There has been a lot of coverage lately of the rental crisis we’re currently facing. The personal and heartbreaking stories from people directly impacted by this situation appears to be driving action from government at both a state and federal level. Of course, many of these government initiatives will take time to implement, so in the interim, we need to keep the challenges faced by our tenant’s top of mind when dealing with them.
We are certainly experiencing a changing market for sellers. The latest CoreLogic Pain & Gain report reveals that in May, dwelling values posted the first monthly decline in value since September 2020. Rising interest rates, tighter credit conditions and affordability pressures are likely to further impact sales throughout 2022 and have the greatest effect on buyers who have recently entered the market. However, the good news is that even if property prices drop by as much as 10%, what we’ll see is more likely to be a correction to pre-pandemic prices rather than the bottom falling out of the market.
The much-anticipated Rise Conference took place on 26th of May and it certainly didn’t disappoint. If you missed it, you can check out these videos from some of the speakers. One of the key outcomes of this event was the joint statement by 92 real estate leaders about how they plan to support the industry going forward. A focus on customer experience, our role in the community and a commitment to human dignity will go a long way to helping us collectively achieve positive change in our industry. You can read the full statement here.
Since announcing the new REIP Nexus Platform, we have been overwhelmed with interest and positive feedback! I’m excited that our industry recognises the importance and value of us taking a proactive approach to how and when our data is used.
“To move our industry into the future, we need to become more self-sufficient. REIP Nexus is a great example of how we can work together to take back control of how we operate, and I’m delighted to see so much support from the brands we’ve already engaged with”, Mike Green, REIP & Harcourts Director.
If you haven’t had a chance to register your interest yet, it’s not too late. I’ll be spending most of July travelling around and providing demos of the free REIP Nexus Platform, so register your interest here.
CEO, Real Estate Industry Partners
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