Relevant articles



	Relevant articles

	No more stress – start walking!
	Being a real estate agent takes hard work, dedication and a lot of stamina. Dealing with tight schedules, driving house to house to visiting clients, and working on Saturday open house inspections and auctions is not always easy to manage. You have to constantly assess opportunities and be ready to act quickly when things change both physically and mentally.

	Sizzling sales (Journal May 2012)
	Warm up to winter sales with these hot tips for the colder months.

	Cuts both ways
	Cutting your commission might seem like the path to a quick sale, but it’s going to cost you and the industry in the long run.

	Auction anxiety
	Whether you love them or fear them, there are some steps you can take to give your auction the best chance of success.

	Will an EBU work for you?
	A team-based approach to selling can be risky to start with, but with the right team the rewards can be substantial.

	The dos and don’ts of social media
	Social media is getting bigger by the minute. Instead of just being a means to keep up with friends and relatives, it has now become a business tool to help you connect with your clients and pipeline.

	Working with the auctioneer on auction day
	A good agent has a thorough understanding of how to work with the auctioneer to ensure that not only the best possible result is achieved, but that the process is completely streamlined and that the performance on the day will secure the agent the next listing from onlookers in the crowd.

	Residential tenancy laws: a practical guide for sales agents
	What sales agents need to know about the most significant changes to residential tenancy laws the industry has seen in more than 20 years.

	Subject to tenancy or vacant possession?
	I recently exchanged and sold a property where the contract stated “subject to tenancy”. However, during the cooling off period, it was agreed with the purchasers that the vendor would provide “vacant possession” and therefore issue the tenant with their standard 30-day notice due to the sale of the premises.

	Preparing for auction day
	Auction day. Two words that can either excite an agent at the prospect of getting a sale or make them quiver at the thought of what may result.

	How can you assist a mortgagee to discharge its duty of care?
	From time to time, real estate agents will be retained to assist a mortgagee in possession to sell mortgaged land.

	Residential sales 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.

	Reduce the risk of open house inspections
	Indemnity clauses can be an effective tool to use against the risk of a claim against you by third parties.

	Signed, sealed, delivered … and amended
	It may seem simple to make a handwritten amendment to a contract after it has been exchanged, but doing so could have serious consequences.

	When a valuation is not a valuation
	Recent media attention has put the spotlight on the rise of online property ‘valuation’ products.

	Caution! Buyers’ agents providing ‘vendor advocacy services’
	Recently, there has been increasing promotion of ‘vendor advocacy services’ by licensed buyers’ agents. These ‘vendor advocacy services’ are often offered on a ‘free’ basis to members of the public, but as a result of which the buyers’ agents receive a ‘referral fee’ or ‘commission’ (whether it be a “… gift, favour or benefit, whether monetary or otherwise …”) from the selling agent.

	Working for members – protecting agents’ commission
	Making a sale and exchanging contracts is not always easy. As an agent, there is nothing worse than putting in the hard work only to see the purchaser rescind the contract – especially when this results ends in a financial loss for the agent.

	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.

	No number, no commission
	An agent recently lost their commission because their licence number was missing from their agency agreement.

	Going solo
	If you’ve been thinking about running your agency, take inspiration from these REINSW members who took the leap of faith and haven’t looked back.

	Payment of deposits 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”.

	Principals – not relating to your Gen Y staff?
	I often hear stories from Principals telling me that they cannot understand why their Gen Y staff ‘just don’t get it’ and that they don’t know how to help them become better agents. My answer is always the same: let other Gen Y agents teach them and share experiences with them.

	Warning! Supreme Court sets aside contract for agent's misleading claim that "... there is another purchaser"?
	A real estate agent that makes a misleading or deceptive claim that "there is another purchaser" may give a purchaser a right to walk away from a land sale contract. The agent may also be liable to the vendor or purchaser or both for any resulting damages.

	Handle with care (Journal May 2011)
	Anecdotal evidence suggests that first homebuyers are returning to the marketplace. How do they differ from other buyers?

	Effective cause of sale (Journal March 2011)
	When is a sales agent entitled to commission? If you introduce a client to a porperty or get the deal over the line?

	Amendment to Agency Agreements - more protection for agents' commission
	As part of the continual review of REINSW’s agency agreements, we are pleased to announce a significant amendment to the following REINSW Agency Agreements: SA00100, SA00200, SA00300 and SA00600.

	Residential Tenancies Act 2010 – An overview
	REINSW along with the Property Management Chapter Committee worked tirelessly to lobby in the interests of real estate professionals on the amendments to the Residential Tenancies Act 2010. As a result, REINSW managed to achieve substantial changes to the initial draft.

	2011 REINSW Awards for Excellence
	Entries for the 2011 REINSW Awards for Excellence are opening soon. From Tuesday, 1 March 2011, you'll be able to download an REINSW Awards for Excellence Entry Kit by clicking here. Winners will be announced at the REINSW Awards for Excellence Gala Dinner on Saturday, 15 October 2011.

