Company Profile

The hours in Real Estate, particularly in the early years are many and the effort required to succeed is very high.  However, while the effort required is high, so too can be the rewards!

As in most careers, a master of time is critical.  Truly successful achievers have plenty of free time, they master time management skills.

Selling Real Estate in Mudgee requires a lot of work time on weekends, after all the Mudgee Real Estate market is strongly influenced by the metropolitan, coastal and Blue Mountains markets and quite often weekends are times when these potential buyers plan to inspect and purchase properties in our area.  Our office trades 7 days per week, you are not expected to work 7 days per week!

The decision to pursue a career in Real Estate will require the whole-hearted support of your family, after all Real Estate can be very demanding on your family life.  By focusing on the ultimate benefits of a successful Real Estate career, a family feels part of the team.

Real Estate has unfortunately, like all professions, no thanks to a small minority, not enjoyed the best public image.  However, this is changing rapidly, thanks to the introduction of strict new agency practice guidelines recently introduced by the Office of Fair Trading, coupled with the awareness from within the industry itself and its natural concern to remedy the image.

You will need the ability to separate yourself from this perception.  It will take time for you to earn respect from our community.

Office systems at O'Brien Bartlett First National Real Estate are client focussed and following our systems will quickly help you to earn the respect of your clients.

The most successful people in Real Estate are constantly improving.  You will need to dedicate to continuous training and improvement by studying the top achievers from the profession, reading as many Real Estate and personal development publications as possible and attending ongoing professional development training.

Always remember – the interests of your clients will be your major concern.

You don’t necessarily have to have Real Estate experience to be successful in marketing Real Estate.  The most important characteristics are:

1.  A strong desire and willingness to learn

2.  Honesty and integrity

3.  A strong work ethic

4.  An excellent character

The Real Estate industry is an exciting and rewarding industry and is a wonderful profession in which to enjoy a career.  The points previously mentioned are not designed to be off-putting, but simply to paint a true image.  Like all industries each has it’s good and its bad points and when making the important decision to change careers, or embark on a career in any profession, it is important to consider all aspects.

Real Estate Agents, as the name implies, act on behalf of other people in business transactions that involve real property, or businesses.

The real property which the agent deals with could be undeveloped land sites, residential homes, commercial or industrial buildings, units, townhouses or villa complexes, retail centres or vacant parcels of land.  The majority of Real Estate Agents deal primarily with residential property such as houses, home units, townhouses, villas and vacant land.  Some firms however, often specialise in selling and managing types of real estate which are used to generate income for investors.  These include shopping centres, hotels, motels, industrial complexes, home unit / townhouse or villa developments, office blocks, etc.

Real Estate Agents offer a range of services depending upon the type of property they have been appointed to sell, lease or manage on behalf of an owner.  The agent must always consider the wishes of the owner as to the price sought for the property, special terms and conditions in the Contract of Sale and the manner in which the property is to be marketed.  The Real Estate Agent, once appointed by an owner to sell the property commences a marketing campaign to attract potential buyers to the property.  With the assistance or real estate salespeople employed in the office they arrange for the prospective buyers to view the property and supply as much information as possible regarding the property as the prospective buyer may require.

The Real Estate Agent acts as a go-between for the owner and the buyer assisting with their negotiations to reach an agreed sale price for the property.  The Real Estate Agent continues to act on behalf of the owner until the property is legally transferred to the new owner.  For these services the Real Estate Agent receives a payment (known as commission) from the owner.

Real Estate Agents are also involved in the letting of property for owners.  The Agent markets the property for lease and arranges for potential tenants to view the property.  The Agent acts as a go-between for the owner (Landlord) and the tenant in negotiation of the rent payments and terms of the Tenancy Agreement.  The Real Estate Agent normally draws up the Tenancy Agreement between the Landlord and Tenant then acts on behalf of the Landlord in the general day to day management of the property.  The Agent collects the rent, arranges repairs and maintenance and finds new tenants when necessary.

Personal Requirements

You should have an engaging personality with the ability to communicate, understand and relate to a great variety of different people.  Initiative, foresight, organisational ability, integrity and a genuine concern for others are essential character elements of a good Real Estate Agent.

Educational Requirements

To become a Licensed Real Estate Agent it is necessary to complete the Licensing Course approved by the Office of Fair Trading.  It is also necessary to have held a Certificate of Registration for at least two years.  You must be over the age of 18 years, be considered by the Office of Fair Trading to be of good fame and character.

