| My Humble
Update I
Hi everyone
I know we are all experiencing change. This present market is certainly
a shake-up from a business level through to individual staff and
of cause to our clients.
Agents who have been around for a while will have experienced this
in the early 1990’s and are aware we are in a cycle –
the sellers market has turned to a buyers market – you might
say “it was time”, coupled with the sporting events,
elections, the end of our so-called winter time, financial year
and the end of an unprecedented 3 year high.
People can try to blame anything, but the truth is “anything”
will upset this market place, particularly if the media get involved
more.
What I see as the biggest problem out in this market place is negative
sales staff and lack of follow up. Those of your staff who have
changed with the market are aware of this and are reaping the benefits.
A month or so ago I spoke to John Weedon of John Reid Realty Broadbeach
Waters and asked why this market seemingly has not affected his
sales. His answer was simple “I’ve gone back to the
basics” and I take people out in the car, talk about the area
they wish to purchase in and just spend time with them”. Again
in his words “Its Show Time”.
John’s words ring loud in my head. You cannot reinvent the
wheel – we certainly can perfect the stages. Another example
of this is when Anthony Robbins was listening to his Karate Instructor
talking to one of his students. His question was “there must
be more than this to Karate” and the instructor said, “NO,
there are only 7 basic steps all you need to do is perfect them”.
I could go on and on with this with many, many fine examples of
our sporting athletes. Do you think they failed before they succeeded
– more than we will ever know? Tennis players, play brilliant
tennis – they do not reinvent the wheel, they master the basics.
We will all need to go back to the basics and work a little harder
in this market place. The supply and demand is out of whack however
I am already seeing some change. Agents are not taking on over priced
listings and those clients who don’t need to sell are withdrawing
therefore leaving a real awakening to those sellers that have to
sell. The number of listings is becoming less.
My humble opinion is that with elections over and all the major
sporting events finished “it will be time” for the market
to come back to some normality, people still need to sell and people
still need to buy and we still have the largest population movement
here to the South East of Queensland.
This long-hall out of this “transition” period is only
due to the long “Up-Market” we have experienced –
it had to happen. So lets get ready for the next change of the ever
proven cycle in real estate – what also “has to happen”
– the change to a plateau-effect that will take us out of
the present market and head towards a better supply and demand situation
which will poise us to the next high.
Stay positive, be ready for the better market otherwise opportunity
will pass you by e.g. A buyer will come in and ask if he can buy
“that house” and you’ll treat it as a joke and
suggest he look elsewhere. Be warned there really are buyers and
sellers out there.
For those who are doing Auctions with me, I am having printed an
“Auction Profile Brochure” that I will give you to add
to your listing compendium and assist you in your presentations.
This should be available in the nest few weeks. Whilst writing to
you I will be away the last weekend of November 27th/28th and not
available for Auctions – my usual golfing weekend at Foster
/ Tuncurry in NSW.
Thanks for all your work and feedback – you will all survive
because I only deal with positive people – keep up the good
work.
I also enclose my Schedule of Fees.
Yours Sincerely
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
back to top
My Humble Update II
Hi everyone
Here it is almost the end of a very changing year in real estate.
No one could deny how different 2004 has been to 2003.
There have been many negative comments together with the odd positive.
This part of the cycle of real estate “had to happen”.
The upturn was 2_ years strong from Aug 2001 to Dec 2003.
This is being seen as a “weeding-out” of what has been
perceived an oversupply of Agents & Agency’s. David Vertullo
made a comment to me several months ago about how these times are
“back-bone building”. David’s office, the Professionals
at Paradise Point could be seen as a success story to others –
yet another great year.
Other members of this office have continued to be positive with
comments like “you can’t give-up”, “if you
do nothing – nothing will happen”, if you don’t
try to make things happen you become negative and even lazy –
yes lazy!
It still never ceases to amaze me how many real estate agents think
“things will work out” without trying, without working
harder or in fact without working at all. There appear to be many
agents turning up for work daily without a clue of what the remainder
of the day will bring. Without preparation, without focus, without
thought – you might as well stay in bed.
Only last week I did an Auction Presentation with 2 sales staff
on a property that had been on the market for some 4 months –
the 1st 60 days being exclusive with another agency and the remainder
being open listed with several agents.
The story that unraveled from the young owners was astounding. They
had 2 phone calls, one inspection and another when a time was made
and nobody turned up and no other contact, physically, phone or
written – nothing.
To balance the story a little, the owners motivation was not 100%
at first but guess what – now they are becoming urgent, frustrated
and need a sale. Our present sellers need educating, our buyers
need educating, both need time and yet salespeople keep brushing
aside what they already have – buyers and sellers.