	Snap – it’s a steal!
	The use of copyright has become more complex in the digital environment. So how can real estate professionals ensure they are doing the right thing when it comes to the photographs and images they use?

	Cooling off periods explained
	Are you up to speed with the legal issues and implications associated with cooling off periods?

	Use it or lose it (December 2010)
	The importance of inspecting strata records and obtaining a building report prior to purchasing a strata property.

	Retail leases - new form of Disclosure Statement (December 2010)
	On 1 January 2011, the eastern seaboard States of New South Wales, Victoria and Queensland will jointly adopt a new disclosure statement for retail leasing to replace the lessor's disclosure statement that currently forms Schedule 2 to the Retail Leases Act 1994.

	How to combat DIY selling (Journal November 2010)
	What can residential sales agents do to combat the rise of private seller websites and reclaim the online space?

	Additional vendor disclosure
	Members would be aware of the recent discussion in relation to additional vendor disclosure initiated by Mr Matt Brown MP.

	Dealing with an ever changing property market
	I think we can all agree that the past year for Sydney real estate agents has been challenging, to say the least.

	Cooling off periods explained
	Are you up to speed with the legal issues and implications associated with cooling off periods?

	Recognition of interstate Powers of Attorney
	There is currently no uniformity of laws relating to the making and registration of Powers of Attorney throughout Australia, although the States and Territories have been moving towards harmonisation since 2007.

	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.

	Marketing residential properties (Journal March 2010)
	Residential property in NSW can be a marketer’s dream – and for many reasons.

	Effective exchange of contracts (Journal March 2010)
	Legal author and commentator Tony Cahill explains the ins and outs of this most important stage of the sales process.

	Listing fundamentals to get more from your online strategy (Journal March 2010)
	With talk of search, social media and mobile, real estate agencies are starting to invest in building an online presence. But while all of these strategies are important to any agency strategy, it is important to make sure you are getting the basics right.

	Sustainability, reputation and growth: 10 questions you’ll want to ask
	Regardless of whether you are a skeptic or a believer, at a professional level you will want to know more about environmental sustainability.

	The Spam Act 2003 and the Do Not Call Register Act 2006
	The Australian Communications and Media Authority (ACMA) recently launched a new real estate specific information page on its website in relation to the Spam Act 2003 (Spam Act) and the Do Not Call Register Act 2006 (DNCR Act).

	Exchanging contracts - it's not so simple
	A contract is an important legal document which sets out the complete terms and conditions of the agreement between the vendor and the purchaser. A properly exchanged contract creates legally enforceable rights and obligations between the parties.

	An agent's obligations under section 47
	While the referral and acceptance of a fee or benefit from the service provider for the referral may seem innocent, agents need to pay particular attention to their legal obligations of disclosure under s 47 of the Property, Stock and Business Agents Act 2002 (PSBA Act).

	Securing repeat business: what do vendors look for?
	Repeat business can save you a great deal of time, energy and money. As they say, it is five times harder to find new customers than to sell to your existing customers.

	Sinking fund plans now mandatory
	Agents selling strata lots should 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 over a 10 year period.

	Diversifying digital marketing: it's more than just metrics
	Understanding the true benefits of online marketing and how to integrate it effectively into your marketing plan can help you boost business. Where is you marketing budget best spent? How do you correctly measure your return on investment? Research shows that an online presence is vital for any real estate business.

	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.

	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).

	Help emotional clients keep their cool (Journal August 2009)
	Panic, regret, frustration, fear. As real estate practitioners, we get to witness it all. Here's how to keep your clients' emotions (and your own) under control.

	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%.

	Sign before you sign? (Journal May 2009)
	Make sure you have a signed agency agreement before you start advertising a property for sale.

	I've got the power
	Buyer’s agents and lay agents for buyers 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.

	A real estate agent's guide to the NSW Housing Code (Journal April 2009)
	Do you know what renovations are affected by the new planning regulations? Here is a guide prepared exclusively for the Real Estate Journal by the NSW Department of Planning.

	Amendment to planning certificates (Journal April 2009)
	A recent change to planning legislation could impact on contracts exchanged after 27 February 2009.

	Less red tape for home renovations (Journal February 2009)
	Changes to the NSW Housing Code should speed up Development Application approvals for housing renovations while making some minor improvements exempt from planning approvals altogether.

	Can I claim commission? (Journal December 2008)
	If your vendor switches to another agent and then achieves a sale to a purchser you introduced, can you claim part of the commission?

	Representation or misrepresentation - a fine line (Journal November 2008)
	When it comes to selling property, agents must be cautious when passing on bids received from potential purchasers. If a bid is passed on or 'represented' and later turns out to be false, the agent may be liable for 'misrepresenting' the bid, exposing the agent to claims for misleading and deceptive conduct. There is a fine line between representing a bid and misrepresenting a bid. This 'fine line' was closely examined in a recent case in the Supreme Court of NSW, which went to the NSW Court of Appeal.

