REIV Estate Agent November 2019

The magazine for real estate professionals who are the difference.

The Journal of the Real Estate Institute of Victoria / NOV. 2019 / VOL. 83 NO. 6

LEAH CALNAN TAKES REINS New President elected for 2019-20 17

DATA INSIGHTS Land value – how is it tracking?

2019 REIV Awards:

NOVICES FIND THEIR VOICE Annual competition for young auctioneers

REI 20133_EA AwardsCVR_DZN_FNL.indd 1

Recognising and celebrating our high achievers 1/11/19 9:54 am

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

Features

PUBLISHER REIV 335 Camberwell Rd, Camberwell, Victoria 3124

16-17

EDITOR Sarika Bhalla – sbhalla@reiv.com.au

Australasian Auctioneering Championships

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

Annual event a highly sought-after title among auctioneers

19 Policy & advocacy From pets to pools to problems with cladding, we’ve got your back!

REIV @REI_Victoria PRODUCTION aap studio

20-21 Members get their say in constitution review Members are invited to vote on the new constitution at the Annual General Meeting on November 26

24 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 2019

Making the most of your commission cheque With the spring selling season now in full swing, it pays to be smart with any extra earnings

Contents

Contents President’s report

11

New categories in Awards for Excellence highlight work behind the scenes

Page 4

CEO’s report

Page 6

Commercial & Industrial Marketing Awards

Page 8

Awards for Excellence

Page 11

Novice Auctioneering Competition Page 15 Australasian Auctioneering Championships

Page 16

Policy & advocacy

Page 19

Constitution review

Page 20

Bulletin Examining cooling-off rights New contract of sale of land Making the most of commission cheques All Bonds to be submitted electronically How the Housing Hub is helping fill a void

26 RTBA looks to do away with paper forms

Best practice

From December it will be mandatory for all estate agents to submit bond forms electronically

Training

Frequently asked questions Dealing with family violence in rental properties Bespoke training sessions with experts

Page 22 Page 23 Page 24 Page 26 Page 27 Page 28 Page 30 Page 31

Data insights Land value – how is it tracking?

Infrastructure investment and its impact

Page 32 Page 34

In memory

Page 36

Member milestones

Page 37

30 Dealing with family violence in rentals Property managers can face many tricky situations relating to family violence, but training is on hand

THE ESTATE AGENT – NOVEMBER 2019 | 3

President’s report

Leah Calnan REIV President

I didn’t grow up thinking I was going to be a real estate agent. My parents had never worked in the industry and my understanding of real estate was limited to people buying and selling houses.

I actually wanted to be a vet, but a career in veterinary science wasn’t to be.

Looking back, I am sure I would have homed all the sick and injured animals.

After becoming a tenant for the first time at 19, I thought I could be the person who people pay rent to and report maintenance to. A few months later, after countless knockbacks, I was employed as an Assistant Property Manager with the amazing Jeff Gole at his business Gole and Wood, in Armadale.

I will always be grateful for the

Following in the footsteps of Robyn Waters, Leah Calnan becomes the fourth female to lead the REIV since its inception in 1936

opportunity Jeff gave me. Today, when employing new team members for my business, I look for the passion and drive that I had entering the industry.

business. The girl who thought the REIV President was always connected to the original “boys’ club”. But it looks like I am shaking things up!

Over my 25 years in the industry I have always been actively involved with the REIV through all things property management and training. But never did I think one day my face would feature on “the REIV wall” alongside the rich 80-year history of all the presidents before me (and boy, do I hope I age well on that wall!).

I am extremely proud to be only the fourth female President in the history of the REIV, and absolutely honoured to follow in the steps of the fabulous Robyn Waters. When I decided to stand for the board, I did so with a strong desire to create an updated approach to the strategy and presence of the REIV. I want people in all sectors of real estate, in addition to sales, to be heard, considered and developed. For me, as the industry continues to change, there is an everstronger requirement for the REIV to be agile, profitable, the strongest industry advocate possible and, most importantly, RELEVANT.

So, on October 14, I became President of the REIV. I am still a little shocked because I often still see myself as the girl who lives and breathes property management. The girl who owns and runs her own large property management

There is an ever-stronger requirement for the REIV to be agile, profitable, the strongest industry advocate possible and, most importantly, RELEVANT. – REIV President Leah Calnan, pictured centre with Vice President Sophie Lyon and Senior Vice President Adam Docking

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President’s Sectionreport head We have so much to work through over the next 12 months and while I am a little nervous, I am extremely proud and honoured to lead the REIV for the challenges that lie ahead. Here are a few things to keep me busy (while managing my business and being a mother to three boys):

I am extremely proud and honoured to lead the REIV for the challenges that lie ahead.

• Have the changes that have been made to banking lending criteria been enough to continue to stimulate the market for both homeowners and investors?

• The new Residential Tenancies Act comes into Leah Calnan effect on July 1, 2020.

– REIV President • The REIV members will see This will be the biggest a constitution that is updated change to the property and relevant to 2019 and management sector in beyond.

20 years. Training will be paramount. Will we see Property Managers become Strategic Managers?

• Will the sales market continue to be challenged? Are the buyers Pets – how will this new section of legislation be handled? Will all tenants back for good? Will we see a strong be getting a puppy for Christmas? (If my return from investors? What effect on the investment market will the husband is reading this, I would really changes to the Residential Tenancies like a donkey for Christmas. I have the name picked out already).

Act bring? Will investors stay or leave?

• Can interest rates fall any further?

Will the banks pass on the savings to the consumer? Are interest rate cuts enough to stimulate the economy?

• Population growth into our state continues at more than 100,000 people per year – how does our housing market sustain this?

• Will vacancy rates continue to get tighter? In regional Victoria it’s already extremely tight to find and secure a rental property – how much tighter can it get?

Finally, I want to thank my team at Metro who support me unconditionally, along with a few special people in my life – my husband Matt (and my boys Cooper, Jack and Liam), Richard Simpson, Sophie Lyon, Melissa Karatjas, Sam Nokes, Martine Bannister, Sadhana Smiles, Jan Morrison and Michaela Versteegan, who continue to remind me that I am stronger than the toughest day. An enormous thank you to each of you.

Until next time, Go Dees!

Leah Calnan REIV President

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CEO’s report

Gil King REIV CEO

As 2019 draws to a close, we reflect on the past year and what has been achieved. We thank our newest Past President Robyn Waters for her outstanding contribution this year and welcome new President Leah Calnan into the role. We wish Leah all the best for the coming year. Congratulations also to Adam Docking for being elected as Senior Vice President and to Sophie Lyon for being elected as Vice President.

These appointments are particularly relevant to the proposed changes to the REIV Constitution as the Board structure, succession and tenure are matters that will have a refreshed approach in the new year.

With a familiar face taking the reins and Members considering proposed changes to the REIV Constitution, it’s a chance to help shape our future

I have had the great pleasure this year to travel to many parts of regional Victoria with both Robyn and Leah to stand in front of our Members as part of the Connect series of events. This face-to-face contact with Members from Mildura to Inverloch has been well received and has firmed our view to continue these events in the future.

I propose that as we travel around Victoria in 2020 and beyond, whether it be in the regions or within the metropolitan area, we can set some time aside to hear directly from our Members – what their issues are, the challenges that they are facing and how the REIV can improve the

services and products to better support them.

One of the principal messages we have delivered on our journeys this year has been the proposed changes to the REIV Constitution (and consequently the Bylaws). These changes will go before the Members at the 2019 Annual General Meeting and, if successful, will modernise the way in which the REIV operates, and will open up our membership to greater representation from the wider real estate sector.

Just recently we had the honour of hosting, in partnership with the Real

These changes will go before the Members at the 2019 Annual General Meeting and, if successful, will modernise the way in which the REIV operates, and will open up our membership to greater representation from the wider real estate sector.

– REIV CEO Gil King, pictured right with Andrew Meehan at the FIABCI World Congress in Moscow

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CEO’s report Section head Estate Institute of Tasmania, the Australasian Auctioneering Competition.

What a marvellous week that was.

Congratulations to all who participated in the event.

The skill and expertise on display from auctioneers across Australia and New Zealand was something to behold. The week’s competition was capped off with

I propose that as we travel around Victoria in 2020 and beyond, whether it be in the regions or within the metropolitan area, we can set some time aside to hear directly from our Members.

Gil King – REIV CEO

our ‘night of nights’, the REIV Awards for Excellence Gala event at Crown. Well done to all finalists and a special well done to the winners. Every year the standard of entries raises the bar and makes the work of the judges all that more difficult.

With all this good news, we must also recognise the challenges that we have faced this year, particularly around some of the property law changes that have continued to roll out. Some of the Residential Tenancies Act changes have been initiated; some expected, others being introduced earlier than first anticipated. Not only

will the rules change but there will also be an array of new forms to deal with. We are working very hard on the development of these forms in conjunction with CAV. As this will be the last EA for the year, may I take this opportunity to wish each of you and yours a very happy and safe festive season, and a prosperous and exciting new year. A big thank you goes out to our Board of Directors and Committee Members for their tireless contribution during the past year. I also want to recognise the work performed by our wonderful staff at REIV in supporting our Members either directly or indirectly.

