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Guy Innes

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After having been a real estate agent in NSW, Australia, for the last decade, the conveyancing process here in the UK is glacial. In NSW (and other states in Australia) a fully compliant, exchangable contract has to be available before a property can be marketed. Buyers usually have their finance pre-approved, and contracts exchange shortly after agreement on a 7 day cooling off period for the buyer (penalty 0.25% of contract price). Settlement is 4-6 weeks later. Bridging finance is common, as is renting between sale and purchase.

From: Guy Innes 07 February 2024 10:06 AM

ViewRabbit says: .“The pay-to-view process automatically sorts serious movers from nosey neighbours, holidaymakers, wannabees and tyre kickers ...” Just my 2p's worth, but every nosey neighbour or tyre kicker will, one day, be a potential seller, landlord, buyer or tenant. I'd rather meet them and start to buld a relationship so when it is their time to commence a property transaction, I am top of mind and their agent of choice.

From: Guy Innes 26 July 2021 09:35 AM

I would like to know where in Australia agents are getting 5% + sales commission. In Sydney 1.5-2% is typical. Maybe 3 -3.5% in rural areas. However, we do recover the majority of advertising and marketing expenses from the vendors.

From: Guy Innes 26 August 2020 11:03 AM

In NSW Australia we have had 19 general 'Rules of Conduct' written into the Property and Stock Agents Act since 2003. Plus more for sales and property manger occupations. 17 years ago it was a big deal - now its just part of everyday business. This year's annual compulsory CPD includes an hour-long refresher on the Rules. On exams - until 2003, operators of an estate agency business (say, branch manager) needed to hold a Diploma in Property Services. In 2003 it was dumbed down to an NVQ4 equivalent, and just been increased again to a DIploma. Also, NSW has also increased mandatory training required before anyone can even start as an estate agent or property manager to about 1/3 of an NVQ4. You have had it easy in the UK (where I started in 1986).

From: Guy Innes 21 July 2020 08:41 AM

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