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In a recent article entitled <a href="https://www.propertyobserver.com.au/residential/how-to-keep-your-valuables-safe-when-you-open-your-home-for-inspection/2012031853884" target="_blank">“How to keep your valuables safe when you open your home for inspection”</a> I covered the issue of risk in the ongoing and endless debate about whether a property is best shown to prospective buyers through open or private inspection.
There was a great response to this article (always a pleasure for authors), which included comments from real estate agents, buyers, sellers, landlords and tenants alike.
Some commented on the need for separate theft insurance cover at open home inspections (and who should pay for it), some on the security issue, and others about the need for transparency by all concerned,
But having distilled the excellent feedback from the article (like enjoying an aromatic cup of tea and then musing about what is left over), the crux of the debate inevitably came back to the old question of, “What is the best method of showing your home?”
Personally I was trying to avoid a hot potato debate on this subject for the simple reasons that it is never-ending and I am supposed to be doing better things.
Here is my personal opinion. If I was selling my own home today there are some rational arguments that make the decision clear to me:
<ul>
<li>Why would I invite multiple strangers into my home if there is a risk of theft involved?</li>
<li>Why allow myself and my family to feel that our privacy has been invaded?</li>
<li>As the seller I prefer to show my property at times that suit me and not my real estate agent.</li>
<li>My mother-in-law, bless her soul, (who I agree is an expert on multifarious issues and does read my weekly column) pointed out the deal-breaker.</li>
</ul>
She argues that only about two out of 10 viewers who show up at open inspections are genuine buyers. The rest are either neighbours or tyre-kickers whose favourite hobby at the weekend is viewing other people’s properties. This is bad news for the seller and for agents, as they are time-wasters. On the other hand the ratio for private inspections is much more in the seller’s favour, given all are genuine.
It’s hard to argue with that kind of logic.
I spent many years as an agent opening hundreds of homes for property sellers. It worked for me at the time, but maybe times have changed and I have become wiser.
And real estate agents argue that they need to “get maximum exposure and as many prospective buyers through the property as possible” at open inspections.
But the reality for agents is that controlling 10 or 20 groups at an open inspection is like herding cats. And that is not to mention the nightmare of trying to follow up on them all to find out who is a genuine buyer or not.
One of my favourite books is Mark Twain’s Huckleberry Finn. There is a passage in it that I loosely quote: “When I was 14 I thought my father was an ignorant fool. But when I reached the age of 21 I couldn’t believe how much he had learned in seven years.”
Enjoy your cuppa and think on the above points when you read those tea-leaves!
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a target="_blank" href="https://www.primepropertybuyer.com/">Prime Property Buyer</a>.
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Why risk your home’s security at an open home when you can open it privately to genuine buyers?

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This article is not about how to prepare your home for an open inspection.
We all know about the recently cut lawn, the new paintwork in and out and the old trick of the smell of freshly baked bread throughout the house.
This article is about the risk of inviting complete strangers into your home and the consequences.
There is an ongoing and endless debate about whether a property is best shown to prospective buyers through open or private inspection. Some of the factors include market exposure, owners’ privacy and security. But if you do decide to allow open inspections you need to seriously consider some important issues.
At the top of them all is that for many sellers there is a question of security.
Allowing strangers into your home invites the risk of on-the-spot theft of valuables and for potential burglars “to case the joint” and come back days or weeks later when the time is right. They will have noted the floor plan, alarm system, the doors and windows that are easy to enter through and made a list all of your valuables. Most frightening of all is that they will also gather information about you and your family and your daily habits. They will know when you are generally not at home.
If the above scenario hasn’t already started to worry you as a home seller, then think about insurance and public liability.
The fact is that most homes are not insured for theft in the case of open inspections or in some cases for public liability. A thief could steal your Picasso right off the wall, your Rolex watch and several sets of your wife’s lingerie. And to cap it all, a prospective buyer could slip on your front steps and break his leg. Ergo: the devil hides in the detail, so talk to your insurance company well before you agree with your selling agent to open your house to the public. 
If your home is in the multimillion-dollar range and is being widely marketed in the media with an open invitation to the public to inspect it please read on.
What can you do to avoid these pitfalls? You can’t blame the selling agent. You agreed to open your house. 
Take important steps to counter risk:
<ul>
<li>Talk to your home insurance agent and check whether you are covered for theft, damage or public liability during open inspections. If you aren’t, add the cover for the specific period.</li>
<li>Remove your valuables from sight, lock them up or take them off the property. Don’t let people see or handle them. You are selling your home, not your personal items of value.</li>
<li>If you have a large home with multiple levels and entries insist that your selling agent always has several members of staff at the open inspection. A single agent is simply incapable of watching every person who enters your property. The minute she turns her back someone can steal your valuables or damage your property.</li>
<li>Engage a security guard who will be present inside your home to keep an eye on possible theft during the open inspection. If you are in the squillion-dollar price range engage a second guard to control who comes in and out. </li>
</ul>
Your final decision as a seller to show your home either by open or private inspection is essentially down to the question “Which method will ensure the highest sale price at the least risk?”
<div>
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a target="_blank" href="https://www.primepropertybuyer.com/">Prime Property Buyer</a>.
 
