In the News
Victoria's Real Estate Industry can continue to boom with slight regulation relaxation.
First National Real Estate CEO Ray Ellis says there is a campaign calling for the slight relaxation of the regulations to allow one-on-one house inspections, which will allow the industry "to continue to boom here in Victoria".
Millennial first home buyers urged to buy now
Millennials and younger first home buyers may not yet have seen the urgency but First National Real Estate’s chief executive Ray Ellis is urging them to get off the sidelines and seize their opportunity to buy now before the Morrison Government’s First Home Loan Deposit Scheme takes effect on 1 January 2020.
“We have record low interest rates and more cuts on the way, APRA has reduced serviceability buffers, there are substantial stamp duty concessions available, and the federal government’s 5% deposit scheme is just months away from implementation” says First National Real Estate’s chief executive, Ray Ellis.
COVID-19 crisis leads borrowers back to the big four banks
June 19 2020
Borrowers displayed a clear preference for the big banks during the coronavirus pandemic, with the proportion of home loans with the four major lenders rising sharply.New research shows 38 per cent of home loan platform Lendi’s customers chose a big four bank for their mortgage between March 1 and May 31. For the 12 months to the end of February, this figure was just 16 per cent.
The research drew on data from 12,500 loan submissions made between March and May, across 38 lenders.
The swing to the big four – ANZ, CBA, NAB and Westpac – is even more pronounced when it comes to refinancing.
Almost half (48 per cent) of all borrowers refinancing their loans across this period chose to do so with a major bank, compared to just 14 per cent of borrowers in the 12 months before the pandemic.
Lendi co-founder and managing director David Hyman said price rather than security had driven this trend.
“Banks started to fight it out on the refinance front as new lending started to contract, by offering generous cash-back incentives and record low fixed rates to win customers,” Hyman says.
“Mortgage holders looking to shore up their position and reduce their outgoings jumped on these refinance deals.”
Unsurprisingly, the surge in demand has had a flow-on effect to customer service levels, with Lendi’s research showing loan processing times have blown out at some of the bigger banks.
“In some cases, this meant borrowers missed out on securing the low rate they applied for – not a good customer outcome – due to no fault of their own,” Hyman says.
Coronavirus: Estate agents shun open-for-inspections in favour of private tours
Read full domain.com.au article here
Handshakes are in the crosshairs, even for a traditionally relationship-driven industry.
First National chief executive Ray Ellis counsels staff not to put their hand out to shake with clients, but instead to give them the opportunity to offer their hand.
Amid the panic buying that has stripped supermarket shelves of toilet paper, he has encountered toilet paper thieves at open homes.
“We always tell people, put your watches away, put your jewellery away [when your home is open for inspection],” he said.
“We’re asking the people that are displaying their home to hide all their valuables, particularly their toilet paper.”
His offices were increasingly asking visitors to take off their shoes, he said, while staff were cleaning auction paddles before handing them out. He suggested spraying homes so they smelled extra-clean before visitors arrive.
Ray White managing director Dan White has his team wiping down all the door handles before visitors arrive at a home, and displaying signs asking people who have been in restricted countries not to attend.
“Other than that, we’re open for business,” he said. “We’re ensuring we’re providing the safest possible environment.”
Australian housing: The changing factors that are producing a good property market environment
Read full article on realestate.com.au here
Changing factors are producing a good property market environment, according to First National Real Estate CEO Ray Ellis.
Australian housing: The changing factors that are producing a good property market environment
According to First National Real Estate CEO Ray Ellis, there are several vital signals pointing to improved market conditions.
House flipping isn’t as easy as it looks but there is a way to perfect it
Read full article on realestate.com.au here
First National CEO Ray Ellis says house flippers need to be very disciplined.
Support for Kids with Disabilities & Financial Disadvantage Extended Three Years
Read full First National blog here
‘First National’s members have supported the communities in which they live and work for nearly four decades through a wide range of sponsorships. Postie Bike Dash dovetails perfectly with our national sponsorship of Kids Helpline, the 24/7 support hotline for kids between 5 and 25 years of age’ said First National’s chief executive, Ray Ellis.
Could the property market rebound by spring? Here’s where will fare the best
April 10 2020
Property experts are cautiously optimistic of a rebound in the market for the spring selling season, as long as the coronavirus outbreak is under control and consumer confidence levels rebound.But the experts note that a recovery won’t be uniform across the market, with certain pockets faring better than others.