Gil King REIV CEO

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Awards

Awards night recognises best of the best in commercial marketing Spotlight shines on the innovative strategies being used in commercial and industrial real estate

Over 100 Members attended a special cocktail event held at the RACV City Club on September 12 to announce the winners of the 2019 REIV Commercial and Industrial Marketing Awards.

A precursor to the Awards for Excellence Gala held in late October, these awards focus on the innovative marketing strategies and initiatives applied in the commercial sector.

Nineteen categories were presented this year.

A cocktail event was held at the RACV City Club.

We applaud the time and effort taken by members to enter the REIV Awards. This is a great opportunity to showcase the work and share learnings for the benefit of the entire industry.

Allard Shelton was well represented at the the 2019 C&I Marketing Awards.

The Colliers International team took home four awards.

Nineteen categories were presented this year.

Thank you to our event partners

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The awards submissions show how real estate professionals are committed to delivering great results for their clients, whether it’s through better use of technology, targeted campaigns or even nostalgia. Members are focused on driving results for their clients and are constantly looking for ways to add value.

Awards

What do the REIV Awards mean for you and your business?

Linc Reynolds and Marcus Quinn – Quinn Reynolds

Linc Reynolds, REIV President 2018-19 Robyn Waters and Marcus Quinn.

Quinn Reynolds Property was only formed in February 2019. From our inception we aimed to participate in the prestigious REIV awards night and use the results as an indication of where we are at as a new business among our peers.

As with all agencies that nominated, we aimed to be finalists in our category and ultimately win an award. We found it very humbling to be able to showcase our marketing material and achieve such success and positive feedback in such a short period of time. It was terrific to mix with other agents in a relaxed environment at the RACV Club. This was a great platform to promote what we had achieved in our first four months of business and take on board other innovative ideas.

Being a new business, we found the submission process simple and beneficial.

We identified our most successful campaigns and matched them with the award category criteria. This process has enabled us to review and adjust our

marketing material, which will ultimately provide better results for our clients.

Dean Hunt, Executive Managing Director – Victoria – CBRE The REIV is the peak representative body for the Victorian real estate industry, so winning a C&I Marketing Award is a significant accolade.

This recognition differentiates CBRE and confirms that the marketing strategies we’re delivering for our customers are best in class. Our customers are delighted with our success on their assets as it reaffirms their judgment to appoint CBRE

for not only our relationships and market reach but our strategy and property positioning. Our team appreciates the recognition of the hard work as it takes continued effort and commitment to be innovative and stay in tune with trends.

We are fortunate to be highly active with marketing campaigns across most categories and a lot of internal debate occurs to select which customer campaign we represent for this event.

Our team is constantly challenged by our customers to be innovative and targeted, therefore we take the same approach when assessing the campaign we submit.

It’s great recognition for our team to be selected for the submission, let alone be successful with the award.

We put considerable effort into our submissions to ensure that our answers are clear and that the supporting documents we provide are highly visual.

The CBRE team celebrates their success at the REIV Commercial & Industrial Marketing Awards.

We have multiple people review our submissions to ensure we’re answering the questions to the best of our ability and highlighting the best elements of each campaign. This does take time but putting in the extra effort has definitely been worthwhile and it’s also ensured that we review our marketing strategies and assess what’s worked well and where we have room for future improvement.

THE ESTATE AGENT – NOVEMBER 2019 | 9

Awards

The 2019 REIV Commercial & Industrial Marketing Awards

Finalists Facey Property Campaign: 24A Princes Highway, Doveton Quinn Reynolds Campaign: 76 William Angliss Drive, Laverton North

Leasing - Budget between $5000 - $10,000

Best Sales Campaigns

Office – Budget over $30,000

Development Site – Budget under $20,000

Winner CBRE Campaign: Emerald House

Winner Colliers International (Victoria) Campaign: 102-106 Stephenson St, Cremorne Finalists Allard Shelton Campaign: 280 Macaulay Rd, North Melbourne Gorman Commercial Campaign: 33-35 Queens Ave, Hawthorn

Development Site - Budget over $20,000 Winner CBRE Campaign: The Ford Portfolio Finalists CBRE Campaign: Mernda Town Centre Savills (Vic) Campaign: 1201-1211 High Street Rd, Wantirna South

Specialised Property - Budget under $20,000 Winner Savills (Vic) Campaign: 59-65 Wood St, Preston

Specialised Property - Budget over $20,000 Winner CBRE Campaign: 97 Tope St, South Melbourne

Industrial - Budget under $10,000 Winner Allard Shelton Campaign: 39 Albemarle St, Williamstown Finalists Allard Shelton Campaign: 54 Albemarle St, Williamstown Facey Property Campaign: 64-66 Enterprise Ave, Berwick Nichols Crowder Property Solutions Campaign: Unit 2 & 3, 47 Wangara Rd, Cheltenham

Finalists Colliers International (Victoria) Campaign: 104 Exhibition St, Melbourne Knight Frank Australia Campaign: Kew Corporate Centre, Kew East Michael Crowder and Matt Nichols from Nichols Crowder.

Retail - Budget under $10,000

Industrial – Budget between $10,000 - $30,000

Winner Savills (Vic) Campaign: 283-285 Burwood Rd, Hawthorn

Winner CBRE Campaign: 5-11 David Lee Rd, Hallam Finalists Allard Shelton Campaign: 6 Akuna Drive, Williamstown CBRE Campaign: 25 Babbage Drive, Dandenong South

Industrial – Budget over $30,000 Winner CBRE Campaign: 648 South Rd, Moorabbin

Office – Budget under $10,000 Winner Savills (Vic) Campaign: 26-32 King St, Melbourne

Office – Budget between $10,000 - $30,000 Winner Colliers International (Victoria) with Gorman Kelly Campaign: 19-23 Prospect St, Box Hill Finalists Colliers International (Victoria) C ampaign: 47 Easey St, Collingwood Colliers International (Victoria) Campaign: Escala Workspaces Gorman Commercial Campaign: 255 Whitehorse Rd, Balwyn

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Finalists Facey Property Campaign: 2/46-50 Old Princes Highway, Beaconsfield

Retail - Budget between $10,000 - $30,000 Winner CBRE Campaign: 83-87 Smith St, Fitzroy Finalists Burgess Rawson & Associates Campaign: Caroline Springs Hungry Jacks CBRE Campaign: Sportsgirl Sorrento 54-56 Ocean Beach Rd Facey Property Campaign: 355-359 Lonsdale St, Dandenong

Retail – Budget over $30,000 Winner CBRE Campaign: Burwood One Finalists Colliers International (Victoria) Campaign: 37 & 39-41 Little Collins St, Melbourne Savills (Vic) Campaign: 98-108 Hampstead Rd, Maidstone

Best Leasing Campaigns Leasing – Budget Under $5000 Winner Quinn Reynolds Campaign: 143-149 Abbotsford St, North Melbourne

Winner Colliers International (Victoria) Campaign: 33 Russell St, Melbourne

Leasing - Budget over $10,000 Winner Colliers International (Victoria) with Cushman & Wakefield Campaign: 600 Church St, Richmond Finalists CBRE Campaign: Port of Melbourne Portfolio

Best Campaigns Overall Best Campaign by a Large Agency Winner CBRE Campaign: Burwood One Finalists Colliers International (Victoria) Campaign: 37 & 39-41 Little Collins St, Melbourne Colliers International (Victoria) Campaign: 33 Russell St, Melbourne

Best Campaign by a Medium Agency Winner Allard Shelton Campaign: Godfreys Portfolio Finalists Gorman Commercial Campaign: 286-288 & 290-292 Doncaster Rd, Balwyn North Nichols Crowder (Carrum Downs) Campaign: 159 Main St Mornington

Best Campaign by a Small Agency Winner Nichols Crowder Property Solutions Campaign: Units 2 & 3, 47 Wangara Rd, Cheltenham Finalists Real Properties Australia Campaign: Anderson Rd, Sunshine Real Properties Australia Campaign: Siding Ave, Officer

Awards

New categories highlight work behind the scenes The REIV Awards for Excellence were held at Melbourne’s Crown Towers on October 24 The annual REIV Awards for Excellence bring together the best in the industry and present an opportunity to celebrate the people behind Victoria’s esteemed real estate sector. The REIV award categories were expanded this year to recognise the teamwork that goes into delivering outstanding results for clients – people who may work behind the scenes but make a significant contribution to the success of a real estate business.

This year saw the introduction of five new and updates to some existing award categories.

Marketer of the Year:

Luke Piccolo, Woodards Northern Each property that sells on or above vendor expectations could be labelled a marketing success! The inaugural Marketer of the Year award finalists were those people who identified a new or unique approach to the property they were selling.

Business Development Manager of the Year:

Small business owners wear many hats.

The winner of the Business Development Manager of the Year grew her Property Management business to more than 50 properties in just 12 months.

Residential Property Management Team of the Year:

Melissa realised the importance of knowing your “points of difference” and how you can add value to clients that may be different from competitors.

“I quickly learnt that I am very different to my competitors,” she said.

