Charles Tarbey

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ASX-listed prop-tech company Property Connect has appointed Century21 Australiasia owner Charles Tarbey as chairman with the latter also agreeing to a trial of Property Connect's LiveOffer platform.
Using LiveOffer, property managers or landlords can view incoming bids for their properties in real-time while also giving feedback to renters on how their offer ranks against other bidders.
The platform, which was launched in Australia last week, has tasted success in the US with property managers Berger and EIMC onboarding their apartments recently. 
On Tarbey’s appointment as chairman, Property Connect chief executive Tim Manson said it was a "further validation" of the company's technology.
"Charles’ vast experience and unique insights into real estate markets will help Property Connect develop and refine its offering, technology and strategy," said Manson. 
Tarbey, who is also Century 21 chairman, has been in the real estate industry for 45 years. He purchased Wentworth Holdings, Australia's largest property management group, in 2011 and also owns the master franchises of Century 21 Australia, Century 21 New Zealand and Century 21 Papua New Guinea.
Property Connect and Century 21 are finalising terms for a trial of the technology at select Century21 offices in Victoria and Western Australia, starting in April.
Michael Langoulant, who took over as non-executive chairman in November 2016, will remain on the board as a non-executive director.
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Property Connect appoints Century21 owner as chairman, strikes online platform deal 

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GUEST OBSERVATION
As we enter the traditionally busy spring season of real estate, it’s a good time to discuss a few themes that have been the point of much discussion around Australia’s coffee tables, in dining rooms and in waiting rooms.
Some of these topics have preoccupied the industry for many years and are only just now being exposed to discussion in the mainstream media, others have been born out of controversial moves by some players in the industry.
<img src="/images/2014/07/04/yellow-one.jpg" alt="" style="float: left;">NEGATIVE GEARING
There has been some recent discussion around grandfathering negative gearing out by limiting it to newly-constructed properties. While this might have the effect of stimulating the construction industry, I believe it could very heavily impact people who already own investment properties.
By removing the tax breaks which negative gearing provides to investors on their existing properties, the ability of investors to sell these properties may be affected, as investors preference switches to new developments. Aside from the obvious implications for these investors who own established properties, it could also reduce the supply of rental properties on the market and increase rents.  
<img src="/images/2014/07/04/yellow-two.jpg" alt="" style="float: left;">THE ROLE OF AN AGENT IN A DIGITAL WORLD
The ease-of-access to online property listing portals has led some commentators to suggest that the era of the real estate agent may soon draw to a close, replaced by vendors personally listing their properties.
Though listings portals are an essential tool for vendors wishing to access a large pool of potential buyers, I believe there will always be a need for human interaction in the sales process. Someone will always need to physically show the property to the buyer, negotiate a selling price and deal with the myriad of minor details that accompany the process.
One reason that transacting property can be a challenge is due to the emotion vendors often bring to the process. The use of a third party helps to overcome this challenge, by placing an individual with experience in these transactions to act as a go-between without being emotionally invested in the process.
In addition to managing advertising and preparing your home for sale, a knowledgeable and experienced real estate agent will screen potential buyers to ensure they are in a good position to buy, take care of open for inspections, and ensure they negotiate a fair price for your property.
In many situations, vendors meeting the buyer can jeopardise the negotiation process as they may be emotionally manipulated into offering a lower (or higher) price due to this new relationship.
As a real estate agent with over four decades of experience in the industry, even I will always rely on the services of another real estate practitioner to market, negotiate and handle the sale of my properties. This is an approach that is commonplace throughout our industry.
I encourage vendors who are considering listing their home without the assistance of a real estate agent to consider whether they will feel truly comfortable dealing directly with buyers.
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<img src="/images/2014/07/04/yellow-three.jpg" alt="" style="float: left;">VENDOR BIDS
The use of vendor bids has traditionally served to encourage increased bidding in a sluggish auction where bidding has not yet surpassed the reserve. Vendor bids can be placed at the beginning, middle or end of an auction, with the auctioneer normally announcing the vendor bid on behalf of the vendor.
While this might be one strategy which adds some energy to an otherwise lacklustre auction, I believe that if you invest in a strong marketing campaign and an experienced agent, there should be enough interest in the property that you shouldn’t have to use this strategy.
A vendor’s bid can also send a mixed message to sellers, especially if it is placed after other competitive bidders have placed bids. In these situations, it may be more effective to consider letting the property pass in at auction and negotiating after the auction has concluded.
<img src="/images/2014/07/04/yellow-four.jpg" alt="" style="float: left;">AN EXPERIENCE GAME
When the property market enjoys a period of uninterrupted growth, there tends to be an increased level of interest in property as a career path. This has been evident recently, with 50 new real estate agents being licensed in New South Wales weekly.
I encourage those looking to list this spring to ensure that they’re choosing an experienced agent, or an agent who is able to draw upon the wisdom of other experienced real estate practitioners for advice. One other simple but effective way to distinguish between agents is by asking them a simple question – what do they think of a property boom?
Inexperienced agents, who entered the market during a period of heightened activity will likely profess to love a boom, as it makes their job easier. More experienced agents will inform you that a boom is counter-productive, as the best state for the market to be in is a period of uninterrupted, sustainable growth.
The past few years have seen interest rates at unprecedented lows, a surge of interest in property as an asset class and property values increasing steadily. For those Australians seeking to enter the market this spring, I encourage you to take the time to build your own market intelligence and spend time with property professionals who will be able to assist you in making the right purchase.
For those selling property this spring, I wish you all the best. I also recommend you ensure to have adequate time to invest in selecting the right agent, presenting your property in the best light possible and working closely with your agent to ensure you get the best result possible. 
Charles Tarbey is chairman and owner of <a href="https://www.century21.com.au/" target="_blank">Century 21 Australasia</a>.
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Four hot topics in the real estate industry