Without doubt, one of the most exciting careers within the real estate industry is the position of the Real Estate Salesperson.

The Real Estate Salesperson is responsible for acting, on behalf of the Real Estate Agent, as the property seller’s representative in negotiating with potential buyers of the property.

This role is multifaceted, as is the range and type of properties Real Estate Salesperson are called upon to sell.  Salespeople offer a range of services, similar to that of the Real Estate Agent, depending upon the type of property they are asked to sell.  One such service is organising the marketing of a property on behalf of the owner.  In order to select the most appropriate means of advertising the property to potential buyers the salesperson will research aspects of the property such as location, accommodation, the sale prices of similar properties recently sold in the surrounding area, the type of buyer the property would be most likely to attract and any special features of the property.  The salesperson uses this information to write effective, attention grabbing advertisements so that they may be able to attract buyers and provide them with as much information as required about the property.

The Real Estate Salesperson takes potential buyers to view the property and assists in negotiations between the potential buyer and the seller in regards to the sale price of the property and the term and conditions of the sale.

Real Estate salespeople are often called upon to work irregular hours, with a considerable amount of time spent working at nights and on weekends.  However, for the committed person this work is very satisfying and rewarding.

Personal Requirements

You should be a person who has the ability to relate to, communicate with and have a genuine empathy with all types of people.  You will need to be well organised, self disciplined, prepared to work long hours and be committed to a high level of customer service.

Basic Educational Requirements

The Property Stock & Business Agents Act requires any person who wished to operate in the field of sales to have completed a short, basic Real Estate training course prior to employment.  Only then with the Office of Fair Trading issue that person with a Certificate of Registration to operate as a Real Estate Salesperson.

Many large organisations, both in private industry and the public sector have extensive real estate holdings.  It is essential for these to be utilised fully and efficiently, to be let and managed according to the circumstances and policies of the owners.  In order to keep the management of these properties in hand it is necessary to employ staff with a solid knowledge of administration, marketing and development.

A Property Manager will oversee and organise the letting of vacant properties, the selection of new tenants, the preparation of the Tenancy Agreements between the landlords (owners) and the tenants, the collection of rents, the organisation of repairs and maintenance on the property and the payment of disbursement such as rates, insurances and mortgages on the property.

Property Managers can be in charge of the care of just a few individual investment properties for smaller property owners or in charge of huge “portfolios” looking after hundreds of properties or even high rise city commercial buildings or whole blocks of flats, offices etc. 

Some Property Managers specialise in residential housing, others in shopping complexes, commercial office buildings and industrial factories.  Some work for large companies who handle a selection of all types of properties.

Real Estate Valuers are involved in establishing the value of all types of land, property and many subsidiary interests which may be held in real estate.

Valuation is a process of observation and measurements of the characteristics of property, location and economic activity, whereby the data is collected, evaluated and analysed to produce an accurate and objective estimate of the value of the property.  That is, the most likely price a property would fetch if placed for sale in any market climate.

Much of the professional Valuer’s time is spent in the field, inspecting properties, interviewing people involved in real estate transactions and identifying other market trends and characteristics.

Valuers tend to be employed fairly evenly between public and private sectors.  In the private sector most Valuers are employed by major real estate agents and financial institutions, such as banks, insurance companies and building societies.  The types of valuations carried out include those for determining mortgage security value, for determining the feasibility of a development proposal and for checking various statutory valuations.  In the public sector, Valuers are required to provide values used as a base for collecting rates and taxes, to check the value of assets for income tax purposes and to determine the compensation which should be offered to a person whose property is to be either partly or wholly acquired for public projects such as schools, highways, railway extensions etc.

Personal Requirements

Good research techniques and basic numeracy skills.  An ability to communicate with people and understand the workings of the public sector, an analytical mind, and good organisational ability.

Educational Requirements

To become a licensed Residential Property Valuer you must have completed one of the approved valuation courses, be able to provide documentary evidence of your valuations experience and provide character references.  You must also be over 21 years of age. 

To become a licensed Valuer Without Limitation you must have completed one of the approved valuation courses, provide evidence of having completed 440 working days experience, provide 6 Valuation reports other than residential valuations, provide field notes and calculations for all valuations submitted and also provide a statement from a supervising Valuer confirming your experience.  You must also be over 21 years of age.