 
 
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How to keep your valuables safe when you open your home for inspection

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Caveat emptor, or let the buyer beware, is based on the 12th-century premise that a purchaser can view and handle goods offered for sale in marketplaces (such as meat or fresh bread) and make their own choice as to whether to buy them or not.
This principle still holds true today, whether in buying property or a tin of baked beans in your local supermarket. And the assumption remains that the consumer has an obligation to be satisfied about the quality of the purchase.
But buying a property is not the same thing as buying bread in a marketplace in the mediaeval era, or for that matter anything else you buy in your local supermarket today. Times have changed, and the onus of responsibility for a purchase has theoretically shifted from the buyer to the seller.
In real estate transactions nowadays a seller’s duty of disclosure is limited to disclosing latent defects in title, or issues directly related to the property. An example of latent defects or issues might be with neighbours.
Sellers are currently not obliged to disclose structural damage, planning issues or nonmaterial issues. They should declare events that occurred in or on the property (known as stigmatisation), <a target="_blank" href="https://www.propertyobserver.com.au/residential/murder-and-mayhem-what-an-agent-should-disclose-if-a-property-has-an-unsavoury-past/2012021953438">such as a murder or suicide</a>.
Either way, declaration or not can have an effect on the marketability of a property and can impact on the selling price.
Should legislation on this issue be brought up to date? What do you think?
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a href="https://www.primepropertybuyer.com/" target="_blank">Prime Property Buyer</a>.
 
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Should a seller be forced to disclose a property’s structural damage or planning issues?

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The most important word in the dictionary for any successful real estate agent is not money. It is trust.
From the moment we are born we learn to trust those around us, just as we learn not to trust them. The concept of trust forms part our DNA wiring.
Trust can be defined as “confidence in the honesty or integrity of a person”, and the synonyms associated with the noun are confidence, dependence, belief and credence. Trust is about both character (which includes integrity) and competence (your strengths and your weaknesses).
There is a saying that “Nothing is as fast as the speed of trust”, and this can refer to every real estate agent’s most valuable asset: recommendation by word of mouth. The thing about trust is that if you lose it, it is gone forever. But if you have it, it spreads like wildfire from person to person.
The maxim “Know me, like me, trust me” is often used in real estate training to explain the process of gaining trust. It doesn’t happen the minute you first meet someone. To be recognised as “trustworthy” you have to earn it first by demonstrating your honesty and integrity, and only then will you gain a person’s confidence.
It’s no secret real estate sales agents are held in low regard in the public perception. In fact, in one recent poll they ranked at the bottom after doctors, firefighters and prostitutes. The main reason appears to stem from the initial meeting with a property seller when the agent gives an estimate of market value, but there are also accusations of agents being inexperienced, unqualified or downright dishonest.
From the very beginning of the seller/agent relationship there is an element of mistrust, often compounded by an over-inflated “valuation” of a property. This is the greatest dilemma faced by real estate agents every working day. If they under-appraise they may lose the listing, and if they over-appraise they may lose trust and their own reputation. Over-appraising is often referred to as “buying a listing”.
The crux of the issue appears to lie somewhere between an understanding of the industry code of ethics and good real estate training, and generation Y real estate agents may get caught up in material values rather than traditional fundamental ones.
In an article entitled “Can you trust a real estate agent”, Kevin Turner of Radio 4BC’s Real Estate Talk predicted that 60% of the people in real estate at the start of 2009 would be gone by the beginning of 2010.
In the current climate of uncertainty in the real estate industry, Turner’s predictions may also come true in 2012. Aspiring young agents are leaving the industry in droves, while principals of real estate agencies are going back to listing themselves to cut down on overheads.
At the end of the day a real estate agents reputation is everything, and his or her success or failure depends on it.
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a href="https://www.primepropertybuyer.com/" target="_blank">Prime Property Buyer</a>.
 
