• Realworks received its biggest update in 7 years.
• A more portable experience with all-new mobile functionality.
• Protection against deposit fraud with SecureXchange

Realworks has been redesigned and made even easier to use in the most significant update the forms and contracts system has received in more than seven years.

The exciting redesign solves many of the pain points highlighted by the agents and property managers of Queensland, delivering easier navigation, new tools, and mobile phone functionality to allow for the tracking of forms while on the go.

David Howell, the CEO of Dynamic Methods, said the improvements made it easier for agents and property managers to work remotely, the importance of which has been underlined by the ongoing threats of COVID as well as the lockdowns and changing work practices that came with it.

“Lockdowns have really underpinned the need for agents and property managers to be able to work out of the office without losing any productivity,” Mr. Howell said.

“Agents have to be agile and have access to information quickly, so having Realworks on their mobile will allow them to quickly see the status of a contract that is out for signing and resend documents when needed.”

The Real Estate Institute of Queensland's (REIQ) CEO, Antonia Mercorella said the simplified layout, improved visibility, and portability of the updated Realworks delivered an easier, more efficient experience for users.

“The new look feels a lot more intuitive and easier to use as well as navigate, which together with the DocuSign updates and new integrations, makes it easier than ever for users to increase their productivity and reduce some of the stress and risk from their workflows,” Ms. Mercorella said.

One of the biggest updated features is that of electronic signatures, with improvements made to DocuSign and its integration into Realworks.

“The use of electronic signing tripled overnight post-update, with the improvements made to DocuSign’s functionality,” Mr Howell said.

This spike in productivity is prominent with Mr. Howell highlighting that 78% of electronically signed forms are completed and returned within 24 hours of being sent out for signatures.

Realworks also features a new integration with SecureXchange, an online platform powered by InfoTrack, that makes it easy to securely request bank details and deposits.

“We are very excited about the SecureXchange integration, it’s a great solution to protect against scammers and fraud of deposits which is sadly becoming an increasing risk in real estate,” Mr Howell said.

“Using the SecureXchange integration with Realworks, agents and property managers can request deposits, bonds and account details securely and without the risk of the information or money falling into the wrong hands.”

About the REIQ

The Real Estate Institute of Queensland (REIQ) is the peak body representing real estate professionals across Queensland. As the State’s most trusted and influential advocate for real estate business interests and private property investor rights for more than 102 years, the REIQ remains committed to ensuring the highest levels of professionalism and good governance are achieved through regulatory compliance and the advancement of an industry code of professional conduct.

About Dynamic Methods

Dynamic Methods is Australia’s leading provider of forms and contracts to the property industry and powers more than 600,000 Australian real estate transactions per month. Established in 2005, we have partnerships with Real Estate Institutes in NSW, QLD, WA, SA, NT, TAS, and ACT, our products are used around the country by 7,000 real estate agencies and 50,000 agents and managers. More than 34 million forms have been generated and used since launch.

The new property address search improves the filtering of searches and forms within Realworks and significantly saves time on searching.

The update brings users a revolutionary experience on the platform. Realworks will now relate forms to the addresses within, rather than wading through long lists of forms and searching for a title with keywords.

When users input an address into the forms list’s search bar, Realworks will scan through the forms and find the ones that have the searched address recorded inside them, finding more accurate matches from there.

This new process means forms are associated with the actual addresses they belong to, making the property address search a more efficient means of searching for forms.

If you have been using Realworks for a long time, or even just a lot, you might have pages upon pages of forms, searching might not have been this easy…the solution has arrived.

The search process is easier and faster than ever before and will certainly improve how quickly our users can get the job done.

As with all the new features and integrations that make up Realworks 2.0, the property address search has been implemented to streamline workflows for commercial agents and property managers.

To learn about the other improvements and features that are now available on Realworks you can watch this video here.

Commercial property managers need to be more diligent than ever when securing new tenants for commercial, industrial, and retail property in this post-lockdown era.