Domain economist Trent Wiltshire says property prices have held up reasonably well so far considering the effect of the pandemic on the market and the dismal economic outlook.
“So far there has been a bigger impact on the number of properties transacted than on property prices. But we could see things start to slow from here.”
Wiltshire says banks’ commitment to allow people to defer their mortgage payments for six months, record low interest rates and the federal government’s JobSeeker stimulus package should also help support the residential property market.
“Few people will be forced to sell even if there is a deep recession. But if the downturn lasts for 12 to 18 months we could see forced sellers.”
First National Real Estate chief executive Ray Ellis says the longer it takes to contain COVID-19, the greater the impact on the property sector.
“But early signs indicate government initiatives are slowing the spread of the coronavirus, so it’s possible the market will begin to recover in spring, following lower stock levels and softer results during autumn and winter,” says Ellis, who believes other factors will also moderate the impact the virus has on property prices.
“Housing values are likely to be somewhat insulated considering unprecedented government stimulus, leniency from lenders for distressed borrowers and record low interest rates,” he adds.
State of the market
Ellis says the premium end of the market has been the hardest hit so far.
“This sector always demonstrates the most price elasticity,” he said.”It led gains through the first quarter – now it’s showing the fastest decline in growth rates. More affordable price ranges will be less affected.”
Wiltshire agrees. “Higher priced areas tend to be more volatile in a downturn and they also tend to rebound faster. But this situation is so different it’s hard to say whether this will be the case this time.”
Nevertheless, Ellis believes the property market will continue to slow while consumer confidence levels remain muted. “Although low interest rates and the likelihood of low stock levels could underpin and slow declines in values.”
Seven News Young Achiever Awards Finalists 2019
First National’s chief executive, Ray Ellis says his network’s sponsorship of youth, innovation and leadership has delivered recognition and support to some of Australia’s finest young achievers over the past six years.
“Our support of the Young Achiever Awards has assisted young Australians as they work to help young women become future leaders, advanced the cause of suicide prevention, supported animal rights, promoted tolerance, supported young people with degenerative diseases, connected women with legal advice and business coaching, reduced homelessness, and alleviated poverty” said Mr Ellis.
First National Returns To Willunga
‘First National Real Estate has maintained a strong presence throughout the wine regions of The Fleurieu Peninsula for many years so our return to Willunga was always going to happen quickly’ said First National chief executive Ray Ellis.
‘Ross and Debbie have built a loyal customer base over many years and are a natural fit for First National Real Estate. They are excited about leveraging our leading edge marketing technologies, human resources services, and accelerating the growth of their business. We are committed to helping them achieve that aim.’
Landlords Urged To Consider Pets To Stop Unnecessary Euthanasia
As one of the very few real estate network’s in the country to include a pet-friendly rental search option on their website, First National Real Estate recognises, at 62%*, Australia has one of the highest household rates of pet ownership in the world – and it is anticipated more than 1.1* million Australian households plan to get a pet within the next 12 months.
According to First National Real Estate’s Chief Executive, Ray Ellis some of the best rental tenants are those with animals because they are committed to staying in a property longer, which reduces overall wear and tear and increases a landlord’s annual yield, and Australian research suggests landlords may be able to achieve between 7 and 14 per cent more rent to secure the tenancy.
Victorian Government Rental Reforms Will Increase Prices
First National Real Estate’s chief executive, Ray Ellis says that rental reforms announced by the Andrews Government stand to hurt tenants more than they will help them, and will ultimately drive up rental prices.
“Far from protecting vulnerable tenants, the Andrews Government’s proposed reforms will prompt an increasing number of landlords to exit the market, further reducing the number of properties available for rent” said Mr Ellis.
“This will make other states more attractive to investors and exacerbate Victoria’s already significant shortage of affordable rental housing stock, driving up prices in the process.”
How Millennials Can Win The Rentals Race When Competing With Baby Boomers
First National Real Estate chief executive Ray Ellis says that Australia’s property culture has changed; that long-term renting is no longer frowned upon, and offers 3 tips to help Millennials stand out as an attractive option for landlords.
First National Real Estate Appoints National Performance Manager
First National Real Estate, Australia’s largest independent real estate network, has announced the appointment of Mr Ted Piteo as National Performance Manager. Mr Piteo’s role at First National will be to provide professional development support, business mentoring, network development, and he will contribute to overall performance enhancement across the network.