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The importance of trust in real estate

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So you've done it, you have reached that point in your life where you can afford a multimillion-dollar home. Well, why not, what's to stop you? You are successful and worked hard to build your business and your fortune. You are a supreme winner in your own area of business, and good for you. Success is sweet and greatly admired by all.
So you find your perfect home. It just came on the market at a price you can afford. Let's say the agent's name is Bill and you have already heard of him around the traps. He has a reputation for achieving astronomic sales prices for his clients, and his reward is a well-earned and generous commission from the vendor. After all, his job is to get the highest possible price for his client.
But what about you, the buyer? Who represents you in this deal? OK, you've got the wife, the mother-in-law and numerous friendly advisors who know exactly what you should do.
To quote John McGrath of McGrath Real Estate, “While a vendor has their selling agent to negotiate for them, buyers are on their own unless they have a buyers’ agent to act on their behalf.”
And here comes the inevitable. The selling agent (who acts exclusively for the vendor) will do his or her best to outwit you every step of the way. That is his job, and they are usually very good at doing it. If you had spent 20 years doing the same thing six days of the week I’m sure you would be, too.
But you can even up the odds: engage a buyers’ agent (or buyers’ advocate) and use their experience, market knowledge and negotiating skills to give you the winning edge.
Depending on the deal he or she can to save you money on your purchase, and give you “peace of mind” about your new home.
The most frequent question asked about engaging a buyers’ agent is, “Will they save me money?”, and the answer nine times out of 10 is yes. These guys are professionals, and their income and reputation depends on successful transactions.
There are cases where the saving on the price of home purchases has largely been negated by the cost of the agent’s fee (although in investment property purchases the fee is tax deductible in New South Wales).
On the other hand there have been several deals done over the last couple of years in the upper end of the market in Sydney where the saving was well over $1 million.
All buyers’ agents charge a fee for their services; they can’t do it for nothing. There was a recent story in the international press about a buyers’ agent in Spain who acted on a “no foal, no fee” basis. The agent soon went out of business.
Buyers’ agents cannot guarantee success, but they will do their utmost to save you money and ensure that the final purchase price was the very best possible.
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a target="_blank" href="https://www.primepropertybuyer.com/">Prime Property Buyer</a>.
 