There is a growing number of insolvencies as companies start to move off the benefits of virus-related subsidies, such as JobKeeper, that the Government created to secure the economy during the pandemic.

Unfortunately, this has created a potentially perilous landscape for agents and property managers. To conduct best practice due diligence, you must now delve deeper than ever into the commercial records of companies seeking new leases or extensions to current arrangements.

Failure to meet these obligations exposes you to compensation claims from a client and potentially disciplinary action that can result in restrictions on your license, suspension, or a loss of your license - the stakes are extremely high right now.

We know you take these responsibilities incredibly seriously and we have integrated the ability to conduct more detailed searches and reports with Australia's largest credit checking provider, Equifax.

Below are seven tips to help you execute a best-in-class due diligence...

1. Be aware that an ASIC search and obtaining director guarantees may no longer be regarded as sufficient due diligence when working to protect your landlords or clients. Standard checks do not reveal signs that companies may be ‘zombies’ or ‘phoenixes’.
2. Ask prospective tenants for financial information, such as a balance sheet and cash flow projection. Ensure these have been signed off by an accountant.
3. Seek a corporate structure diagram to get a “picture of substance” of a prospective tenant.
4. Always verify facts and materials that are presented.
5. Watch for tenants who suffer drops in turnover, reduced employee numbers, or cease trading on the premises.
6. On the REI Forms Live system, use the new Equifax integration to request in-depth reports that focus on a company’s payment record, trading history and directors’ performance.
7. In addition, check credit risk scores for an enterprise and its directors from Equifax.

Sending out forms…

Print SIGN Scan Email… Print SIGN Scan Email… Print SIGN Scan Email… Print SIGN Scan Email…

It’s a daily occurrence…

Print SIGN Scan Email… Print SIGN Scan Email… Print SIGN Scan Email… Print SIGN Scan Email…

The boring repetitiveness of it all…

Print SIGN Scan Email… Print SIGN Scan Email… Print SIGN Scan Email… Print SIGN Scan Email…

It does your head in!

But what if you didn’t have to physically sign every form?

What if your signature was part of a form template?

Then you wouldn’t have to worry about signing, printing or scanning – you could just email the completed form and get on with more productive and rewarding tasks. Oh happy days!

Well, guess what – REI Forms Live, your form and agreement creation tool, now gives you the ability to save and store your signature in selected letters and notices.

That’s a whole lot of Print SIGN Scan Email off your plate. And it’s quite green when you think about it – less paper and empty ink cartridges.

But that’s not all!

If you use a CRM that merges to templates within REI Forms Live, you’ll be able to create a new template and apply your signature to that. Viola! Multiple notices, ready for sending straight out of REI Forms Live!

For more detail and states this applies to, check out our help guide.

Enjoy!
The Form Guru

Record-low insolvencies this year were a red flag that warned commercial real estate agents of an increased risk of lease defaults, a financial industry leader has warned.

Some 58% fewer bankruptcies had been reported year-on-year due to Covid-related support from government and financial institutions, said Scott Mason, general manager of commercial property services at Equifax.

The pending withdrawal of JobSeeker, the end of bank loan deferrals and a re-tightening of director obligations would threaten the immediate future of many companies, he told a webinar of more than 300 agents.

“While on the surface a record-low rate of insolvencies would appear good news, it isn’t,” said Mr Mason. “Many more companies would have gone bankrupt without Covid assistance.”

He said speculating on how many enterprises would eventually liquidate had become the “topic of the year” in the financial sector.

“Real estate agents need to be more diligent than ever,” said Mr Mason. “The number of insolvencies we’re going to see in the next six months will be really interesting.”

On the webinar, organised by REI Forms Live, agents were recommended to go beyond normal due diligence practices when checking the credentials of prospective tenants.

While running director reports from the Australian Securities and Investment Commission (ASIC) had been considered sufficient research, the heightened risk of insolvencies meant agents needed to dig deeper on behalf of landlords.

