GOOD MORNING FROM ELITE AGENT

Can you really turn your mornings into a powerful launchpad for success. This real estate agent used to think 7 AM was early, but then the 5 AM Club changed everything. The idea was simple: just go to bed two hours earlier and see how it transforms your day. It’s a trend that kicked off a couple of years back and US realtor Kyle Whissel has stuck to it. ”My morning routine is like a religion to me. It's literally what makes or breaks my day.”

Today’s read time: 3 minutes, 25 seconds.

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LEGAL

New Privacy Bill: why real estate businesses must act now

Big changes are coming to Australian privacy law, with new reforms introduced through the Privacy and Other Legislation Amendment Bill 2024.

Kristen Porter, director of O*NO Legal, has outlined the implications for real estate agents, saying stricter penalties, new compliance requirements, and enhanced data protection obligations are now in place. Penalties for privacy breaches, such as failing to provide easy marketing opt-out options or not updating privacy policies, can now cost up to $62,600.

Agencies must tighten their privacy practices or risk facing hefty fines, reputational damage, and potential legal action.

Hefty penalties for privacy violations

Real estate agencies now face severe penalties for common privacy breaches, such as failing to offer opt-out options for marketing or not keeping privacy policies up to date. "The introduction of these fines ensures that privacy compliance is no longer a box-ticking exercise, but a critical business practice that protects against steep financial consequences," said Kirsten.

Focus on data security and automation transparency

The new amendments require agencies to disclose any use of automated decision-making (ADM) systems for processes like tenant screening.

"Agencies need to update their privacy policies to outline when and how ADM is used and ensure technical and organisational measures are in place to safeguard personal data." She said these requirements emphasise both the technological and human side of privacy compliance.

Expanded litigation risk for smaller agencies

The Bill’s new statutory cause of action means individuals can now sue for privacy invasions, putting smaller agencies at greater legal risk. Kristen warns: "Even smaller agencies, previously exempt under the Privacy Act, must now be vigilant. A serious privacy lapse could open the door to litigation, making it vital for all agencies to audit and strengthen their privacy practices immediately."

ICYMI, yesterday we discussed long-term residential rental options. Take the poll and let us know if you think 10-year leases could work in Australia

TOGETHER WITH TASKFORCE

Taskforce Australia has been named the Victorian State Winner for Outstanding Growth in the 2024 Telstra Best of Business Awards. Celebrating a decade since its launch, Taskforce has grown significantly, doubling its clients and winning accolades such as Most Innovative Proptech at the 2024 Proptech Awards. Under Founder Jason Bright's leadership, the company evolved by providing better solutions for trades and launching innovative services like RentSafe and RentRepair. National winners will be announced in November.

Read more about Taskforce here*

SMART SNIPPETS

Brisbane's property market defies national trends
Brisbane’s property market continues to outperform other Australian cities in 2024, maintaining strong price growth despite a national slowdown. Limited housing supply and strong demand, particularly from first-time buyers, investors, and people relocating interstate, are driving this growth. Brisbane now ranks second only to Sydney in median dwelling values.

Spring auctions heat up
Australia's property market is seeing a surge in activity. Last week saw 2,525 auctions across capital cities, the second-highest volume this season. Melbourne led with 1,044 homes under the hammer, while Sydney's clearance rate bounced back to 69%. In New Zealand, buyers were also out in force after the latest rate cut.

Building company collapses impacting the real estate market
Australia's construction industry is in turmoil, with a record number of builders going bankrupt. In the 2023-2024 financial year, 2,832 construction companies became insolvent, leaving homeowners in financial distress.

SOUND WAVES

Why people always think they’re right, according to science

Today’s curated listed looks at a a phenomenon called the "illusion of information adequacy” where people confidently believe they have enough facts to make decisions, even when they're missing critical information.

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

Read the article from Fortune Here

AGENTS ON SOCIAL

Working both the buying and listing sides of the same deal is like trying to dance two different jigs at once - you're bound to step on your own toes. The result? A real estate agent flailing around trying to please everyone, yet feeling like they’re juggling fireballs. Hardly an ideal scenario. 🕺🏻😬

@parker.estates

#duet with @GrazianoDiPrima #LeftRightChallenge Lets just say its a lot to juggle 😅😅 #parkerestates #funnyrealtor #funnyrealestate #realt... See more

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. To enquire about advertising with us, visit eliteagent.com/advertise.

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