Strata Title involves the subdivision of a building into separate lots and common property (ie property shared by all the lot owners).

When a strata plan for a property such as a block of villa’s, townhouses or home units is registered, the control and administration of common property becomes vest with what is called the Owner’s Corporation.  This is made up of members, who are all the owners of each strata lot or unit.  Many Owners’ Corporations appoint a Strata Managing Agent to act on their behalf in the control, management and administration of all the common property.

The role of the Strata Managing Agent is to carry out the functions required by the Owner’s Corporation.  Some of the more common services the Strata Managing Agent carries out are:

·          To arrange maintenance repair and replacement of the common property.

·          To attend to correspondence

·          To prepare and serve notices of meetings or the Owner’s Corporation

·          To arrange and account for collection of maintenance levies

·          To attend meeting of the Owner’s Corporation

·          To keep books of accounts, arrange audits, prepare statements of accounts

·          To pay accounts and outgoings

·          To ensure adequate insurance of the building and common property

·          To maintain the Strata Roll

·          To implement the decisions of the Body Corporate

The Strata Managing Agent is often called upon to work irregular hours, especially when attending general meetings of the Owner’s Corporation.  An experienced Strata Managing Agent can often manage a Body Caproate’s affairs more effectively and more economically that the lot owners themselves.

Personal Requirements

Top organisational ability.  A good systems person.  Negotiating and arbitration abilities.  Some understanding of basic bookkeeping and excellent attention to customer service.

Educational Requirements

To become a licensed Strata Managing Agent you must have completed one of the approved licensing courses and be able to show significant experience in this area.  You need to be 21 years or older.

The Stock & Station Agent is a person who acts as an Agent for the purpose of selling, leasing, letting and managing land used for agricultural or pastoral purposes.  Some of the functions of a Stock & Station Agent include:

·          The sale, purchase, exchange, letting or taking up lease of land used for pastoral purposes.

·          The collection of rents on pastoral property

·          The sale, purchase or exchange of livestock

·          The sale, purchase or exchange of farm equipment and supplies

·          The provision of agistment of livestock and collection of fees for same

·          The collection of instalments of principal or interest payments under mortgages of land used for agricultural purposes.

The Stock & Station Agent handles the transfer of property ranging from a small hobby farm to large broad acre holdings.  The job will take the Stock & Station Agent far a field and travelling is a major part of the Stock & Station Agent’s day.

Personal Requirements

The Stock & Station Agent needs to have an understanding of rural business, enjoy working over a wide ranging area, good communication skills and a love of the country lifestyle.

Educational Requirements

A Real Estate Agent’s Licence is necessary if you wish to own and operate your own agency or if you wish to work as a commission only Salesperson.

It is not a necessary pre-requisite to entering the industry and of course there are many very successful Property Managers and Salespeople who do not hold a Real Estate Agent’s Licence.

There are a number of pre-requisites that you must obtain in order to be awarded a Real Estate Agent’s Licence:

·          You are 18 years or over

·          You are a fit and property person to hold a licence

·          You hold a certificate of registration

·          You have completed an approved licensing course

·          You are not a disqualified person (see Office of Fair Trading website for definition of disqualified person).

The Office of Fair Trading is the licensing body for NSW.  All decisions in regard to what constitutes full-time employment, and the various licence categories are the responsibility of this body.

If you want to enter the Real Estate industry as a Salesperson or Property Manager, you must undertake a Course in Property Practice in your chosen specialty area and obtain a Certificate of Registration.

To gain the Certificate of Registration itself you must be working for a real estate firm, you must also be at least 16 years old, and you must pass all the assessments in the course.

You must undertake this 40 hour pre-employment course with a registered organisation.

Employment within The Industry

A Certificate of Registration may be granted by the Office of Fair Trading once you are in the employment of an agency, have fulfilled the appropriate educational and personal requirements and submitted an application for a Certificate of Registration which has been signed by the Principal of the firm that you are working for.

Real Estate Agent’s Licence

A Real Estate Agent’s Licence is necessary if you wish to own and operate your own agency or if you wish to work as a commission only Salesperson.

It is not a necessary pre-requisite to entering the industry and of course there are many very successful Property Managers and Salespeople who do not hold a Real Estate Agents Licence.