Equifax provides a variety of in-depth reports that focused on a company’s payment record, trading history and directors’ performance. The service included reports that scored an enterprise as a credit risk. These are available through REI Forms Live.

Mr Mason said Equifax was the largest broker of commercial risk reports and also held data across all industry sectors covering 2.9 million commercial entities, one million companies and 550,000 trusts.

Deeper research would alert agents to “zombie” and “phoenix” companies, which existed only because of the Covid relief measures, said Mr Mason.
A “zombie” company is one that requires bail-outs to exist, or can pay interest on a loan but not reduce its principal.

A “phoenix” is an enterprise that rises from the ashes of liquidation, or has been abandoned to avoid paying debts. It then re-emerges to begin the same business but without the debt, leaving suppliers, sub-contractors and landlords high and dry.

The National Head of Property at legal firm Colin Biggers & Paisley, Rhett Oliver, told the webinar that such companies could be difficult to identify.
Common behaviours included failure pay rent or carry out any repairs and maintenance obligations that had been set out in a lease.

Agents should also watch for tenants that suffered drops in turnover, a reduction in employee numbers or ceased trading on the premises.

“You might also see some strange behaviours,” said Mr Oliver, “such as tenants asking for a new entity to go on the lease but with the same directors’ names but different ABN.”

Agents needed to remember they were obligated to “act in the best interests of their client”.

“They must show due care, skill and diligence,” said Mr Oliver. “Agents need to verify facts and materials that are presented to them.”

Failure to meet these obligations exposed an agent to compensation claims from a client and disciplinary action that could result in restrictions on their licence, or suspension or loss of their licence.

As part of any due diligence, Mr Oliver recommended agents seek a corporate structure diagram to get a “picture of substance” of a prospective tenant. Doing additional due diligence through ordering reports that took a deeper look at the credit rating of a business, its directors and associated entities could all be part of an important paper trail.

They should undertake company and credit searches, using ASIC and other providers, and ask prospective tenants for financial information, such as a balance sheet and cash flow projection that had been signed off by an accountant.

The chief economist at REA Group, Nerida Conisbee used the plight of Melbourne’s CBD as an example of how business districts could lose tenants quickly. It had lost 300 shops because of Covid lockdowns.

The balance of negotiating power in retail had swung from landlords to the tenants as a result. “Retail has always been seen as incredibly safe but now it has become a problem,” she said.

Office space was suffering similar pressure with “quite high rates of vacancies and drops in rent”, she said.

This was not true for every capital city, however. While Melbourne struggled and Sydney continued to recover, Perth was enjoying a “new mining boom that is flowing through to the office space market”. Hobart was “doing really well”, too.

Industrial space had also benefited during Covid because of the increase in online shopping and the infrastructure needed to support that trend.

Ms Conisbee predicted that three economic sectors – hospitality, education and tourism – would continue to struggle, and some tenants in those lines of business might find it difficult to pay rent.

To view the entire webinar, please visit https://vimeo.com/522125136

Equifax Commercial Risk reports can be found inside your Forms Live, Realworks or REI Forms Live account.

Real estate agents have been warned to watch for “zombie” and “phoenix” companies seeking new commercial leases in the aftermath of the COVID-19 crisis.

Businesses that can only survive with virus-related government support were zombies that will never live beyond their hand-outs or complete a multi-year commercial lease, industry leaders have said. Phoenixes were just as unreliable – failed enterprises re-birthed under new names by their same dodgy directors.

Agents were urged at a webinar held by the REIQ and electronic forms specialist, Realworks, to double down on their due diligence of prospective tenants.

“You need to be sure the tenant is sustainable beyond government support,” said Antonia Mercorella, the chief executive officer of the REIQ.

It was the responsibility of agents to ensure new tenants “have the financial capacity to meet their obligations under the lease.” This is the fiduciary duty of every agent on behalf of their client, Ms Mercorella said.

Webinar organiser Realworks has integrated new credit reports from Australia’s largest credit reporting agency, Equifax, to help agents conduct financial and credit checks on companies and their directors.