We have all been guilty on not performing 100%, but now is the time
to clean out the sales “tool box” sharpen up the “negotiation
skills” and start homing in a little more by focusing on every
encounter. Each office spends a lot of money and time marketing
and promoting to “get the phone to ring”, “get
the walk-in traffic”, “organize open houses” etc,
lets focus on making every opportunity a winner by asking probing
questions, assisting enquiries, helping people – they are
there and they will make decisions. I went to an open house myself
recently and found the salesman asleep on the lounge – true
story.
Working with people is not always easy. Over the last few yeas buyers
have “bought the product”. They did not have to be sold
to, they just looked and bought. Today we have to spend some time
going “back to basics”. People do buy from people, if
you don’t break that barrier down and oblige yourself to them
and of course visa versa it won’t happen.
The close of any sale starts at the beginning – keep in mind
the listing presentation is also a close and when you sell the property
to that buyer you must prepare him/her for their settlement period
warts ‘n’ all. The more time you spend preparing/focusing
on the sale and its pathway at the beginning the less “fall-overs”
you will have.
For those of you who are aware of all of the above, I’m sorry
to tell you how to “suck-eggs” and for my basic way
of portraying things. For those out there who are doing something
about it – well done and for those who are gearing up to a
more positive market – congratulations. This market will get
better – for those who work it. It is a time to regroup and
focus on setting future goals and organize your success. Don’t
let an opportunity pass, be ready, be focused.
Now on a very positive note, the feedback and sales that are happening
seem to be starting to have a trend in an upward move however with
Christmas around the corner we will probably see some “down
time” again for a short time particularly in those affectionately
known “suburban areas” of the Gold Coast. This is a
busy time for the likes of Surfers, Broadbeach etc.
However there is a big bright 2005 coming our way, many are positive
about our future and are ready for the change that “has to
happen”.
For those who conduct Auctions with me - I wish to inform you my
fees of $275 inclusive of GST will stay for yet another year however
I will be enforcing the cancellation fee of $132 to all, particularly
if the property is sold prior to Auction. There are many times I
have had to say no because I am already booked thus loosing that
opportunity. I will always try to accommodate. Please inform all
staff.
A mixed bag of a year yet a good year. “Stop and smell the
Roses” and enjoy your family and friends throughout this festive
Christmas and bring in the new year well – all the best and
thank you so much for the friendship and business associations.
Your sincerely
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
back to top
My Humble Update III
Hi again everyone
I do hope you are now starting to enjoy “My Humble Update”
all-be-it very basic it is written from the heart.
We live in interesting times – as I write this the interest
rate rise of 0.25% has just been announced. Many are claiming to
have that all important “Crystal Ball” and are predicting
the future.
Two authorities in real estate are Michael Matusik and Midwood Investments
and both have been quoted in last Sundays Mail as foreseeing continued
growth in the South East of Queensland.
The investor and first-home buyers are starting to increase in their
market share again as we gradually start to plateau out of a slump
in the market.
Personally last year I conducted over 300 Auctions and because of
my continued association with the REIQ as one of their main trainers
together with the consultancy work I consider myself a fair judge
of the market place.
At present I am involved with approximately 70 Real Estate Offices
on the Gold Coast together with another 11 companies in Brisbane,
Sunshine Coast and the top end of NSW. I have humbly become an authority
on the relevant Acts policing our industry in Queensland, NSW and
Victoria with the result that the Office of Fair Trading call upon
me for advice at times, as of course I call upon them many times.
I have an excellent association with the OFI.
All in all I guess there is a lot of experience and knowledge that
I believe the present market-place to be alive and well and gradually
climbing out of the decline of the “transition” we have
experienced over the past 12 months.
Most agents spoken to say the market is much better this year with
Sept, Oct, Nov. being the lowest point – December started
to improve to now.
However they have experienced a flat market in the last week or
so – possibly waiting for the interest rate announcement.
Yes the market is still volatile and could change with negative
talk or unforeseen issues BUT its unlikely. The media will have
a lot to be responsible for. All you have to do is look back at
the previous “cycle and the previous cycle to that etc. This
will pass.Over the past 3 weeks of Auctions I have conducted 25
with some excellent real estate agents. Positive in their focus
knowing they must try – they are not prepared to sit back
and wait. The Results – 13 Sold under the hammer, 4 Sold within
2 hours of Auctioning and 2 Sold within a week of Auction. 17 out
of 25 people are now on their way to their next home. Many of them
with over reserve price and one in particular $80,000 over reserve
closely followed by a sale in Southport last weekend at $42,500
over reserve.
Sure, “nothing is happening out there”. Jason Taylor
from the Professionals at Palm beach was up to his 6th contract
for February when I spoke to him last week – this was the
same number for January and 5 sales for December. Conal Martin has
been in the industry since the 4th Dec 2004 and is up to his 12th
Contract, 15 Listings, 11 of which are exclusive – what did
I write – Oh that’s right – “Nothing is
happening”.
