statement (instead providing only a list of changes to the initial disclosure statement), landlords will need to comply with section 26 and provide a disclosure statement.

5. Information to give to tenant about option (Section 28) In brief A landlord is required to give certain information to a tenant at least three months before the option for a further term is exercised by the tenant. This information, noted in section 28(1A), is: • The date by which the option may be exercised (will be the date in the lease); • The rent in the first year of the option period; • The availability of an early rent review (discussed below); • The availability of a cooling off period (discussed below); and • Any changes to the most recent disclosure statement given to a tenant (except rent).

What you need to know Landlords will need to have a process to provide the above information to a tenant (if a lease contains an option).

Background The Act has now changed, in that previously, the last date to exercise an option was required to be notified to a tenant between 12 and 6 months before the option date. This has now been removed. Not sure why. Arguably, much of the information, could be provided in the original lease to the tenant and satisfy the obligation.

Nevertheless, we recommend that a landlord provide the information noted above to a tenant at least three months before the last date to exercise an option for a further term. If not provided, a tenant will still have three months after receiving the information to exercise the option.

Landlords are required to provide a disclosure statement on renewal of a lease.

26 | The Estate Agent – NOVEMBER 2020

We also recommend, that a fresh disclosure statement be provided to tenant, to comply with last point noted above, namely to notify of any changes to the most recent disclosure statement

Section Legislation head provided to the tenant (presumably, the disclosure statement when the original lease was entered). So in order not to miss any change in outgoings, we suggest that the full disclosure statement (like when a new lease is entered) be provided (not the short form renewal statement).

Further, the rent nominated in the information to be provided to a tenant noted above, should be stated to be the rent payable, or if a market rent, can specify the rent the landlord would accept, or the rent is determined to market by an independent valuer. The landlord should state both options.

Conclusion The above information, mostly pro-forma, except the date to exercise the option, rent and disclosure statement will need to be provided to a tenant (where an option exists) at the landlord’s cost, at least three months before the last date that the tenant may exercise the option for a further term.

6. Early rent review (section 28A) In brief Where the rent for a further term is reviewed to market, a tenant can seek a market review within 28 days of the landlord providing the information noted in point 5.

What you need to know If a tenant seeks a market review, the landlord will need to bear one half of the cost of the review (being the valuer’s costs) unless the parties agree on a rent.

Of course, the lease may not proceed, if the tenant does not accept the rent nominated by the valuer.

Background We understand the concept of an early review, but query how it works, as the following issues emerge: • The lease may not proceed once a market rent is determined and the landlord may have spent money on a valuer; • How can a valuer determine rent in advance? Remember that the tenant may have sought an early rent review, which is likely to be several months before the review date. We expect that the valuer will want to defer the

If a tenant seeks a market review, the landlord will need to bear one half of the cost of the review, unless the parties agree on a rent.

valuation to the rent review date, or after.

• We expect that tenants will not exercise an option until it receives the valuation, which will give it a further 14 days after being notified of the valuation to exercise the option.

• If the option is not exercised within that 14-day period after receipt of the valuation, which happens after the lease term ends, then the lease is extended by three months after the date the tenant receives the valuation.

So a landlord may only have three months notice to relet the property.

Conclusion There are numerous issues with options for landlords. Is it time to dispense with options entirely? Large shopping centre landlords do not offer them. If a longer term lease is required but a tenant does want to be bound for a long term, why not have break dates? So rather than say a 4 x 5-year lease, the lease is 20 years with right of a tenant to end the lease at five yearly intervals, within a specified time frame.

7. Cooling-off period (Section 28B) In brief Even where a tenant has exercised the option for a further term (and not sought an early rent review) the tenant can “cool off” and withdraw the exercise of the option, within 14 days of exercising.

What you need to know The option exercised by the tenant can be withdrawn 14 days after exercise.

A tenant cannot withdraw a notice

exercising the option if it exercises and seeks an early rent review but this is unlikely to happen, as a tenant will only exercise the option once it know the rent.

Background Currently, a tenant may exercise an option for a further term (and if a market rent is to be determined for the first year of the further term) learns the rent later, once determined by the valuer, unless the parties agree on the rent. The legislature simply intended that the tenant know the rent (if market) for a further term before being bound under the lease. Some of the problems with this approach, have been highlighted in point 6. This section simply specifies, that if no early market review is sought, even though the option has been exercised, the tenant can still end the option exercise within 14 days of exercise. If a tenant does this, the lease term is extended by 14 days.

Conclusion As noted above, it is time to dispense with options for the reasons noted. If there is no options, sections 26-28B of the Act (as noted in points 4-7) become largely irrelevant. A landlord manager can always negotiate a fee with the landlord where a tenant does not terminate a lease in its management agreement, so it does not miss out on a further fee, where it may have received a fee, where a tenant exercised an option.

Disclaimer: This article is provided by Rohan Ingleton, Madgwicks Lawyers and is for general information only. It is not advice or intended as advice and in no circumstances should be relied upon as such. The views expressed in this article belong to the author.

The Estate Agent – NOVEMBER 2020 | 27

Best practice

What are we talking about?

Jim Lourandos & David Dundas REIV Information Officers

REIV Information Officers David Dundas and Jim Lourandos address some of the current common questions from Members. In this issue, we focus on issues raised due to the coronavirus restrictions.

Final inspection before settlement During this challenging year members have been caught up in debate with buyers regarding a final inspection prior to settlement. Whether in 2020 or normal times there are things to understand about final inspections.

