Taylor Nicholas Annual Awards – 2016!

The Taylor Nicholas Group’s annual awards night for 2016 was recently held at the revolving O Bar & Dining restaurant in Sydney. The gorgeous 360-degree view of our beautiful city formed the backdrop of what was a fun-filled evening celebrating the successes of the last financial year.

The Group’s collective achievements were the theme of the night, with a handful of employees being recognised for their individual excellence during the last 12 months.

The 2016 award recipients were;

Top Income Producer – Platinum Award
Marino Rodriguez – South Sydney
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Top Income Producer – Gold Award & No 1 Franchise Sales
Sid Hezari – Hills
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Top Auction Performance Award & Top Income Producer – Silver Award
Haran Paheerathan – North Shore
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Property Management Award of Excellence
David Taylor – South Sydney
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No 1 Sales Office – South Sydney
No 1 Franchise Office – Hills
Received by Director Alex Hezari, pictured
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Above & Beyond Award
Daniela Grech – South Sydney
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Employee of the Year 2016
Winner – Samantha Wenaden (Hills)
Runner Up – Kayla McLennan (South Sydney)
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A special award was presented to the company’s General Manager, Fiona Parker in recognition of her 20 years of long service and loyalty to the company.
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Here are more photos of the night! Congratulations to all award recipients!!

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Rising through the ranks

Recently, the Real Estate Institute of NSW sat down with Daniela Grech, of our South Sydney Property Management department to discuss her journey at Taylor Nicholas. Here is the excerpt from the recent “Journal”. Interview by Helen Hull;

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Since starting at Taylor Nicholas, Daniela Grech has done it all – from reception through to managing a high-performing commercial property management team. Here’s the story of her career journey

Some would say that working for a single company for 16 years is a bad career move, but Daniela Grech stands tall as an example of true success. “I’m a bit of a perfectionist. I don’t do things in half measures,” she said. “I’m driven, but not by money. I want to make sure that my clients are happy and are staying with us. That drives me more than money.” Daniela knows how fortunate she is to have found her place at Taylor Nicholas. Her ambition has seen her take on a wide range of roles at the well-known agency which specialises in the non-residential property segment – including receptionist, sales support, marketing and property management. She is now Executive – Management & Leasing at Taylor Nicholas. “I’ve done almost everything there is to do at Taylor Nicholas at different stages of my career,” she said. Daniela even designed the company’s first website in the early 2000s after putting up her hand and being sent to do a Dreamweaver course to create and manage it. Today one of her additional tasks is the company’s social media and writing blogs. “They’ve always allowed me to move my way around the agency and I think, in a way, we’ve evolved together over the last 16 years. When I first started working there in an admin role, Taylor Nicholas had 12 staff across four offices. Now I’m Executive – Management & Leasing and they’ve grown to seven offices with more than 30 staff. “I’ve been told that working for the one employer for such a long time doesn’t look good on my CV, but because of the broad range of roles I have performed I think that shows my versatility, and how adaptable and ambitious I am.

Starting out

As a teenager, Daniela wasn’t really interested in formal education and left high school early. “When I left school, I worked at McDonalds. My mum was a single mother and we couldn’t afford much. I wanted to earn money and the idea of working part time was appealing to me.” It wasn’t long before Daniela found herself looking for something more challenging, so she went to an employment agency looking for job opportunities. “They ended up employing me themselves as a recruiter. It was a big company, the pay was terrible and the experience was heart breaking,” Daniela remembered. “I could see there were jobs in other companies that I could do which were offering double the money I was being paid. So I went to the national director and told him the company needed to pay their staff better.” Daniela’s gumption led her to an admin role at One.Tel and then later to Taylor Nicholas. “I wasn’t really looking to get into real estate at that stage. It was more a case of real estate finding me,” she said. “When I left One.Tel, I was 19 and not really focused on a future career. I was tired of travelling into the CBD and knew I wanted to work closer to my home in Newtown. That’s when I saw an office admin role at Taylor Nicholas advertised. “When I first started at Taylor Nicholas, I hadn’t thought that I could have a career in real estate,” Daniela said. “I always felt real estate was highly male dominated and being so young it intimidated me, so I didn’t think of it as something that could become my profession.” Daniela mentioned her concerns to one of directors, who was quite blunt in his response. “He said: ‘That’s ridiculous. There are lots of women in real estate – and very successful ones at that! Don’t let it hold you back’. “This made me think ‘maybe this is  something I can do’. The natural progression was a move into commercial property management and I began doing that at the same time as looking after reception. I went into sales and leasing after getting married, having a baby and taking maternity leave. I also helped out with the marketing. “After my second child, I felt like it wasn’t the right time in my life to return to sales. I was instead drawn back to commercial property management where I thrive. I really enjoy the loyalty associated with this area of real estate where you create and maintain the relationships.”