Nobody can predict the future BUT we can scoff at negativity and
focus on positivity.
The Gold Coast is fast becoming a business center not just a holiday
destination. Southport is changing to take the “heat”
out of Surfers and predictably the CBD is heading back to Southport
with secondary areas like Bundall and Robina growing in commercial
office space.
The top-end of the Gold Coast is rapidly growing in small industry
(Yatala & Beenleigh) and of course the residential areas of
the Gold Coast are still some of the most sought after real estate
in Australia. Vacant land continues to dwindle.
How many more positives do we need. I know its difficult at times
and its easy for someone to say its OK BUT if its not OK what is
it – its really NOT OK – try to be positive with you
outlook. “Think you can or think you can’t and you’re
right” Henry Ford.
Presently all Franchises and Selling Groups are looking at the future
intently – all good Independent Offices are looking intently.
The future is still there for the taking. We have a great work area,
lifestyle and potential income – just let it happen and change
with the market place with that positive focus.
Only you can make a difference – until next time.
Yours Sincerely
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
N.B Now I have your attention with 3 hard copies of My Humble
update if you would like to continue receiving please forward
your email address to me.
back to top
My Humble Update IV
For all those who are receiving “My
Humble Update” for the first time – welcome
and for everyone else a warm greeting to you all.
At our last meeting the interest rate had just been announced to
be increasing and I mentioned that the “media” would
have a lot to be responsible for and whilst a lot of the negative
talk is a way of the government slowing the market we didn’t
expect the onslaught that happened.
The media once again grabbed the headlines, radio and television
having a ball with its constant coverage resulting in a slump in
numbers at open houses for the weekends that followed and a down
turn in sales by Auction and Negotiation.
Just to cap this off last week’s talk of interest rates seem
to have slowed the market again. One radio station was still talking
about what the increase would be in dollars if the rate went up
– after they had been announced that they were not rising
– yes the media has a lot to answer for.
Now that we are aware of the damage that’s been caused by
negative comments, its time to see the bright side. The sellers
could be educated a little more with “wouldn’t it be
better to sell now, than in another 2 months when the market could
be lower”. “Wouldn’t it be better to sell now
than chasing the market down”, “Wouldn’t it be
better to act now and be able to take advantage of buying in this
market”.
I stated last update that the market for the first few months was
a definite increase in the last 3 months of 2004. Yes we have perhaps
slipped a little but just take advantage of the changed market now
– don’t wait or you’ll be left behind like some
sellers. The market is healthy – its just different, all you
need to do is help both buyer and seller to understand it and stop
procrastination and make the decision – they will feel better
once they are on the road to their settlement.
If you don’t someone else will. We must be more professional
and business like. People need friendship in these hard times but
if you build up such empathy that its hard to make that business
decision with the public you will not be able to assist with either
buyer or seller in making the right decision. Agreeing is not the
answer always. Be the leader.
Interesting enough many agencies I have spoken to say “yes
its taking a little longer but some have experienced record months
in February – the tap doesn’t just turn off, sales are
happening and there does seem to be an abundance of buyers –
we just need to try that little harder. This week I am embarking
on a seminar held by the Professionals Tamborine Mountain. It’s
a public forum to discuss the present market plus, the good; the
bad & the ugly of buying and selling. This is what I mean by
trying a little harder.
A little trivia now and I’m sure you all may of heard similar
stories. An agency was recently taking a bid over the telephone
at an Auction in Brisbane and right at the crucial time of only
2 bidders fighting it out, the agents phone rang – boy was
he surprised as the crowd shook their heads and left the Auction.
Yet another agency was recently caught out with dummy bidding at
Auction – they suffered a large fine. The PAMD Act allows
one or more bids on behalf of the client, however the Trade Practice
Act views this as misleading and deceptive conduct – this
is illegal unless the Auctioneer announces that the are acting on
behalf of the owner when bidding.
Latest figures still show 800-900 people moving to the Gold Coast
each month. Many of these people seem to be renting – perhaps
taking the time to look around before they buy – lookout,
lookout there’s people about!
For all those I conduct Auctions for, my wife and I are heading
to Northern Territory & Western Australia for a break in the
first 2 weeks of June – this means unfortunately I will not
be available to Auction on the 4th & 5th June nor the 11th &
12th. My apologies for any inconvenience.
I am personally training a trainee auctioneer named David Eller
who I believe will be a great asset to my company. David should
be available by June to assist you. As you can imagine many people
have wanted to be trained and work with me, I am pleased to say
David is a stand-out and will be able to fill in the overlap that
has been happening of late – I am sure you will all be pleased
with him. I will also take this opportunity to introduce Kelli Gates
who has been my secretary/personal assistant for the past 12 months-
without her I’d be lost.
