Brisbane’s ‘Olympic-sized’ property boom, Pitfalls to avoid in your first year, Preserve the value in rent roll transitions, +news and more

Good Morning from Elite Agent

McKinsey Technology Council has dropped its latest Technology Trends Outlook, highlighting the top 15 tech trends not just surviving, but thriving, in 2024. And leading the charge this year is Generative AI. According to the report, “Gen AI has seen a spike of almost 700 per cent in Google searches from 2022 to 2023 along with a notable jump in job postings and investments.” Of the top 15 tech trends, there were five that really caught our eye, including Applied AI and Immersive Reality. We’ve summarised them, and highlighted some of the applications in real estate, for you.

And if you’re a real estate leader (business or EBU) who wants to know more about implementing AI in your business, Sam has created a comprehensive 12-step guide that will help you avoid some of the less common pitfalls while effectively handling the process changes your team will need to come to terms with… plus a number of other useful resources and tools to consider.

Today we are covering:

• Brisbane’s prices to surge 50 per cent

• First year tips for success and pitfalls to avoid

• Preserve the value in rent roll transitions

• Heat comes out of the housing market

• And much more!

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Successful growth comes from a solid structure and process, not from random opportunities. Focus on building a reliable system that supports selling more homes and scaling your operations effectively.

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On our radar

Brisbane’s ‘Olympic-sized’ property boom

Brisbane property will ‘lead the rest of the country’ ahead of the 2032 Olympics and it could see property values surge a further 50 per cent. That’s the opinion of REA Group CEO, Owen Wilson, who spoke at the Voice of Queensland Property panel, hosted by Ray White Queensland. He says the state is seeing unprecedented interest from Indian buyers, with enquiries up 20 per cent and it’s on track for another boom in prices

Today’s Feature

Andy Reid’s top pitfalls to avoid and tips for success in your first year

Starting out in the real estate industry can feel like being tossed into a whirlwind, but remember, every expert was once a beginner asking ‘silly’ questions. In today’s feature, top real estate coach, speaker and auctioneer, Andy Reid, shares his top tips to build your confidence and reach your goals faster in your first year, along with why leaning on your colleagues can help you avoid costly rookie mistakes.

Can you spot the crib that’s a digital fib in this cosy baby’s nursery?

Brekky Browse

Meanwhile, in the US 🇺🇸

Caught in a commission conundrum

Several real estate brokerages, including JohnHart Real Estate in California, ARC Realty Alabama, and Nebraska Realty, remain in limbo a month after the June 18 deadline to opt into the National Association of Realtors' US$418 million commission settlement. A decision in March set a US$2 billion sales threshold for coverage under the NAR agreement. Brokerages below this threshold are covered automatically, while those above must opt in, risking high legal costs. The three firms claim they should be covered under the NAR settlement, with sales under $2 billion in 2022. However, they are listed in the 2023 Real Estate Almanac as having more than $2 billion in sales, which means a judge may need to resolve the issue.

Anything else?

Here’s one that’s close to our hearts…

It was on this day in 1829 that William Austin Burt patented the first typographer, which is the earlier form of what the world would come to know as the typewriter. Burt, an American legislator, surveyor and craftsman, created the rectangular wooden box that depressed a rotating lever, causing ink to be released onto a sheet of paper. While Burt’s design was slow, and didn’t speed up his work, the invention did inspire others to create their own, better versions, including Christopher Latham Sholes. Sholes invented the first practical typewriter in 1873, including the qwerty keyboard that is still used today.

Dates for your diary

Find Elite Agent Editor Samantha McLean speaking about real estate and AI at these upcoming events:

July 30-Aug 1 Proptech Summit + Workshop, Sydney
August 11-14 Elite Retreat, Hayman Island, Qld
August 25 PPM Conference, Gold Coast, Qld