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
From Lead to Listing: How to Increase Your Conversions with Avi Khan
Tom Panos with Avi Khan from Ray White and Warwick Steele from LocalAgentFinder to discuss the transformative impact of LocalAgentFinder's services on the real estate industry. The conversation delves into the best practices for converting leads into listings, emphasizing the importance of speed, intent, and strategic follow-ups.
This webinar is sponsored by: LocalAgentFinder
Okay, the doors are open and let them in. If you build it, they will come. And that is what Local Agent Finder has done quietly over the last few years building a platform that allows vendors who aren't using other methods to connect with real estate agents but want to go on to a comparative site. Well, Local Agent Finder, my friends, have been doing it better than anyone else in Australasia, and particularly in Australia More to come on that. I also have with me today one of their big clients and a person that we've had on regularly over the last few months, the great Avi Khan from Ray White in Queensland. Avi, good to see you and thank you for joining us today.
Avi Khan:Thanks for having me, Tom.
Tom Panos:And also Warwick, one of the senior executives of Local Agent Finder. He is coming to you via their offices in St Kilda in Melbourne. Good to see you, Warwick.
Warwick Steele:Thanks for having us, tom, excited to be a part of it today.
Tom Panos:Yep, we are being live streamed at the moment. Everyone and I am letting you know that at the end of this session I will be giving away a 20-minute free, one-on-one coaching session for those that are on social media. All you have to do to actually win the prize in the comments below. All you have to do to actually win the prize in the comments below give us one reason why you love Local Agent Finder and you must press the share button. Of course, we're trying to get this out to as many eyeballs as possible, but, gentlemen, today's webinar is going to be talking about what are the effective agents doing that are going from getting the lead to actually signing up the listing, the pathway to lead, and then getting the Form 6 signed if you're in Queensland.
Tom Panos:Everywhere else, the agency agreement and let me tell you there is none other better than, of course, avi Khan, whose office has done 100 deals with local agent finder, and well done on that, avi. Can I ask you what's your view? What is it that's got to happen? Because a lot of agents are getting the leads, but I often find that they do not treat a local agent finder lead with the same respect they do other leads, for various reasons. Often I don't know, harvey they'll say oh, I already got it in my database, or it's too expensive. What are your views on that?
Avi Khan:Look, I think the database thing. Let's start with the database thing because it's a run, everyone's running to build a database, right, like we're putting everyone that we know in the area, we're putting all the schools, we're buying data at the moment. But the thing that's crucially missing in that piece is the relationships. We're really struggling as agents to create relationships, whether it's a mind block, whether it's laziness, whether it's skill deficiency. So when you look at something that local agent finder has done, they've actually managed to create a relationship with their client. So what we're saying some of us are saying at the moment the industry is saying, hey, you've got the relationship, you're sending it to me. I'm not create a relationship with that client. So what we're saying some of us are saying at the moment the industry is saying, hey, you've got the relationship, you're sending it to me, I'm not going to bother because you know what? There's three agents involved now. Like, why would I? Like I'm not going to pay a lead for you and all the other things? But my mindset and my team's mindset is different, tom, because you've got to back yourself as an agent. You've got to say to yourself I'm the best agent out there in my marketplace. You've got to have that self and a belief right. So when that local agent leads, come through, you know you're up against three of the best agents in the marketplace. You've got to say to yourself let's go, I'm ready to go.
Avi Khan:This is the time for me to showcase my skills. This is the time for me to show them, show the seller what I've done in the marketplace. This is time for me to show the seller the premium results that I'm getting, whether it's auction or private tree, whatever method you're using. This is the time for me to show the seller where my buyers are coming from. This is time for me to show the seller how my team's going to work to give them the premium price.
Avi Khan:So we're shying away from that in the industry, because I think sometimes we're just looking at our skill level, saying, hey, I don't want to compete with the other agent, I'm going to let it go, but I'm becoming uncontested. It's really hard in the industry, right? Unless you build a relationship. So when you contest it, it should be a battle opportunity for you, saying I'm going into battle. This is everything that I work towards. All the scripts, dialogues, training I'm doing with tom panos and your other trainers, your principal. This is the time for time for you to say let's go, let's go get the listing right. So you say, oh, I'm going to give away whatever it is 20, 25% for a lead, but it's better than giving away 100%, right, you're not going to get the listing, so why do we bother with this constant thing? Oh, I'm going to give away the lead fee.
Tom Panos:Okay. So, team, you've heard it there from Avi, one of the great thought leaders of our industry, who's made a very, very valid point, and that is man. The victory in real estate is getting the lead, not winning the listing. The biggest victory in real estate is the opportunity to pitch for the business, not win the business. The biggest victory in real estate, my friends, is being on the shopping list to have that opportunity, and Local Agent Finder provides it. But, avi, you've said something very interesting, and that is you've got to treat that lead like that is my grand final.
