The Real state service industry in Australia is high profitable. In this industry residential, commercial (retail, office and industrial) and rural properties are leased and sold. Customers consist of vendors and lessors, and the buyers can be divided into three broad retail categories- Household owner-occupiers, investors and commercial businesses. Factors such as the level and value of property sales and leasing activity, levels of home ownership and levels of housing rents greatly influence the industry.
Over the five years through 2013-14, the industry revenue is forecasted to increase by 0.9% annually to reach $9.4 billion. Low growth in this industry is due to falling demand for properties from investors, commercial businesses and home owners. Investment in the property sector has fallen because of adverse economic conditions, increase in debt levels and reduced access to finance. The most significant market segment in this industry, is the household owners-occupiers segment accounting for almost 47% of the market.
Majority of the real state establishments in Australia, are in the Eastern states of New South Wales, Queensland and Victoria. These states account for almost 80% of the total enterprises in Australia. This regional distribution of establishments is a reflection of the population demand pressures.
Mid-sized businesses in this industry are performing the best and dominating markets in all states. However, the largest businesses are highly profitable in smaller markets such as the northern and Australian Capital territory. The operators in these states are much smaller and cannot compete with large businesses.
- Find ATO benchmarks at (https://www.ato.gov.au/Business/Small-business-benchmarks/In-detail/About/Small-business-benchmarks/)offer a broad database of small business benchmarks, which are a guide to help business compare their performance against similar businesses in the industry.
- Find a niche market after exploring the industry coming up with an area which gives you a competitive advantage;
- Setting Long-term realistic goals and having a long-term perspective on things is crucial;
- Good communication and people skills is highly regarded as people in this profession need to constantly communicate with clients efficiently and effectively;
High degree of ethics and trustworthiness is essential in order to be successful dependability and good faith is crucial. Not only does this help to build a good reputation but also retain clients.