The buyer’s right to inspect in the week prior to settlement is not contained in the Sale of Land Act but is instead in the Contract of Sale. Contracts are typically not explicit about the purpose of such an

inspection. However, at settlement the vendor is required to deliver the property to the buyer in the condition it was on the day of sale, except for fair wear and tear. Verification of the condition of the property is the purpose of the inspection, as there is nothing else in the contract to justify it. The inspection is not compulsory and does not fully protect the buyer, as damage or the removal of fixtures and fittings may occur between the inspection and settlement.

Final inspection of a tenanted property

which has been sold is only possible if the tenant agrees, as the Residential Tenancy Act does not include a presettlement inspection in the grounds for entry. The buyer would be wise to see the condition report, as at the end of the tenancy they should get possession of the property in a condition consistent with the report, apart from fair wear and tear.

An REIV Sale Authority authorises the agent to do many things but does not mention facilitating the final inspection.

While the agent could avoid the inspection, there is an expectation that if asked to do so they will do it. Going along with this provides an opportunity to maintain goodwill with both the vendor and the buyer.

If the buyer is not satisfied with the condition of the property, they should consult with their legal representative.

Debt recovery In tough times recovery of debts can be critical to survival of an agency.

Agency debts are usually recovered from deposits or rent collected. However, when a property has not been sold or let during the exclusive authority period the client may refuse to pay the agreed expenses.

Liability for paying the marketing and other expenses is independent of the whether the property is sold or let.

The inspection is not compulsory and does not fully protect the buyer.

28 | The Estate Agent – NOVEMBER 2020

Similar problems arise for buyer’s agents where no purchase was made but fees remain payable. Buyers’ agents who succeed in making a purchase may also confront difficulties being paid for their services, as they will not be holding any

Best practice Section head

• Send an invoice stating the date by which payment is due. (14 days from the date of the invoice would be reasonable); • If the debt becomes overdue give the client a courtesy reminder by phoning, emailing or sending a letter. Include payment options, banking details and contact information, making it easier if they have misplaced the original invoice; • Go through the reminder process again; • Send a final notice; • Try to contact the client either by phone or face to face; • Send a formal letter of demand; • Consider using a debt collection agency as a last resort. Before one is engaged clarify what their fee will be for the service.

Further detail about these processes can be found at business.vic.gov.au

Members are dealing with a backlog of routine inspections, but in doing so it is essential that each is done thoroughly.

The inspection has two clear purposes: 1. To identify whether the tenant is abiding by the tenancy agreement.

2. To identify any need for repair.

The tenant and agent can suffer serious consequences for a failure to identify and act on a need for repair. This is illustrated in Yeung v Santosa Realty Co Pty Ltd [2020] decided by the Supreme Court of Victoria.

The tenant slipped at night on external stairs that were worn, slippery, unlit and had no handrail. She sued the landlord and agent for negligence. The Court agreed that had the agent done what the landlord required of it under the management agreement, the tenant would not have fallen and suffered the

injury. It ruled that the appointment of a managing agent means that the landlord’s “…duty to take reasonable care to avoid foreseeable risk of injury from obvious defects …” is delegated (passed) to the agent. An earlier County Court decision which apportioned liability between the landlord and agent was overturned, resulting in an award against the agent for $433,899.80 plus interest of $40,960 and the landlord’s legal costs.

The identification of latent (not visible or apparent) defects was not dealt with as the injury did not arise from one. While the court determined that a landlord’s duty is capable of being delegated, it also said “…the landlord must exercise reasonable care in engaging another person to perform the duty.”

So, the appointment of an agent to identify obvious defects is reasonable, but a landlord needs to consider appointing other appropriately qualified specialists to inspect the property for latent defects.

Please note: This is general information and should not be treated as a substitute for reading legislation, regulations and official guidelines, or for seeking legal advice where necessary.

Total Approx.

Total Approx.Floor Area 193sqm Floor Area 193sqm

Balcony Balcony 5.2 x 2.4 5.2 x 2.4

Master Master Bedroom Bedroom 5.3 x 8.6 5.3 x 8.6

Rumpus Rumpus 6.6 x 6.2 6.6 x 6.2

WIR WIR

Ens Ens FP FP

FIRST FLOOR FIRST FLOOR

Dining/Living Dining/Living 9.6 x 6.1 9.6 x 6.1

WC WC

C C

Shower Room Shower Room

BIR BIR Bedroom 4 Bedroom 3.2 x 4.2 4 3.2 x 4.2

BIR BIR

If confronted with this problem, take the following steps:

Routine inspections backlog

Pool Pool

Bedroom 3 Bedroom 3.5 x 4.1 3 3.5 x 4.1

A/C A/C

Porch Porch

Deck 5.5Deck x 6.0 5.5 x 6.0

BBQ BBQ

deposit from which the commission and expenses can be deducted.

Bedroom 2 Bedroom 5.0 x 4.5 2 5.0 x 4.5

WC WC

Porch Porch

Deck Deck

DW DW

WIR WIR

Ens Ens

Store Store

P P

WM

L’dry L’dry Porch Porch

Entry Entry

Resid Residence ence

Kitchen Kitchen 4.9 x 4.5 4.9OV x 4.5 C OV OV C OV OV OV C C WM

Cup’d Cup’d

Deck Deck H.W.T

Deck Deck

H.W.T

Porch Porch Media Room Media Room 5.3 x 5.0 5.3 x 5.0

H.W.T H.W.T

Garage Garage 7.0 x 6.0 7.0 x 6.0

GROUND FLOOR GROUND FLOOR

Garage Garage

123 123 Sample Sample Street, Street, City City 0000 0000

Whilst every Whilst everyattempt has been made are approximate attempt has been madeto ensure the accuracy are approximateand no responsibility totaken illustrative ensure the accuracyof the floor plan and no responsibilityis contained illustrativepurposes of the floor and should is takenfor any error, omission purposesonly plan containedhere, measurements or misstatement. only and shouldbe used error, asfor anyby here, measurements any omission or misstatement.This be used assuch plan such by anyprospective This planisisfor prospectivepurchaser or tenant. for purchaser or tenant.