As former chief executive of The Professionals South Australia (since 2002), Mr Piteo has an accounting / banking background and has occupied a series of influential real estate industry roles.
He is a past President of the Real Estate Institute of South Australia’s (REISA) Board of Directors and has also been a Director of the Real Estate Institute of Australia (REIA).
During the 1990s, Mr Piteo was a real estate salesperson and subsequently became the principal of his own real estate agency, before transitioning to the position of chief executive at The Professionals in 2002.
‘I’m committed to advancing the industry as well as helping principals achieve the full potential of their businesses through effective planning and management of their human resources, systems and technologies’ said Mr Piteo. ‘First National Real Estate is an exciting brand that has an incredible energy.
It has set an industry leading pace in the advancement of its products and services, offers exceptional resources for business owners and their staff, and has some of the most engaged practitioners in the industry. I’m excited about helping grow the network as well as its members businesses’. First National chief executive Ray Ellis said the network is strengthening members businesses for the challenges that lie ahead.
‘First National members already benefit from the best support structures, training and systems available to agents in Australia. Access to a performance mentor will help principals to refine their plans and achieve growth more rapidly’, Ray Ellis said.
Inbound Marketing Generates Unopposed Listing Opportunities
Australia’s largest independent network introduced an inbound marketing strategy in 2017 with the aim of attracting more customers to its members.
In partnership with Hubspot, the network’s ongoing campaign successfully delivered its agents the names and contact details of nearly 4,000 Australians considering selling their homes last year. ‘The outcome is that inbound marketing represents a quantum leap over traditional lead generation initiatives.
First National Real Estate created unopposed listing opportunities worth $34.5 million in selling fees for our members in 2017’ said First National Real Estate’s chief executive, Ray Ellis. ‘By focusing on what is important to consumers at different stages of life’s real estate journey, First National creates content that address those challenges.
This is effective in attracting customers, building trust in our brand, and then ultimately guiding those consumers through a process that converts them to customers.’
The network’s inbound marketing strategy employs content marketing as well as social media marketing and paid search strategies to attract consumers to the network’s landing pages, then deploys email nurturing and remarketing campaigns to convert homeowners and landlords to appraisal requests over time. ‘As a result of our inbound marketing activities, our national website has experienced a 260 per cent increase in page views, subscribers have lifted, and engagement with our social media content has been massively amplified’ said Ray Ellis.
‘By being more helpful and sharing our expertise before asking people to do business, we’re establishing new levels of trust in the First National brand and reinforcing a pipeline of future business for our members.
‘Also of particular relevance is the fact that the network successfully disrupted agent finder services that would otherwise have sought $6.9 million in referral fees from First National’s members, had they reached those potential customers first’.
First National Real Estate has approximately 400 offices throughout Australia, New Zealand and the South Pacific, and is the country’s most successful cooperative.
Toowoomba - One Of Queensland’s Best Cities For Employment
Housing affordability is driving a confident and stable market in Toowoomba with First National Real Estate’s Chief Executive Officer Ray Ellis declaring Toowoomba as one of Queensland’s best cities for employment security.
Offering lifestyle advantages for city dwellers, first homebuyers and young families, Toowoomba will remain stable over the next few years as more property buyers seek out a Darling Downs lifestyle.
‘Employment security and a stable housing market go hand in hand so with Toowoomba being just under two hours commute to Brisbane and the security and economic prosperity of the Australian Defence Force as a major local employer, Toowoomba has long offered a solid, reliable real estate market’ says Ray Ellis.
‘Toowoomba has demonstrated a consistent pattern of growth in median dwelling values since 2002 and the market peaked in 2016 at a little over $350,000. Since then, it has adjusted to around $300,000; meaning there are some great opportunities for families and first homebuyers.
‘Toowoomba also offers a good spread of employment options with professional positions accounting for approximately 22 per cent of jobs, community and personal services about 12 per cent, managerial positions around 11 per cent, technicians and trade workers approximately 17 per cent, clerical and administrative a further 13 per cent, and sales and labourer positions running to around 9 per cent and 12 per cent respectively.
‘Without doubt, Toowoomba is a great location to bring up families or get a foothold in the property market but it also offers a wide range of employment options for those who seek to escape the mortgage pressure created by capital city prices.’