If you want to hear more of My Humble Update and you have received
a hard copy please let me know your email address for further updates.
If you don’t wish to receive any more please email me or someone
who cares. Until next time.
Yours Sincerely
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
back to top
My Humble Update V
Hi again fellow warriors –
the battle continues as we proceed to venture through this “fickle”
market that has never ending surprises.
I say warriors in jest of course but sometimes it feels like we
need to be ready to take on almost anything which means we need
to focus and prepare daily.
The surprises continue with some really good results like the week
before last I sold 2 Auctions under the hammer, another sold 24
hours later, and 1 was sold on the day before Auction, which resulted
in 4 out of 6. Then last weekend – out of 7 Auctions; 2 were
sold prior to Auction day, 2 were sold under the hammer, 1 was sold
24 hours after and 2 will never probably be sold – over priced
reserves.
The battle continues to help assist owners to understand they cannot
receive last years prices. Yet another battle also persists with
the time buyers are taking to make decisions – its all time
related – we just have to spend more time. This is where we
use all our resources to gain control and resolve client and customer
problems. That’s all they are problems – take one step
at a time – don’t expect to get to the end result without
going along the pathway of the sale – one step at a time.
Recently I held a get together with Delfin at Varsity Lakes for
50-60 local agents, it was pleasing to see some fellowship and networking.
Once again the general thought at this meeting was the market is
on a “never ending” change, but it will stabilises.
As I have mentioned many times we are just in a cycle. We can continue
to blame lots of facts however – if the truth be known –
we just have to readjust ourselves and change with the changes.
It was heartening to hear from my good friend Jason Taylor recently
– he finished off last month with 2.4 million dollars in sales
– well done as usual. Jason remembered something I preach
– Don’t let “NO” phase you just keep trying
– at least 5 times – different avenues, different approaches
to every negotiation – just keep trying - there is no alternative!
Update from the Office of Fair Trading, several agents lost their
licenses in the South East of Queensland recently. The inspectors
are out there and they are using the long arm of the law. In this
market we will definitely face more negativity, more broken contracts
and because of this perhaps face more litigation – even if
we are right.
Please make sure you dot your i’s and cross you t’s
– if something can go wrong it will go wrong. We are responsible
in a professional capacity and unfortunately are probably “guilty
until proven innocent”. If a contract falls over try all you
can to do the “right thing” – don’t forget
we can be sued, or have action taken against us up until 6 years
after a sale by an upset client or customer – The Trade Practices
Act is probably more lethal than the PAMD Act. It’s not Buyer
Beware it’s Agent Beware.
On a lighter note remember, this market is a great time to be building
relationships, networking and rapport building – yes its actually
a normal market – spend more of the only thing we can offer
– “time”. Build a better career with fellowship,
service and time – give a little and get a lot.
I’m about to head off to the top end of Northern Territory
and Western Australia and will be back 14th June after a well-earned
holiday. Don’t forget David Eller will be here to help you
or may secretary/assistant Kelli Gates. David 0404 364 284 and Kelli
will be available via my mobile 0417 450 683. Kelli will get messages
to me if necessary but more to the point she will take Auction Bookings
for my Diary for late June and July. Kelli is a real gem –
you’ll find her helpful.
I’ll be back with a vengeance ready for action with those
who have already booked my time and for those offices I assist in
motivation – look out. All the best out there. Until next
time.
Yours Sincerely
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
back to top
My Humble Update VI
Hi at last
Its been a while but I’m back and have been extremely busy
at REIQ, training companies, consultancy and of course my weekends
are pre-occupied with Auctions – all of which I love.
I have just finished a great quarter and a record month for my company
– how positive is that. It’s so good to enjoy what you
do and unfortunately time always passes quickly when you really
do want to go to work.
For those of you I have been working with for some time now, be
it Training or Auctions, I’d like to thank you for all your
past loyalty and of course our future commitment to our industry
and lifestyle. Many of you have shared almost 5 years of our companies
evolving together.
As our present market continues to astound all with its ups and
downs, one thing is for sure – there are plenty of Sellers
and lots of buyers out there with sales happening and enquiry fluctuating
in a way that not too many can understand. I am hearing good reports
out there from South Brisbane to Tweed Heads and I’m also
hearing mixed results.
After now experiencing 3 cycles, I once again assure you –
this is what happens – we are now in a far more real market
in which you can make plans and organize your future. Again, as
said in previous letters, if you don’t do anything nothing
will happen.
I recently bought a 4th property in the lower end of the market
for Sharyn and my family, so I am living proof that now is the time
to buy – why would an Auctioneer who is in his 26th year in
real estate buy in this market – it is the Best Time To Buy
when the “Up Time” has finished and “Down turn”
evolves – next will be the leveling of the market for a few
years and then guess what – another “Up Turn”,
its like watching the clock on the wall - the time of the cycle
has to come round.