Current career

In her current role Daniela helps manage a portfolio of 450 properties with a monthly rental collection worth several million dollars. Her largest account is the University of Sydney Student Union and its portfolio of some 30 tenants, including a variety of businesses from banks and retailers to dentists and a pharmacy. Daniela has two staff members who report to her and she enjoys the challenge of inspiring those coming up through the ranks. “I’m currently fostering the new breed of managers who are learning about the industry. I’m mentoring them not only from a company perspective, but also a personal perspective,” she said. “I’ve had mentors in the form of directors Peter Taylor and Nicholas Spasevski, who are generous with their time and knowledge. I think that’s why they have such a high retention of staff and it has helped me remain loyal to the brand.” While a long-term career was far from Daniela’s mind when she was starting out, today she is well and truly looking ahead to the future. “My immediate future lies here at Taylor Nicholas. With my 16 years’ experience working for the brand, I have a unique insight into all aspects of the business. I would like to guide any new team members in the ‘Taylor Nicholas way’. “I get up every morning and I’m excited about the here and now. It’s a great place to be.”

If you are interested to learn how Daniela can assist you with your property, she can be contacted on 02 9313 8566 or email daniela@taylornicholas.com.au.

 

“Marketing property isn’t just about placing an ad and hoping for the best…”

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When a so-called “leading agent” was engaged to sell Unit 4, 31 Gibbes Street Chatswood, the Vendor thought they were in good hands. Marketing commenced and an auction date was set down for June 16.

Over the course of the campaign, the agent told the Vendor that there was “lack of interest” due to the upcoming Federal Election and suggested the auction be withdrawn.

Once the exclusive agency period lapsed, the Vendor opened the listing up to other local agents, including Taylor Nicholas. Taylor Nicholas were the only agents to market the property correctly. After just 17 days, Taylor Nicholas’ promise to provide certainty to our client was fulfilled, when our North Shore Associate Director, Haran Paheerathan successfully negotiated and exchanged a sale with a purchaser who had responded to our campaign.

As we often say, there are 2 main reasons why a property doesn’t sell; it’s either poorly priced or poorly marketed. Whilst we agree that the Federal Election did cause a level of uncertainty in the market, it certainly did not bring activity to a halt. In fact, Taylor Nicholas continued to turn over stock leading up to, during and straight after the election. Marketing property isn’t just about placing an ad and hoping for the best, it’s about catering each campaign to target the right audience, a skill that Taylor Nicholas has mastered over the years.

Don’t waste precious time dealing with agents who can only sell in a good market. Taylor Nicholas has the proven track record to sell and lease even in the most challenging market conditions. If we can do it when the market is tough, imagine what we can do when the market is hot!

Get in touch with your local Taylor Nicholas office to learn more about our services!

When Experience Counts

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The last week has proven to be the kick-start in the market that we’ve been waiting for, with the combined efforts of the Taylor Nicholas network selling 100% of our listings under the hammer at auction with the total value exceeding $10 million.

Other agency results don’t necessarily show the same level of optimism with many withdrawing their listings prior or passing in on the day.  This highlights the importance of entrusting your property with a long-standing, knowledgeable agent who has experienced every possible market condition.

All the week’s properties sold well above their reserve prices with one achieving a massive 22.5% increase of $900,000 above expectations.

If you have a non-residential property in Sydney and would like to talk to one of our property experts, visit our website to locate your closest Taylor Nicholas branch for an obligation-free discussion on how we can provide certainty with your property needs.

UNIT ENTITLEMENT – HOW IS IT CALCULATED?

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If you are an owner of a strata unit you would more than likely have come across the term “Unit Entitlement”. Many people believe that it is based on the size of the lot, it’s not! The haphazard way of determining the entitlement on smaller schemes may have put you at a disadvantage.

When developers register a strata plan, each lot is given a unit entitlement based on what the developer believes is an estimate of the market value of that lot at that time. They are not necessarily required to have a formal valuation although typically, large staged strata schemes do.  Allowing a developer to make the decision has left the door open for potential mistakes to be made or worse, gives shady characters the power to disproportionately allocate the unit entitlement (they may have kept a unit for themselves).

