How have you seen the Australian real estate industry change in the course of your career and where do you see the industry heading?

There’s a phrase that those who don’t adapt will die and certainly that’s an issue for industries that have felt the effects of digital. Both property and finance are facing the most intense structural changes ever through digital disruption. Everything is being digitised and these industries are ripe for change. Many major pre purchasing decisions are done via a portable device. The Internet opens so many opportunities up for the real estate and finance industry. Despite my belief that people will always play a role in property and money, the Internet plays a large role here, particularly as convenience affects the way people collect information.

Younger buyers particularly are incredibly resourceful and have the strong pre-purchase research behaviour. The biggest value we can provide our younger clients is around years of negotiation skills. 

What’s the biggest issues facing homebuyers in the current and future market? 

Affordability remains a key issue here. Rising house prices and an aging population put home ownership out of many first time homebuyers’ hands. There is the potential to have a generation where the norm is to wait to inherit property, or push out to outer suburbs. Stamp Duty is a consideration to many buyers, significantly adding to the overall cost of their home. I would welcome a conversation around potentially applying a national uniform stamp duty structure to make it fairer to everyone. 

How can consumers be sure what they’re reading about online is right? 

Online is brilliant to do research quickly, and technology is great for processing and exchanging information, but nothing replaces dealing directly with a highly skilled and trusted individual when it comes to actually obtaining the best advice. At the risk of sounding self-serving, my personal philosophy is to rely on someone else’s expert opinion when they know more than I do. My policy is to do your due diligence online to inform yourself and facilitate a more personal consultation with a trusted and professional expert. The golden rule for any of my investors or first homebuyers is to know that if it sounds ‘too good to be true’ – it almost always is.

More often than not, an issue for a lot of people today is a lack of money management skills or education around finances – it’s not exactly something our schools teach in class. That combined with confusing jargon-filled language around finance, tax and home loans contributes to potential homebuyers feeling confused and isolated. I’m on a personal mission to change all of that. As finance professionals, it’s our responsibility to educate our clients and empower them to make smart decisions so they can have the best possible chance of succeeding - without isolating or confusing them. 

In a saturated market, what do you think are the most important skills in the real estate industry? 

Homebuyers are becoming increasingly wary of anybody that makes a profession out of one of the biggest purchases of their life. The biggest value any agent or professional in the industry can provide their client with is a relationship built on genuine trust. To add value to your clients, surround yourself with a network of equally ethical and trusted professionals to assist your clients with their financial needs where you require outside expertise. People love to know their broker is well connected and only recommends professionals of the same standards. 

What’s the future of mortgage brokering? What’s missing from the current offering?

I expect market share of brokers will go from the current 50% to 70% in the coming years. As technology advances, banks will continue to invest heavily in brokers as their major distribution channel to reach customers through innovative means. The offering will continue to evolve, moving online to add to the consumer experience, with changes focussed particularly on confidentiality and privacy.

Regardless of how innovative technology gets – it’s all about ensuring you are respected, educated and valued. Brokers that use tech for system efficiencies will prosper. It’s a competitive and hugely rewarding industry for people who genuinely enjoy helping people reach their financial goals.