In This Edition…

⚖️ ACCC opens investigation into REA ‘price gouging’ allegations

🏘️ The battle between houses and units has flipped in two-thirds of Aussie suburbs

🎓 Get your staff ready for FN’s quick, easy Work, Health & Safety learning modules

🙂 The good news in next year’s AML reforms

💸 Why people overpay when buying by auction

💗 Exciting news. First National is rebranding!

🛍️ Bag a bargain: 50% discounts within FN Shop

🧨 Bombshell Apple report claims ‘complete accuracy collapse’ with AI

🦾 Turn floor plans into ad copy using an amazing app and ChatGPT

ACCC inquiry to probe REA pricing

👓 30 second read

The Australian Competition and Consumer Commission (ACCC) is investigating REA Group (Realestate.com.au) over allegations of excessive pricing and market power abuse. It has been claimed that Australians are now paying the highest prices in the world to advertise on REA’s portal.

REA listing fees have reportedly increased over 5,000% in 15 years
Premium Sydney listings now cost over $5,000 (up from ~$75 in 2009)
Agents report annual price increases of 10-30%, well above CPI
Claims of ‘postcode price discrimination based on suburb wealth

The inquiry follows concerns raised by REINSW 18 months ago and no timeline has been provided for its completion. We’ll keep you posted on developments as they come to hand.

Get ready to safeguard your business

👓 1.5 minute read

We’re excited to introduce you to our new health and safety platform, which is under construction within the Learning Hub on FN Central. This new resource heralds the complete reinvention of L & D at First National, and the new direction you’ll see FN Central take as we begin the transition to its replacement – MyFN.

This month, we’ll begin rolling out short health and safety learning modules that all staff should complete
We’re doing this to protect you, your people, and your business
Please update your staff lists and ensure every member of your team has an individual FN Central login
Contact our Customer Assistance Line on 1800 653 666 for support with logins

Workplace safety is the backbone of a productive, thriving environment, and all Australian businesses have obligations in that regard. At First National, we want your staff to feel supported and cared for, while also safeguarding your business from the risks posed by accidents.

Over the coming weeks, we’ll begin rolling out Work Health and Safety modules and we’ll ask all staff to login to FN Central to complete these short learning modules.

In the meantime, principals and administrators are asked to make sure that all staff have individual logins to FN Central and that your staff lists are up to date.

Please contact our Customer Assistance Line on 1800 653 6 for support with logins.

First National is rebranding!

👓 2+ minute read

Having listened to your feedback from our Member Survey, Marketing and Communications Director Mark Jansen has announced that First National Real Estate has commenced the process of rebranding.

With customer and brand research now completed, the exciting path towards our rebrand is taking shape and an award-winning creative agency has been appointed to lead us through that process.

Marketing Reference Groups have been set up in each state and territory of the network, and Regional Councils will be engaged in the brand development journey.

Our chosen creative agency counts amongst its clients:

Cadbury
Coles
Marks & Spencer
Australia Post
Specsavers
Nova Entertainment

They’re now going through a careful onboarding process, to assure complete alignment with First National Real Estate’s requirements. We’ll bring you more news about our brand research soon and keep you informed of progress.

Watch Mark’s June Marketing & Coms video update for full details in the Media and Marketing chapter of this newsletter

Update on AML reforms

👓 2+ minute read

While next July’s AML/CTF reforms will impose new compliance rules on all real estate professionals, the REIA says recent draft changes stand to reduce costs and simplify compliance. The good news is that the second exposure draft of AML/CTF rules includes provisions for:

Delayed Customer Due Diligence (CDD) on buyers
Ability for agents to rely on conveyancer due diligence under some circumstances

So, in practical terms, this is how an agent’s workflow will look:

Estate agents will need to conduct CDD on the vendor before the property is marketed
When a buyer is identified, the agent will need to conduct a risk assessment and record basic information on the buyer but not conduct full CDD. They would create an ‘AML Case’ in their chosen platform to do this, but it would not be closed off.
Before settlement they would send a request to the conveyancer from their AML platform, and the conveyancer can upload the CDD to complete the requirements on the buyer.

A recent PEXA survey showed that 77% of real estate agents are concerned about the complexity and costs of their upcoming compliance obligations, and the impacts that potential delays to settlement could have on customers. The final rules were set to be published in August this year but have now been delayed until October.

First National Real Estate is in the process of determining an Alliance Partner to support members with risk profiles, staff education, reporting and secure record keeping systems.

Bag a bargain before tax time

👓 20 second read

Every business should minimise its tax so ShopFN’s 50% discounts are just what the tax doctor ordered, right?

Dive into our online portal for savings on almost all items before 30 June, and we’ll have your order out to you ASAP.

FN Commercial members enjoy network growth and fee reduction

We’re ‘red, loud and proud’! FN Commercial is growing fast, with three new offices joining the red brand in as many weeks:

FN Commercial Latrobe (Traralgon, Vic)
FN Commercial Yamba (NSW)
FN Commercial Armidale (NSW)

Now, our FN members are about to enjoy even better value!

A key finding of First National’s Membership Survey was that better value, enhanced services and stronger support are what matter most to you.

We’ve listened.

From 1 July 2025, FN Commercial membership fees will reduce to $500 (excl.GST) per month.

The reduction delivers FN Commercial members the value they asked for while retaining all the benefits they already enjoy:

Brand profile and market presence
Learning and development programmes
One-to-one and peer mentoring
Exclusive tools, resources and data
National networking and collaboration opportunities

Perhaps now is the perfect time to add FN Commercial branding and support to your residential agency business? You have First National colleagues who are thriving within the FN Commercial division and we’d love to help you grow your business similarly.

Call National Commercial Manager, Anne Donchos on 0414 582 224 today for more information about all the resources and support now available.

REIV and REIWA commence CEO searches

👓 30 second read

Victoria’s and Western Australia’s real estate institutes have both entered recruitment mode after their chief executives resigned within days of each other.

Kelly Ryan concluded her 12-month tenure at the Real Estate Institute of Victoria (REIV) on 22 May, citing longstanding plans to pursue private business interests. REIV president Jacob Caine has stepped in as interim CEO, with vice-president Sam Hatzistamatis moving into the presidency to ensure board continuity.

In Western Australia, Cath Hart informed the Real Estate Institute of Western Australia (REIWA) of her departure on 29 May, reminding members about the success of the Institute’s recent advocacy and digital milestones. Chief operating officer Kalien Selby is now acting CEO while external recruiters are briefed on the search for a permanent successor.