The unit entitlement is generally used for:

– The amount you have to pay for levies
– The voting power you have in the strata scheme
– Your share in common property
– Right to share in compensation monies paid by any public authority resuming the whole or part of the common property
– Right to share in distributions of surplus monies in the owner’s corporation’s administrative or sinking fund

As you can see, the unit entitlement is a very important number. If it was incorrectly apportioned,  you could be paying higher-than-necessary strata fees, or on the other hand your voting power and possible share proceeds could be significantly lower than what you would actually be entitled to.

The NSW Civil and Administrative Tribunal (NCAT) can make an order to reallocate the unit entitlements of a scheme if at the time the plan was registered they were unreasonable or became unreasonable over time (for example the land was rezoned).

For more information, see section 183 Strata Schemes Management Act 1996.

You may also be interested in our previous blog, Major Changes to Strata Laws.

To contact us, visit our website for contact details of your local Taylor Nicholas office.

 

Major Changes to Strata Laws

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Collective Sale and Renewal

On 1st July 1961 the NSW Conveyancing (Strata Titles) Act came into force with the first strata being registered in Burwood. 55 years on and we now see a lot of strata buildings become very tired with minimal refurbishment and updating. On 28th October, 2015 the NSW Parliament passed legislation in relation to strata schemes in NSW. This new reform makes it possible for owners in a strata scheme to jointly end the strata scheme so the site can be sold or developed. The reforms are intended to promote urban renewal of our ageing strata schemes. The changes allow for only 75% of the owners to be in agreement to end a strata scheme. Current laws require a unanimous support to end the strata scheme.

Steps for Collective Sale and Renewal

Strata schemes will have to follow a process to ensure all owners are treated fairly and equally and will at least compensate the owners for the market value of their lot plus moving costs.

Firstly 50% or more of the Owner’s Corporation must support the idea or negotiations can go no further. The Executive Committee must first consider a proposal for the collective sale and renewal process. It will then call a general meeting to be considered by all owners.

A committee will need to be elected to investigate and develop the proposal. The committee can engage professionals including lawyers, accountants and property professionals to assist in preparing the proposal. The collective plan is to assure lot owners make informed decisions on the sale of their property. It will show the amount each lot owner will receive, the proposed settlement date, plans for moving out of the building and also detail costs that the Owner’s Corporation will be liable for.

Finally the proposed purchaser or developer must give a full and frank statement as to the intended use of the property for consideration by the Land & Environment Court.

Lot owners will have at least 60 days to consider the proposal and seek advice. For the plan to be approved it needs at least 75% of owners to agree or the plan will lapse after 12 months.

Final consideration is given by the Land & Environment Court. The court will decide whether the process has been followed and try to resolve any disputes through mediation. The court will also look at each owner’s entitlement is just and equitable and adheres to the principles of the “Just Terms Compensation”.

This new law comes into effect in the second half of 2016. Should you be interested in discussing the full potential of your strata scheme contact the experts at your local Taylor Nicholas office.

Joint Tenancy V. Tenants in Common. What is the difference?

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Land Ownership. Joint Tenancy V. Tenants in Common

When acquiring property with friends, family or business associates make sure you are aware of the differences between the two forms of legal ownership, Joint Tenancy or Tenants in Common. The default agreement tends to be as Joint Tenants though the difference is enormous.

There is one major difference between the two. If your ownership in the property is as a Joint Tenant you can not will or gift your share of the property to say your wife or children. Your share of the interest in the land will transfer to the surviving Joint Tenant(s). Tenants in Common on the other hand, do no posses a right of survivorship and any interest in the property passes according to the terms and conditions of their will.

Joint Tenancy

Joint Tenants must obtain the interest in the property in the same transaction and at the same time. All Joint Tenants have an equal interest over the whole of the property and cannot have exclusive possession to any part. Even though the interest in the property cannot be willed or gifted to another it can however be transferred.

Tenants in Common

Tenants in Common can hold either equal shares or the shares can be apportioned to reflect each owner’s contribution. It is therefore necessary for the share holding of the individual to be recorded. Similar to a Joint Tenancy, a Tenant in Common has an equal right over the whole property and not exclusive possession of any part. If you enter into this type of ownership it would be sensible to draw up a contract as to how the other shareholder(s) can dispose of their share, stating they must offer it to them first perhaps. The contract should also include an agreement as to the management and maintenance of the property.

Both types of ownership have benefits depending on your situation. Before entering into a contract for sale of land, we advise you discuss what type of ownership is most suitable to you with your solicitor.

Thinking of Selling or Leasing your property? Contact the professionals that have the experience, local knowledge and track record. Taylor Nicholas, your Prime Property Specialists.