Relevant articles



	Relevant articles

	Buyers’ agent or helping a buyer? (Journal May 2012)
	Don’t misrepresent the services you and your agency offer to buyers.

	Emotional rescue
	Whether you are a residential sales or buyers’ agent, how you manage a client’s stress and anxiety can make all the difference to a sale.

	Focusing on the investor
	As buyers' agents we help our clients with all sorts of property purchases.

	Taking off those rose-coloured glasses
	As buyers’ agents, our clients often include homebuyers who are searching for that ideal first or next principal place of residence to call their own. Though they may have various budgets and criteria, one similarity that unites such buyers is their emotional attachment to the ultimate purchase.

	Know your BEECs
	Agents should consider the requirements for certification and disclosure which arise from the Building Energy Efficiency Disclosure Act 2010 and Regulations, whenever they are engaged in the sale, lease or sublease of commercial offices with a net lettable area of 2000m2 or more.

	Buyers’ Agents training in 2012
	Established more than 100 years ago, REINSW is the industry’s peak body and is committed to providing training for property professionals who are serious about making it to the top.

	What makes an outstanding buyers’ agent?
	The REINSW Buyers’ Agents Chapter Committee is currently reviewing the questions and criteria for the 2012 REINSW Award for Excellence.

	How buyers’ agents can make a difference
	Anyone can buy a property without using a buyers’ agent – just as you can do your own conveyancing or your own tax returns. But if you want the process done effectively and professionally with the least amount of fuss, you use a buyers’ agent, just as you use a solicitor to do the conveyancing and an accountant to present your tax return.

	Buyers’ agents beware
	A recent increase in the promotion of ‘vendor advocacy services’ by buyers’ agents is a cause for concern.

	Making referrals
	It is common for agents to be asked by clients for recommendations as to mortgage brokers and/or financiers. It’s important to remember that when doing so, you have an obligation to make appropriate disclosure in accordance with the Property, Stock and Business Agents Act 2002, s 47.

	Buyers’ caution
	In my recent experience, decreasing clearance rates have forced vendors into pre and post auction negotiations, with valuers feeling less confident about market value due to lack of competition.

	The importance of inclusions and exclusions
	As buyers’ agents, one of our roles is to liaise between parties such as solicitors and conveyancers, building inspectors, property managers and lenders in order to effect a successful purchase for our clients.

	Help shed some light on census night
	It’s Census time again and the Real Estate Institute of New South Wales is urging all members to offer their assistance to the Australian Bureau of Statistics (ABS) and help ensure that their residents are fully counted.

	Payment of deposit on the sale of residential land
	The standard Contract for Sale of Land approved by the Real Estate Institute of New South Wales and the Law Society of New South Wales is quite prescriptive about the payment of deposits. Clause 2.2 provides “normally, the purchaser must pay the deposit on the making of this Contract, and this time is essential”.

	Rebuilding the trust factor
	Real estate agents don’t generally rate well on the ‘trust scale’ according to research undertaken by AC Neilson. Every few years, the public are surveyed to gauge how different professions rank on the trust factor. Doctors, teachers and nurses typically rank fairly high, while real estate agents generally rank just above car salesmen at the bottom of the scale.

	Residential Tenancies Act 2010 - a brief overview
	With the Residential Tenancies Act 2010 and Residential Tenancies Regulation 2010 in effect from 31 January 2011, it is important for all real estate professionals to note the changes.

	Cooling-off periods explained
	A cooling off period is an amount of time after a contract is entered into during which the contract may be rescinded (treated as if never entered into). This article concerns cooling off periods in contracts for sale of residential property in NSW. Agents need to be aware of the provisions which govern the cooling off regime.

	In it to win it (Journal December 2010)
	The Real Estate Journal talks to industry award winners about the value of entering ... and winning!

	Buyers' agents beware
	As a buyers’ agent, REINSW member Jacqueline Parker has encountered many colourful personalities. Here’s a hilarious sample.