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Million-dollar savings

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Under the common law principle of caveat emptor, or “buyer beware” there is a recognised duty upon a buyer of a property to be satisfied about what he or she is going to purchase. The doctrine assumes that the purchaser has acquired the property together with all defects either as to title or quality. 
Over the years most Australian states have introduced statutory regimes for seller disclosure in residential property transactions. In New South Wales Section 52A of the Conveyancing Act 1919 requires a seller of residential property to disclose a range of matters covering defects in title and defects in quality of title through a combination of documents and certificates attached to the proposed contract of sale, and these are generally related to easements and that the property is sold free of encumbrances, etc. There is no requirement to disclose other defects (such as structural ones) irrespective of their impact on the value or use and enjoyment of the property. 
So where do”‘stigmatised” properties come in to all of this? These are properties where a murder, suicide, violent crime or other horrific event has occurred on the property at some stage. The term can also include properties that are haunted or even have a resident poltergeist – and the stigmatisation effect can last for decades or even centuries. 
Let’s face it. Nobody wants to live in a home where something awful has happened. But how do we know if a property has this type of history? The seller is clearly not going to explain the gory details to anyone, and in some cases not even to the selling agent. And agents and sellers cannot be held liable for not disclosing nonmaterial, or nonphysical, defects about a house, and they don’t have any obligation to disclose “latent defects” to the buyer even if they materially affect the physical health or safety of individuals on the premises. 
But in reality the fact is that in these cases the onus of responsibility may come down to the selling agent. The reason for this is that he or she has a moral (if not legal) obligation and a duty of disclosure to inform prospective buyers that the events that occurred in the property may affect its value. It comes down to what did you do or say, or not do or say, that affected a decision to buy? 
Real estate agents need to keep in mind that anything that could affect a purchaser’s decision to buy must be disclosed under the Material Fact section of current legislation. A Material Fact can be defined as “A fact that would be important to a reasonable person in deciding whether or not to proceed with a particular transaction”. 
Schedule 1 (3) of the Property, Stock and Business Agents Regulation 2003 also states that: “You must be fair and reasonable to all parties, and must not mislead or deceive any parties in negotiations or a transaction.” 
In other words, caveat actor, or “agent beware”. If you don’t disclose events that happened in a property you are selling that may affect its value you are open to be blamed and possibly taken to court. 
Below are a few tips if you decide to list a stigmatised property: 
<ul>
<li>Separate fact from fiction, and determine the impact disclosure will have on you as the selling agent, the seller, the buyer, and price of the property. </li>
</ul>
<ul>
<li>Don’t take the listing (or keep it) if the seller refuses to disclose stigmatised information or prevents you from discussing it. </li>
</ul>
<ul>
<li>Maintain trust with your buyers by disclosing the facts as you know them. </li>
</ul>
<ul>
<li>Don’t be silent, and don’t misrepresent. It's not just a matter of what you say. It can end up being about what you didn’t say.</li>
</ul>
 Tim Mansfield is founder and principal of Sydney-based buyers' agency <a href="https://www.primepropertybuyer.com/" target="_blank">Prime Property Buyer</a>.
 
 
 
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Murder and mayhem: What an agent should disclose if a property has an unsavoury past

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We can’t all be Mark Zuckerberg of Facebook with his 800 million members. But you have to admire the guy. He is just about to become the 28th wealthiest person in the world and he is only 28 years old. But we can and should be inspired by him. He realised only a decade ago that new technology and the internet was the way to go in the 21st century, and he has built his dream from there.
He used the internet to do something that we can all do now on the web. We can communicate directly either by email or through our websites and blogs to a targeted audience that is interested in what we have to say.
It is still all about old-fashioned “networking”. And it is still about communicating with other human beings and getting our own message out to them. But nowadays it is also very much about using the world wide web as well, and it costs absolutely nothing. The trick is to use social media, which refers to “the process of gaining website traffic or attention through social media sites”.
What has not changed in so few years is that social and business networking still works very much on the ground and person-to-person, and this means building your own brand by word of mouth and personal recommendations. But it now has to include your own branding on the web. It won’t be very long before you just say a search phrase out loud like “find me a real estate agent in Sydney” and the wall of your living room will light up with the answer from your favourite avatar.
According to a comment on Wikipedia this is how the network effect works:
“Network effects become significant after a certain subscription percentage has been achieved, called critical mass. At the critical mass point, the value obtained from the service provided is greater than or equal to the price paid for the service.”
The mind boggles after reading this quote, so what does all this mean for you as a real estate agent?
Read my tips below and decide for yourself . . .
<ol>
<li>It’s a new year, so get your critical m’ass moving! Don’t sit around waiting for things to happen to you. Make them happen instead. </li>
<li>Build your own personal brand. At the end of the day it’s your own hard work and effort and you deserve the <a href="https://en.wikipedia.org/wiki/Kudos">kudos</a>. </li>
<li>Start by building your own network, and don’t just rely on your agency’s database (you don’t control it and they are usually out of date anyway). </li>
<li>Don’t listen to your boss’s insistence that you stay glued to your desk all day long on the phone. The “bums on seats” theory for real estate agents does not work. You need to get out there in your own market area and work it constantly. Talk to people, buy them a coffee, rub shoulders with them, tell them what you do and how you can help them. The real estate business is a “hard contact” game. If you don’t make an effort to meet and engage with people, they won’t know who you are! </li>
<li>Work smart. Get rid of the BS in your work-life and use every minute of the day to achieve your own dreams. No one else can do it for you. </li>
<li>Create your own blog or website and get yourself up on the web! There are simple and totally free ways to start branding yourself and get promoted online almost overnight. If you are interested (and you should be!) contact me by email and I will send you a couple of tips that will probably change your life for the thank you-much-much-better. </li>
<li>Befriend a buyers’ agent! These guys will introduce you to a qualified buyer for your listing and save you a lot of time and effort, so work with them. You can read an article I wrote recently about this by clicking on the following link: <a href="https://www.propertyobserver.com.au/residential/selling-agents-and-buyers-agents-work-together-but-have-opposing-goals/2011112052436" target="_blank">‘Selling agents and buyers' agents work together but have opposing goals’</a> </li>
<li>Be good to people every single day, and help them in whatever way you can. Make an effort to show that you are not just interested in yourself. If you take a genuine interest in other people they will always help you down the track. </li>
<li>Don’t lose your confidence or give up halfway through your efforts to build your own network (or achieve your own dreams) – it can take months or years. People who don’t want to be in it are not important; it is the ones who are in it that will give you the business. </li>
<li> NEVER give up! If you are finding it hard to get listings or a sale doesn’t go as well as you hoped, keep on trying. Your efforts will be rewarded sooner or later, so hang in there.</li>
</ol>
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a href="https://www.primepropertybuyer.com/" target="_blank">Prime Property Buyer</a>.
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Ten new year tips for real estate agents

