2. Learning / Development

Disclosing Reserve 7-Days Before Auction

👓 2 minute read

Gallery Image — Agents will soon be forced to disclose the auction reserve price a week before auction

Agents will soon be forced to disclose the auction reserve price a week before auction

In yet another demonstration of the faintest understanding of market dynamics and the realities of vendor psychology, the Victorian Consumer Affairs Minister announced in November that agents would soon be forced to disclose the auction reserve price a week before auction (and Expression of Interest campaigns). Clearly a silver bullet for all those consumer complaints about underquoting, right?

The proposal, for which we can anticipate legislation in May, will require home sellers to disclose their reserve seven days before their home is auctioned, giving homebuyers a chance to confirm a property is within their budget and not being underquoted, so - in theory - enough time to carry out due diligence before bidding.

We’re not sure that leaving building and pest inspections, strata inspection reports, and legal advice to the last seven days of a campaign is likely to be remotely workable in practice – let alone have any effect on deliberate underquoting.

What’s to stop a particularly devious vendor from setting a bait-pricing reserve seven days out from auction, only to revise it upwardly hours before the auction? Will the legislation remove a vendor’s right to change their mind, respond to late-stage strong interest, withdraw their property, or even perhaps forbid them from accepting an offer that blows the reserve out of the water?

REIV President, Toby Balazs says the Institute has submitted a proposal that aims to balance transparency for buyers against a ‘vendor’s right to achieve the best possible price’.

His working group suggests that requiring a home’s reserve price to be within the advertised price range three days ahead of auction would work better.

Really?

Perhaps for us, but that leaves no time for buyer due diligence and seems incongruous with an industry signalling it supports greater transparency.

New DV Rental Laws

👓 2 minute read

Are you a property manager based outside New South Wales? Domestic violence doesn’t observe borders so read on anyway, and refer to the REINSW’s excellent Domestic Violence Toolkit. It’s free to download and highly relevant to property managers nationally.

On 22 October 2025, NSW Parliament passed landmark reforms that deliver stronger, clearer protections for renters facing domestic violence, making it easier for them to feel safe and supported in their homes.

Key changes include:

Simpler tenancy termination for victim-survivors, with more professionals now able to confirm domestic abuse. Tenants also no longer need to notify co-tenants as this must now be handled by property managers
Protection from liability for property damage caused by domestic violence, ensuring victim-survivors aren’t unfairly penalised.
Strengthened protections that prevent victim-survivors being listed on tenancy databases and making it easier for DV tenants to have listings removed.
Clearer rights of victim-survivor tenants to change locks and protect privacy, including preventing publication of photos or visual recordings showing their belongings.
Easier recovery for victim-survivors of their share of a rental bond from co-tenants, including giving the NSW Civil and Administrative Tribunal powers to make orders for the repayment of a victim-survivor’s bond-share.

These reforms are expected to commence in the second half of 2026, following the development of regulations. NSW Fair Trading will provide clear education and guidance to ensure renters, landlords and agents understand their rights and responsibilities under the new laws.

Download A FREE DV Toolkit

Positive Duty Prevention Plan Booklet

👓 2 minute read

First National has released a new Positive Duty Prevention Plan Booklet to support principals and leaders in meeting their legal and operational responsibilities around workplace conduct, safety, and culture.

This booklet was developed in response to strengthened obligations under the Sex Discrimination Act 1984 and existing Work Health and Safety duties.

These changes shift expectations from reacting to complaints to actively preventing sexual harassment, sex-based harassment, sex discrimination and victimisation before issues arise.

For real estate businesses, this includes offices, open homes, auctions, inspections, client interactions, and off-site work.

The Prevention Plan provides a practical, business-ready framework that can be used to:

Understand what ‘positive duty’ means in day-to-day agency operations
Identify common risk areas specific to real estate work
Clarify leadership responsibilities – including the role of principals and managers
Support consistent responses when concerns are raised
Demonstrate reasonable and proactive steps if reviewed by regulators

This is not a policy replacement. It is a working document designed to sit alongside your existing policies, induction processes, training, and supervision practices. Principals are encouraged to review the booklet, discuss it with leadership teams, and use it as a reference point for decision-making, training conversations, and risk management planning.

How are you currently demonstrating prevention – not just response – in your agency? Where could this plan strengthen consistency or confidence for your leaders and teams?

Download the booklet here

You can also access the booklet on the Learning Hub, in the Principals’ workshop section.

Succession Planning & Exit Guide

👓 2-3 minute read

First National has produced a Succession and Exit Guide which is relevant to First National members who are thinking about the long-term future of their business, whether that involves selling, transitioning to a successor, or simply being better prepared if circumstances change.

The document provides a clear, practical framework tailored to real estate businesses. It walks members through personal readiness, financial goals, business preparedness, and market timing, recognising that exit planning is as much about risk management and continuity as it is about price. For agency principals, it reinforces why early planning protects staff, clients, brand reputation, and the value of goodwill built over many years.

Of particular relevance is the detailed guidance on valuing a real estate business, including EBITDA-based approaches and rent roll valuation benchmarks that reflect Australian market conditions. Members gain insight into what buyers look for, how rent roll quality affects multiples, and which operational factors can strengthen value well before a sale or succession event.

The guide also outlines key legal and financial considerations specific to agency transactions, including CGT concessions, trust account preparation, rent roll retention, and client notification obligations under state legislation. This helps members understand where specialist advice is essential and where early action can reduce risk and friction later.

Overall, the guide positions succession and exit planning as a normal part of responsible business ownership. It encourages members to plan on their own terms, protect their legacy, and make informed decisions with the support of First National’s network and advisers.

Download Your Copy Here