	Make the most of December
	The end of the year tends to feel like a run to the finish line – we’re all flat-out but have one eye watching for the down-time at the end.

	Submitting offers
	Whilst the Property, Stock and Business Agents Act 2002 does not require a purchaser to submit a written offer, offers are usually best conveyed to the selling agent both verbally and in writing, which confirms to the vendor that it is a serious offer and clearly sets out the purchaser’s terms.

	Keeping pets in strata title schemes
	Within strata-owned properties there is a fairly even split about how owners feel about pets. While there may be some resistance concerning the keeping of pets, there is now a greater recognition of the beneficial role pets can play in a person's life, and a willingness by some Owners' Corporations to allow the keeping of pets.

	Deposit bonds
	Here, we look again at some practical tips for using deposit bonds and examine some recent court cases highlighting some issues with deposits, and more specifically deposit bonds. While deposit bonds have become a useful commercial tool for purchasers in a changing market, they are technical in nature and need to be treated with respect.

	Land tax and its relevance for buyers' agents
	Land tax is a state tax on the ownership of land in NSW that applies annually to all NSW land, unless exempt. Such exemptions include land used and occupied by the owner as his or her principal place of residence, or land used for primary production.

	Licensing obligations for corporate licensees
	Where a company structure is to be used to carry on business as an agent it is essential for that company to hold a corporation licence in order to comply with the Property, Stock and Business Agents Act 2002 (the PSBA Act).

	The benefits of working with buyers' agents (Journal March 2010)
	There aren’t many selling agents who haven’t yet heard of exclusive buyers’ agents. They are a growing niche industry, based on the need for buyers to seek independent representation when purchasing real estate.

	Helping buyers to recognise a good property (Journal February 2010)
	Found a property you think is great for a client and they don't share your enthusiasm? Don't just walk away from it - clients need you to help them choose which one to buy.

	Due diligence with local councils
	A professional buyer's agent should find out as much about a property and it's surrounds for their clients before their client exchanges contracts to purchase. An important part of the due diligence process is investigating whether there are any issues with the Local Council.

	Uncovering the unspoken client need
	Whatever business you are in, it's vital to uncover your prospects’ "hot button". Much of the day in the life of a buyers' agent is spent seeking properties that closely match a clients’ wishlist. The quicker you identify and then meet the need of your clients, the happier they will be (and faster you get paid).

	Why is buyers' agency becoming more popular?
	Buyers agents have been involved in the real estate market in the UK and USA for over 30 years. Here in Australia the first reported buyers' agent was back in the early 1990s. It really has been since 2002 the industry has picked up momentum and over the six months the enquiry level of those seeking to become buyers agents has increased by 80-90%.

	Welcoming higher standards for buyers' agents
	The Buyers Agents' Chapter welcomes recent proposed changes within REINSW to recognise specialists in their fields via the new Specialist Accreditation Program.

	Vendor's solicitors/conveyancers and commission
	Exclusive buyers agents may sometimes deal with a vendor's solicitor/conveyancer who makes stipulations regarding commission.

	An agent's obligations under section 47
	Real estate agents are often asked by vendors and purchasers to refer them to other service providers – such as a local solicitor, conveyancer, building inspector or mortgage broker – to assist them with the process of buying or selling land.

	Exchanging contracts - it's not so simple
	A properly exchanged contract creates legally enforceable rights and obligations between the parties. It is therefore vital that the actions of a real estate agent participating in the exchange process do not jeopardise the enforceability of the contract or result in unintended consequences for either party.

	Land tax - principal place of residence exemption and multiple lots
	Everyone who lives in their own property has an abiding interest in the principal place of residence exemption from land tax contained in the Land Tax Management Act 1956 (NSW).

	It's time to lodge your trust account audit report
	The time of year has come again when you must ensure that you lodge your annual trust account audit report or statutory declaration with the Office of Fair Trading (OFT).

