7 figure Attraction Agent
Tom Panos interviews leading real estate attraction agents. These agents share their strategies for writing 7 figures year after year. Simple, powerful and effective - you can apply these tips to grow your real estate business today. For more FREE tools visit: www.tompanos.com.au
7 figure Attraction Agent
Flaky Buyers and Hard Truths │ Real Estate Market Wrap 🗞️
Gear up for the influx of stock, it's crucial to recognize the overarching market dynamics and understand how to maneuver through the intricacies of buyer behavior and economic policies.
The spring tide is in, and those who aren't prepared will find themselves adrift.
Well, well, well, that is the end of another auction Saturday and the first auction Saturday of spring 2024. And is this day an indicator of what the rest of spring is going to look like? Most likely, and I've got to tell you the stock is pouring in. So if you're a real estate agent and you don't have listings or listings coming in your pipeline, I've got bad news for you. Everyone else does, so you better accept it. It's not the market, it's you. Stock is coming in. Anyway, today, nine auctions conducted. Seven out of nine sold, including out of those seven that sold, two that sold prior.
Speaker 1:Then I am a bit frustrated. I've just finished an auction now and it always happens You've got a vendor that has been given an offer of 1.5 and then on the day, gets less. And then the vendor says but we've already had an offer of one five the other day. Well, where's the buyer? Where's the buyer? There's a saying when the hammer drops, the bullshit stops. Where's the buyer? The buyer wasn't here, right? So what was? It was a flaky buyer. And you know what flaky buyers do? They give you flaky offers. And you know what flaky offers do? They actually flake up the vendor's brain, right, and it destroyed us putting a deal together at $1,450,000 because we've got a buyer that said I'd pay, yeah, one, five, but no show. No show, no picking up phones gone missing in action. And, quite frankly, you know, two times today I had real estate agents say tom, are you in a hurry today? That's why is that? Because we got a buyer. You know they're not here yet and I want I don't want to kick it off on time, just want to just wait a little bit. No worries, let's wait, no problems, I've got good news for you. I said one of my auctions has been cancelled prior. I've got time, so I wait 10 minutes. I say to him can we start? He goes. No, he's still not here. I said pick up and ring the buyer and tell him we're going to start. He goes. I can't get a hold of him. I said then ring back again. He goes. I've rung 10 times no answer Brother, he's not coming. Times no answer Brother, he's not coming. He's not coming If he's not there for a two o'clock auction and it's ten past two and you've made ten calls and they're missed calls and he's not responding. He's not coming. So here's an advice, real estate agents why don't you ring up all your expected bidders on the morning of the auction like a nice, friendly agent, wish them all the best, tell them you're looking forward to seeing them and work out at nine o'clock in the morning whether you've got a buyer coming or not. And you know how. Yes, you know.
Speaker 1:I had to go through a property today. I had a nice vendor. He was a beautiful man and I had to break his heart. He took me through his beautiful property and the whole time I just wanted to let him know. But can I speak? He wouldn't let me speak. He's going come in, let me show you You're going to love this house. He's taking me for a tour. It was like I was on one of those you know TV shows where they're taking you you know, for those beautiful extravagance. Look at every little detail of the property Took me out to his granny flat and showed me how.
Speaker 1:He did not cut any corners on his granny flat. And every time I wanted to open up my mouth and all I wanted to say to him is listen, you've got a beautiful granny flat, but you've got zero people that are registered for your property today, do you understand? But I couldn't because he didn't give me a chance. And eventually we got out to the back, I looked at the granny flat and I said you've got a beautiful home. He goes, thank you so much, thank you so much. And he said let's go do it. And that's when I said to him I've tried to explain to you 10 minutes ago there is no one registered. When no one is registered, you have zero chance of bids. If you don't have any bids, you can't sell your property. It doesn't matter that your granny flat is beautiful, it doesn't matter that your granny flat is beautiful.
Speaker 1:Anyway, team, as for the Reserve Bank, as for the Reserve Bank, well, actually, not the Reserve Bank. What's that woman? Sandra Bollock, michelle? What's her name? Michelle Bollock, the new RBA? Well, I've got to be nice to her. She lives around the corner from me, but I've got to tell you she doesn't get it either.
Speaker 1:She actually said something really stupid the other day. She actually said that inflation hurts more than interest rates. No, not exactly, mrs Bullock. Ms Bullock, sandra Bullock, reserve Governor, not really.
Speaker 1:No, no, you're not 100% right there. Because if you think paying $1.50 extra for a cup of coffee because of inflation, that that hurts a person more than having to pay $4,000 a month as their loan repayment instead of $2,500 a month as their loan repayment. I'm letting you know you're wrong. And there's one big difference, ms Bullock. The person can make a choice on whether they buy a coffee or not, but they don't have a choice of making their loan repayment. So you're not 100% right at all. And anyway, what's this big deal that we've got to get it down to exactly between two and three percent in that bandwidth? And do you honestly reckon Listen, here's the thing with inflation Do you honestly think that cup of coffee is going to go back down from six dollars fifty to two to five dollars again? Do you think builders are going to charge you less? It's not happening.
Speaker 1:Anyway, team, I've got to tell you that's what happened today. That's what happened today. And I dedicated one of my auctions in Panania watch that one with a wooden spoon to the West Tigers because they have won. This is the team I have followed since I was four years of age Balmain Tigers. They merged, they became the West Tigers. They have won the wooden spoon three times, not once. Once you're unlucky, twice you're not good, three times in a row, the wooden spoon, the West Tigers that's a shit team, terrible, anyway. Anyway, guys, I'm going to call it quits signing off.