Your Logo Here Your Logo Here

The Estate Agent – NOVEMBER 2020 | 29

Resources

Information sessions held on matters relating to real estate business during the pandemic Several free webinars were held over the past few months to assist Members in managing their personal and work commitments during this period. Members can access video recordings of these webinars on reiv.com.au/covid-19/webinars Please use your personal membership details to login.

March Learn How To Conduct Online Auctions

September Tips and strategies to conduct online auctions

Mental Health and Coping With Change

A panel discussion with industry professionals to discuss coping within the current pandemic, tips and tools for recognising mental health and seeking help. Balancing working from home, and personal commitments. Resources available for agents during the pandemic.

Keep Your Business Ticking During the Lock Down

Explore various free/low cost technology solutions that can help sales agents and property managers maintain activity and engagement with clients during the pandemic. Highlighted tools available to assist agents with online listings, sales and leasing.

April COVID-19 & Your Superannuation: Your Questions Answered

REI Super addressed questions from Members regarding superannuation matters.

COVID-19 & Law Changes for Rent Relief: Questions Answered

Panel discussion on the Rent Relief Package & Commercial Code Of Conduct.

The speakers also provided guidance on some practical aspects of implementing the new law.

October

May Networking for Business Outcomes Tips & Techniques

Managing An Owners Corporation During the Pandemic

Networking is often listed as one of the most powerful ways to build your profile and your business. However, it’s not just about having lots of contacts, a successful professional will tell you that it’s about making genuine connections, collaborating, building a pipeline, and more.

Panel discussion on cash flow management during COVID-19, setting up and managing a payment plan, reviewing OC expenses for deferral or reduction and working with OC committees during the crisis.

July Rebuilding the Economy: A Discussion With Michael O’Brien MP

An update by Opposition Leader, Hon. Michael O’Brien MP, regarding the “Plan to Get Victoria back to Work and Back in Business” and to provide feedback specific to the real estate sector.

August Commercial & Industrial Xchange

A virtual meeting with commercial agents to discuss the current challenges faced by Commercial agents managing properties within the pandemic. Included an update on the Rent Relief package for commercial and Industrial sector.

30 | The Estate Agent – NOVEMBER 2020

Building Super During Difficult Times

A discussion with REI Super to assist Members who have found their Super impacted during the pandemic and discuss strategies to help build superannuation balance irrespective of income levels.

New CTRS Regulations A Discussion

A online discussion where representatives from the REIV Commercial & Industrial Chapter Committee addressed the key updates in the new CTRS Regulations.

Financing Upfront Sales Costs

Exploring alternative finance solutions to assist with upfront sales costs like property presentation, photography etc.

Enhance your Sales Campaign with Digital Marketing

Innovative video solution that generates professional videos automatically and improves your digital marketing presence.

November Auctioneering in the new COVID normal

A panel discussion with leading auctioneers who have adapted their skills to the post-COVID normal. Each panellist represents a region that has recovered from lockdown, New South Wales, Queensland and New Zealand.

Valuers - What Value Do They Add?

Understanding where valuers fit, what they do and why can help you and your clients.

An informative and insightful discussion with members of the Valuers Chapter.

You and your clients deserve the best Speak to us about how we can help you deliver exceptional service through a tailored partnership.

Call 1300 170 883

Here are just some of the ways we can work together to add value to your business and your customers.

Emergency Home Assist

Home & Contents Insurance

Property Inspections

Landlord Insurance

Home Security

Renters Insurance

Solar

Home Trades and Services

RACV Home & Contents, Landlords & Renters Insurance is issued by Insurance Manufacturers of Australia Pty Limited ABN 93 004 208 084 AFS Licence No. 227678. Please consider the Product Disclosure Statement before buying. For a copy call 13 RACV (13 7228) or visit racv.com.au. RACV Security Pty Ltd ABN 49 079 148 342 trading as RACV Home Security. Security Licence (Vic.) 733411-10S and Security Registration (Vic.) 733-411-31S.

Data insights

Impact of COVID-19 on the market The Victorian property market continues to defy gloomy predictions and is holding firm despite six months of lockdowns and moratoriums.

Let’s look at a range of metrics to understand the status of the market.

Residential property prices The most notable downturn in the value of residential homes was observed during the periods in which first tightened restrictions were introduced. Between the first Stage 3 restrictions and just before restrictions started easing, prices fell by 4 percent.

Similarly, for early August, when Stage 4 restrictions in metro Melbourne and Stage 3 for regional Victoria were in effect, the value of homes was down 5 percent as the State took its first steps towards a COVID normal.

After the restrictions were partially lifted for real estate sector in early October, RMX went up significantly to its highest level since the index was introduced, proving that the buyer demand is still strong.

Median house prices for metropolitan Melbourne area have declined for two consecutive quarters due to the pandemic but only by small margin, unlike the media predictions. Unit and apartment values also experienced decrease in June quarter but remained stable in September quarter.