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In a previous article published here entitled <a href="https://www.propertyobserver.com.au/residential/selling-agents-and-buyers-agents-work-together-but-have-opposing-goals/2011112052436">Selling agents and buyers' agents work together but have opposing goals</a>, I covered the definition of these agents’ respective roles in today’s property industry and how the two work together.  But what about vendors’ advocates? 
If real estate selling agents act for the seller, buyers’ agents act for the buyer, where on earth do vendors’ advocates fit into the equation? Surely they must be the same thing as real estate agents – after all, doesn’t the selling agent represent the vendor? So what is the difference? 
Firstly, they are all licensed agents but have different roles in property transactions. In Australia buyers’ agents have only been around for about 15 years, and their alter-egos, the vendors’ advocates have only recently begun to emerge in their specific role in our property industry. To further confuse the issue, buyers’ agents and vendors’ advocates are often the same person, although by definition they never sell real estate themselves. 
Vendors’ advocates are independent agents who act exclusively for the seller of a property. They offer a value-added service including: 
<ul>
<li>A written market appraisal of the property including local comparable sales and current listings to establish a market value range </li>
</ul>
<ul>
<li>Advice and recommendations for selecting the best real estate agent in the locality </li>
</ul>
<ul>
<li>Advice on real estate agents’ exclusive sale agreements and proposed commission fees </li>
</ul>
<ul>
<li>Recommendations on the best method of sale – auction or private treaty </li>
</ul>
<ul>
<li>Advice on strategy and proposed marketing campaigns </li>
</ul>
<ul>
<li>Vetting and screening buyers' offers presented to the seller through their appointed real estate agent</li>
</ul>
In the US advocates have been around for decades and are widely used by both sellers and buyers, but in Australia the concept is relatively new and falls into a grey area that is still unclear to many consumers.
The issue comes down to two reasonable questions: 
<ol>
<li>Why would a seller engage a real estate agent (acting as a vendor’s advocate) to then recommend another real estate agent to sell their property? </li>
</ol>
<ol>
<li>Isn’t there an inherent conflict of interest involved in this process? </li>
</ol>
The answer to the first question is that a vendor may decide to engage an independent professional to advise him on the whole process and look after his interests in the sale. He may be based overseas or simply doesn’t have the time to arrange the sale himself. 
The answer to the second question is much trickier and lies in understanding who actually benefits from the transaction. 
Brief research of fees charged by vendors’ advocates in the Australian states of New South Wales and Victoria reveals that many do not charge a fee to the seller. They are paid a conjunction fee or “referral fee” by the real estate agent they originally recommended as the best agent to exclusively sell a property. 
The issues involved with this arrangement are: 
-          The vendors’ advocate may be tempted to recommend the selling agent who pays her the highest split of the final commission, or choose an agent with whom she has a good relationship (but who may not necessarily be the right person for the job in terms of achieving the best sale price for the client). 
-          There can be confusion between who is actually handling the negotiation process, and in whose interest. 
-          If the vendors’ advocate is receiving a split of the sales commission the real estate agent’s motivation may be degraded. If offered a listing they will usually take it even if their fee is reduced, but will they then give the sale 100% of their effort? 
 