The head of Equifax B2B Commercial, Andrew Castledine, told webinar participants 57% of companies that went into external administration never had that event recorded on their financial history.

Agents needed to be careful of “phoenix” companies whose directors had “run them into the ground” and then re-emerged under a different name, he said.
Equifax and Realworks had formed an alliance to help protect agents and their clients from prospective tenants who had little chance – or no intention – of fulfilling the terms of their lease.

Mr Castledine said the common work practice – to conduct an ASIC search and obtain director guarantees – was insufficient due diligence in today’s environment.

Instead, agents should request a Trading History report using the Realworks system, which linked directly to Equifax’s database. This would reveal all ASIC information, plus the credit histories of the company, its directors and any owners who stood to benefit.

Equifax also provided a profile and credit score for each director.

“We trend and track how companies are paying others in the market,” said Mr Castledine. “We can predict an adverse event occurring.”

An increasing number of agents were beginning to use the service, which indicated unease with some prospective tenants currently seeking commercial space, he said.

Several areas within the commercial property sector were enjoying a resurgence of interest from investors and companies that had benefited in the virus crisis, said Julie Ryan, of Ray White Commercial Sunshine Coast and an REIQ chapter member.

Low interest rates and continued unease about the share market were encouraging buyers into the market despite negative media commentary. Demand for industrial space was “going through the roof”, driven by online retailers that supply goods through Amazon and eBay, she said.

While major shopping centres had reported a 40% drop in foot traffic during the early stages of the pandemic, suburban retail strips were booming and regarded as excellent investments, Ms Ryan said.

National retail chains in the major centres had renegotiated their leases in a “nanosecond”, she said, but concern remained for small businesses that had not reset their lease terms. Some were in a “world of pain” and “burning through their life savings to stay alive”, Ms Ryan said. These smaller retailers were at risk of becoming zombies.

“They are neither dead nor alive,” she said. “A business struggling pre-COVID has been given a lifeline by Jobkeeper,” she said. “Superficially, the staff are still there, but in reality, these businesses are being propped up artificially.”

Agents needed to learn ways to detect tenants in this predicament and act before the hand-outs dried up.

The industry leaders urged agents to work co-operatively with tenants who were struggling. “Making them the enemy is not productive,” said Ms Ryan. “We should engage at the human level.”

Agents should also watch for tenants who were occupying more space than they now needed. This was the number one clue to a business that might eventually struggle to meet its lease terms.

Ms Ryan said agents should be constructive, and she offered an example in which a tenant had given their landlord a licence to sub-let space in the hope it would subsidise their own rent.

“Building owners have real problems, too,” said Ms Ryan. “Their borrowings and loan-to-value ratios are impacted by rates per square metre. We must make sure we don’t create an enormous problem for owners later on.”

REIQ’s Antonia Mercorella echoed the need for a human approach to ailing tenants. “This is a difficult balancing act for agents,” she said.

“It’s very easy to say, ‘we have a contract’, and set out a tenant’s obligations. Agents have a fiduciary obligation, so they must act in the client’s interest and be responsible for who they put in a building.

“Where we’ve landed is a reasonable position,” she said. “Humanity is what we have seen.”

Equifax Commercial Risk reports can be found inside your Realworks account. Go to: https://app.realworks.com.au/#reports

Do you still have questions about eSigning using DocuSign in REI Forms Live?

Read on to find out what the industry and industry leaders are saying:

One of our favourite agents, Tom Hector, loves the REI Forms Live integration with DocuSign. Listen here for how it has transformed his business and see Tom here

Listen (and watch) Tom Hector, David Howell and Conor of DocuSign discussing How technology is modernising real estate, focussing on the integration between REI Forms Live and DocuSign, here.

Brad Newton of DocuSign APAC and our own David Howell quoted in REINSW's May/June 2018 Journal here.

Tim McKibbin of REINSW provided tips on how you can prepare for eSigning in your business here.

Property Tree have announced that they have completed their integration with REI Forms Live in the ACT.