Eased restrictions boosted the performance of property prices in Victoria, while tightened restrictions resulted in a decline The illustration shows weekly RMX values and highlights the timeline of tightening restrictions in Victoria (dark) and easing restrictions (light).

Data up to week ending 1 November 2020.

140 135 130 125 120 Mar ‘20

Apr ‘20

May ‘20

Jun ‘20

Rental market In metropolitan Melbourne, the impact of the pandemic was most prominent for units. The median rent saw an overall decline from its peak in February ($450 per week) to its lowest figure at $400 per week in September. A closer look indicates units within 10 km of Melbourne CBD saw the greatest fall in median rents this year. The fall in weekly price of rental units can be partly 32 | The Estate Agent – NOVEMBER 2020

Jul ‘20

Aug ‘20

Sep ‘20

Oct ‘20

Median prices hold steady House

Unit & Apartment

Region

Sep-20 quarter

Quarterly change

Annual change

Metropolitan Melbourne

$846,000

-1.70%

7.40%

Inner Melbourne

$1,486,000

0.10%

7.50%

Middle Melbourne

$975,500

-2.80%

9.70%

Outer Melbourne

$679,500

0.90%

5.40%

Regional Victoria

$442,500

5.10%

4.90%

Metropolitan Melbourne

$622,500

0.20%

5.40%

Inner Melbourne

$619,500

1.80%

5.20%

Middle Melbourne

$687,000

-0.30%

6.50%

$539,500

-0.30%

7.90%

$327,000

-3.10%

8.00%

Outer Melbourne Regional Victoria

Meanwhile houses in regional Victoria have recorded an increase of more than 5 percent over the September quarter, taking the quarterly median price to its highest level ever at $442,500.

Residential Market Index

The impact on rental market was most prominent for units in metropolitan Melbourne Median weekly rent prices for units were on a steady decline since the start of the year.

House

Units

500 480 460 440 420 400 380 Jan ‘20

Feb ‘20

Mar ‘20

Apr ‘20

May ‘20

Jun ‘20

Jul ‘20

Aug ‘20

Sep ‘20

Data insights Section head attributed to higher rental vacancies in the area. On the other hand, returns on rental houses in metro Melbourne were more stable this year.

Properties within 10 km of the CBD have recorded the highest increase in vacancy rates Inner

Middle

Outer

6.0

For regional Victoria, overall, the median weekly price for rental homes remained stable for the year to September, $370 per week for houses and $300 per week for units, as at 30 September.

The proportion of vacant rental homes within metro Melbourne’s outer ring has been stable this year, vacancy rates in middle Melbourne have been on the increase rising from 3.4 percent at the start of the year to 4.5 percent in September. Inner Melbourne has recorded the biggest impact. Vacant properties located within 10km of Melbourne CBD have increased from 1.9 percent in January to 5.3 percent this September.

Sales transactions have taken a hit – but by how much?

It is no surprise that restrictions placed on real estate activities have impacted the volume of transactions in the last few months.

The first round of Stage 3 restrictions came into effect in late March, resulting in April sales falling by 32 percent compared to 2019. Over the next few months there were a series of changes that required agents, vendors and buyers to adapt to different sales methods, rules and regulations. As Stage 4 restrictions were announced in Melbourne, sales volumes halved in August. September recorded even lower transactions with volumes dropping by more than 70 percent when compared to 2019.

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Private sales

Online auctions

Throughout the year, privately sold homes in Victoria have seen relatively stable median days on market. July was an interesting month for metropolitan Melbourne, where homes were sold much faster than usual. This can be partially attributed to the re-introduction of tightened stage 3 restrictions in early July, which resulted in many auction listings abruptly being converted to sell privately. The followers of the original auction campaign, a limited supply of available homes, and presence of serious buyers helped homes take just under a month to sell in July.

Auction volumes in Victoria have been severely impacted by the COVID restrictions. However, homes that did go to auction recorded strong sales results, keeping the clearance rates steady over the quarter.

While the introduction of heavy restrictions for metro Melbourne in August resulted in days on market almost doubling to 74 days in September, the market regained momentum recording just 25 days on market in October.

REIV Members can access the latest market data and analysis online on reiv.com.au

REIV analysis shows that under COVID restrictions there was a significant increase in properties being sold before auction. This is most noticeable as restrictions were tightened at various times during the past few months.

Please log in with your Member ID to access the latest data.

You will find current and historical data and reports to help understand the market. For assistance, contact research@reiv.com.au

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The Estate Agent – NOVEMBER 2020 | 33

Training

Real estate education requirements improved The Victorian Government has responded to prolonged lobbying from the Real Estate Institute of Victoria to lift minimum training requirements to work in the real estate sector.

New regulations for real estate education introduced by the State Government came into effect on Thursday, 21 October, 2020.

The introduction follows a period of extensive consultation and a sustained lobbying by the REIV to lift real estate training standards.

The Estate Agents (Education) Regulations 2020 (the Regulations) prescribe the courses of education for: • the licensing of estate agents • eligibility to be employed as an agent’s representative.

The new education requirements reflect significant changes to standards of competency for estate agents and agents’ representatives. These requirements draw on a new training package for the real estate industry that was developed following a national review.

The changes mean that the industry will attract people who are committed to making a career in real estate.

The Regulations also provide exemptions for people who have completed previously prescribed educational requirements.

Estate agents and agents’ representatives currently working in the real estate industry can continue to do so, as long as they satisfy these exemptions.

Starting work in real estate (Agent’s Representative) The entry level education required to work in real estate is now a Certificate IV (CPP41419 Certificate IV in Real Estate Practice). Students will be required to complete 18 units of competency which includes five core units and 13 elective units.

