CEO’s report Pages

Gil King

REIV CEO

By now most of you will know that I have announced my decision to retire at the end of this year. And, of course, if you didn’t know, well … now you do.

At the end of the year, it will be almost five years since I walked into the REIV office to take on the daunting role of Chief Executive Officer.

I had a lot of ideas for change, and as the first few weeks passed, I developed additional ideas for change. To be brutally honest, the REIV was an organisation that needed a refresh. One of my annoying habits is that I rarely look back and worry about the past. I tend to look at the here and now, and into the future. The words of Socrates have always held true to me: “The secret of change is to focus all your energy, not on fighting the old, but on building the new.” This, of course, is another annoying habit of mine – I love quotations. I remember sitting in that big office on the first floor and wondering how the kid who was enrolled in but rarely attended Noble Park High School got to sit in that chair. I have many people along my journey to thank for unwittingly allowing me to steal their good ideas and traits, and discard their bad ones.

To say there were many organisational challenges is an understatement. I set my sights on some main goals.

First, there was a poor, top-heavy organisational structure which needed to be corrected. Second, I was keen to promote a culture of responsible accountable spending backed by strong financial management with clear and transparent reports to the Board. Next was to future-proof the organisation (little did we realise how important this would be when COVID-19 hit in 2020 and we were able to seamlessly transition to working from home due to our newly developed and comprehensive Business Continuity Plan). Next, the culture of the organisation needed to change to ensure 21st-century policies and procedures were developed, put in place and monitored. Finally, it was important to develop trust among the staff and ensure that respect for others was paramount.

At the time I thought that was pretty much it, but like all organisations I soon came to realise that it was like peeling an onion. As I removed one layer, there

REIV CEO Gil King and former REIV President Leah Calnan hold a webinar for Members.

2017 REIV Ignite Conference: Former REIV President Joe Walton, REIV CEO Gil King, Western Bulldogs Coach Luke Beveridge and Wesfarmers Department Stores CEO Guy Russo. REIV CEO Gil King, Victorian Treasurer Tim Pallas and former REIV President Leah Calnan.

was another layer hidden underneath. I am pleased to say that on reflection most, if not all, of these organisational issues have been addressed and I will be leaving behind an excellent team who know their job and just get on with it.

However, there was much more than the organisational issues. REIV is a strong and respected voice in the property sector. My very first meeting with government was about the proposed changes to the Residential Tenancies Act. That one issue certainly ambled along for over four years with high visibility, low clarity and massive trepidation. And still it continues. Truly, I don’t think we will see the full impact of the RTA changes until well after the pandemic is somewhat in the rear-view mirror. I am proud however that the final version and the accompanying legislation are less horrid than the original version(s). That is about as positive as I can be about it.

We were faced with the ‘rebate statement’ issue on authorities which threatened the entire profession along with the Institute. Some vigorous discussion with government saw the legislative ‘fix’ pass through Parliament on the last sitting day before the State Election. So many people think this was an REIV forms issue. I could not tell you how many lawyers, forms developers and go-it-alone agents contacted the REIV with exactly the same issue. I even had one agent (who shall remain nameless) tell me that their solution to the rebate statement was to leave it out of the authority entirely.

Then there was underquoting, the spectre that pervades our thinking even today. It was front of mind for the profession during my first couple of years. The management of the issue by the Institute posed a significant dilemma. So many people think the

I am pleased to say that on reflection most, if not all, of these organisational issues have been addressed and I will be leaving behind an excellent team who know their job and just get on with it. Gil King – REIV CEO 2019: Federal Treasurer Josh Frydenberg holds a press conference at the REIV with former REIV President Richard Simpson and CEO Gil King. solutions are simple. I can tell you they are not. I sat in several real estate offices talking with agents who had fallen foul of the might of the State. Their experiences were not of a kind any person should endure. My thoughts on this are somewhat controversial so it is best I keep them to myself. Suffice to say, I have been on both sides of the government regulatory process for more than 25 years and that has allowed me a unique perspective. CONTINUED ON PAGE 9

Other major advocacy issues related to Mandatory Disclosure for sales, OC Legislation and the National Training Package. Our training team has had to adapt to the changes in qualification standards during the COVID-19 period and we now have online training as the norm. This, of course, is part of the digital transformation that REIV is undertaking which has included the modernisation of VicForms through our relationship with Hutly, and the Choose a Member platform. Further digital transformation is a major part of the REIV’s strategic agenda for 2021-2023. Once delivered this will give a unique and personalised experience for our Members.

We have held several seminars/ webinars on the issue of cladding which was of particular importance to our OC Members and Valuers. This is a significant issue for real estate. I recall in the first seminar when Stephen Kip discussed cladding and went on to mention the emerging issue of mould in buildings. What we see now is that when cladding is being removed, waterproofing and mould have become identified as major defects. It will be interesting and perhaps distressing to see where this ends up in the coming years.

Then there was/is COVID-19. I recall all too well the Easter of 2020 when the government fundamentally shut down real estate. It is glib to say that it might have been Good Friday, but it was not a good Friday, or Saturday, or Sunday. Monday turned out to be a whole lot better. I don’t think I have ever spoken to a government Minister as much as I spoke to our (then) Minister over that weekend. Eventually we ‘got there’. And then we didn’t. And then we got there again, and then we didn’t, again and again. And so, the carousel goes around.

When I first started out my first few experiences with REIA left me cold. I leave this role in total support of the REIA and its relatively new and amazing CEO Anna Neelagama and her team. REIA President Adrian Kelly, I am honoured to call you a friend as well as Vice President Hayden Groves. Thank you one and all for ‘righting the ship’ so to speak. I would urge every Member to learn more about what an incredible job the REIA team is doing. I cannot mention the highs without reference to my greatest disappointment. That was the failure to secure changes to the REIV Constitution by only a handful of votes. My only comment would be to refer to my earlier quote by Socrates. I think many of the clauses in the Constitution may well have been drafted by Socrates, Plato and Xenophon. Notwithstanding that disappointment, I was so pleased that we were able to welcome OC Managers and Valuers as Members in their own right.

I have been extremely lucky to work alongside five outstanding Presidents. Joseph Walton; your guidance, faith, and trust, remain with me today. Your personal and professional sacrifices humble me. Richard Simpson, my friend, you have always been able to make me laugh and gave me an ear when I needed it most. Your efforts to bring me into the Blues Brothers world were vigorous, if not all that successful. Robyn Waters you taught me so much about real estate outside of Australia and introduced me to so many people of great character. I am so sorry that COVID-19 has removed us physically from those experiences, but the memories remain with me and make me smile. Leah Calnan, your presence over two very long and difficult years elevated our Institute in the eyes of the profession, and the Victorian public. You totally deserve all the plaudits that have come your way. Adam Docking, unfortunately our time will be cut short, however I know you will continue to shine as you have done already. Your support for me and my team has been very much appreciated.

Thank you to the Members who have expressed their support and have actively engaged in such a positive manner with the REIV over the past few years. I wish you all the best for the future.

Finally, it is important that I acknowledge the fabulous staff at REIV. I have been lucky to be part of a team that has helped to make me look good. They deserve as much credit for any success as I do for the hard work we have all put in.

2019 REIV Connect: REIV Information Officer Jim Lourandos, former Senior VP Leah Calnan, former President Robyn Waters and CEO Gil King.

Gil King REIV CEO