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Artificial intelligence is coming for your job
When you think of artificial intelligence you may picture robots and self driving cars. The reality is this technology is already all around us.   Your bank, your voice assistant (Siri, Google, Alexa) and even your flight bookings are already managed through AI. Big data systems gather information each time you interact with them, relying on your purchasing habits and your requests and those of others to predict what your next move will be.   Every industry is set to be disrupted by artificial intelligence, including real estate. For agency owners, this is a good thing...
Would a peer to peer ratings system improve tenant behaviour?
What if landlords and tenants were able to rate each other?   In this new world of the sharing economy, leaving a rating is common. We do it for our Uber drivers and for our AIRbnb hosts. We leave reviews when we go out to eat, when we receive exceptional service or when we buy a shonky product.   Rent sites like DontRentMe and Bad Landlord call out property owners who do constant drivebys or have unrealistic expectations. Reviews share horror stories of apartments “not fit for human habitation” and of “water pouring in through windows”.   On the flipside, T..
Does current rental legislation need a serious up-level to be future ready?
The life of a property manager is not easy! Your daily task list is a mile long and you are fielding constant queries from both tenants and landlords. There are new clients to onboard and a stream of requests and repairs to attend to.   When it comes to dealing with tenants, it can feel like a losing battle. Recent changes to tenancy laws in Victoria have fallen in the favour of renters, meaning there is a whole new raft of legislations to catch up with.   Effective as of 2018, these include:   Landlords only being able to increase rent every 12, rathe..
Airbnb: Rules for property owners, tenants and strata
AirBnB is one of the world’s greatest disruptors, having shaken up the real estate, travel and hotel industries.   The idea came from two San Francisco-based former schoolmates who were struggling to pay their rent. To make some extra money, the two offered an airbed in their living room to visiting conference delegates. ‘AirBedandBreakfast’ soon evolved into Airbnb and those young men never had to worry about paying rent again.   But did they create a monster? Most properties listed on Airbnb, particularly in Australia, are not technically supposed to be used for short ..
How is technology changing the way real estate agents do business?
New wave technologies like artificial intelligence, cloud based software and ‘everything online’ transactions are changing the way we live our lives.   For the real estate industry, this means lots of opportunities to do things better. However, it can also present a threat to businesses unwilling to adapt with the times.   As we enter 2018, these are four technology based trends which may affect the property business for better or worse:   Voice activated assistants   2017 saw the arrival of Google Home in Australia, which acts as a virtual personal..
Strata responsibility - building safety
A major tragedy in the UK this year saw 71 people perish in the Grenfell Tower apartment block fire. Because of this dreadful event, building safety standards have been under the microscope around the world.   If you are a strata member or property manager, it is important to understand the responsibilities of a strata when it comes to multi-dwelling buildings.   Fire safety in Australian buildings   The fire in London prompted wide reviews of fire safety in Australia. An inquiry in NSW and Victoria found there are over 2,000 buildings at risk due to defectiv..
The Commons, Brunswick
Nestled in the heart of Melbourne, a vertical community known as ‘The Commons’ is redefining the idea of apartment living.   Several years ago, the developers behind The Commons had noticed how urban Melbourne was evolving from a village feel to streets of overpriced, sterile apartment blocks. Residents were crammed into tiny quarters designed with only the developers’ profit margins in mind. Despite living on top of other people, interaction was at a minimum.     To counter this stark way of living, The Commons was created. The goal was to build housing which is env..
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Can you niche your rent roll?
If you attend any marketing seminar, workshop or webinar you will hear the same message - to define your target audience, create a niche. Focus on delivering your message to this group and you will have success.   In the competitive world of real estate, there is often an approach of taking what you can get, however this doesn’t mean the rules of marketing don’t apply.   When it comes to a rent roll, specialising and focusing on one area can actually pay off.   In our experience we have noticed carving out a niche in your area improves rent roll stability. Ha..
What is a leasing rights agency and will it kill your rent roll?
A new form of leasing agency is on the rise, proving to be a potential threat to the traditional model of managed properties.   Known as leasing rights agencies, these can be found in large scale apartment complexes managed by companies like Meriton. With dozens or even hundreds of apartments, it makes sense to have a permanent on-site building manager, or even two or three.   As well as looking after the building and grounds, these managers are able to act as leasing and selling agents. Because they are on site, they make it easy for owners and tenants to sign up. They a..
Outsource locally and save time
Welcome to the digital age! Everything is changing, especially the way we work.   Where once selling property involved a great deal of paper and lengthy phone conversations, it is now possible to have a house sold using digital apps and text messaging.   Because communication has become easier and faster, it is now possible to delegate tasks to external providers which once were taken care of in-house.   Outsourcing saves time and money. It means you are saved the cost of expenses including office space and superannuation. Instead of paying salaries, you can..