 
Other vendors’ advocates charge a fee directly to the vendor (usually about 0.5% of the sale price). This system avoids a conflict of interest, allowing the vendors’ advocate to act independently and without bias for the client, and it encourages the selling agent to put his best effort into the sale for the benefit of all stakeholders.
Either way the fact is the market for vendor advocacy is growing at a fast rate in Australia. If vendors feel they can benefit from this new service by engaging a property professional, then why not? 
The service is ideal for vendors based overseas and anyone else who needs independent advice in the sale of what is often their most valuable asset – their home.
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a target="_blank" href="https://www.primepropertybuyer.com/">Prime Property Buyer</a>.
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Why you might use a vendor's advocate

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The wide diversity of people’s trades and professions ensures that everyone can earn a living in their own way. 
Each of us has something different to offer, from the carpenter to the doctor. We have our tools of the trade and we have our special skills, and we use these in daily life to earn our bread and butter. 
When the carpenter uses his hammer, the doctor his stethoscope or the writer his pen, they offer specialist skills which others do not have. They also have the benefit of years of experience and are talented in what they do. They have all learnt their skills “the hard way”. That is, they have gained experience by learning from their mistakes along the way. 
It is not enough to hold a hammer in your hand or wear a stethoscope around your neck unless you know how to use it. And in the case of politicians if their tongue is their skill, let them be silent unless they know when and how to use it. 
One of the greatest skills of all is the art of negotiation. 
We learn instinctively to negotiate from the time we are born and we build and hone this skill as time go by. But let’s face it: negotiation is not everyone’s forte. You have to learn how to negotiate. You need to have competed and lost and won many times over before you have the advantage over an opponent through experience. 
In real estate transactions win-win negotiation is paramount. When the stakes are high and you have to admit you may not be the best negotiator in your own interest I recommend you engage a buyers’ advocate (or buyers’ agent) to do the job for you. 
buyers’ agents know their stuff. They have learned the hard way how to close a winning deal and they have earned that special skill of successful negotiation.
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a target="_blank" href="https://www.primepropertybuyer.com/">Prime Property Buyer</a>.
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Buyers' agents are experts in negotiation

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There is an important relationship between selling agents and buyers’ agents in the property industry, and this association is based on trust and integrity. At the end of the day we work together in the best interests of our respective clients and it is a win-win situation all round. 
As a former real estate sales agent I have to admit I often fell into the comfortable habit of “list, market and wait for the buyers to contact me”.  This was the equivalent to being a trapdoor spider waiting for its prey to show up and swallow it. But complacency is a fatal mistake unless you are an arachnid. 
As well, the other strategy in those days was to offer conjunctions to other agents and hope they would solve my problem for me. 
But nowadays there is a brilliant option that you should use for every property on your books, not just because it will benefit you but because it will benefit your client. And it costs you nothing! It is simply to work with a buyers’ agent. 
You can even include this tactic in your marketing pitch for listings and you will be pleasantly surprised to see that vendors welcome this strategy with open arms. After all, it doesn’t cost them anything and hugely increase the chances of finding a buyer. And it is a great option to flogging your extensive and out-of-date client database to prospects; no one ever bought that strategy. 
Real estate agents should recommend prospective buyers to buyer’s agents simply on a goodwill basis, and this is good practice for you. 
As an example, imagine that you have been dealing with a buyer who wants a specific type of property but you don’t have a suitable listing currently on your books. This is the perfect opportunity to demonstrate your desire to help them and initiate an on-going close personal relationship in the future. 
There are important benefits to you: 
<ul>
<li>You have done a favour to the buyer by demonstrating your desire to help them with no personal gain, and they will appreciate your selfless advice and integrity as an agent. Sooner or later they will come back to you. </li>
</ul>
<ul>
<li>The client may go cold on you and begin dealing with another agent (most likely a competitor). So it is better to use the opportunity to refer them to a trusted buyers’ agent who you know will look after their best interests. They will remember you for this. </li>
</ul>
<ul>
<li>The buyers’ agent will reciprocate the favour in future by personally recommending you as a real estate agent as you have now established a relationship based on trust and goodwill.</li>
</ul>
 