Nothing makes the team at REI Forms Live happier than when an integrator lets us know that they have our full set of states and territories!

Contact Property Tree for more information, or refer to the REI Forms Live help guide for integration details.

Milestone for real estate forms

Australia’s leading real estate forms software supplier is celebrating a major milestone – the download of the 16 millionth form using its software.

Dynamic Methods is creator of REI Forms Live, used around the country in 7,000 real estate agencies by 36,000 agents and managers to create hundreds of form templates and annexures.

Managing Director David Howell created the software in 2009 when he recognised the repetitive and inefficient nature of real estate paperwork. Through partnerships with Real Estate Institutes, he developed REI Forms Live which has now become the industry’s essential online tool.

REI Forms Live complies with real estate legislation in every Australian state and is endorsed by the real estate institutes in SA, NSW, Queensland (known as Realworks in Qld), WA, NT, Tasmania and ACT.

“We’re incredibly appreciative of the partnerships that have been forged with real estate institutes around the country,” David Howell said.

“It’s that close relationship that enabled us to develop this software, and the download of the 15 millionth form is a fantastic endorsement and reminder of how useful the software is.

“Our platform gives real estate agents and property managers the ability to create, edit and manage forms and contracts from any of their devices – their computers, tablets or smartphones.

“This is an incredibly useful tool for real estate professionals, who often work away from their desks, are time-poor, and operate in a competitive environment where they want to service clients as swiftly as possible.

“The forms are truly mobile because online users can move back and forth through the document while it’s being filled out and, once the form is complete, the data is saved to a central database and can easily be edited, printed, emailed or finalised and signed.”

Dynamic Methods also developed Inspect Live, a property inspection app, and Apply Now which allows online tenancy applications. Both products integrate with REI Forms Live.

http://www.dynamicmethods.com.au/

Tina Case has no idea why she was chosen to talk about our leading edge, world class REI Forms Live software… apart from the fact that she uses it. Fair enough too; Tina is just one of 35,000 agents across Australia who works more efficiently and effectively with REI Forms Live.

“It was pretty random, I guess,” Tina muses, “but I love being up with the latest technology and I was one of the first agents to use REI Forms Live… I’ve sort of been with them from the beginning. And I’m a feedback kind of person, so I guess I may have helped improve it over the last few years.”

Yep, good reasons… But the simple truth is; we really like Tina. She and her husband own and run a very successful agency – The Professionals at Lithgow. And Tina has been just been awarded ‘Regional Property Manager of the Year’ by RE Business and ‘International Property Manager of the Year’ by The Professionals Group. So if anyone is qualified to comment on REI Forms Live, it’s Tina.

“When the electronic forms and property managements apps started coming out, I tried a few different ones, but REI Forms Live was the most intuitive. And the software developers…”

(That’s us – Dynamic Methods)

“…have been really positive in responding to any feedback I’ve provided them; particularly around functionality.”

That’s true. Tina and other agents have been invaluable to the development of REI Forms Live (and its other aliases). In fact, we are constantly updating and improving the way the software works and performs.

“As a Property Manager, I’m out of the office quite a bit, so portability is a big thing for me – being able to do my ‘paperwork’ while at a property is a great time-saver. For example, using the Inspection App to write an inspection report on my phone or tablet is fabulous – it remembers my key phrases, so I don’t have to retype every comment. I can also make changes to a report after I’ve closed the app… it’s not locked in. Put simply – I’m much more productive and the landlords love it.”

Increased productivity is the reason why more and more agents are using REI Forms Live – they are working smarter and providing better service to their clients.

“I use REI Forms Live every day for all aspects of my work – leases, terminations, agency agreements, sales, etc. and I can fill them when and wherever it suits me. I can’t wait for the legislation changes in NSW so I can use the remote signature feature on all the forms. That will make things even better.”

If you would like to register or learn more about REI Forms Live, go to www.reiformslive.com.au

REI Forms Live on the road again! This time to Tasmania (Hobart, Launceston and Ulverstone to be exact) from 9th to 11th April, 2018.