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GUEST OBSERVATION
Infrastructure has an incredible impact on property prices.
Take for example, the M7 motorway in Sydney.
There are now some fantastic areas that you can get to quickly on the M7, meaning people can buy a brand new or high quality home in an area with very easy access to all the necessary amenities.
As a result of this infrastructure being built, many people who would have previously described these areas as too remote or hard to get to are now considering them to be desirable locations to live.
It’s important not to forget that both new and established infrastructure has an impact upon property prices.
While there’s been a lot of speculation in the media about the impact of major infrastructure projects in capital cities such as Melbourne and Sydney, many other regions in Australia already have infrastructure in place to rival that planned by these respective state governments.
In my experience, many speculators miss out on capital growth as they’re effectively placing a bet that planned infrastructure will cause a short-term price movement.
The reality is that infrastructure is often the first step in the gentrification of an area and the resulting price movement in the suburb may take months or even years to be fully felt.
Regardless of your intentions when entering the property market, I believe every buyer should be focused on the long-term capital growth they’re able to achieve from their property purchase.
Too often I see short-term speculators abandoning a purchase which is likely to experience strong growth over the next ten years, because the price dropped slightly over the past two months.
Charles Tarbey is chairman and owner of <a href="https://www.century21.com.au/" target="_blank">Century 21 Australasia</a>.
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The impact of infrastructure: Property investing isn't a short-term bet