So talk to your favourite buyers’ agent about your listings and what you have coming up (don’t wait for them to contact you). Build up a close working relationship with them and grow your reputation by recommending buyers’ agents you know and trust. 
Everyone wins!
Tim Mansfield is founder and principal of Sydney-based buyers' agency <a href="https://www.primepropertybuyer.com/" target="_blank">Prime Property Buyer</a>.
 
 
 
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The reciprocal relationship between buyers' agents and selling agents

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Joel Robinson

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Mortgage relief? NAB forecasts RBA rate cut, not hike, after softer economic conditions

A local downsizer has splashed $6.5 million on a penthouse in Perifa's Alex &amp; Willow development in Crows Nest. 
&nbsp; 
The purchaser sold their long-held family home in the area before embarking on a six-month search for the right apartment. After inspecting a range of options across the Lower North Shore, the buyer returned to <a href="https://www.apartments.com.au/new-apartments/alex-willow-crows-nest-82-90-alexander-street-crows-nest-nsw-2065">Alex &amp; Willow</a>. 
&nbsp; 
The buyer profile reflects the project’s broader purchaser mix. <a>Alex &amp; Willow</a> has attracted predominantly local downsizers looking to transition from larger homes without compromising on space or quality, alongside a smaller cohort of upsizers and investors drawn to the project’s location and design credentials. 
&nbsp; 
The milestone sale comes as the project, developed by&nbsp;<a href="https://www.apartments.com.au/developers/perifa">Perifa</a>&nbsp;and delivered by <a href="https://www.apartments.com.au/builders/versatile-made-construction">Versatile Construction</a>, both part of Versatile Group, reaches 60 per cent sold.

[smartcode_project:default project_id=6680 project_image_fid=371325] 
&nbsp; 
Eddie Mansour, Managing Partner of <a href="https://www.apartments.com.au/project-marketer/ray-white-projects">Ray White Projects</a>, said the result demonstrates not only a headline price but also depth of demand. 
&nbsp; 
“This is an exceptional outcome and a clear reflection of sustained buyer demand for premium, well-located downsizer product,” Mansour said.

“We’re seeing a consistent pattern of local homeowners selling family residences and reinvesting into high-quality apartments that allow them to remain within their community. Alex &amp; Willow has resonated strongly with this group because it offers genuine scale, thoughtful design and immediate proximity to the village.” 
&nbsp; 
The sale reflects a broader and consistent trend of local downsizers actively seeking high-quality, low-maintenance residences close to established village centres. Agents report that demand for this product type has remained resilient, particularly where developments offer a rare combination of scale, design quality and walkable amenity. 
&nbsp;&nbsp; 
Fabrizio Perilli, Managing Director of Perifa and Versatile Group, said the sale marks a defining moment for the project. 
&nbsp; 
“The penthouse sale is a strong endorsement of the quality we have delivered, alongside our partners, and the clear demand from local downsizers for premium, boutique residences in this location,” Perilli said.&nbsp; 
&nbsp; 
“Most importantly, we’re proud to see the Alex &amp; Willow community beginning to take shape. As we move closer to completion, we’re looking forward to welcoming residents and seeing the project come to life.”&nbsp;

[smartcode_project:default project_id=6680 project_image_fid=338516] 
&nbsp; 
Designed by <a href="https://www.apartments.com.au/architects/nettletontribe">Nettleton Tribe</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/richards-stanisich">Richards Stanisich</a>, Alex &amp; Willow is a boutique collection of generously sized two- and three-bedroom residences in the heart of Crows Nest village.&nbsp;

Completion is slated for early 2027.