	Sinking fund plans now mandatory
	Strata managing agents will be aware that as from 7 February 2005 s 75A of the Strata Schemes Management Act (the Act) made it mandatory for an owners corporation to prepare a plan of anticipated major expenditure to be met from the sinking fund was introduced over a 10 year period.

	Foreign Investment Review Board changes to boost Australian buyers' agents industry
	Recent Foreign Investment Review Board (FIRB) legislative changes - the first since 1989 - could help boost the use of buyers' agents as restrictions are lifted on foreigners buying property in Australia.

	Excellence: the winning edge (Journal August 2009)
	Business awards can give you an edge in your quest for business excellence. Rebecca Ryan talks to multi-ward winner, Rich Harvey about his success as a buyers’ agent and his belief in the value of business awards.

	NSW Housing Construction Acceleration Plan
	The State Government announced a NSW Housing Construction Acceleration Plan (HCAP) in the NSW Budget 2009-10. In short, the HCAP means that transfer duty on certain contracts for sale or transfers of certain residential property in NSW will be cut by 50%.

	The Deposit Power advantage
	A Deposit Power Guarantee is a substitute for the cash deposit purchasers need when buyer a property. It can be issued for all or part of the deposit amount required, up to 10% of the purchase price. The purchaser pays the full purchase price at settlement.

	National prohibition of unfair contract terms
	On 11 May 2009 the Federal Government released its exposure draft of the Trade Practices Amendment (Australian Consumer Law) Bill 2009 (Bill). The Bill will amend both the Trade Practices Act 1974 and the Australian Securities and Investments Commission Act 2001 to prohibit the use of unfair contract terms in business and financial dealings.

	Stories from Buyers' Agents
	The real estate buyers' agents' profession is gaining momentum after a slow start in this country. Ten years ago in Australia, the number of buyers' agents could be counted on the fingers of one hand. Now there are many selling agents changing over to working for the buyer.

	Buyers' Agent: friend or foe?
	The auctioneer calls for an opening bid, a silence is the stern reply from the crowd gathered hoping to take advantage of a softening market. Then, charging in on his white steed comes the buyers' agent with a strong opening bid. Saved again! Well that’s how we like to see it and often that is the case, but never guaranteed.

	I've got the power
	Buyer’s agents sometimes use a power of attorney to bid on a client’s behalf at an auction. The REINSW Buyer’s Agents Chapter has reported that occasionally this causes difficulties at auctions due to confusion about what a power of attorney entitles them to do. Here’s a guide to help sort out the issues.

	Why consumers should use a buyers' agent
	Using a buyers' agent to purchase real estate is becoming more widespread throughout Australia as investors and home buyers have come to appreciate the benefits they provide. A professional buyers' agent can provide a consumer with all the knowledge they need to make an informed decision about the value of a property without all of the sales “hype” often generated by sales agents.

	The dreaded NSW land tax
	Given that buyers' agents are engaged by both home owners and investors to locate suitable properties, it pays to ensure that NSW buyers' agents are familiar with the current ongoing costs of holding investment real estate in this state.

	Win-win (Journal September 2008)
	Buyers' agents can assist selling agents by helping to make a transaction run smoothly and efficiently, creating a win-win situation on both sides of the deal.

	Altering agency agreements (Journal July 2007)
	If you want to change something on your agency agreement, can you simply just cross it out?

	Signing agency agreements (Journal December 2006)
	Who should sign an agency agreement? In part three of a series of 'hypotheticals', Jodie Masson and Elizabeth Hurn from law firm DLA Phillips Fox discuss some of the tricky situations that can arise when trying to get an agency agreement signed.

	Agency agreements (Journal November 2006)
	Jodie Masson and Elizabeth Hurn from law firm Phillips Fox discuss the prescribed terms for agency agreements. If you miss just one of these legally required terms, you could miss out on your fee!

	Agency agreements (Journal October 2006)
	One of the most common mistakes that real estate agents make is incorrectly filling out their agency agreements, following the wrong procedures to have them signed or not having an agency agreement at all. Unfortunately these mistakes can mean losing your commission, facing fines or even losing your licence.