34 | The Estate Agent – NOVEMBER 2020

The changes mean that the industry will attract people who are committed to making a career in real estate.

Key aspects to note: • REIV enrolments in the new course are open • The course can be completed as a workplace traineeship • The course is eligible for the Boosting Apprenticeship Commencements (BAC) program supporting businesses that offer new workplace traineeships.

Businesses may be eligible for a subsidy of up to 50 percent of gross wages.

The superseded Agent’s Representative Course • Enrolments in the superseded Agent’s Representative Course (three units of CPP40307 Certificate IV in Property Services (Real Estate)) will close in May 2021.

• Any current or new enrolments in this course must complete the training by 30 September, 2021 and be registered with the Business Licensing Authority (BLA) within five years from the date of the Statement of Attainment.

Training

Registered and working as an Agent’s Representative If you are employed in the real estate industry and registered with the BLA, you may continue to do so. Refer to the exemptions under the new Regulations.

However, if you decide to study further to qualify for an Estate Agent’s licence, you will be required to complete the new Certificate IV and Diploma as detailed below. Units of the superseded CPP40307 Certificate IV in Real Estate Practice are not directly equivalent to any of the Units in the new package.

Some recognition of work experience may be available.

Become a licensed real estate agent Often known as the “Licence Course”, this is the minimum education qualification required to obtain your Estate Agent’s licence. The minimum education qualifications now required to apply for an Estate Agent’s Licence are:

• CPP41419 Certificate IV in Real Estate Practice – 18 units AND • CPP51119 Diploma of Property – 12 units

The superseded CPP40307 Certificate IV in Property Services (Real Estate) Any current or new enrolments must complete the course by 30 September, 2021 and be registered with the Business Licensing Authority (BLA) within five years from the date of the Statement of Attainment. Please refer to the CAV for details regarding registration requirements.

The new education requirements reflect significant changes to standards of competency for estate agents and agents’ representatives.

Key aspects to note: • REIV enrolments in the new course are open • This training is eligible for the Boosting Apprenticeship Commencements (BAC) program supporting businesses that offer workplace traineeships. Businesses may be eligible for a subsidy of up to 50 percent of gross wages.

• The units are not directly equivalent to any units in the current CPP40307 Certificate IV in Property Services (Real Estate), however, recognition of prior work experience may be available.

​ egistered and working as a R Licensed Estate Agent If you are employed in the real estate industry and registered with the BLA, you do not need to do anything further.

Refer to the exemptions under the new Regulations.

Be the difference out there There are estate agents, then there are REIV trained real estate agents. There’s a big difference. Because with the Real Estate Institute of Victoria, you’re learning from the peak industry body.

Widely respected within the industry, our trainers bring years of experience. Importantly, like the REIV itself, they’re always at the forefront of changes and developments in real estate.

So, if you’re looking to start or advance your career in real estate, discover the difference our training and courses can make.

Visit reiv.com.au/learning or call 03 9205 6666

The REIV is a Registered Training Organisation (RTO# 4042)

The Estate Agent – NOVEMBER 2020 | 35

Resources

Take care of yourself and your future using these hidden super perks We understand it’s not the easiest time for most of us, and while we are trying to take the time to care for our mental health and wellbeing, we also need to remember to factor in our financial health.

Did you know financial health and mental health are inherently linked? The state of our mental health and wellbeing can make it harder to get on top of our finances leading to financial stress, which can then further impact our mental health. Taking control of our money can have positive flow-on effects into other areas of our lives as well.

One area that can have a big impact in your financial wellbeing and future is your superannuation account. Being aware of those hidden perks that make your super account even better may make all the difference.

Irrespective of your income bracket, you

can plan for a comfortable retirement.

Compound interest Let us tell you about one of the best perks of all, compounding interest.

The best thing is, that everyone gets to benefit from this perk, no matter your super account balance, income bracket or age we all get to reap the benefits of compound interest.

Taking control of our money can have positive flow-on effects into other areas of our lives as well.

Simply put, compounding means you earn interest on your previous interest. If

you think of a snowball, the higher the hill the bigger the snowball will grow when it reaches the bottom of the hill.

The earlier you start, the bigger your super account will grow and especially if you make extra contributions.

Reduce your income tax bill Many people could reduce the amount of income tax they pay now and improve their future retirement by making extra contributions to super, also known as voluntary contributions.

The two main ways to add to your super: 1. Voluntary before-tax contributions through an agreement with your employer (salary sacrificing) Before tax contributions to super are taxed at a low 15% when compared to your marginal income tax rate. Salary sacrificing can help transfer money that you would have lost in tax into your super savings. Use an online salary sacrifice calculator to see how much tax you could be saving.

The earlier you start, the bigger your super account will grow, especially if you make extra contributions.

36 | The Estate Agent – NOVEMBER 2020

2. Voluntary after-tax contributions You can make after-tax contributions in lump sums from your after-tax income.

These lump sum personal contributions are not taxed as you’ve already paid tax on the income. However, it is important to be aware of the limitations around tax deductions for after-tax contributions.

Some of these limitations are;

Resources Section head • If the fund no longer holds the contribution.

• Payment to your super that is a rollover from another fund • First Home Super Saver Scheme (FHSSS) amounts released to you then recontributed to your super fund.

Free money from the government

Advantages of investing consistently

Here are two Government initiatives designed to assist low-income earners by providing up to $500 additional super per year if you make personal contributions of up to $1,000.

