Over the next 5 to 10 years the real estate industry across the country is going to undergo massive changes as we shift from a collection of state based industry’s to a true national real estate industry. As we prepare to evolve into true national industry it makes sense that we ask ourselves just what role state based real estate institutes can play in that future. So the million dollar question is how can the REIQ , REINSW , REIV , REISA , REIT , REINT , REIACT and REIWA survive with nationalisation of the property industry? The first nationalisation initiative in place will be National Licensing for real estate agents and a little further down the track will be the much larger Real Property Law Reform.
In a followup article to the Front Page Project Rebellion article, Ben Hurley from the Australian Financial Review has published a new story on an ongoing investigation by the ACCC into the activities of RealEstate.com.au and to a lesser extent Domain.com.au . Questions directed at some of Australia’s leading real estate groups have seemed to focus on excessive price rises (see 1 , 2 , 3 and 4 ) of realestate.com.au and the effectiveness of competition in the real estate online classified space. Simon Baker, the ex CEO and substantial shareholder in REA has made some interesting comments on this blog recently regarding realestate.com.au prices : If the franchise groups were serious about competing with realestate.com.au or at least providing a competitive offering, wouldnt they first start internally and attempt to organise group buying of REA subscriptions for their franchisees? Imagine if all Ray White or LJ Hooker offices got together and negotiated as one for their REA subscriptions (and additional products)