[smartcode_project_cta:default project_id=6680]

Alex & Willow, Crows Nest penthouse sells off the plan for $6.5 million

Fresh from launching the first stage of its Wollongong precinct, <a href="https://www.apartments.com.au/new-apartments/keira-place-wollongong-120-122-smith-street-wollongong-nsw-2500">Keira Place</a>, builder-developer Urban Property Group has unveiled plans for the next phase of the masterplanned community.

Now on public exhibition through the NSW Government's Housing Delivery Authority pathway is a State Significant Development Application for a further 657 homes on the prominent gateway site opposite Beaton Park.

The proposal comprises three buildings, including two build-to-sell towers rising 25 and 30 storeys, delivering 391 apartments, alongside a 12-storey co-living building with 266 residences, making it one of the largest co-living proposals currently planned in regional New South Wales.

Of the apartments proposed in the build-to-sell towers, the majority, 310, are two-bedroom dwellings. The balance comprises 44 one-bedroom apartments and 37 three-bedroom residences. Apartment sizes range from around 50 sqm for one-bedroom homes to approximately 90 sqm for three-bedroom apartments.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="19347059-1612-41a0-9c74-b86a657237f8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%2010.02.18%E2%80%AFAM.png?VersionId=sWXnaCcA.cIC6N8YT1dg5pJ2e1V3Z6z7" />

The submission says the proposal has evolved significantly from its original Housing Delivery Authority application following extensive consultation with the State Design Review Panel and Wollongong City Council.

The final scheme has been designed to align with the emerging vision for the Flinders Street Precinct, an area identified by Council as a future high-density mixed-use neighbourhood capable of accommodating substantial housing growth close to transport, employment and community infrastructure.

According to the design report prepared by COX Architecture, the development aims to "deliver a built outcome consistent with the future character of the Wollongong CBD while responding to the site's unique constraints and opportunities."

"Our vision for the next phase of the site evolution in Wollongong is grounded in three design pillars that guide the design response: place, natural environment and celebration," COX said.

"Inspired by its surroundings and grounded in the stories of place on Wodi Wodi Country, the design proposal acknowledges the established character of its setting while creating a unique and timeless identity that sits harmoniously within it.

"The design proposal responds to its specific site conditions, acknowledging the vegetation, climate, wind conditions and solar access of the site."

The architecture responds directly to the site's position between Wollongong's urban core and its natural landscape setting.

COX identified views towards Mount Keira and the Illawarra Escarpment as defining features of the site, while the upper levels of the towers will also capture expansive views across the city and out to the Pacific Ocean.

The design team has positioned the tallest buildings closer to the rail corridor, where overshadowing impacts can be better managed while establishing a landmark built form on the northern approach into the city.

<img alt="Smith St" data-entity-type="file" data-entity-uuid="79580d5b-500c-4ebf-9629-797146a4a694" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-10%20at%209.51.59%E2%80%AFAM.png?VersionId=WbTB1EKSG.KDfsfz0F3wp1QVa2oCMGR5" />

Urban Property Group secured the 11,000 sqm Smith Street site in 2022 and has since progressed plans for the broader Keira Place precinct.

Construction recently commenced on the first stage of Keira Place, which will deliver 150 apartments across two residential buildings, including 27 affordable housing apartments and 18 specialist disability accommodation dwellings, alongside activated ground-floor retail and commercial space.

Urban Co-CEO Patrick Elias said the commencement of construction marked a significant milestone for Wollongong and reflected the developer's long-term commitment to regional cities.

"Today's groundbreaking is about turning approvals into homes and moving quickly to deliver much-needed housing in Wollongong's city centre," Elias said.

"Keira Place will provide a diverse mix of homes close to jobs, transport and services, while setting a high benchmark for quality, durability and consumer protection."

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/groundbreaking-marks-start-of-construction-at-keira-place-in-wollongong-cbd">Groundbreaking marks start of construction at Keira Place in Wollongong CBD</a>

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&nbsp;

Tim Mansfield

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