‘Dollar Cost Averaging’ is a no-stress way to overcome the unpredictability of investment markets.

Earn less than $37,000 a year?

Dollar Cost Averaging means investing consistently in your super, instead of investing a lump sum all in one go, you invest smaller fixed amounts on a regular basis for a period of time. So as unit prices move up and down you buy more units when the unit prices are low and fewer units when they are high. The idea is, that you are taking away the risks associated with trying to time the market which is tempting to try to achieve when investing a lump sum.

You can maximise the effect of averaging by also making additional personal contributions on a regular basis.

Super isn’t always straightforward, but this doesn’t need to be the case. At REI Super we’re dedicated in providing every single person with the personalised service they deserve.

You may be eligible to receive a government payment, usually paid directly into your super fund, known as the low-income super tax offset (LISTO). The more you contribute up to $1,000, the more the government kicks in, up to $500.

You and your partner can benefit If you work part-time or not working right now, your spouse or partner could add to your super.

On top of boosting your balance, your spouse could also get a tax offset.

A contribution that could benefit both of you.

If you earn less than $37,000 a year, your spouse can add as much as $3,000 into your super and get an 18% tax offset.

Super isn’t always straightforward, but this doesn’t need to be the case. At REI Super we’re dedicated in providing every single person with the personalised service they deserve.

Earn less than $54,837 a year?

If you earn more than $37,000 but less than $54,837, you may still be eligible to receive a government payment, with the maximum LISTO of $500, usually paid directly into your super fund, reducing as your income goes up.

We understand the impacts the COVID-19 restrictions have had on our industry, and we are here to support you, and inspire our industry. Visit REI Super’s website to learn more about the benefits of joining your dedicated industry super fund. – REI Super

Past performance is no indication of future performance.

This information has been prepared and published by REI Superannuation Fund Pty Ltd ABN 68 056 044 770 RSE L0000314 AFSL 240569. REI Super ABN 76 641 658 449 and RSE R1000412 MySuper unique identifier 76641658449129 for the general information of members of REI Super.

Although REI Super makes every reasonable

effort to maintain current and accurate information, you should be aware that there is still the possibility of inadvertent errors and technical inaccuracies. The REI Super Helpline and the REI Super website are provided by Mercer Outsourcing (Australia) Pty Ltd ABN 83 068 908 912 and Mercer Financial Advice (Australia) Pty Ltd (MFA) ABN 76 153 168 293, Australian Financial Services Licence (AFSL) #411766. September 2020.

DISCLAIMER In presenting this information REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions and consider talking to a financial adviser before making an investment decision.

When was the last time your super was...

Super’s a lot like property - the more attention you give it, the more likely it will grow.

Take our Super Health Inspection to help boost your future at reisuper.com.au/open 1300 13 44 33 | reisuper.com.au REI Superannuation Fund Pty Ltd ABN 68 056 044 770 RSE L0000314 AFSL 240569. REI Super ABN 76 641 658 449 and RSE R1000412 MySuper unique identifier 76641658449129 for the general information of members of REI Super. It does not take into account any member’s individual financial objectives, financial situation or needs. REIS 56780

The Estate Agent – NOVEMBER 2020 | 37

Resources

Covid-19 and your business accounts As the rollercoaster year comes to a close, it’s time to develop a business strategy that takes the “new normal” into consideration and positions your business for growth.

2020 has bought with it many challenges.

The Victorian community has tackled remote learning, travel restrictions and only an hour of exercise outdoors. It has been a rollercoaster for businesses with office closures and no face-to-face client contact, which has seriously impacted business revenue. The real estate sector had additional legislated measures to deal with. The COVID-19 Omnibus (Emergency Measures) Act 2020 turned many an agent into a mediator between landlords and tenants.

As Victoria moves towards a ‘COVID normal’ and with Local, State and Federal Government assistance coming to an end it is an opportunity to think towards 2021 and beyond.

It is time to develop a business strategy that takes the “new normal” into consideration and positions your business for growth. It is important to seek specialist advice and guidance to ensure your business can prosper as the world learns how to live with the virus.

Your business finances:

• Does your business need financial support; • What are your cash flow projections for coming months; • Is the JobKeeper program extension relevant to your business; • How are you tracking with supplier payments; • Any rental deferrals in place that you need to start repaying or can you seek an extension; • Any business loan deferrals where payments are recommencing soon; It is important • Consider any cash reserves and the best to seek specialist way to use those; advice and • Asset protection guidance to measures.

ensure your business can prosper as the world learns how to live with the virus.

In looking at the eventual ‘COVID normal’, there are several business management decisions that you should consider, start with your people and your business.

Your team: • Review in-house skills and expertise; • What do you and your team do best, your strengths; • Is there a skills gap in your team; • Should you hire to fill that gap or seek external resources; • Hiring now for future growth or hire when needed.

38 | The Estate Agent – NOVEMBER 2020

Seek professional advice to help make informed decisions to build and protect your business.

JobKeeper program extension

At the time of this publications issue the JobKeeper program is operating in extension one, which concludes on 3 January, 2021.

Extension two runs from 4 January, 2021 to 28 March, 2021. In the New Year businesses will need to determine if they qualify under the Basic Test or one of the more complex Alternative Tests.

Extension two will provide a subsidy of $1,000 per fortnight for eligible employees and business participants actively engaged for 20 hours or more per week and $650 per fortnight where actively engaged for less than 20 hours in

MVA Bennett YOUR FUTURE, OUR BUSINESS MVA BENNETT are Chartered Accountants in Melbourne and an REIV strategic partner. Their belief is that YOUR FUTURE is OUR BUSINESS, arising from rich history that dates back to our founding in 1941. The capabilities are delivered by a team of seven partners and 50 staff governed by the quality control of a profession as Chartered Accountants.