“I learnt my value and what I can bring to my clients that other agents can’t. My brand and my company are a representation of me and who I am therefore I need to make sure that I am complying with all legislation and doing what is required as per the law to manage and look after the clients to the best of my ability. One of the ways I act ethically is to ensure we follow the legislation and our requirements.”

They have demonstrated the importance of supporting and recognising staff in more ways than one.

Operational Leadership Award: Damian Portaro, Ray White Mildura

Luke and his team identified that the market segment that they wanted to target was likely to be interstate or overseas so they used technology to bridge the distance. An emphasis on virtual tours and online marketing paid off.

“Under tough market conditions, with prices relatively stagnant and auction clearance rates easing, we were able to identify a high-demand time to sell, an intelligently planned marketing plan and in the end the leveraging of the technology was what made the final difference.”

Melissa Hickson, Prime Residential Property Management

support and training helped Nicholas Lynch deliver extraordinary client satisfaction that lead to growth in the rent roll.

Managing a real estate office is no easy task, finalists for the Operational Leadership Award represent a group of people who are focused on strategy, systems, staff and more to lead their businesses into the future.

Damian Portaro, winner of the inaugural 2019 Operational Leadership Award, says: “Agent’s cannot be good at just closing sales – they must have a well-rounded approach to all aspects of being an agent, and must work as hard as possible to service the customers.”

Residential Sales Team of the Year: Network Pacific Real Estate

Nicholas Lynch Rentals

The Property Management team at Nicholas Lynch Rentals honestly critique themselves; benchmarking their performance not just against peers but against other services and industries that are setting standards in customer experience.

They understood that clients were setting the bar high – assessing all business experience against the standards set by organisations that they were dealing with daily; Airbnb, Uber and more.”

A deep understanding of client expectations helped them set out the business purpose. Focusing on team

The team at Network Pacific attributes their success to a motivated team and a focused business strategy.

They decided to incentivise the wider team to look for new opportunities, not just a few. Staff training and support also played a major role.

“We have found that if you value and take care of your staff, they will take care of customers, resulting in greater customer satisfaction and ultimately greater growth and profitability.”

They identified and understood their market well, building their business by focusing on the niche market where they had potential grow.

THE ESTATE AGENT – NOVEMBER 2019 | 11

Awards

CBRE celebrates a successful year at REIV Awards

Ross-Hunt Real Estate, PropertyData Sales Agency of the Year (Metro).

An annual gala event at Crown Palladium.

Brad Teal takes home the Corporate Promotion Award (Multiple Offices).

The Nicholas Lynch team celebrate their success.

Methven Professionals Mooroolbark won the Large Residential Agency of the Year for third year in a row.

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Brad Blaze wowed the audience.

Awards Section head

Woodards Manningham – Medium Residential Agency of the Year

McGrath Sandringham is Small Residential Agency of the Year.

Michelle Stephens, Residential Salesperson of the Year, and the O’Brien Real Estate Carrum Downs team.

Deserving winners of the Community Service Award.

Best Website Award went to Max Brown.

A night of celebration for the Victorian real estate industry.

Thank you to all our Awards partners

Home

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Awards

Left to right, Joseph Walton receives the 2019 President’s Award; Commercial Salesperson of the Year Todd Grima; and the Network Pacific team celebrates four wins.

The winners President’s Award

Rural Marketing Award

Business Broker of the Year

Community Service Award

O’Brien Real Estate Chelsea Property: 1061 Stump Gully Rd, Moorooduc

John Kasapi Benchmark Business Sales and Valuations

Commercial Agency of the Year

Business Development Manager of the Year

Owners Corporation Manager of the Year

Melissa Hickson Prime Residential Property Management

Stephen Briffa Network Pacific Real Estate Pty Ltd

Buyers’ Agent of the Year

Property Valuer of the Year

Joseph Walton

Joint winners: Property Initiatives Real Estate Warlimont & Nutt Pty Ltd

CBRE

Corporate Promotion Award (Single Office)

Commercial & Industrial Gold Award for Overall Excellence

TJ Sparks Pty Ltd

CBRE

Corporate Promotion Award (Multiple Offices)

PropertyData Sales Agency of the Year - Metro

Brad Teal Real Estate Pty Ltd

Ross-Hunt Real Estate Pty Ltd

Innovation Award

PropertyData Sales Agency of the Year – Regional

Network Pacific Real Estate Pty Ltd

Best Website Award Max Brown (Vic) Pty Ltd

Marketing and Communications Award

Joan Gladman Real Estate Pty Ltd

Small Residential Agency of the Year McGrath Sandringham

Kay & Burton

Medium Residential Agency of the Year

Project Marketing Award

Woodards Manningham

Mirvac Real Estate Property Pty Ltd Property: The Eastbourne, East Melbourne

Large Residential Agency of the Year

Residential Marketing Award (Budget under $10k)

Achievement Award

Jellis Craig Northside Property: 301/22 Peel St, Collingwood

Residential Marketing Award (Budget over $10k) Nicholson Real Estate Pty Ltd Property: 857 Rathdowne St, Carlton North

Professionals Mooroolbark Kimberley Paterson CBRE

Novice Auctioneer of the Year Kristiana Karakostas Woodards Real Estate

Senior Auctioneer of the Year Luke Banitsiotis Woodards Blackburn

14 | THE ESTATE AGENT – NOVEMBER 2019

Outstanding New Agent of the Year Alec Stefanoski Woodards Manningham

Lisa Parker Parker Buyer Advocates

David Hollingsworth CBRE

Commercial Property Manager of the Year

Residential Property Manager of the Year

Gabriela Ammendola GA Industrial & Commercial Pty Ltd

Heidi Sparks Nicholas Lynch Rentals Pty Ltd

Commercial Salesperson of the Year Todd Grima CBRE

Residential Property Manager of the Year (Executive) Prudence Bryant Brad Teal Real Estate

Marketer of the Year

Residential Property Management Team of the Year

Luke Piccolo Woodards (Northern) Pty Ltd

Nicholas Lynch Rentals Pty Ltd

Operational Support Award

Residential Salesperson of the Year

Simone Firns Network Pacific Real Estate Pty Ltd

Michelle Stephens O’Brien Real Estate Carrum Downs

Operational Leadership Award

Residential Salesperson of the Year (Executive)

Damian Portaro Ray White Mildura

Vicki Sayers RT Edgar Mt Eliza

Residential Sales Team of the Year Network Pacific Real Estate Pty Ltd

Awards

Novices find their voice in bid to be named Auctioneer of the Year First held in 1964, the REIV Novice Auctioneering Competition continues to be a launching pad for some of the most respected auctioneers in Victoria Eighteen enthusiastic novice auctioneers took up the challenge to showcase their skills in the 2019 REIV Novice Auctioneering Competition. Although competing can appear daunting to some, testing your skills among your peer group is important preparation for the challenges of a real-time auction.

REIV Members play a critical role in encouraging and supporting new talent into the profession. Judges and bidders for the heats and finals of the competition give their time and input selflessly to help guide the new generation of auctioneers.

We thank the Auction Chapter Committee and all those Members who have helped build the REIV competition to become an industry benchmark. The REIV Auction competitions are a great example of the industry working together to support new talent.

2019 FINALISTS Chris Daly Tyler Hogan Jake Parish Kristiana Karakostas Adrian Nyariri

The top five finalists of the 2019 REIV Novice Auctioneering Competition.

Jellis Craig Clark NextRE Warragul Philip Webb Real Estate Woodards Real Estate Jellis Craig

Kristiana Karakostas from Woodards is the 2019 REIV Novice Auctioneer of the Year.

The judges and bidders who make the competition possible.

THE ESTATE AGENT – NOVEMBER 2019 | 15

Auctioneering

Queensland’s Justin Nickerson.

Australasia’s best gather in Melbourne to hammer it out Peter Batrouney receives recognition for his contribution to Australasian Auctioneering.

The REIV and REIT proudly hosted the 2019 Australasian Auctioneering Championships in Melbourne from October 22-24

Conducted jointly by the Real Estate Institute of Australia (REIA) and the Real Estate Institute of New Zealand (REINZ), the Australasian Auctioneering Championships have become the most prestigious auction event on the industry calendar.

Originally established in 1991 as a competition between the Real Estate Institutes of Tasmania and Victoria, the concept was soon adopted by South Australia and held every two years. Over time, the remaining Australian states and territories joined the competition with Australasian partner New Zealand.

By 2005, the Championships had become an annual event with a highly soughtafter title among auctioneers.

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Before the Championships each year, New Zealand and each Australian state and territory host individual auctioneering competitions to determine the best two auctioneers. It is these two finalists who go on to compete in the Australasian Auctioneering Championships.

Victoria was represented by Luke Banitsiotis and Paul Tzamalis.

Auctioneering

Victoria’s Luke Banitsiotis.

Victoria’s Paul Tzamalis.

JUDGES Adam DOCKING Chief Judge Sandra MASTERS ACT Thomas McGLYNN NSW Mark SUMICH NZ Andrew SOUTH NT Wally BOYDELL QLD Brett ROENFELDT OAM SA Michael WALSH TAS Peter BATROUNEY VIC David LYNCH WA

COMPETITORS

Judges for the 2019 Australasian Auctioneering Championships.