	Engaging your buyers (Journal October 2008)
	A new web tool can assist agents to cut through the clutter of properties for sale on the internet by capturing the buyers' attention for longer.

	How to handle a mortgagee sale (Journal October 2008)
	What are the correct procedures to follow when selling a home that has been repossessed?

	Increasing vendor paid advertising (Journal September 2008)
	Do you have trouble achieving vendor paid advertising? Here is some advice on how to increase your vendor's advertising spend and ultimately achieve a better result for their property.

	Negotiating for success (Journal September 2008)
	In our personal lives, negotiating is prevalent and becomes extremely apparent in the way we try to influence our kids to do or act a certain way. It’s unmistakable in conversations with our partner! It will most likely be evident when trying to get a discount at the furniture store or maybe when negotiating with a tradesperson to do work on your home.

	Estimated selling price (Journal September 2008)
	It is timely to remind all certificate and license holders (agents) who sell residential property of the importance of correctly calculating, recording and substantiating their estimated selling price.

	Underquoting - letter to members (Journal July 2008)
	Due to recent publicity members would be aware that the Office of Fair Trade has alleged that a number of agents have been involved in underquoting.

	Sticking up for the good guys (Journal July 2008)
	Shadow Minister for Fair Trading Catherine Cusack believes there is such a thing as ethics in politics. She intends to use that approach to help create sensible policies for the real estate industry on controversial issues such as underquoting, material fact and the rental crisis.

	The ten commandments of writing effective advertising copy (Journal July 2008)
	Learning to write effective advertising copy should be considered an important part of job training for all real estate sales personnel.

	Join the evolution (Journal July 2008)
	As the industry evolves, it won't be survival of the fittest, but survival of the best prepared.

	The essential features of advertising copy (Journal June 2008)
	Planning and writing great advertising copy won't strike you like a bold of lightning, so be prepared to think through your copywriting strategy.

	Better buy (Journal June 2008)
	In my 14 years as a professional property investor, I've found that trust is the main issue that buyers and sellers have with agents.

	Getting back to basics (Journal April 2008)
	The advertising industry survives on results. If advertising didn’t increase sales, there wouldn’t be an advertising industry. Likewise, real estate agents wouldn’t continue to advertise if it didn’t bring concrete results.

	Young sales agents (Journal May 2008)
	The greatest challenge for young sales agents is to overcome the perception by vendors that they are too inexperienced to handle the sale, yet it's still possible to be successful!

	10 ways to get more listings (Journal March 2008)
	Your success in real estate depends on your ability to secure listings. If you haven't got the listing, you can't sell the property. Here are some tips on making the most of your prospecting.

	Creative inspiration (Journal March 2008)
	Here's how agents have applied some effective marketing ideas to their business.

	Sunny skies or stormy weather? (Journal February 2008)
	Residential property prices are forecast to rise between 5 and 10% across NSW in 2008 with demand to live near the Sydney CBD and along the coast outstripping supply. But there are dark clouds on the horizon in the form of interest rate rises and the increasing challenges of housing affordability.

	5% or 10% deposit (Journal November 2007)
	A prospective purchaser can’t afford to pay the full 10% deposit? What flows from an arrangement where the purchaser pays 5% deposit on exchange?

	GST on contract (Journal October 2007)
	The standard terms and conditions of every contract for the sale of land in NSW are the same. In most cases the solicitors representing the vendor and purchaser will attend to the finer details of a contract.

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

	A shift in expectations (Journal June 2007)
	The commercial property market has undergone a major shift over the past few years, with the issue of environmental sustainability now a standard part of life for both leasing agents and landlords.

	Who gets paid? (Journal March 2007)
	REINSW constantly receives phone calls from distressed agents who had introduced a purchaser to a vendor and then another agency ended up getting the sale – and the commission.

	Serving agency agreements (Journal February 2007)
	Can you email an agency agreement to a client?

	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.

	What's so good about open houses? (Journal November 2006)
	Sales agent and trainer Mark Flynn provides some tips on how to get that ‘wow factor’ from your open houses.

	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.

	Amending a contract (Journal September 2006)
	A recent NSW Supreme Court decision has highlighted the importance of obtaining written instruction if you want to amend a contract after it has been signed. REINSW Legal Counsel Tim McKibbin examines the case and the implications it may have for real estate agents.

	Effective cause of sale (Journal July 2006)
	What does an agent have to do to be entitled to commission? In general, it’s not enough just to introduce someone to a property – you have to be the agent that gets the deal over the line.

	Receipts (Journal June 2006)
	The question of whether agents have to print out original trust receipts has now been clarified. Agents no longer have to keep hard copies of original trust receipts, as long as you can reprint the receipt from an electronic copy. Tim McKibbin, REINSW Legal Counsel, explains.

	The deposit (Journal April 2006)
	Tim McKibbin, REINSW Legal Counsel, examines a recent decision from the Court of Appeal regarding a crucial part of your business, the deposit in the completion of a contract.