Why engage MVA BENNETT? We strive to differentiate ourselves from other accounting firms by seeking to: • Agree with you mutual wealth outcomes by identifying and aligning mutual values and obligations that will underwrite our relationship • Practise what we preach • Continually meet expectations with strong communications at all times throughout our engagement • Use cutting-edge skills and tools to achieve our deliverables For further information, please contact Nicholas Rodier Partner, MVA BENNETT Chartered Accountants nicholas@mvabennett.com.au 03 9642 8000.

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the reference period. Even if a business has not previously qualified for the JobKeeper program there is still the opportunity to enrol in extension two.

The JobKeeper program operates under strict enrolment, payment and monthly declaration – which must be adhered to.

If you are unsure of any part of the JobKeeper program, speak with your advisers. – MVA Bennett

Resources

Relevance of professional indemnity insurance in a COVID-19 landscape Change is a constant, but never as much as in recent times. While the impact of COVID-19 forced many businesses to pivot their operations, real estate professionals in Victoria faced an uphill battle when restrictions were imposed for a second time, while the rest of the county started to resume life as normal.

Social distancing and other restrictions have led to things such as cancelled auctions and tenants being allowed to refuse entry into their home under certain circumstances. So what has this meant for professional indemnity (PI) insurance? Below, we explain the relevance PI insurance holds in such a climate and why now may be a good time to question the cover you hold.

PI insurance helps cover businesses for allegations of professional negligence.

Examples include allegations of misrepresentations such as sales contracts noting the wrong property size; not undertaking regular inspections of rental properties; or more serious matters involving personal injury when property maintenance issues are not dealt with promptly.

As COVID-19 has resulted in changes to the way real estate agents in Victoria operate, this may also have implications for PI insurance for the industry.

Activities that are a part of your usual service have recently not been possible – property inspections being a clear example of where you’re no longer able to provide a service as expected by your client.

PI claims can start with a simple complaint before eventuating into a serious claim. This is why clear communication with your clients is now more important than ever. Proactive communication with your clients about services you’re unable to perform can help reach a compromise and align expectations to help avoid surprises later on.

Now is also a good time to question the PI cover you currently hold – is the

PI insurance helps cover businesses for allegations of professional negligence.

About Aon Aon is proud to be the new Platinum Partner of the Real Estate Institute of Victoria. Access a range of competitively priced insurance options arranged by Aon today. We’ll work through your industry’s risk and insurance needs – complex or simple, and scan the market to offer you a solution aimed at offering a superior combination of cover, price and service. Get a quote online or speak to an experienced insurance adviser today. Learn more at aon.com.au/reiv © 2020 Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL no. 241141 (Aon)

Please note: The information contained on this article is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as the relevant Product Disclosure Statement (if applicable) and full policy terms and conditions available from Aon on request. All representations on this website in relation to the insurance products we arrange are subject to the full terms and conditions of the relevant policy.

excess you have appropriate, or would it cause financial strain in the event of a claim? Are your coverage limits adequate? Are additional services such as complimentary legal advice included?

These questions become even more relevant now that you’re operating

in a different environment. Having a conversation with your broker and understanding what is/isn’t covered under your policy, and making the necessary adjustments can help make sure you have a level of cover you’re comfortable with. – Aon The Estate Agent – NOVEMBER 2020 | 39

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Membership Section head

New members From 1 July, 2020 to 30 September, 2020 we welcomed 316 members to the REIV community. Building new relationships through networking is an important aspect of REIV membership. Please find the time to reach out to the new members.

Angelo Adamo Bhavesh Alvat Teresa Angelone George Apostolopoulos Daniel Argent Kate Ashton Gurvinder Atwal Srini Bandla Jon Barkla Stephanie Bell Rebecca Berry Christine Birchmore Matthew Bishop Rebecca Blakeway Dennis Bonicillo Nichole Borrow Jeremy Bottomley Kym Bowers David Brewster Brooke Busuttil Edward Carthew Raymund Cashmore Anna Cavar Ying Chan Thibault Charvet Catherine Cheah Simai Chen Wenting Chen Xiaoyang Chen Caroline Cheong Lai Fan Chin Tianhan Chooi Amanda Claridge Rachael Clark Emily Clarke Robert Clayton Christopher Clerke Adam Cleveland James Coffey Kylie Colliver Richard Conacher Christian Cortese Simone Cossens Erin Cubley Michael Cummaudo Simone Curley Tony Cutajar Steven D’Agostino Jackie Daish Susanta Dangol Julio De Laffitte E Freitas Rochelle Dean Patrick Donker Brett Douglas Alexandra Drakulic Rosalind Driver James Dunkley

Joe Eason Wendy Eva-Scott Michael Everard Victoria Fergusson Evagelia Fideropoulos Kaitlin Foote Jason Foster Jessica Gale Zhaohui Geng Varinder Ghotra Mark Giuliano Benjamin Griffiths Vanessa Gurleyen Samantha Gwynne Andrea Hare Tanya Harvey Yoon Sing Ho Lisa Holbourn Rhys Holland Adam Holovics Christopher Holroyd Gordon Hope Miles Howell Tiannan Huang Rhonda Jo-Anne Humpage Aaron Hunter Charlotte Hunter Shariful Islam Andrew Ivezic Arash Jafari Christine Jahja Steven Janes Xiaoyu Ji Zheng Ji Nicole Johnson Suman Joon Osman Karabulut Fotios Karavidas Paul Kernan Anthony Kirwan Ian Knight Mahendranath Kothakota Renee Kostiuk Chris Koulloupas Eric Lam Julie Lancaster Jessica Lander Karina Lawrence Lloyd Lawton Jenna Lees Lizette Lewis Melanie Lia Cheng Wee Low Zhaohui Lu Trent Ludlow Pierre Lutgens Denise Lynn