Alec BROWN ACT Jenna DUNLEY ACT Leon AXFORD NSW Clarence WHITE NSW Aaron DAVIS NZ Robert TULP NZ Daniel HARRIS NT Dominic MILLER NT David HOLMES QLD Justin NICKERSON QLD Michael FENN SA Bronte MANUEL SA Sam WOOLCOCK TAS Luke BANITSIOTIS VIC Paul TZAMALIS VIC Tom ESZE WA Adam PILLER WA

ACT representative Jenna Dunley.

Thank you to all our event partners

Home

THE ESTATE AGENT – NOVEMBER 2019 | 17

18 | THE ESTATE AGENT – NOVEMBER 2019

Policy & advocacy

From pets to pools to problems with cladding, we’ve got your back!

As always, there are plenty of issues the REIV is striving to help resolve or make clear for Members It continues to be a busy time for policy and advocacy at the REIV. Front of mind are the significant changes coming following the review of the Residential Tenancies Act. As we know this is always a fluid environment and we were surprised and disappointed to learn that the government intends to introduce the ‘pets’ legislation sooner rather than later.

We have given the feedback that this whole change of procedure will require substantial time for education and informing property managers. We are still waiting for some clarity on this issue.

CAV also consulted with the REIV regarding proposed changes to the Statements of Information and we

provided a response with the updated SOI form coming into effect on September 16.

We note that some agents and some REIV Members are still using the incorrect version and using branding and photos on their SOI. We know that CAV will undoubtably ramp up their enforcement of this issue in the near future.

The issue of the safety of barriers for pool and spa barrier is a major focus for this government. It was initially proposed that between mandatory barrier inspections a self-certification by the owner would be required. This would place landlords and property managers in a difficult position requiring qualified third party inspections for all rental properties annually as

opposed to an owner/occupier obligation for such an inspection every three years.

This argument has been won with Draft Regulations for Swimming Pools and Spas now only requiring an inspection either every three or every four years for all properties (exact period still to be confirmed). There are a number of other issues that we have provided feedback on which will disadvantage tenants and property managers.

Cladding has been a major issue and REIV has raised an issue in conjunction with the Commissioner for Residential Tenancies around the evacuation process for properties where cladding rectification is to take place. There are specific problems associated with tenancies in those buildings as tenants might be asked to evacuate to a new location for an unknown period while this work is carried out. We have had a good response from Cladding Safety Victoria and the Minister for Planning on this issue and continue to negotiate an outcome. We thank Cladding Safety Victoria CEO Dan O’Brien for speaking at the REIV November event and addressing some of the key questions and concerns from Members.

The REIV has responded to the ‘Better Apartments’ proposal after the government announced changes to the planning rules for apartment developments focused on external building and streetscape amenity.

This is not an exhaustive outline of all submissions and issues. Our policy submissions are accessible on reiv.com.au/latest-policy-news THE ESTATE AGENT – NOVEMBER 2019 | 19

Constitution review

Looking to the future: Members get their say in constitution review Members are invited to vote on the new constitution at the Annual General Meeting on Tuesday, November 26 Thank you to everyone who has provided feedback on the 2019 review of the REIV constitution.

The constitution of any organisation provides the foundations for what they can do, who can participate and how decisions are made. This is not the first time that the REIV Constitution has been updated significantly over its long and proud history. The REIV Board has consulted widely, analysed trends in membership organisations and the real estate sector and considered the external socio-economic environment to present a carefully considered new Constitution that will serve the REIV well for some time to come.

Members are invited to vote on the new constitution at the Annual General Meeting on Tuesday 26th November 2019.

The AGM Notice, Proxy Form and Constitution were sent to Members at the end of October.

These documents are also available

on the REIV website. If you are eligible to vote, being a financial Licensed or Representative Member, and are unable to attend, please appoint a Proxy to vote on your behalf. Only a Licensed or Representative Member, who could be a colleague, an REIV Director or the AGM Chair, can be appointed as a Proxy.

All eligible members are encouraged to participate in the AGM, whether in person or by proxy, and to exercise their voices.

The Board’s aims in developing the new Constitution are to ensure that REIV:

• Is the voice of real estate in Victoria, representing real estate agents, agents representatives, real estate agencies, owners Have your say corporation managers in deciding the and their businesses, REIV’s future allied property at the AGM professionals, property service providers and on Tuesday, businesses such as November 26. valuers, franchise and marketing group head offices.

• Is inclusive and reflects, promotes and supports the diversity of people and businesses operating in real estate in Victoria.

• Advances professionalism in real estate by providing high quality training as a Registered Training Organisation, a wide range of opportunities for further development for all Members through Continuing Professional Development and the provision of timely information, data and other materials to support Members in the proper conduct of their business.

• Operates efficiently and effectively by adopting good practice, using technology to support decision making and engagement and is flexible and agile to respond to a dynamic future.

• Has strong leadership, provides greater certainty and continuity and encourages more Members to be actively engaged in leadership roles, while recognising the serious commitment that this entails.

1936

1961

1964

1985

1992

Establishment of Real Estate and Stock Institute Real estate education begins at RESI headquarters

Individual membership introduced

Novice Auctioneering Competition launched.

Joins FIABCI, the International Real Estate Federation

RESI and REAA merge to form REIV

REIV becomes a Registered Training Organisation

20 | THE ESTATE AGENT – NOVEMBER 2019

Constitution review

Why do a review?

• Provide a 21st-century foundation for achievement of the REIV Mission and Strategic Goals.

• Ensure the continuing relevance of the REIV to all Members, Government, Consumers and other stakeholders.

• Reflect developments throughout the real estate sector including growth in the diversity of people, businesses and specialisms; impending change to the national training package; and consequential change to licensing and registration requirements.

• Reflect good governance practice and technological advances and comply with the Corporations Act and other applicable legislation.

• Modernise, simplify and make the REIV more inclusive and agile and, as

• Duration and start dates for Director terms of office;

ANNUAL GENERAL MEETING Tuesday, November 26 at 4pm REIV Conference Hall 335 Camberwell Rd, Camberwell

• Certainty and continuity with Office Bearer appointments;

Proxy forms to be received by 4pm on Monday, November 25 to reiv.com.au or by post or email.

a result, better able to adjust to future developments in the sector and more widely.

What’s different?

Improvements are focused on: • Membership structure with voting rights for all Members;

• Non decision-making clauses moved to the By-Laws.

How do we vote?

• Members decide on the Constitution at the Annual General Meeting at 4pm on Tuesday, November 26. The AGM Notice, the final version of the Constitution and Proxy nomination forms were issued to all voting members at the end of October.

• If you can’t make it to the AGM, please appoint a Proxy (a member, a Director, the President) by completing and returning the Proxy form by 4pm on Monday, November 25.

• Reduction in Board size;

1994

1998

2004

2016

2019

REIV Awards for Excellence Launched

REIV Seniors Auctioneering Competition starts

Vicforms and PropertyData Online launched

REIV Master Auctioneers program commences

Choose a Member, online portal launched

THE ESTATE AGENT – NOVEMBER 2019 | 21

Bulletin Cooling off rights if the auction was not held For years many have operated with the belief that a purchaser does not have a cooling-off right if the purchase was on the auction day or in the three clear business days before or after the auction day. A careful reading of Section 31(5) of the Sale of Land Act reveals that it is not always the case. Among other things, it states there is no cooling-off right if the land is sold:

i) Within three clear business days before the day on which a publicly advertised auction for the sale of that land is to be held; (ii) On the day on which a publicly advertised auction for the sale that land is held; or (iii) Within three clear business days after the day on which a publicly advertised auction for the sale of that land was held; Item (i) is very simple, so nothing to worry about there. However, the words “is held” and “was held” in items (ii) and (iii) respectively can be very important in some circumstances.

Consider the following scenarios:

EXAMPLE 1 The auction was scheduled for 1pm, but the property was sold at 10am on the same day.

(i) The sale was before the publicly advertised auction was to be held, but not within the 3 clear business days before. (ii) The sale was not on the day on which a publicly advertised auction is held. (iii) The sale was not within three clear business days after a publicly advertised auction was held.

Accordingly, there is a cooling-off right.

EXAMPLE 2 The auction was scheduled for 1pm but it was not held as nobody attended.

The property was sold at 5pm on the same day.

(i) The sale was not within three clear business days before the publicly advertised auction was to be held. (ii) The sale was not on the day that the publicly advertised auction is held. (iii) The sale was not within three clear business days after a publicly advertised auction was held.

Accordingly, there is a cooling-off right.

EXAMPLE 3 The auction scheduled for 1pm on Saturday was cancelled due to a lack of buyer interest. The property is sold on the following Tuesday.

(i) The sale was not within three clear business days before the publicly advertised auction was to be held. (ii) The sale was not on the day that the publicly advertised auction is held. (iii) The sale was not within three clear business days after a publicly advertised auction was held.

Accordingly, there is a cooling-off right.