There are a number of pre-requisites that you must obtain in order to be awarded a Real Estate Agent’s Licence:

·          You are 18 years or over

·          You are a fit and proper person to hold a licence

·          You hold a certificate of registration

·          You have completed an approved licensing course

·          You are not a disqualified person (see Office of Fair Trading website for definition of disqualified person)

The Office of Fair Trading is the licensing body for NSW.  All decisions in regard to what constitutes full-time employment, and the various licence categories are the responsibility of this body.

Traineeships

The Real Estate Traineeship is an entry level competency based training programme for the Real Estate Industry.  Graduates will receive the Australian Certificate 4 in Business (Property Management) or the Australian Certificate 4 in Business (Real Estate Sales).

The Real Estate Traineeship provides a system of structured workplace and off-the-job training, work experience and skills assessment that is carefully linked to the national competency standards for the real estate industry.  The Traineeship is flexible enough to meet the commercial requirements of the Real Estate Industry as well as the learning needs of the trainee.

The Traineeship is a 12 month scheme which requires the trainee to undertake a structured training pathway.  The training is supported on the job by the use of a training record book which records the progress of the trainee in regard to skills and competencies achieved.  It is through the completion of this particular record book that the trainee is awarded the relevant certificate.  The Traineeship has been designed to take place in either the workplace or classroom.  The training format is flexible and entirely up to the employer and the trainee.

The Real Estate Institute has scheduled the Traineeship modules to take place a number of times throughout the year, allowing the employer to select the most convenient time to provide off the job training to their trainee.

Training Formats

As outlined previously, the Traineeship Scheme is available in a number of formats: on-the-job, distance education or a combination of all three.

On-The-Job

On-the-job refers to all training taking place in the workplace.  This effectively means that the nominated Workplace Supervisor has the responsibility of preparing adequate learning materials based on the learning outcomes for each module as outlined in the Training Record Book.  In the preparation of these materials the Workplace Supervisor must ensure that all competencies are met on completion of the set tasks.  The Training Record Books does allow for direction as to how to assess that competence has been achieved.

Off-The-Job

Off-the-job refers to all training taking place in a classroom environment, through the nominated training provider.  This effectively means that the trainee undertakes a structured classroom schedule.

The Real Estate Industry (State) Training Wage Award states that at least 20% of a trainee’s time should be taken up in training.  Transferred into off-the-job training this means that 10 weeks of a 12 month Traineeship would take place in the classroom.

This could take place in a block of training or a few days every month, depending on the scheduled classes taking place at the Institute.

Distance Education

Completing the structured training of a Traineeship through a distance learning format allows the employer to supervise the trainee, whilst feeling confident that the learning material received is up to date and educationally viable.  Even though all assessment is done through the Institute, the employer still has a role to play in mentoring and assisting the trainee wherever possible in ensuring competence is achieved.

The Traineeship is administered through the Property Services Training Company, Centrelink offices and the Department of Education and Training (DET).  The Real Estate Institute is a provider of training for the Traineeship Scheme.  Once a training agreement has been entered into and registered with DET, the employer and trainee select a training provider that suites their needs and requirements best. 

No matter who provides the training for the trainee, the Training Record Book is the consistent standard, as it is owned and supplied by DET.  All Trainees registered with DET will be supplied with the same consistent guidelines.

Successful Real Estate Agents work long hours and work with very good systems whilst maintaining high levels of integrity and law abiding, ethical conduct.  The Real Estate Industry is heavily regulated by the Office of Fair Trading which has resulted in the “weeding out” in recent years of many unscrupulous agents.  As a result the Real Estate Industry is reversing the tarnished image that this minority group has sometimes created and it now only has room for dedicated professionals.

The Real Estate Industry is one of the most rewarding and exciting professions available and is one of few industries that rewards its people purely on results.  The earning potential is virtually unlimited and despite the long hours demanded, the time can be flexible ensuring a rewarding and fulfilling lifestyle.

Working in Real Estate in a small town like Mudgee is very different to the metropolitan areas.  It requires more diversity given that you will need to be able to adapt to marketing many different types of property including residential, rural, commercial and industrial properties both for sale and rent.  Most country agents are also able to turn their hand to Auctioneering both chattel & Real Estate sales. 

These notes are a brief summary of the roles within the industry and if you are considering a career in Real Estate, whether you are just leaving school or looking for a total career change from another profession, industry or trade, then make an appointment to see one of the Principals here at O’Brien Bartlett First National who will gladly elaborate further.