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GUEST OBSERVATION
In its September meeting, the Reserve Bank decided to leave interest rates on hold at 2.5%. I believe this is positive news for Australians seeking to purchase their first home, as a low interest rate environment lowers the cost of financing this purchase.
In other good news for first home buyers, recently the HIA-CBA Housing Affordability Index posted its most favourable result in 12 years. 
In combination, these factors are likely to motivate any first home buyers who may have been sitting on the fence to enter the market and start looking for a suitable property to purchase.
I also encourage all property owners to take advantage of the borrowing environment at present, as any loan containing an interest rate with the number four or five in front of it should help a buyer over the next five to six years. It's also wise for property owners to <a href="https://www.urban.com.au/expert-insights/finance/35208-unprecedented-low-interest-rates-won-t-last-forever&amp;sa=U&amp;ei=rYQPVPKjBcm_uASF5oHAAQ&amp;ved=0CAYQFjAA&amp;client=internal-uds-cse&amp;usg=AFQjCNEKK_J6AfDl7jnjb2buTvy9MN7FSw" target="_blank">budget for the possibility of any future rate movements in advance</a>, so that they’re adequately prepared for movements if and when they occur.
Additionally, recent price movement is also a positive indicator for the Australian property market, as value growth has started to slow after a period which saw rapid and sustained value growth across many of our capital cities.
Importantly, conditions have shifted from a sellers' market, where buyers have been willing to meet the high expectations of sellers, to a negotiators' market wherein real estate agents may need to seek to negotiate a lower price with vendors in order to close sales.
Banks and valuers are also starting to become more conservative after last year's strong house price growth, acting as two more mechanisms which will help to ensure future price growth in the property market is steady and sustainable.
Overall, I believe that the outlook for the property market continues to be positive and should present many opportunities for buyers and sellers in the Australian property market.
Charles Tarbey is chairman and owner of <a href="https://www.century21.com.au/" target="_blank">Century 21 Australasia</a>.
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Low interest rates are good news for first home buyers

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GUEST OBSERVATION
Over the past year, the Reserve Bank has elected to hold interest rates at an unprecedented low level a level which I’ve never seen during my 42 years practicing real estate.
This has had a marked impact in the property market as historically, continuous periods of low interest rates tend to drive interest in property as an asset class. This is an effect we’ve observed over the past two and a bit years and a contributing factor to the property markets sustained recovery, with the market achieving 15.5% growth since the trough in May 2012.
The Australian property is now entering a very steady adjustment and growth mode driven by the shift to a market where buyers and sellers negotiate a fair price for a property – not one driven by vendor’s expectations.
Despite this, <a href="https://www.urban.com.au/expert-insights/buying/32800-moody-s-says-property-market-may-be-overheating-and-could-face-a-correction&amp;sa=U&amp;ei=_UEFVKf8NNK3uATSwoHgBA&amp;ved=0CAYQFjAA&amp;client=internal-uds-cse&amp;usg=AFQjCNExnaJ8swI-IU26YmHY_TIurWH7ow" target="_blank">Moody’s recently warned of a growing risk</a> of an overheated Australian property market developing into a real estate bubble, driven by low interest rates and growing interest from offshore investors.
My reaction to this is simple: If the Reserve Bank suddenly raises interest rates suddenly and steeply, it will almost certainly look like we’re in a ‘bubble’.
Similarly, if the world was to experience another global financial crisis, it’s likely that many property markets across the world will look overvalued.
At times such as this, it’s important to remember that in the right situation, almost anything could be deemed in a bubble, but it’s currently unlikely that either of these scenarios will eventuate and push the Australian property market in to bubble territory.
However, I would caution investors, home owners and prospective buyers to budget for the effect any interest rate movements could have on their finance. This is because while interest rates are currently steady at 2.5%, it’s unlikely they’ll stay this low forever.
Buyers who fail to budget for the impact of any potential interest rate increases may find themselves in financial difficulty should the Reserve Bank’s next interest rate movement be upwards.
Charles Tarbey is chairman and owner of <a href="https://www.century21.com.au/" target="_blank">Century 21 Australasia</a>.
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Unprecedented low interest rates won't last forever