Whilst buying the last property that settled in August I was once
again devastated by the way agents greeted myself. I made it known
to many I was looking – one agent said why would you want
to buy now – I didn’t buy from him, another said why
don’t you wait, the market will get worse by early next year
and the one that took the cake said to me, and I quote “I’m
sick of sitting in this office waiting for someone to walk through
the front door”, he continued with “you can only read
the paper so many times.
Have we turned the clock backwards? What happened to helping people
solve their problems, being realistically positive and actually
working for a living? My good friend Jason Taylor and I had a discussion
recently – probably 2 months ago, time gets away, he didn’t
quite make his goal for the financial year so we talked about it
and Jason has now set a Business Plan in motion with yet another
$100,000 higher than his previous financial year. My thoughts at
first where “that might be difficult” but Jason came
back with – who are you to not be positive and he finished
with “I’m well on track already”. Jason continues
to bring reality into real estate – he still doesn’t
take NO for an answer – he tries and tries and tries again,
I am so pleased to be associated with him.
Within the next 21 days I will be emailing some standard letters
to you that may help with Auctions. These will be letters for Phone
Bidding, Absentee Buyers etc. I realize many of you have these however
you might want to mix and match – I have many requests for
this.
I also will be renewing my Employment Register with you all. As
an Auctioneer I need to legally have you sign and keep a copy at
your office for any inspection from the Office of Fair Trading.
I will renew all registers even those who have only recently started
work with me so I can have a common commencement date of say 1st
January 2006, these Employment Registers are good for 3 years –
so you might want to think about your staff and their Employment
Authorities and Registers.
Just on a final note David Eller has now officially been working
with my company for 6 months, I and many other companies are tremendously
pleased with his Auction capabilities. David will also be joining
me in the training and motivation on a more consistent level. I
have no doubt that David and I will be a force to be reckoned with.
We will provide the ultimate in Real Estate and Auctioneering. My
small company is now complete with Kelli Gates still my true savor
in administration together with the driving force of my wife Sharyn
– its one hell of a team – the complete real estate
solution to your training, motivation and auctioneering at an affordable
price that nobody else can match. Thank You Again
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
back to top
My Humble Update VII
Hi all
Great to get the feedback from those of who phoned or emailed –
I truly appreciate it. The market is obviously still trying us all
– one day its great then oop’s.
The media are once again having a field day with this past week
being sparked on by “some financial guru” who obviously
has a special agenda for talking the market down – don’t
forget the positive side – “great time to buy in this
market”.
Interesting enough I spoke to my friend Jason Taylor on Thursday
10th Nov and he was already up to his 3rd sale for the month –
I love his approach – the harder it gets the harder I work
and of course his overview on survival has always been to list well
– its money in the bank for next month. There was a book written
years ago “List and Last” but one that I still refer
to is “Relax and Sell more Real Estate” by Graham White
published in 1986.
Jason has this down to a fine art – he goes at 100kms an hour,
stresses, gets caught up in day to day real estate matters and time
wasting – sorts out the garbage and finally – only because
he has done all the “hard work” relaxes himself and
his clients/customers to sell more real estate.
This market is certainly seeing a lot of changes in both real estate
and staff. It’s a time when the bosses blame the staff and
of course the staff blame the bosses – go and “hug a
tree” – get back to the roots of things and get on with
your life – do you think you are the only ones doing it tuff
– go to the local hospital, then the terminally ill ward or
better still the mortuary – someone is always worse off –
work harder – play stronger and enter the world of the “elite
agent”. Have confidence, walk taller, speak clearer and help
others – it will “boomerang”.
I am currently setting up a web site to assist you all more with
updates and information but in the mean time and as stated last
“Humble Update” I have drafted up some basic standard
letters together with more information about Auctions that may help
you. With many of these you will be able to use your own logo or
letter head – I do hope they help – see attached.
David continues to grow from strength to strength and is currently
booked for about 16 auctions between now and Christmas – he
has been a great help and I’m absolutely positive you will
be very happy with his “Auctioneering Ability”. Kelli
has been an enormous help in setting up the web site and organizing
the information being sent out to you – if there is anything
else I can assist you with please contact me - we are striving to
give you a better service.
Now onto another update, as of the 1st January 2006 I will be adjusting
my fees to be more in line with my friendly competitors. Three years
ago I stated I would not change my costs until 2006 and with the
kilometers I do (over 50,000km per year) and prices of petrol it
is now a necessity.
Please find these price changes attached. I am always negotiable
for those who really need to – of course there is only one
way to negotiate – up – Ha! Ha!
I would also like to add that David and I helped raise over $20,000
at the Breast Cancer Charity Auction put on by Professionals Paradise
Point. It was a great night had by all. This was the third charity
auction we conducted in the past month.
