Announcement - Real Estate Forms

In 2007, in keeping with its stated philosophy of working in the best interests of its members and the real estate industry as a whole, EAC signed a Heads of Agreement with the Real Estate Institute of NSW (REINSW).

The Heads of Agreement provided for the two organisations to enter into joint venture arrangements for the provision of several goods & services including a real estate portal and data, real estate forms and training.

This was considered prudent on the basis that we served a very similar customer base and in many cases duplicated services to customers that were members of both organisations. Allowing each organisation to concentrate on their individual strengths brought with it the ability to take advantage of the resultant economies of scale, delivering enhanced goods and services at better prices for the benefit of agents, consumers and the industry at large.

The further perceived and perhaps most important benefit was that this joint venture arrangement would lead to the industry regaining a semblance of control of its own destiny in areas such as real estate data and internet advertising.   In August 2008 the REINSW withdrew from the realestateworld.com.au (REW) element of the joint venture and EAC made the decision to continue with REW on its own for the benefit of the industry and consumers as a whole.

Notwithstanding its continuing commitment throughout 2008, in early 2009 REINSW began to diminish its commitment to the joint venture arrangements relating to electronic and printed real estate forms. Under this joint venture arrangement EAC provided its technology platform for electronic forms and its printing capabilities for printed forms while REINSW brought its IP in its real estate forms to the venture.  For reasons best known to the REINSW, REINSW approached the Australian Consumer & Competition Commission (ACCC) in order to bring arrangements into question. However, during the entire course of 2009 and continuing into 2010, REINSW saw fit to continue to use and obtain the benefit of EAC’s technology platform.

After cooperating with the ACCC, EAC awaits the outcome of the ACCC’s investigations which have to date spanned 2009 without any indication as to its views.

It is evident and regrettable that REINSW no longer wishes to maintain a relationship with EAC in any form.  Accordingly and upon expiration of the Heads of Agreement on 20 March, 2010, no relationship in any form will exist between the two organisations and EAC will be re-entering the real estate forms market with its own new suite of printed and electronic forms.

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