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GUEST OBSERVATION
The last few years have seen a move away from an Australian property market determined by seasonality, to one driven by consistently high levels of demand from buyers. To most observers, the seasons of real estate all but disappeared.
However the market has recently demonstrated a return to seasonal buying behaviour, with activity dropping off over the winter months and listing activity starting to pick up before spring. This is good news for the Australian property market as we enter into the traditionally busy spring selling season, with national clearance rates now holding steady at 68%.
The Reserve Bank has also kept rates on hold at 2.5% for the twelfth consecutive month leading into spring, making it the longest period without a rate movement since 2006. This has led to some commentators expressing concern that property owners will be adversely affected should the Reserve Bank decide to lift rates upwards.
However, the buying public has been hearing a variety of messages for quite some time now which suggest that they should prepare themselves for an interest rate rise in the not too distant future. 
As a result, buyers are aware that interest rates have been held at low levels for an unprecedented period and have likely responded by budgeting against any adverse effects from future interest rate fluctuations. For those who haven’t, I would suggest speaking with a professional about budgeting for such a possibility.
Finally, the jobless rate recently reached 6.4%, sparking concern for the state of the economy as a whole. However, while many people may be understandably concerned, the unemployment rate across the country is low in comparison to other world marketplaces which are still in growth mode.
I don’t believe the Australian property market will be affected by the unemployment rate at this stage, which is likely to continue to experience modest growth through to the end of the year. However, it is worth noting that a rising unemployment rate may influence the Reserve Bank’s thinking on future interest rate decisions.
All things considered, I believe we can look forward to a busy and productive spring selling season.
Charles Tarbey is the chairman and owner of <a href="https://www.century21.com.au/" target="_blank">Century 21 Australasia</a>, one of Australasia’s largest and most diverse property groups.  
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Despite some economic uncertainty, we can look forward to a busy spring

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When you are thinking about selling a property, securing the best real estate agent is a vital consideration – agent choice is often the key difference between a great or mediocre result. So how can you ensure that you not only pick the right agent, but also get the most out of their services?  
Here are my top tips for selecting, and maximising the value of, a real estate agent.    
<ul>
<li>Don’t go with the cheapest agent</li>
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It is critical that you don’t make finding the cheapest agent, or the agent that offers you the least amount of advertising, your first priority. Why? Because if an agent can’t negotiate an effective fee for service with you, it’s unlikely they’ll be able to negotiate an effective sale price for your property.  
<ul>
<li>Find a performance-based agent</li>
</ul>
There is a tendency to believe that agents with many ‘for sale’ signs are the most effective and capable of selling property. However, in this particular context, when perception meets reality, reality often comes off second best. 
The reason for this is that ‘for sale’ signs are predominantly an indicator of an agent’s activity, not their results – an agent may have a large amount of listings, but they might not actually be selling anything.  
Try to keep in mind that a ‘for sale’ sign is initially a sign of success, but after four weeks, it becomes a sign of an agent’s failure to get the job done.  
I would recommend searching for agents that have the most ‘sold’ signs in your area, as these agents will most likely be performance-based as opposed to activity-based.  
Once you’ve identified an agent with a large number of ‘sold’ signs, you may want to consider knocking on the front doors of some their sold properties to ask the owner-occupiers how the selling process went. Doing so will allow you to gain some first-hand insights into the agent’s previous performance, which may help you to decide whether or not the agent is right for you.    
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<li>
Find an agent that treats you like their only client  
</li>
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It is reasonable to expect that your agent will meet with you on a weekly basis to give updates on all developments relating to your property’s sale – not just in person, but in writing as well.  
Remember – if it’s not in writing, it didn’t happen, so make sure that your agent commits up-front to giving you regular written updates.  
If your agent is prepared to document updates, it will not only show that they are serious about the transaction, it will also give you a tangible reference point to make them accountable should they fail to deliver on their undertakings.  
As an extension of this point, I would advise to look for an agent that speaks to you only about your property, and not about how busy they are with everybody else’s. It is relatively safe to assume that if an agent doesn’t give your property adequate attention in your presence, they’ll struggle to do so when you’re not around – so aim to find an agent that treats you like their only client.  
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<li>Build an open and honest relationship with your agent</li>
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Building an open and honest relationship with your agent is one of the best things you can do in terms of ensuring that the agent’s advice is aligned with your best interests.  
Real estate practitioners are generally very sociable people who want to achieve the best possible outcomes for their clients. The best agents, however, are the ones that give honest and open advice – even when their clients don’t necessarily want to hear it.  
Of course, as a vendor, you want to achieve the best sale price for your property with the minimum outlay possible. However, the worst thing you can do is make your agent feel uncomfortable about managing your price expectations or giving you bad news.  
Your agent needs to feel at liberty to give you honest and accurate information on buyer feedback, market conditions and the like so that you can make a fully informed decision about when to sell, and at what price.    
<ul>
<li>Be flexible with your marketing</li>
</ul>
There are usually two reasons as to why a property doesn’t sell – either the vendor’s price expectations are too high or the marketing of the property is poor. If you agree to and sign off on a marketing strategy with your selling agent, it is important to hold the agent to delivering that strategy in full.  
In saying that, it is also important to be flexible with your marketing and to adjust your strategy if need be.  
In order to know when flexibility is required, you will need to be able to properly assess whether or not your existing strategy is working. As such, you should aim to meet with your agent during the first one to two weeks of open for inspections to discuss buyer feedback and interest in the property.  
If buyer feedback is poor and interest is low, the agent may recommend that you increase your marketing budget. Though this may not be what you originally agreed upon, I would suggest being open to increasing your marketing spend if your original strategy has proven ineffective. Doing so will likely increase your chances of not only selling, but achieving a strong sale price.  
Charles Tarbey is the chairman and owner of <a href="https://www.century21.com.au/" target="_blank">Century 21 Australasia</a>, one of Australasia’s largest and most diverse property groups.  
Charles has been actively involved in the property industry since 1972, and has trained and given advice to thousands of real estate agents, vendors and purchasers. He is also the author of two real estate books, Profit Driven Real Estate and Listing Rich.
This article first appeared on Property Observer in September 2013.
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Five tips to get the most out of your real estate agent

