GOOD MORNING FROM ELITE AGENT

Dominica is on track to become the first small island to transition fully to renewable energy, thanks to geothermal power. Unlike wind and solar, geothermal energy provides a more stable and reliable power supply, reducing the country’s exposure to fluctuations in international fuel prices. With an Aussie summer heatwave predicted, we could certainly benefit from some of that geothermal energy here.

Today’s read time: 4 minutes, 8 seconds.

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LEGAL

Agents need to stay within their limits when discussing insurance

Is there a risk of going “off script” with landlords? Sharon Fox-Slater, Managing Director of EBM RentCover, warns real estate agents about the potential legal risks of straying from regulated guidelines when discussing landlord insurance with clients

In an industry where rapport-building is essential, offering informal advice about financial products can lead agents into dangerous territory.

Ms Fox-Slater highlights that under the Corporations Act 2001, agents providing financial product advice, including landlord insurance, must either hold an Australian Financial Services Licence (AFSL) or be an authorised representative.

The distinction between providing factual information and financial advice is crucial, and agents should be careful not to cross the line.

Stick to factual information, not advice

Ms Fox-Slater explains that offering opinions or recommendations about insurance products constitutes financial product advice and requires an AFSL. "If you give financial product advice, you need to hold an AFSL," she said.

Even well-meaning advice, such as recommending a particular insurance policy, can lead to serious legal consequences if the agent isn’t properly licensed. She said agents should focus on providing factual, unbiased information, such as policy features or coverage limits, without attempting to influence their clients' decisions.

Stay 'on script'

Agents must understand their authority level, whether as a Referrer, Distributor, or Corporate Authorised Representative and know what they can and cannot say.

"It is important that you do not offer personal insight or opinion... the authorities do not look kindly on people providing financial advice when they are not licensed to do so," he warns.

Understanding the consequences

Agents who stray from factual information and inadvertently offer unlicensed financial advice can face serious legal repercussions. "No-one wants to find themselves on the wrong side of the law," she said.

The penalties for providing unauthorised financial advice can be severe, including fines and legal action. By staying within the boundaries of what is legally permissible, agents can protect themselves and their businesses from costly mistakes.

Find out more about what you can and cannot say here

ICYMI, yesterday we spoke to the cast of Listing Melbourne, which is premiering tonight.

TOGETHER WITH HARCOURTS

Harcourts has launched its Global Facts Campaign, highlighting the brand's impressive achievements across its international real estate operations. In 2023, Harcourts sold a property every 13 minutes and rented one every 16 minutes, while earning a high Net Promoter Score of 85.6 from sellers.

"Harcourts' success is directly linked to empowering our people to help others achieve success," said Mike Green, Managing Director of Harcourts International. "This is clearly illustrated by the results shared today as part of the new International Facts campaign.” Alongside its real estate success, the Harcourts Foundation has raised over $8.4 million since 1998, supporting more than 1,340 charities worldwide.

Read more about Harcourts here

SMART SNIPPETS

Australia urged to adopt Euro-style co-operative housing
A new report from the Business Council of Co-operatives and Mutuals (BCCM) recommends that the Federal Government adopt European-style co-operative housing models to combat Australia's rental affordability crisis.

The report highlights the success of co-operatives in European cities like Copenhagen and Vienna, where they account for a significant portion of affordable housing.

How politics are shaping where Americans choose to live: a growing trend among millennials
As political landscapes shape more than just elections, a new US survey reveals that nearly one in four Americans now factor politics into their decisions on where to live. Millennials are leading the charge, with 33% saying political alignment influences their choice of location.

Dutton’s plan to fast-track 500,000 new homes
Opposition Leader Peter Dutton has announced a $5 billion Housing Infrastructure Program aimed at fast-tracking the construction of up to 500,000 new homes if the Coalition wins the next federal election. The initiative seeks to address housing affordability by funding essential infrastructure like water, power, and sewerage to accelerate land development.

SOUND WAVES

Barbara Corcoran’s rules to getting VERY rich

In today’s curated listen this real estate mogul schools us on her “golden rules” for making lots and lots of money through property investment.

*NB: You may want to share this with your clients.

Dive straight into the listen below or the deeper dive here.

Read the article from Realtor here

AGENTS ON SOCIAL

In real estate, it’s not just about location, location, location – it’s about connections, connections, connections. Think of the industry as one big popularity contest where the more people you know, the more business you’ll do. Your job? Channel your inner social butterfly. #facts 🦋🤝

@salventre

Share this with a REALTOR #realtor #realestate #realestateagent

Seen an Agent On Social we should include? Let us know here (email link)

Wishing you a productive day

Elite Agent is crewed by Mark Edwards, Catherine Nikas-Boulos, Rowan Crosby, Giverny Pringle, Charmagne Arrubio and Samantha McLean. We aim to uplift the real estate industry by delivering forward-thinking, hype-free news and education that fosters knowledge and fuels ambition.

If you see a * beside a story, it means it’s a sponsored post, including the 'Together With' section. To enquire about advertising with us, visit eliteagent.com/advertise.

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