The Real Estate Institute of Tasmania are holding Property Management Forums to bring their members together to continue to provide them the latest information on the industry and networking opportunities.

Our Managing Director David will be there providing insights into some features of REI Forms Live, including:-

• Electronic Signatures
• Using DocuSign in REI Forms Live
• Bond Lodgement and Claim Forms
• Landlord insurance process
• Inspect Live (our new Property Inspection App!)

Are you booked in to attend? Come and say "Hi!" -> http://reit.com.au/training/forums/propman-forum/

Pets are an important part of the family and REISA has taken steps to ensure that tenants and landlords are protected by a pet agreement that reflects the obligations of a tenant towards keeping a pet in their rental property.

Following discussions with the RSPCA and Shelter SA, REISA has taken steps to formally recognise that allowing a tenant to have a pet can be an overwhelmingly positive experience for all involved.

The positives for a landlord of allowing a tenant with pets can include a long term tenant, a faster turnaround in securing a tenant, a reduction in advertising expenses and the fostering of a better relationship with the tenant if they desire to own a pet during the tenancy.

The positives more generally can include significant mental and physical health benefits for the tenant as well as reducing the numbers of unwanted pets in the community.

REISA CEO Greg Troughton said “While it always should be the landlord’s right to ultimately make the decision about whether pets are allowed or not, it is important that a landlord recognises the many benefits that tenants with pets can offer.”

“REISA has now provided a pet agreement on its online platform – REI Forms Live – which recognises the special place that pets can occupy in a tenant’s family. The pet agreement reinforces to the landlord that the tenant will care for them accordingly and ultimately be responsible for the pet throughout the tenancy”

“The introduction of a formally approved REISA pet agreement should go some way in alleviating the reluctance of landlords to ever allow a tenant with a pet into their property” Mr Troughton said.

This new form has the form code FM6150 and is available in the Residential Property Management category as a standalone form and as an annexure within the FM6100 Residential Property Tenancy Agreement.

Faster than a posted letter.
More efficient than ten PAs.
Able to leap paperwork in a single platform.

Look! There on your screen!

Is it a condition report?
Is it a photo-gallery?
Is it a Property Manager’s dream?

It’s our new Super App, Inspect Live!

Yes, Inspect Live – the single-platform answer to inspection reports, with powers and abilities beyond those of current technology. Inspect Live – able to change the course of mighty piles of paperwork, save time with the touch of a finger, and, disguised as a simple icon on your screen, promote efficiency, productivity and the Real Estate way!

We’re sort of from a different planet.

Having already developed the very popular REI Forms Live, we we’re looking to improve what we offered busy real-estate agents. So we locked ourselves away in our secret cave and started thinking and hypothesising and sharing jellybeans.

I guess people might say we’re from a different planet… maybe we are… we certainly have an unearthly ability to be ground-breaking.

From these cave sessions, we developed Inspect Live – effectively combining three common inspection reports (ingoing, outgoing and condition) in one easy-to-navigate platform – for both Apple and Android formats.

We heard the cries for help, and flew to the rescue.

We’d like you to know we actually take on board people’s feedback. In fact, Inspect Live has been moulded on feedback, and the fact that we constantly talk amongst ourselves about improving things. Silence is innovation’s kryptonite.

99% of the feedback we receive is super-positive – so thank you. However, we received a few comments from our country-based agents about their unreliable internet connection and how it affects their ability to use our current inspection tool. So, we devised a way for Inspect Live to take photos and input information off-line (reducing data usage) and then sync with REI Forms Live back in the WIFI world.

We think you’ll be super-impressed by Inspect Live. It is very visual (which clients love), really intuitive and simple to use. Inspect Live will help make your busy work life a lot more efficient, allowing you time to give your clients a truly personalised service.

Stay tuned.

The story is not over… we are constantly devising ways to make your world a more efficient, practical and time-rich place to be. Stay tuned for the next exciting Super App instalment.