Please pass this around to your staff. Talk to you all soon.
Thank You Again
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
back to top
My Humble Update VIII
Hi Again
Almost the end of year with Christmas and New
Year upon us. It’s been a mixed bag over the past 12 months.
Interesting the main problem still seems to be with vendor/clients
meeting the market. This transition period is certainly taking its
time and unfortunately I keep getting greeted with negativity and
lots of why’s? Looking for quick answers – its not going
to happen – build your profile, build your rapport with people,
build your name.
In a market that is so depressed I hear such things as “John
Reid Real Estate” braking all records; newcomers to the industry
writing over $20 million dollars in business in their 1st year –
good on you Conal; Jason Taylor continuing to average over 5 sales
per month – well done; John Weedon braking his personal record;
Mitchell’s Real Estate writing great business; Professionals
Paradise Point going ahead in leaps and bounds – congratulations
David Vertullo on your 1st baby born; Professionals Mudgeeraba going
from number 67 in the Professionals group to number 10 – well
done Bob & Dean; L J Hooker Mudgeeraba, L J Hooker Robina &
L J Hooker Nerang leaping ahead – excellent work Jeff, Shane
& Peter; Lucy Cole writing great business; Barbara of Guardian
Realty doing incredibly well in only 2 years with 2 offices; my
good friends at Robbie & Associates Property Service –
Lyn & Wayne doing a fantastic job in the investment market and
the “young guns” of the Professionals Coolangatta/Tweed
headed up by Carl – excellent work – always there always
trying, always performing. Just a final note David Eller auctioned
the highest price dry block property in Broadbeach Waters recently
for John Reid Real Estate – great work David.
If I haven’t mentioned your office its not because of you
or your performance, its to give good examples of positiveness and
its because I can’t go on and on – I only deal with
positive people so for all of those who continue to support my company
thank you.
As you areaware Colin Banks and Associates Pty Ltd includes Kelli
Gates, David Eller, Sharyn & Colin Banks and early next year
we will have out web up and running with more free information and
updates on it.Last “Humble Update” I attached 10 pages
of information and forms for you to utilize – these will all
be on the web soon if you didn’t receive them. In the mean
time if you did miss out please email myself or Kelli.
I have attached my updated fees applicable from 1st January 2006
and for those who we Auction for, you will receive new “Employment
Registers” which will need to be signed by the Licensee and
kept at your place of business – this is a requirement under
the PAMD Act for all Auctioneers whether Freelance or on Staff.
I’ll take this opportunity to again thank all of you for your
assistance, support and feedback – to be quite honest I personally
feel humble and yet extremely proud to be associated with some really
good people. We wish you a very Merry Christmas and Happy New Year
– may all your hard work pay off.
Please pass this around to your staff. Talk to you all soon.
Thank You Again
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
back to top
My Humble Update IX
Hi Again
Red hot news our web site is up and running, go
to
www.colinbanks.com.au
you’ll find lots of info on what our company does, lots
of free info on Auctions, Training, Agency Audit and Office Policy
& Procedures Manuals – take a look – I’ll
be interested on your feedback.
In the mean time welcome to 2006 – its over half way through
February already – only 10 months to Christmas. The days
go by, then weeks, months and so on – will this be your
year or will it pass you by. Don’t stay the same - grow,
change your outlook – take off the blinkers and live life
to the next level.
I’m hearing once again the market is all over the place
“up” & “down”. The bottom end of the
coast seems to be better than most areas – these agents
do concentrate on Exclusives and many only deal with 5-10 listings
at any one time – giving 110% effort. Many agents tend to
think the greater the number of listing the better the chance
of sales – in this market, in most cases, this will be counter
productive – spending time on unmotivated sellers with overpriced
real estate.
Obtaining client paid advertising is one of the easiest ways of
sorting out the motivated people whether it be $300 or $3,000
if you get commitment you really do have a seller. Throw an Auction
program in and you’ll be certain to find real sellers. Why
would anybody Auction in this market – because they have
to sell – motivated.
Our success rate this year under the hammer has been about 45%
growing to 65% with sales negotiated within 7 days (mostly 2 days)
of Auction. Real People, Real Property, Real Situations –
all motivated. Last Saturday 3 out of 4 under the hammer –
all motivated. Better times ahead if you are – all motivated.
Looking into the Colin Banks “Crystal ball”.
Firstly April 2004 was when this market turned – its been
playing catch up to the present market through flat periods and
drops in price however with interest rates staying the same I
would think the worst is behind us and that we will probably remain
in this market place for this year with a slight change 2007-2008
in an upward trend possibly bringing us back to the market place
and price of April 2004. There will probably be one interest increase
which will not effect the market.