The Contract of Sale has been amended to more accurately reflect what is in the Act. If a scheduled auction is not held, be careful when advising buyers or vendors regarding cooling-off rights if the property is sold on the day scheduled for the auction or in the three clear business days after.

The words “is held” and “was held” in items (ii) and (iii) respectively can be very important in some circumstances.

Disclaimer: 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.

22 | THE ESTATE AGENT – NOVEMBER 2019

Bulletin New and improved contract of sale of land Until 2018 the Estate Agents (Contracts) Regulations prescribed minimum content for a Contract of Sale of Real Estate. As time progressed it was necessary to add many other clauses, resulting a very complex document.

The ending of the regulations provided the opportunity for the Law Institute and the REIV to write a new and more logically structured contract which is now available for use by members. It is also expected that it will form the basis of contracts prepared by solicitors and conveyancers. Please take the time to read the contract and in the process note the following changes: • The notice regarding cooling-off exceptions has been rewritten to more accurately reflect the Act. Please see opposite page.

• A Table of Contents has been added.

• Items previously referred to as Special Conditions are now listed under the General Conditions, however some only come into play if the appropriate box is checked in the Particulars of Sale section of the contract. This does not prevent a solicitor of conveyancer from adding special conditions to a contract before it is signed.

• The Particulars of Sale allow for the inclusion of the details of the agent, if any, acting for the purchaser.

• Cash deposits were previously restricted to $1,000, which was often insufficient to cover the cooling off penalty should it need to be applied.

Cash deposits can now be up to $1,000 or 0.2 per cent of the purchase price, whichever is the greater. [General Condition 14.7(a)] • Instead of just requiring the specification of a lender, the contract now states that the lender can be another lender chosen by the purchaser.

• If the purchaser wishes to end the

contract because they have not been able to obtain approval for a loan, they must not only serve notice but must now also supply written evidence of the rejection or no approval of the loan.

[General Condition 20.2(c)] • The pest report clause previously enabled the purchaser to end the contract if there was a current major pest infestation. This has now been changed to state that it must be a major infestation affecting the structure of a building on the land.

[General Condition 22.2(a)] • As one of the key forms used by Members, the REIV offers the Contract of Sale online at possibly the lowest price in the market, with no additional charge for digital signatures. It can also be purchased in printed form in packs of 50.

Contact us on vicforms@reiv.com.au for further information

SIGNED, SEALED AND DELIVERED. now available on VicForms.

Custom built for Victoria and reviewed regularly, REIV VicForms are compliant, current documents that Members can use with confidence.

• No additional charges for digital signatures (DocuSign) • No set up fees • No ongoing subscription fees. Only pay per form completed and downloaded

Contact vicforms@reiv.com.au to get started.

THE ESTATE AGENT – NOVEMBER 2019 | 23

Bulletin Making the most of your commission cheque With the spring selling season now in full swing, it pays to be smart with any extra earnings

Given the power of compounding returns, the more you contribute now to super, the more you will likely have for retirement.

nasty surprises. Do the sums quickly – what are your expenses for a month?

Mortgage or rent, bills, petrol, food? Add them up and multiply by six.

The payoff for all your hard work is the commission cheque on a successful sale! And what to do with it? Well pay yourself … in a way that will pay dividends to you in the future.

The other consideration is, if you are on a commission-based salary, then you won’t necessarily be contributing to your super in a way that is reflective of your earnings or the lifestyle you would want in retirement. So making it a habit to deposit a large contribution, or a set percentage with each property sold, will help you to consistently grow your super wealth.

This is how much you should have in your ‘just in case’ fund – enough to cover your expenses for six months.

Make sure you keep this money in a separate, yet higher interest account, if possible. That way you can’t access it on a daily basis, keeping your emergency stash safe from yourself and reserve it for when you really need it.

Super boost yourself!

Subject to your personal situation, superannuation can be a tax-effective way to save, as it’s only taxed at 15 per cent if you make a before-tax contribution. That means if you are on a higher tax rate, you can save in a way that helps you be more tax savvy.

Reduce bad debt If you have debt that is charged with high interest then start paying off this debt first, and aim where possible to get this down to nil. The less you are paying in high interest rates, such as on your credit card, the more you get to keep in your savings account.

Ps. It’s super important that you also talk to your financial adviser or accountant to make sure any financial decisions you make are relevant to you with all the necessary circumstances particular to you taken into consideration.

Plus you’re contributing to making your future retirement more comfortable.

So using a tax refund to grow your retirement savings can be a smart move.

‘Just in case’ fund Do you have a ‘just in case’ fund? As the name suggests, this is an emergency fund to ensure you can deal with any

Article by REI Super, a proud REIV partner.

For more information, phone REI Super on 1300 13 44 33 or visit reisuper.com.au/ contact

Spring has sprung – and of course, so has the spring selling season! That means working round the clock, early rises and weekends focused on selling all your listings.

Happy selling season!

Disclaimer: The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs.

24 | THE ESTATE AGENT – NOVEMBER 2019

Smarthouse Australia Smoke Alarm Servicing MAKE THE SWITCH AND NEVER LOOK BACK! Spending too much time fixing problems related to your smoke alarm service?

Noticed your service level dropping?

Do you have a provider making the errors you see to the right, which should not be happening?

Technicians not turning up to appointments?

Landlord details leaving your office?

Office keys required for majority of your appointment bookings?

The Smarthouse difference

Offshore call centres trying to make appointments with your tenants?

Sub-contractors completing your work?

Alarms being relocated when not required?

Invoicing for works that has not yet been completed?

Smarthouse Australia is Victoria’s leading smoke alarm and gas heater specialist’s, proudly partnering with the REIV to deliver best practice servicing to the real estate industry.

We hear the above from many clients in the industry and are here to ensure your smoke alarm service runs smoothly and efficiently… The way it should.

Specific appointment times locked in with tenants Fully interactive online client portal to track your service start to finish Integration with all major Software companies

Smarthouse Carbon Monoxide Servicing ● Gas plumbers directly employed by Smarthouse

Your individual account manager with property management experience

● Extensively trained to deliver best practice servicing to the industry

Largest fleet of technicians in Victoria all employed directly by Smarthouse

● Market leading technology and equipment used by plumbers

Local call centre based in Glen Iris

● Protect your office from any litigation related to carbon monoxide poisoning.

100% Privately owned The best client Christmas party in the industry!

● Full implementation strategy completed in house through your property management software by your account manager

Please make contact with the friendly staff at Smarthouse if the above problems are all too familiar with your office. We would love to take you out for coffee and explain the way your service should be run and allow you to focus on what really matters to your business. We look forward to catching up!

The Team at Smarthouse Australia

THE ESTATE AGENT – NOVEMBER 2019 | 25

Bulletin RTBA looks to do away with paper forms From December it will be mandatory for all estate agents to submit bond forms electronically

The Residential Tenancies Bond Authority (RTBA) is modernising the bond process. From December 9 it will be mandatory for all estate agents to lodge, transfer tenants and claim bonds electronically using RTBA Online, instead of using paper forms.

Natalie Yong, a property management team leader from Jellis Craig Hawthorn, spoke to us about her office’s switch from paper to electronic. “Initially we were a bit hesitant,” she said, “but once we had our processes aligned it now works really well.”

Agencies should incorporate electronic bond transactions into their everyday business processes as soon as they can, to be ready for December.

“In the past when we were lodging or finalising bonds with all the paper forms, we faced a lot of challenges in the amount of rejections we were getting,” Natalie said.

“That was frustrating not only to us, but to the tenant too.”

Natalie went on to say that electronic transactions have a much quicker turnaround than the paper process.

“Now we get hardly any rejections, and if we do, we know the reason why much quicker. You can get everything finalised a lot faster” she said.

Tenants have reported that completing bond forms online is an easy, straightforward process.

a renter in Surrey Hills, used the online process when he moved last month.

“The whole thing was all pretty easy, pretty straightforward,” he said.

“I’d rather do something online if I can, rather than going to all the effort of printing stuff to sign it and dropping it in somewhere or having to post it.”

Paper forms will still be available on RTBA Online for tenants who are unable to use the internet. Agents can submit paper forms only if: • A tenant does not have or cannot get an email address; • A tenant is unable to complete the transaction electronically; or • You need to attach paper evidence, such as a VCAT order.

Agent/landlord transfers are not available online.

Department of Housing bond vouchers can now be lodged online.

The number of electronic submissions continues to increase as December approaches. If you have not started using electronic bonds yet, start now.

Getting the bond sorted is an important part of renting for tenants. Adam Black,

The RTBA Online homepage has a link to how-to guides and videos about how to lodge, claim and transfer bonds, the tenant experience and how to get started.

Log in to rentalbonds.vic.gov.au or for more information call the RTBA on 1300 137 164 Story contributed by the RTBA

26 | THE ESTATE AGENT – NOVEMBER 2019

Bulletin The Housing Hub is helping fill the void in disability housing New website makes it easier for people with disabilities to find suitable accommodation It’s a big thing for any young person to leave the security of their country home and move to the city for work.

But when it’s a young person with disability there are a whole range of additional challenges.