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GUEST OBSERVATION
These days everyone has an opinion on the state of the Australian property market – and the louder and more panic-inducing, the more attention their comments are likely to receive.
In early 2012, those already invested in the Australian property market may have been made to feel slightly uneasy by commentary predicting prices would fall by up to 60% in 2013. Individuals focusing on other investment markets may have breathed a sigh of relief, happy to now wait until the decline had passed before entering the market at a better time.
As we now know, 2013 actually saw a strong recovery in the Australian property market, with values finishing the calendar year 9.8% higher and property values in Australia currently sitting 16.1% higher than the start of the current growth cycle which started in June 2012.
The important thing to remember is that if you predict a market collapse every single year, one year you are bound to be right. This can encourage people to continually try to predict movements in markets they may not have relevant insight into; to one day be able to say ‘I told you so’.
Another thing to consider is the context and timing of when data appears and to remember that data is often historical and doesn’t necessarily represent a picture of where the market will go.
This is not at all to say that informative websites such as the Australian Bureau of Statistics or RP Data are providing incorrect statistics. These sites are hugely useful and credible resources for looking at pricing information and property trends, which might then be used in guiding more informed purchasing and selling decisions.
Another limitation of the data is that it is affected by a range of operational factors in addition to the movement of the market. For example, Christmas is a period of downtime for many Australian businesses – and the analytics industry is not immune to this. This is why traditionally the January/February periods often records low levels of activity, while March can appear to experience a slight uptick. Such fluctuations are not necessarily caused by what’s happening in the market but are rather impacted by the low levels of data provided during quieter periods.
Instead of paying too close attention to these often conflicting opinions and data points, it’s best to focus on doing your own research, talking to agents and listening to reliable commentators and forming your own thoughts about events in the property market.
Charles Tarbey is chairman and owner of <a href="https://www.century21.com.au/" target="_blank">Century 21 Australasia</a>.
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Charles Tarbey

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