Network and marketplace

Plan for the market we have

Priority: AU/NZ, High, National

👓 2 minute read

There is no point pretending the current housing market is easy. Many of our salespeople are working harder and longer to bring transactions together, our property managers continue to struggle with supply shortages, and principals are seeing the effect of lower transaction volumes on agency revenue. 

We also need to recognise that the difficulties we're experiencing aren't simply a matter of consumer confidence. In Australia, buyers' purchasing power is being squeezed by higher interest rates and increasingly difficult lending conditions. 

New research from Canstar illustrates the problem. Despite falling property prices, the household income required to qualify for a typical home loan has increased by more than $30,000 on average across Australia's capital cities over the past year. Average full-time earnings, meanwhile, have increased by approximately $3,600. 

In Sydney, a household now needs an estimated $245,000 annual income to purchase a median-priced house with a 20 per cent deposit. In Brisbane, the equivalent figure is $185,000 – approximately $25,000 more than a year ago. 

These figures help explain something our agents are experiencing every day. A buyer may genuinely want a property, recognise its value and be willing to negotiate, yet simply lack the borrowing capacity to complete the purchase. 

For vendors, that creates a difficult reality. Their property's underlying qualities may not have changed, but the number of buyers who can afford it has. 

New Zealand's market has its own pressures, and conditions vary considerably between regions. Nevertheless, our members across both countries understand how difficult it can be to reconcile vendors' expectations with buyers' financial circumstances. 

Focus on what we can control 

There are some encouraging indicators in the broader economy, including evidence that many existing mortgage holders remain financially resilient. However, that resilience does not automatically translate into stronger buyer demand or more transactions. 

We can't assume conditions will improve quickly, and we can't build our business plans around that expectation. 

What we can control is how well we understand our businesses and how quickly we respond. 

Principals need a clear picture of revenue, expenses, productivity and the transaction volumes required to maintain profitability. Salespeople need to understand how changes in conversion rates and average commissions affect their income, and what activity is necessary to achieve their objectives. 

First National Profit Planner is available to both principals and sales agents to help with exactly this kind of planning. 

I encourage every member to revisit their numbers, test their assumptions against current conditions and identify where adjustments may be necessary. 

I also encourage all of our agents read three specific articles in the Tools for Your Business chapter of this edition:

• Help vendors understand shrinking buyer budgets
• How to restart a stalled campaign
• Speak up, redouble your vendor calls 

These articles outline actions we can take to underpin customer confidence in our efforts, and reinvigorate their sale campaigns.

The market will change again, but our immediate responsibility is to manage the market we have, protect the health of our businesses, manage vendor expectations and continue delivering the award-winning professional advice our customers need. 

FN Central is now MyFN 

Priority: AU, Medium, National

👓 1 minute read

Our member intranet has a new name and a new look, with FNCentral now officially becoming MyFN as part of First National’s new brand rollout. 

While MyFN looks different, the home page quick links and main navigation remain in the same places, so regular users should have no trouble finding the tools and resources they use each day.  

The transition is still underway. Some pages are yet to receive the new colour scheme, while custom areas including Awards and the Membership Directory are being updated by developers. Content across the site is also being progressively reviewed and refreshed.  

The familiar fncentral.com.au address will continue to work for existing bookmarks and browser history, with myfirstnational.com.au becoming the new domain.  

If you spot missing information, broken links or outdated content – or have ideas for functionality you’d like to see – please send your feedback to Suzi Cowperthwaite so it can be added to the development tracker.  

FN Bunbury joins our commercial network 

Priority: WA, Medium

👓 1 minute read

A warm welcome to First National Bunbury (WA), which has expanded its relationship with the network by joining First National Commercial. 

Based in Australind, the team can now draw on FN Commercial’s network and resources as it develops its commercial property presence across Bunbury and the surrounding region. 

We’re pleased to welcome the team to this growing part of our network and look forward to supporting them. 

Harcourts Kellyville joins First National

Priority: NSW, Medium 

👓 1 minute read

A warm welcome to Raj Bhandari and his team at First National Kellyville, who have joined our network following their transition from Harcourts Kellyville. 

Operating from North Kellyville since 2019, Raj brings more than 25 years' property and finance experience, having started in lending in 2000 before moving into real estate in 2011.  

Raj says First National's cooperative structure was an important factor in the move, allowing the business to retain its local independence while gaining stronger corporate support, professional development and property management resources.  

The move has also given First National some welcome industry exposure, attracting coverage from Elite Agent and Real Estate Today, including a subsequent appearance in Elite Agent's Movers & Shakers. 

Raj and his team are looking forward to contributing to the network while continuing the local relationships they have built over the past seven years.  

Welcome aboard, First National Kellyville.

Welcome First National Port Melbourne 

Priority: VIC, Medium

👓 1 minute read

We're pleased to welcome First National Port Melbourne, opening on 1 November under Principal Uma Kundu. 

There's already a strong First National connection behind the new business. Uma is currently Operations Manager at First National Empire in St Albans, the agency her family previously owned before selling it to Virender Kaindal. The family has remained involved, helping Virender as a first-time business owner while preparing for its next venture. 

Having purchased premises in Port Melbourne, Uma and her family are now establishing a new First National business offering both residential and commercial real estate services. 

It's great to see experienced members choosing to remain part of First National while creating their next business opportunity. 

Welcome Uma and the First National Port Melbourne team. 

Halloween opens more doors to the media

Priority: AU, Medium – National

👓 1 minute read

Halloween has given First National another opportunity to put our members' expertise in front of radio audiences around Australia, this time through the intriguing issue of stigmatised properties – homes associated with events or histories that could influence a buyer's decision.

Four radio opportunities were secured during October, giving First National representatives the chance to discuss what agents and consumers need to know when a property's past becomes part of the sale.

Thank you to Rob Druitt and Michael Sleiman for making themselves available to represent the network. Michael's upcoming ABC Overnight interview will be next Friday 23 October - covering metropolitan and regional areas nationally (that's HUGE, Michael). Stewart Bunn did two interviews, including Canberra's Saturday morning real estate programme.

These opportunities don't happen by accident. By identifying topical issues that connect real estate expertise with conversations already happening in the community, we can create media opportunities that put our members – and the First National name – in front of audiences well beyond the property industry.