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REINSW President John Cunningham says the most adaptable agencies will be the ones that survive and thrive in 2017.

In an interview with Real Estate Uncut, John said that a number of agencies had to close in 2016, and warned those who don’t change could face the same problem.

He said: “Some agencies have had to close because they have not been able to cut it in the new world which is constantly changing, evolving and innovating.

“If you don’t do this you will not survive, but those who do are thriving.”

He added: “I think a lot of businesses are going on the old adage of keep doing what they have always done and thinking it will be fine.

“However it is important for those agents who have got solid foundations to have the attitude that they want to constantly learn and improve.

“Agencies and agents who are reinvesting in themselves and making sure they have the best people in their teams, growing those teams to be effective, and providing clients with what they want, will be the survivors and thrivers.”

He added that in 2017 he sees an interesting year ahead, with a lot of changes in the working environment fuelled by the expectations of clients. 

John said: “Change is the only constant. I think we will see more of a shakeout in the industry this year and the advent of higher education standards in NSW will filter through to the other states.

“We are going to see a lot of the younger agents who have come into the industry in the last five to 10 years on low qualifications are going to take what they are doing more seriously, or exit the business.”

Listen to the interview in full, here.