Great times to build that rapport and database to lift your year
and grow you to the next level. Be the agent everyone wants to
work with, create a following and grow your business and income
to that next level. Do a Business Plan – work out how many
appointments you need to do to get that motivated Exclusive Listing
– how much activity is needed to get there and then the
conversion to a sale – Goal set, it works. People goal set
every day – some goal set on how they will pay the telephone
bill others goal set how to get an extra $50,000 income this year.
Think you can or think you can’t – you’re right
(thanks Henry Ford)
All the best to everyone hope the year is a “great one”
and don’t forget the web www.colinbanks.com.au let me know
what you think – its all freeThank You AgainCOLIN BANKS
Licensed Auctioneer & Real Estate Agent
Note: Just a reminder that this newsletter is sent from my secretary’s
email address which is tkgates@iprimus.com.au.
back to top
My Humble Update X
Hi All
“This is an article to be published soon - thought you might
like to read it.”
WHAT THE MARKET HAS BEEN UP TO?
Gold & Tweed Coast Freelance Auctioneer, REIQ Trainer &
Industry Consultant Colin Banks of Colin Banks & Associates
Pty Ltd has an excellent grasp on the present market. Auctioning
for 71 different real estate companies and constantly receiving
up to date information from the Office of Fair Trading and the REIQ
he is able to give this run down on the past 15 years.
“The market place went through a flat period for most of the
90’s with some minor up’s & down’s then August
2001 saw the beginning of an upward change; that terrible date September
11 happened – all went quiet for a week or so and then the
real estate market started to climb, most people thought it would
stop at Christmas – it flew pass, come Feb 2002 we probably
experienced the most hype in the market with properties selling
in less than a day. Agencies experienced a lack of listings (homes
on the market) and a major shortage began resulting in climbing
prices. Again people predicted it would stop, this time in winter/end
of Financial Year and it did slow for a couple of weeks, then on
it came again – not as frantic but still climbing in price.
Christmas 2002 came and went and the market continued with same
highs and lows but mostly still climbing the price ladder. It slowed
again around winter 2003 then August surged again. The Gold &
Tweed Coasts seemed immune to Melbourne and Sydney Markets, which
started to turn down in Sept/Oct 2003.
Strangely Christmas came and went again with still a solid market
place – slowing slightly but still very active yet doom and
gloom was being predicted in Sydney and Melbourne. I believe our
market had already changed early 2004 but nobody told us. April
2004 came and the media predictions started to tell on our market
too and by May 2004 with much negativity in the market place the
market swung.
The talk of higher interest rates and record loses slowed people
buying until finally over the past 2 years we have experienced an
equaling of supply and demand to an over supply of homes in some
areas.Whenever there is a high there is a low or flattening of the
market. Towards the end of last year the market was at its lowest,
however, this calendar year has started with quite an up turn and
agents are again experiencing difficulty obtaining good saleable
listings – this is not to say the market will rise rapidly
but its all part of a cycle and we are now in a slightly upward
trend again.
What agents are experiencing are owners not wanting to sell because
they cannot obtain prices from 2 years ago which simply means a
lack of good saleable listings – what’s going to happen
– who has a crystal ball – one things for sure if you
want to buy – now’s the time; if you want to update
to a higher price range in real estate – its closer in price
now; or if you simply wish to buy, sell, or invest, you are in a
really good solid market. Interest rates have not gone up for 13
months, prices have leveled, sales are happening and in some areas
at record prices.
This market is more predictable, things probably won’t change
quickly, and you do have time to buy or sell without being too anxious
about the market place – you are able to think – but
don’t think too long. Whatever you pay today will go up on
value in the next upturn of the cycle – its history repeating
itself. In the last cycle real estate virtually doubled in price
– can you afford not to be in the market place?”
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
N.B. Easter – I am competing in the Nationals
for Dragon Boat Paddling held in Victoria over 3 days; 144 racing
events; approx 2000 competitors and several thousand spectators.
I will let you know how we go – expect GOLD in the Masters
Events – Happy Easter.
back to top
My Humble Update XI
“Which method will you choose? Colin Banks independent
Auctioneer and Industry Trainer gives you something to think about.
Open, Exclusive or Auction?
“Open or General Listings are when you list with several agents
usually because you want to spread it around and get more coverage”
or you have had a bad experience or even because you want the opportunity
to sell it yourself.
Allow me to explain – unfortunately most people who list ‘open’
are not always motivated to sell quickly – they try the market
– test it. This usually means they put a higher price on to
see if they can get it.
The most important time on the market is the first 30-40 days –
the most activity will happen in the first 30 days. The reason for
this is its fresh on the market – brand new and people like
to buy fresh – if its been on too long buyers ask if its overpriced/what’s
wrong with it etc. One of the main reasons the first 30 days is
important is that your professional estate agent has buyers/prospects
for your house that he or she has been taking out to other houses
– they know what buyers want and can talk positive about “I’ve
just listed, come see, this should suite etc.