When 22-year-old Shanais was offered a job in Melbourne it was a huge decision to leave her family home in rural NSW. As well as all the issues anyone moving interstate has to deal with, Shanais also had to find accommodation that met her accessibility and support needs.

Mainstream real estate websites weren’t helpful. This gap in the market is being addressed by The Housing Hub (thehousinghub.org.au), a new website that is dedicated to providing a way for people with disabilities to find suitable housing.

The Housing Hub provides a place for housing providers in Victoria, NSW, Queensland, the ACT and South Australia to list accessible properties for sale or rent – including NDIS-funded Specialist Disability Accommodation (SDA).

The Housing Hub was set up as a pilot in 2017 by the Summer Foundation, a not-for-profit organisation that works to stop younger people with disabilities from being forced to live in unsuitable housing, such as aged care.

The Housing Hub has continued to expand from the small reach of the pilot – in the past year it listed 800 dwellings and was visited by more than 34,000 people. Further upgrades are in the pipeline, including functionality that lets housing seekers create a profile that explains what they are looking for.

Alecia Rathbone is the Summer Foundation’s General Manager of Housing Matching. She says that the National Disability Insurance Scheme “is finally giving people with complex

Shanais (inset) was able to find Specialist Disability Accommodation in Melbourne thanks to the The Housing Hub website, which is dedicated to helping people with disabilities find suitable housing.

disability support needs real choice about where they live”.

“Under the NDIS, housing has moved from a government-based allocation system to a market-based system, with the choice now in the hands of people with disabilities,” Alecia said.

“People who need accessible housing want a place to go to find housing that meets their needs, but mainstream housing search platforms usually provide very little information on accessibility features.”

The Housing Hub is part of the Summer Foundation’s Housing Matching Social Enterprise, working to provide a way for people with disabilities, like Shanais, to find a home that is right for them.

Shanais now lives in an SDA apartment in an inner Melbourne suburb.

For more information on listing a property on thehousinghub.org.au contact Mishele Cavanagh-Downs on 0484 555 266 or mishele.cavanaghdowns@ summerfoundation.org.au

Alecia said The Housing Hub is the largest online community of people with disabilities and housing providers working together to meet the challenges of the new market conditions. For agents who are handling a property that has accessibility features, The Housing Hub is a valuable marketing tool. Listing on The Housing Hub is currently free, and enables you to showcase the property’s accessibility features to an audience of keen tenants or buyers.

THE ESTATE AGENT – NOVEMBER 2019 | 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 Authorities. All references are for REIV Forms and Authorities.

1. Sales Authorities Scope of Authority – placing a caveat on vendor’s property If an agent wants to create a charge over a vendor’s property to secure payment of the agent’s commission and expenses, they must first explain to the vendor why they need it, what it says, and how it will affect their property. The agent needs to explain that it is a bit like a mortgage, as they arrange for the sale of the property if they are not paid. The agent will also need to say that they can lodge a caveat, meaning anyone who wants to buy the property will know the agent has an interest and the vendor will have to pay the amount owed before the caveat will be taken off. If the agent avoids this explanation it is likely their charge will be unenforceable.

have to formally release the charge before settlement by supplying a letter on the agency’s letterhead. If they have gone as far as lodging a caveat, they will need to have a withdrawal prepared by a conveyancer or solicitor. The agent will have to pay the charges involved and the Land Registry fees.

2. Residential Leasing and Managing Authorities Exclusive period for residential management Sometimes agents enter very long exclusive authority periods on REIV residential leasing and managing authorities, and if the landlord attempts to terminate the management the agent may attempt to retain it on the basis that the exclusive period has not expired.

If the agent proceeds with this and the The exclusive period on a REIV residential vendor signs an authority with a charging leasing and managing authority only clause (prepared by the agency’s lawyer), relates to the letting of the property, in the property will be charged with the other words the process of finding a tenant agent’s unregistered charge. This charge and commencing the tenancy. must be disclosed in the section 32 statement, so It doesn’t contain provision the agent must notify for the landlord and the If an agent wants the vendor’s conveyancer to create a charge agent to be bound under or lawyer. An incorrect an exclusive management over a vendor’s statement could put the arrangement, (see Item 3 property … they sale at risk. It will also on the authority) so the affect the preparation of landlord can terminate the must first explain a section 27 certificate management. to the vendor why related to the early they need it. release of deposit.

Can the agent end an authority?

Once the agent has The authority should contain been paid, they will a part headed “Agent 28 | THE ESTATE AGENT – NOVEMBER 2019

may end this authority”. This explains the terms under which the agent may end authority, but before any property manager does so, they should seek the approval of their manager.

Refer to the provision in the authority which will most likely state that it can be terminated by the agent by giving 30 days written notice, or it can be terminated immediately if the landlord fails to provide adequate funds or instructions for the proper management of the property.

Replacing or updating Authorities: How often?

The need to replace an authority will depend upon the content of the authority. Firstly, the content of the authority and the way in which it has been completed needs to comply with the Estate Agents Act, particularly Section 49A. Secondly, some provisions in a new authority may better protect the interests of the agent as the authority is enhanced over time, so compare the authority to the current version.

Any authority signed after September 25, 2018, needs to contain the “Rebate Statement – No Rebate will be received” in the form found in a current authority on new.vicforms.com.au or in a hard-copy version with a publication date of July 27, 2018, or later. The publication date is on the bottom right of the authority. Unused authorities with an earlier publication date should be destroyed.

Dispute between owners Sometimes in the case of a property with

Best practice

more than one owner only one of those owners appoints the agent, or even if all owners appoint the agent, they may direct that payments be made to the account of just one of the owners.

Later an owner who did not appoint the agent or an owner who is not receiving rent may direct the agent to change the arrangement and pay the rent to a different account.

should communicate with, and seek instructions from, in the future. If the current client is relinquishing control over all income from the property advise them that you will be seeking a replacement authority.

Members can access the REIV Information Service during business hours on 03 9205 6666.

If this happens the agent should contact their client if not all owners signed the authority, or the owner into whose account the rent is paid, to confirm that they agree with this change. If they do agree to the change the agent should also seek directions as to whom they

REI 20077_CustRsrch_180mm x 127mm_HP_OTLN.indd 1

If the client does not agree to the change the agent should not change anything.

The agent should inform the other owners that the change cannot made because their client has not agreed to it, and the agent is not in the position to resolve a dispute between them.

3. Commercial Leasing and Managing Authorities Choosing the right one The appropriate authority depends upon what the agent is being appointed to do.

The Exclusive Commercial Leasing Authority 005B should be used if the agent is being appointed to find a tenant and commence the tenancy.

Exclusive Commercial Property Management Authority 005C should be used if the agent is just being appointed to manage the property.

Use both if the agent is being appointed to both lease and manage the property.

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.

THE ESTATE AGENT – NOVEMBER 12/7/18 2019 1:56 |pm29

Training

Dealing with family violence in rentals Property managers can face numerous tricky situations relating to family violence, but there are places to turn to for advice and training

Property damage You visit a property rented to a couple to do a regular inspection. Both the couple’s names are on the lease and bond, but only the female partner is currently living there. You see that the property has been damaged – there are holes in two internal walls and a door is off its hinges. The tenant says the damage was caused by her ex-partner and she has an intervention order that excludes him from the property. Who is responsible for the cost of repairs?

Changing locks A tenant comes to your office, saying his partner has an intervention order against him and has changed the locks on their rental property. The tenant wants his personal belongings and asks you to let him in to the property. He argues that you should let him in as he is still on the lease and paying rent. Should you give him keys or let him into the property?

Family violence can affect everyday matters in people’s lives, including tenancies.

In October last year, the Victorian Government passed the Residential Tenancies Amendment Act 2018 (Amendment Act), which includes more than 130 changes to the Residential Tenancies Act 1997. The new laws include reforms concerning family and personal violence and will come into effect progressively.

The REIV is working with Consumer Affairs Victoria and UnitingCare (Kildonan) to raise awareness about family violence in residential tenancies and the upcoming amendments to the Act concerning family violence.

UnitingCare Kildonan has designed faceto-face training for property managers to help them:

30 | THE ESTATE AGENT – NOVEMBER 2019

• Recognise signs of family violence; • Apply the provisions in the Residential Tenancies Act 1997 to do with family violence; and • Provide information about services for victim survivors of family violence.

Based on user-testing sessions with property managers, the information about renting and family violence on Consumer Affairs Victoria’s website has also been made simpler, clearer and more accessible. We recommend that all real estate professionals familiarise themselves with this information.

Why you need to know about family violence Here are some common scenarios involving family violence that property managers contact Consumer Affairs Victoria for advice on. For information on how to respond to these and other scenarios, visit consumer.vic.gov.au/ propertymanagement

Goods left behind A tenant has abandoned a rental property that you manage. On behalf of the landlord, you applied and got a possession order from VCAT. The tenant has left items at the property – you’ve tried several times but haven’t been able to contact them to collect the goods. The landlord wants Consumer Affairs Victoria to do an inspection of goods left behind, so they can remove them and re-let the property as soon as possible. In the meantime, a local family violence agency contacts you, saying it is providing support to the tenant, and that she wants her goods back. What are your responsibilities in this situation?