Kabul Singh Mangat Kelvin Maude Catherine May Christopher May Maddison McBeanConstantinou Tracee McCarthy Langton McKenzie-McHarg Colin Medway Benjamin Mitchell Louise Mitchell Carmen Morrow Francesco Moscatt Sam Mountstephen Hayden Namlu Saai Krishna Nettem Clara Nunez Douglas Nuske Nicholas Ott Stella Patselis Brock Pinner Alisha Pitts James Potts Steven Powell Carmel Puttyfoot Adele Prudames Larissa Resetar Mark Rhodes Ian Riley Rebecca Rose Charlotte Rutter Rebecca Rutzou Sukhbir Singh Sandhu Surinder Sarain Bianca Say Emily Sayers Manjit Sekhon Adesh Sharma Mukarram Sheikh Xian Shen Jodi Sherr Craig Shute Prashant Sidana Gurpyar Sidhu Brian Silver Brooke Simpson Amardeep Singh Jasneet Singh Kalley Singh Grant Smith Jack Smith Craig Spencer Dee Spittal Kym Squire Lauren Stack Chris Stasinopoulos Allana Storer

Mary Sudra Adrian Sullivan Jayawardene Sumithrarachchige Marie Swash Danielle Symons Ievan Tan Yik Tan Charbel Taouk Siok Ping Tay Janine Taylor Daniel Temos Madeline Thewlis Elizabeth Todd Michael Tomasi Michael Tornatore Tammy Tricarico Lynda Turley Emanuella Vatos Vasili Vlahos Simon Watkin Cameron Webb Nadia West Victoria Wolk Michael Wrigley Dong Xu Zihanyu Xuan Chen Xue Chloe Zanghi Yuwei Zhang

The Estate Agent – NOVEMBER 2020 | 41

Membership Milestones

10 years

We congratulate the Members who completed important milestone Membership Anniversaries during September - December 2020.

50 years Peter O’Callaghan Ann Tregear

40 years Bill Ower

20 years

30 years Grant Bass Graham Burns Michael Cooney Greg Cooper Jonathan Dixon Barrie Hutchison Andrew Jenkins Peter Koiker Joseph Licciardi Peter Lynch Jason Marston Darryn Mawby Alf Musumeci Fred Nucara Marco Roggero Julian Tonkin Graham Wakefield Warren Young

Jill Anderson Simone Bermingham Margaret Bland David Butera Ernie Caputa Kevin Corcoran Emily Dalkin Domenic Dastoli Dale Donaldson Tony Falvo Philip Hanley Brian Howe Hung Ly Paul McDonald Sharon McFarlane Christopher McKenzie Gilbert Ng John Pawsey Campbell Potts Mark Rogers Joanne Royston Allan Rumble Brian Schnall Lauren Staley Jamie Stephens Errol Stewart Domenic Vardaro Simon Verduci

Bedri Aslani Janine Ballantyne Peter Blackwood Lee Botsios Brad Boyd Evan Broadbent Adam Caruso Peter Chau Simone Chin Bob Commons Ronald Daly Sam Danckert Carmela Dimasi Mark Eddy Andrew Ferguson Anthony Ferraro Yolanda Francis Glenn Gardiner Anastasia Howard Nan Hu Darren Hutchins Blair Hutchinson Helen Jens Kiki Jiang John Kalpakis Tom Kyriakou Susan Liversidge Baden Lucas Kham Luu Kieran Lynch Mark Marazita Steve Martin Graeme McCartney

Lachlan McLean Gary McLennan Sumit Miglani Dragan Mrkela Christine Nash Dean O’Brien Sveta Ocuneva Trevor Pickens Joseph Privitelli Robert Radman Paul Raimondo Gil Rush David Ryan Vic Sarov Chris Snell Alex Subotsch Michael Townsend Mai Tran Frank Troost Roger Walder Adam Walker Mark Wizel Susan Wong

Remembering those we lost The real estate industry lost some highly respected individuals in recent months. We pay our condolences to the friends and families of those deceased.

Ian Bremner 13 Sep, 1944 - 4 Nov, 2020

John Kontek 10 Dec, 1927 27 Sep, 2020

Vernon Townshend 7 May, 1928 28 Sep, 2020

42 | The Estate Agent – NOVEMBER 2020

Ian Bremner joined the Real Estate and Stock Institute (as REIV was then known) in 1981 as Assistant Director, Training and Member Services, progressing to become the CEO of the then merged body, the REIV, in 1986. Ian continued to lead the REIV as CEO until 1996 when he resigned to take up a position as CEO of the First National Real Estate Group. Ian is remembered as an outstanding leader and people person who made a significant contribution to Victorian real estate.

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The information contained in this document is general in nature and should not be relied on as advice (personal or otherwise) because your personal needs, objectives and financial situation have not been considered. Before deciding whether a particular product is right for you, please consider your personal circumstances, as well as the relevant Product Disclosure Statement (if applicable) and full policy terms and conditions available from Aon on request. All representations on this website in relation to the insurance products we arrange are subject to the full terms and conditions of the relevant policy.

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