If you are not in a hurry to sell you will miss that most important
time, if you overprice – buyers will know it. Don’t
test the market with your greatest asset and end up taking even
less that it’s really worth because time has passed and your
home is stale on the market place.
Listing with the right Agent is important – allow them to
explain the whole process – let them help you make an informed
decision on which method. If you wish to have the opportunity to
sell it yourself ask yourself this – why would you want to
be in competition with the Agent who is trying to obtain the highest
and best for you.Picture this – you have listed with 5 Agents
all at say $550,000 and I’m a buyer and I call all 5 Agents
and ask “how much can I buy that house for” do you think
I would get the same answer from all – not likely –
say 4 are doing the right thing in upholding your price but 1 suggests
$50,000 less – were will that buyer go?
With an Open Listing unfortunately you will not obtain the attention
you and your home deserves – its business – if an agent
has Exclusive or Auction Listings that client deserves all the attention
they can get particularly if they are paying for their marketing
because they are so motivated they do want to sell within 30-40
days.
The other problem faced with open listings is no one is accountable
– you and the agent loose control. The business or team relationship
needed to sell your most valuable asset does not exist and in most
cases particularly in this market a sale probably will not happen.
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
back to top
My Humble Update XII
Hi All
Lots of changes happening over the past several
months with the obvious main one being Bidders Registration, I.D.
and Numbers given out at Auctions.
I have attached “Numbers” you can download if you wish
to go with the Bidders Registration. These numbers are basic, small
in size and easy to hide – I found the “Paddles”
a little too large for the public (bidders) to feel comfortable
with at this stage – I do have the “Paddles” for
future use.
I have also attached a one page summary of the main changes to Bidding
at Auction. You may wish to put it in your “Sales Kits”
to show clients and customers. Interesting enough the public have
accepted the registration really well, perhaps feeling these changes
are for the better protecting the buyers against dummy bidding,
however it also protects the client (vendor) with the Auctioneer
having their names he/she really can “sign on their behalf”,
particularly if they change their mind after the fall of the hammer
and of course its good for the Agent/Auctioneer knowing you do or
do not have bidders. I have also attached my Profile so your sales
people can keep them in their Listing Kits to hand to Vendors so
the have some background on me.
I am still waiting on written advice as to who holds these Bidders
Registers – it is in the Auctioneers Code of Conduct that
the Auctioneer holds these however I have it on good advice that
it was meant to read the Agency to hold all records in a “Freelance
Auctioneers” situation. Until I know I will retain those Registrations.
On a lighter note it appears some agents are seeing more “good”
listings coming through with very busy times and showing increases
towards December.
Many of the companies that I deal with are just taking the good
positive attitude of “working a little harder” and knowing
that it takes a little more time to build up a good rapport with
both buyers and sellers.
I have mentioned my friend Jason Taylor on many occasions and how
positive he is and how good his work ethics are. I have used Jason
as an example of what can be done by trying a little harder, asking
more questions etc etc all of which was to help you out there in
your work place. Jason Taylor could be John Smith or Joe Bloggs
or even you – again its just to bring to you an example of
how anyone can be successful – there are no supermen or women
out there – they just work hard and follow up with service.
I’d like to now thank the person and their office for sending
an anonymous letter (no letter head and no name or signature) to
me knocking the use of examples of success out there in the real
world of real estate. Firstly I’d be happy to talk and write
about your successes and secondly – you have missed the point
– thirdly, these emails, newsletters, updates and my website
are all Free – my time, my effort and my cost. If you or anybody
else does not wish to receive these please let me know, and I’ll
remove you permanently from my mail out list.
Now on a different note I’d like to thank all those people
who have contacted my family and I with their best wishes after
out son was run over by a motor vehicle outside of our own home.
Daniel suffered a broken leg and minor head injuries when the car
hit him and throwing him on the windscreen and over the car.
For all those who have children even though Daniel is 20 yrs old,
it is your worst nightmare to hold your child in the gutter whilst
waiting for the ambulance – I’ll never forget the ride
to hospital nor the hours and days that followed. For those who
have lost a child, I can now truly understand the heartache and
would not wish it upon nobody.
I unfortunately also buried a friend all of 48 yrs old this week
– she was diagnosed of cancer earlier this year.
I share this with you only to help you understand how important
it is to get life into perspective – while we all work hard
to enjoy our fruits don’t forget to “smell the roses”
along the way.
Thank you once again.
COLIN BANKS
Licensed Auctioneer & Real Estate Agent
P.S. If you ever need advice as to the changes in legislation just
call 0417450683 or email info@colinbanks.com.au; not forgetting
all my emails & newsletters come from my secretary Kelli Gates.
back to
top |