Intervention orders A tenant asks if she can break the lease on a rental property that you manage.

She says her ex-partner broke into the property, threatened her and she now feels unsafe living there. She has an intervention order against the ex-partner.

Can the tenant break the lease?

The training will be available from early 2020 through the REIV professional development program. For details, please contact training@reiv.com.au

Training

Are you keeping your team up-to-date with law changes?

Bespoke training with REIV experts can ensure everyone in your office is on the same page When it comes to significant changes in legislation, processes and procedures, training your team together, at the same time, can be very effective. It ensures that everyone is “singing from the same hymn sheet” and any issues unique to your office can be addressed. The trainers at the REIV have been providing bespoke training to member offices across Victoria.

Members have found this service very helpful, especially for issues such as the underquoting legislation.

The team at Wilson Property, Traralgon.

Why did you opt for in-house training from REIV? Having Jim Lourandos come to our office was so handy because it meant no one had to miss out on training and it opened up a full office discussion with points we learned on the day. Living in regional Victoria, it can sometimes be a logistical nightmare to try and get all of the staff to a training session at once, so to have Jim come to the office took all of the stress out of it.

WILSON PROPERTY, TRARALGON What is your approach to staff training?

As a business owner, we take a holistic approach to training and encourage all staff to undertake training whenever possible. We allocate funds to cover staff education in our budget every year and ensure we both assist and support any of our team members to attend REIV accredited courses relevant to their existing role or to advance their skill sets.

Why did you opt for in-house training from REIV? As a regional-based estate agency sending our staff members to Camberwell for training can be both inconvenient and time restrictive. The travel time required, and the unreliability of public transport and traffic can lead to extremely long days for our employees and can impact on their family and out-of-work commitments. By having Jim Lourandos attend our office, we were able to offer training to more members of our team in a more timeeffective manner. It was also beneficial as our team were able to have a high level of interaction with Jim and maximise the course content offered.

Overall feedback We have now had several staff complete training courses with the REIV. We would encourage all estate agencies to foster a strong relationship with the REIV and the services they offer, especially with regards to training. Consider in-house

Do you feel that your knowledge or skills improved through this training?

The team at Choice Group.

training for staff as it both encourages participation to learning and develops a strong sense of ownership for the team delivered in a cost-effective manner. The knowledge and skills acquired by our team and their training over the past two years reflects in our recent success in both the REB National Awards and REIV State Awards.

CHOICE GROUP What is your approach to staff training?

As a small business we like to keep the communication lines open with our staff and regularly discuss upcoming training or any staff requests at our weekly meetings. We are lucky to have pro-active staff members who seek different courses and training and then come back to the team to discuss.

We valued Jim’s input on the day and the review of our processes to assist us in improvements to internal processes.

It has certainly improved our knowledge and skills around the subject matter.

What aspects of the training did you enjoy the most?

We enjoyed going through the material and having the opportunity to ask questions as we went along throughout the day. We were lucky to have such a knowledgeable trainer who was able to answer all of our questions, Jim’s no-nonsense straightforward approach made it easy to discuss numerous situations and process refinement in a relaxed yet straight-to-thepoint way.

Overall feedback It was a pleasure having Jim at our office and we look forward to our next training session with the REIV. THE ESTATE AGENT – NOVEMBER 2019 | 31

80K 40K Change in dwellings sold FY14 to FY19

0

32 | THE ESTATE AGENT – NOVEMBER 2019

17

THE ESTATE AGENT – NOVEMBER 2019 | 33

Data insights considering that the property industry accounts for 47 per cent of the Victorian Government’s income from tax which is an extraordinary proportion for a single industry to absorb. The REIV continues to advocate for the reduction of property taxes such as land tax and stamp duty.

Infrastructure investment and its impact on real estate This year’s Economic Forecast Lunch provided an insight into the key factors affecting our economy and Victoria’s major infrastructure projects Victorian Treasurer Tim Pallas and Macquarie Wealth Management Head of Investment Strategy Jason Todd delivered engaging addresses at the annual REIV

Economic Forecast Lunch at Crown Towers on Friday, August 16.

Mr Pallas paid homage to the importance of the property industry to the broader Victorian economy.

“I know the matter that really figures prominently in your mind is how the property market is going. Believe me, it figures very prominently in my mind,” Mr Pallas told the crowd.

Mr Pallas’ comments are not surprising

Mr Pallas said the CommSec State of the States July 2019 Economic Performance Report named Victoria as the top economic performer in the nation.

“We claimed top billing on four of eight key indicators including jobs, economic growth, retail trade and construction work,” Mr Pallas said.

“The report confirmed what we already know, that Victoria is the nation’s economic pace-setter. Since 2013/14 our economy has grown by almost $55 billion.

“Economic growth has been above-trend for several years, averaging 3.5 per cent

State of the States FIGURE 1 JULY 2019 STATE & TERRITORY ECONOMIC PERFORMANCE REPORT 1V ictoria Victoria is on top of the economic performance rankings. Victoria ranks first on four of the eight indicators.

8 5

+ Job Market

7

- Relative Population Growth

6 2 New South Wales

3 Tasmania

NSW is in second position on the overall economic performance rankings. NSW is first or second on six of the eight indicators.

Tasmania is in third position on the economic performance rankings. Tasmania is ranked first on relative population growth and housing finance.

+ Dwelling Starts

+ Housing Finance

- Housing Finance

- Job Market

4A ustralian Capital Territory

5 Queensland

6S outh Australia

7W estern Australia

8N orthern Territory

The ACT is in fourth spot in the rankings. The ACT is second-ranked on housing finance and equipment investment.

Queensland is now in fifth position on the performance rankings. Queensland is ranked third on relative economic growth and relative population growth.

South Australia is in sixth position on the performance rankings behind Queensland.

But there is little to separate the two economies.

Western Australia is seventh or eighth on all of the indicators. But exports are growing strongly.

The Northern Territory is seventh-ranked on economic growth but lags all other states and territories on the other seven indicators.

+ Housing Finance

+ Relative Economic Growth

+ Housing Finance

+ Job Market

+ Job Market

- Relative Population Growth

- Job Market

- Relative Population Growth

- Construction Work

- Relative Population Growth

2 4 1

3

Source: State of the States, July 2019 Comm Sec State & territory economic performance report. As presented by Treasurer Tim Pallas.

34 | THE ESTATE AGENT – NOVEMBER 2019

Data insights per annum since 2013/14 – that’s the strongest of all the states and well above national economic performance.

Since 2013/14, we’ve contributed nearly a third of all economic national growth, well above our quarter share of the nation’s population.”

Mr Pallas said economic growth in 2018/19 is expected to be about 3 per cent, marking five years of above-trend growth – the longest period since the 1990s.

“We remain one of only 10 sub-sovereign jurisdictions on the planet that has a AAA credit rating from both Moodys and Standard and Poors and when you think that they rate 7000 of them, we are in rarefied company,” Mr Pallas said.

Mr Todd, an investment strategist, gave

RBA rate cuts have historically been a powerful tailwind for house prices Historically when the RBA is cutting the cash rate, house prices have risen in the following 12 months.

On average prices are up 5 per cent in the 12 months after the first cut and higher after 18 months.

Macquarie expects a similar trend but with more modest price gains because prices are already elevated and the largest declines in interest rates have already been seen.

“The private sector is awash with cash and that might come from private equity, sovereign funds, pension funds, infrastructure specialists and industry funds who can support infrastructure spending. There have to be the signals from the public sector sufficient to get the private sector involved.”

an infrastructure overview and spoke about the importance of bridging the infrastructure gap.

“While we talk about the risks to housing as having been somewhat alleviated, particularly over the last couple of months post the election, the RBA rate cuts and APRA easing on credit conditions, there are other risks that we can see are quite prevalent for the economy that we need to be very aware of,” Mr Todd said.

Mr Todd said we needed to think of the pool of infrastructure spending as coming from the public sector, the private sector and offshore.

“There is clearly the wherewithal, the desire and the capacity to boost infrastructure spending, whether it is public, private or a function of both, we are actually very confident that with the right signals, you can get the private sector involved in infrastructure.

FIGURE 2 DWELLING PRICES AFTER RBA CASH RATE CUTS: CHANGE AFTER INITIAL CASH RATE CUT

“When you aggregate those together, it is sufficient cash out there to be able to fund infrastructure projects in Australia,” he said. “You just need to get the mechanism right to combine those three.”

After 12 months

After 18 months

Average annual growth since 1993

30.0% 25.0% 20.0% 15.0% 10.0% 5.0%

Source: ABS, NAB, Macrobond, Macquarie

0.0% -5.0% JUL-96

FEB-01

AUG-08

SEP-11

FEB-15

MAY-16

Timing of initial RBA cash rate cut Graphs and images from Jason Todd, Macquarie Wealth Management

How big is Australia’s infrastructure shortfall?

FIGURE 3 AUSTRALIA INFRASTRUCTURE INVESTMENT ESTIMATES Investment needs Current trends Australia Infrastructure Investment gap

Australia’s estimated infrastructure shortfall is around 60bps of GDP by 2040.

