In 1980 when Apple was first publically listed, its share price was $22 per share. Now, in 2014, it has shown a growth level to be more then 25 times that amount. Victoria Park has gone through a similar transition. A small industrial area which not many people showed interest in throughout the 80’s and 90’s to a vision of a grand landscape at the turn of the century to what it is becoming presently, a leading Urban Renewal Project. With these plans it has also brought a lot of anticipation from many different parties.
With development sites shooting up left right and centre within the small community, pardon the pun but everybody wants their piece of the apple. Whether it is the large construction companies coming in and putting their footprint on the structural landscape of the area, to the mum and dad investors who are looking to boost that nest egg for the years to come or even the young real estate agent looking to cut their teeth into an ever expanding market, everyone wants a taste.
In our current economic climate with the real estate market appearing to be pushing past the peak of a much publicized ‘boom’ period, growth areas such as Victoria Park are on the radar of investors. With the potential to make a solid earning on their investment and its close proximity to the CBD, airport and Sydney’s pristine beaches, it does appeal to those individuals who are looking to rent. As I have mentioned in earlier posts, foot traffic at inspections at the time of new apartments settling is impressive. With the phone ringing off the hook to book inspection times and the numbers at inspections for prospective tenants is testament to the area and the demand that it is in.
With Victoria Park becoming a highly sort after location for both owners and tenants, it is hard to believe that it was an industrial area some 15 years ago. Both Victoria Park and Apple are providing their clientele with similar aspects. Apple prides itself on being the leaders on Innovation and the design behind Victoria Park follows a similar structure.
The biggest comparable between both Apple and Victoria Park is their growth. Having started from not much other then a wooden box from a garage or a run down industrial playground, both have experienced growth and a massive change which can impact the lives of many.
It’s hard to hide from the facts, in recent surveys, real estate agents have been ranked 45th out of 50 professions with regards to the most trusted profession. It doesn’t make for pretty reading considering agents are a fundamental part in most people’s biggest financial decision, purchasing the family home. So, how can we change this? By being an innovator within the industry, we are leading from the fore front and providing clients with a higher level of service and exceeding their expectations.
Innovation is something which is adapted in all aspects of life and the real estate world is the same? Social media is something which has taken off. Facebook is barely 10 years old and has more then 500 million active users. 500 MILLION!!! Twitter is not far behind with over 200 million active users. Can you imagine as an agent if you had only 0.01% of each of those markets? That’s 50,000 and 20,000 respectively. That would keep any agent on their toes. It’s amazing to see the transition of agents entering the social media network. The cream does rise to the top as it’s the top agents who are separating themselves away from the others buy being innovators within this rising platform. Market updates via Youtube, recent sales data on Facebook and the one which had people talking from a previous post of mine, selling properties via twitter. And finally, maybe the best concept which makes Principals and Directors smile…..it’s free.
An aspect of innovation which I have been implementing into my work is the use of videos. It’s taking the next step and providing the client with a higher level of service. I started completing routine inspections via this format and I would encourage anyone in the Property Management scene to incorporate this. It provides the landlord with more information as they are gaining a better scope on their investment, much more then a simple picture of the lounge room. Expanding on this idea of videos, I have begun by incorporating this into maintenance issues and also outgoing inspections. It is amazing how much information can be obtained from a short 60 second video and the responses from the landlords in far beyond expectations. By increasing the client’s expectations gives them comfort in knowing that as an agent, they know what they are getting and so much more. Adding on to the last comment, it provides you with the greatest marketing tool, word of mouth.
By implementing innovation correctly in our industry can ensure that those responses for low levels of trust are a thing of the past.