Cumulatively, this is equivalent to US$158bn over the next 21 years.

4.3 4.1 3.9 3.7 3.5 3.3 3.1 Investment needed US$1.7 trillion

2.9

Investment current trends US$1.5 trillion

US$158 billion (0.38% of GDP)

2.7 2.5 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 34 35 36 37 38 39 40

Source: Global Infrastructure Hub, MWM Research, August 2019

(% of GDP)

THE ESTATE AGENT – NOVEMBER 2019 | 35

In memory

‘Larger than life’ Past President Trimboli loses battle with cancer REIV Life Member was the ‘go-to’ man for real estate in Melbourne’s western suburbs

Frank Trimboli, REIV Past President and Life Member, passed away on September 11 after a two-year battle with cancer.

Remembered as a “go-to” man for all matters real estate, he was a real estate icon in Western suburbs of Melbourne. He shared his knowledge willingly, going on to write a book, The Glossary of Terms used for Real Estate practice, in association with the REIA.

and respect, he was larger than life, a true gentleman and could never resist telling a joke given the opportunity”.

Frank started his real estate career in February 1959, and in 1979 he opened Frank Trimboli real estate. He served the real estate industry in many capacities, including as REIV President in 1993-94, was appointed to the Estate Agent’s Board, lectured at RMIT and was presented with REIV Life Membership in 2005, having been a member since 1965.

In the words of John Verduci, Frank’s nephew and business partner, “Uncle Frank built a lifetime reputation on trust

Lethlean remembered for sense of humour Former REIV Director enjoyed a more than 50-year career in real estate, and was renowned for his positive outlook

An REIV member for almost 30 years, Gavan Lethlean’s contribution to the Institute was significant. Gavan served on the REIV Board for the maximum term of nine years. His election to the Board for three consecutive terms from 2008 is a testament to his reputation and respect in the industry.

A determined and dedicated professional, he combined work and study to become a licensed real estate agent and a qualified valuer. His 50-plus year career started in banking, but he soon moved into real estate sales, then commercial property management, eventually establishing and running a successful valuation business for over 35 years.

36 | THE ESTATE AGENT – NOVEMBER 2019

Gavan was always generous with his time, knowledge and experience. His positive outlook was infectious, and he is remembered, amongst many other things, for his sense of humour.

Membership Section head

Milestones We congratulate those who completed important milestone anniversaries during September 1, 2019 – December 31, 2019.

50 YEARS

30 YEARS

20 YEARS

Ian McDONALD Kevin NIXON

Ken BECKWITH

Martin ANSELL

Paul BURNS

Simon BEST

Larry CALLAGHAN

Peter CLARK

Tony DOWNWARD

John COLLINGS

Michael EBELING

John CONWAY

John ELLIMAN

Gino DE IESI

Stephen GORMAN

Maria DE SANCTIS

Hunter GILL

Jim DEMETRIOS

Mark SALVATI

Sang DO

Peter SKEWES

Max DOLMAN

Brian SOUTAR

David FALK

Grant SUTHERLAND

Alex GAZIS

Geoffrey THOMPSON

Karl GILLON

Rowan THOMPSON

Ralph HERRMANN

Timothy TREEBY

Torsten KASPER

40 YEARS Greg BIGGIN Paul CUMMAUDO Brian HUTCHINS Walter KASTELAN Chris SARANTAKOS Chris THOMAS Peter WEDA

10 YEARS

Anthony KELLY Gordon KELLY Ian McDonald

Lee MAHER John MASCARO Tim McNALLY John MORELLO Paul O’SULLIVAN Tony RIZZO Ted SHACKLETON Wendy THOMSON Craig VELJKOVIC

Daniel ABDELMALAK Marisa ADAMS Jason ALLEN Robert ALSOP Ian BAKER Sandra BARDEBES John BISIGNANO Norma BULA Andrew CAR Vince CASMI Sandra CIMINO Donella CLARK Penny COSTA Hedley GAUDIN Peter GIGIS Esther GUEST Daniel LEIBOWITZ Davide LETTIERI Nasser MASHNI Rocco MONTANARO Mike NELSON Ben NUTBEAN Lisa PARKER Brad PEARCE Con PEDIS Andrew PETTMAN Huong PHAM Jeffrey RICHARDSON Wayne SEWELL Karl SUBRAMANIAN Christopher VAN AANHOLT Francis YANG

Kevin Nixon

THE ESTATE AGENT – NOVEMBER 2019 | 37

Membership

New members From July 1, 2019, to September 30, 2019, we welcomed more than 230 new members to the REIV community.

Building new business relationships through networking is an important aspect of REIV membership. Please find the time to engage with new members and share your experiences.

Mayoshan Abeysundara Sachin Aggarwal Mary Agnew Tina Akerley Graeme Allchin Bec Anderson Kaan Arel Avantika Avantika Suraj Ayer Myles Barker Elliot Bell Rebecca Bevan Rod Birt John Black Amy Blackburn Michelle Bonadio Nicole Borg Ping Borisutsawad Matthew Bourke Dave Branthwaite Carlo Bressanutti Jess Brindley Eddie Brown Shane Bryden Larry Callaghan Josh Callaghan Penny Callanan Raffaele Capetola Karen Carlson Irene Casey Nicholas Cassidy Jim Chen Samuel K.C. Chong Linda Chu Annabel Cobain Kaitlyn Congram Oliver Cooney Jamie Cox Isobel Cross Sam Crowder Eva Cumming Vince Curcio Daniel Dammo Andrew De Angelis Peter De Vries Marc Di Genova John Di Natale Aaron Dickinson Shelley Euvrard Brandon Fan Adam Farrugia Phill Fent Mark Fletcher Brendan Flynn Julie Fortune Thomas Foster Lisa Fowler Dylan Francis

38 | THE ESTATE AGENT – NOVEMBER 2019

Mark Freeman Zappia John Fuller Filip Gacesa Bonnie-Lee Gaehl Sonia Gautam Nick Gazeas Nick Gillies Irene Gladman Subhash Godara Kinson Guo Sushant Gupta Kierra Hagedorn Rebecca Halit Kylie Hall Stephanie Harding Ahmad Hashmi Sabrina Hassen Daniel Haverkamp Ethan He Julian Heatherich Rebekka Heaton Nicholas Hellner Tyler Hogan David Hollingsworth Wayne Hutchinson Caterina Italiano Jacqueline Iversen Jane Jeffreys Sylwia Kapera Kristiana Karakostas Nadya Karas John Kasapi Rohan Kearney Mark Keck Nicola Keithley Zehra Keller Daniel Kelly Badri Khanal Sachin Khera Shatalova Matthew Khoshbakht Troy Kincaid Corinne Kinsman Amanda Kohler Alexander Koutsotheodoros Jordyn Kruger Sunil Kumar Sarah Lam Martin Lan Jane Lansell-Smith Michelle Lanza Amy Lawson Shane Laybourne Tristen Laybourne John Le Gros Damon Lee Annette Lemon Ryan Levin James Li

David Li John Li Michael Lillywhite Jowei Lim Celeste Little Bruce Ludeman Hiren Luhar Dean Macfarlane Robert Macpherson Georgie Maggs Megan Mallick Tammy Manning Connie Mantello Gideon Marcus Gabriel Massoud Nicholas Matkin Michael McDonald Glen McGrath Liam McMullan Anthony Meik Steve Miao Michael Mikhail Antoinette Mitchell Lateefuddin Mohammed Anna Molinaro Kellie Morgan Bradley Morris Jay Moxon Alister Nash Kuldeep Nehal Sudip Neupane Megan New Anna Newell Charles Nurse Kristen O’Connell Dikpal Pangeni Rosemarie Parker Kimberley Paterson Kirsty Patterson Duane Pedron William Pendlebury Clarenzo Perna Gerard Peters Adrian Petroulis Anthony Phey Lyndal Phillips Shane Pope Natasha Popovic Margaret QIU Kay Rahn Milo Rasinac Bree Reeve Geoff Reid Alex Ren Ren Zali Reynolds Holly Richards Cooper Rigg Adrian Sacco

Sean Saliba Vic Sarov Frank Scalise Frank Scarce Brayden Schmidt Laureen Schmidt Amber Sealey Simranjeet Sethi Xiaoyan Shen Yi Shen Eric Shuai Greg Sinclair Sam Singh Omar Sirianni Martin Sizer Nathan Skewes Loretta Smith Ye Song Lyndon Springthorpe Brett Stanley Alec Stefanoski Annamaria Stella Kannan Subramanian Bon Ta Roni Tager VJ Tan Jacinta Tang Nee Tanner Mark Thompson Dominic Tiong Albert Tomassi Melissa Tovey Taylor Tran Jane Tuckett Rony Valder Andy Vance Michael Vanin Joyce Vella Jo Verhoeft Chris Vitsentzatos Hao Wang Kyra Wang Jing Wang Nicole Wassell Danielle Waterton Graeme Watson Neo Wei Luma Whitehead Daryl Wilkinson Herrick Wong William Wu Leon Yu Janelle Zanatta Jenny Zhang Jacey Zhang Arthur Zhang Jia Zheng Juliette Zhou

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