Tom Panos:I'm going in there. I'm not going to actually get shrugged off because they don't ring me back on a specific day or because that they're harder to get onto. Listen, if they're hard to get onto for you, they're hard to get onto for the other agents as well. That's the good thing. It's a level playing field. And I'm going to tell you, step number one in improving the conversion of a lead to a listing is to actually go there with intent and treat that listing with integrity. Oh, not, oh, it's one of these listings I'm only going to get 80% of the fee. Well, listen, it's more than 80% of the fee that you'll miss out if you don't get it. What you'll probably be missing out on is the other two listings that you would have got because of the sold by. You would have got on that listing and Avi. A lot of people don't understand. The more listings we get, the more listings we get.
Avi Khan:Stock, breeds stock, tom, doesn't it? Every every listing that you you have out there, you're going to meet at least 20 to 25 people, whichever marketplace you're in. On average, of those 20 to 25 people, how many are selling? If you ask the right questions, mr and mrs buyer, do you need to sell to buy? If you ask the right questions, there's more leads that come from it. So we always look at it and like, oh, I don't want that listing because of you know the fee involved and stuff. But there's actually two or three other commission checks involved in that actual lead right minimum. So if you do your job well, there's probably about seven or eight listings you're going to get from it over the next two years.
Avi Khan:So we get caught up in this thing that I'm too good, I'm not going to get this. I'm too good, I'm not going to go out there. No, no, they need to call me themselves. But guess what? They haven't. There's a reason why they haven't and there's a reason why you should be acknowledging the fact that, like you said, tom, I'm on the shopping list now. This is the most exciting thing that's happened. I've got agents in my office. When they get their leads I'm like Avi oh my God, I'm on the shopping list. What do I do now? So that's the next level We've got to treat it like. Oh my God, this is something that I've worked towards and now I'm there.
Tom Panos:Perfect. Now let's move on. I want to actually talk to you about a very important part of this process. You need to understand that in 2024, they are doing a digital interview on you. Right, they're Google stalking you and, with Local Agent Finder, the platform, they are actually sussing you out there online. So you've got to make sure that when they go on there, that what you say gets them to the point where you whet their appetite that much that you've got an updated video. I mean, some of these people Warwick are really doing everything they possibly can to get the agent not being contacted by the vendor because they've got a video that was done in 2007,. Right, they're using old font and often the video is a video that is based on the agent, not based on the vendor.
Tom Panos:The best profile videos and the best profiles on Local Agent Finder are ones that make the vendor the superhero. Please, team, remember, vendors don't care about your Rolex. They don't care about how good you look. What they care about is how will you get me more money for my home? That's all that they care about. How will I be better off in the transaction if I go with that agent?
Tom Panos:So you've got to make sure whatever content they're consuming on the profile page on Local Agent Finder that you appear as a value-added provider. Show more, do more, give more. We've got to get out of the commodity dungeon cage. We're not going to be like the other 55,000 agents and you need to understand that before they take any step, they are probably doing a digital interview on you and Warwick I'd love to bring you in onto this, you being your business there. You must see some of the assets that agents have got that are showcasing them on Local Agent Finder. They're not what they could be. They should be better, they should be more vendor oriented and they should actually be up to date. Love to hear your comments.
Warwick Steele:You're right, spot on, tom. I think a lot of the video and a lot of the content in the agent profiles is often quite dated, and I think that you hit the nail on the head. What we want to try and do is we want the profile to stand out that enables the agent to be able to showcase their agency and the success they've had in the area in recent times by having whether it be in the profile itself or in the video itself videos that are going to hit the mark, to excite the potential vendor that we have, that we've referred across and it's got to be relevant to them. It's got to be information that's going to be going. If I'm looking to sell in St Kilda, what I'm seeing in this video, what I'm seeing in this content, is relevant to me as a vendor, which will drive further engagement. Now, the video stuff is really interesting. I think the video stuff could be tailored more specifically to vendors. So, for example, for agents that have great success through Local Agent Finder, if I'm an agent, what I would be doing is I would be getting a video from a satisfied vendor that says hey, mr Next Vendor, I went through the same process as yourself didn't know where to start.
Warwick Steele:Found Local Agent Finder registered. They recommended Avi and Ray White. I trusted the process, had Avi out fantastic, fella sold the value of listing with their agency and I had an amazing result. A video such as that is going to relate to the next vendor that's coming through. They'll be thinking oh gee, there's somebody that's lived in the same footsteps as us. They trusted the process, they found a great agent, they had an amazing result. So a video like that will really really help boost profile presence. It'll get viewed and I feel the connection will be far greater with a vendor.
Tom Panos:Okay. So, team, please understand, it's not just your approach, it's your positioning on how you appear on the local agent finder site. And whilst you're online, you might as well clean up your other assets, including those on social media, because you might say the right stuff. But if they go onto your Facebook page and they see you on Saturday night being off your face treating it like a joke, I can tell you you can forget about everything that we've said right Now.
Tom Panos:Avi, local Agent Finder leads I touched on before. See, I never go into McDonald's. I just don't like McDonald's. I did when I was young, but I don't eat it now. But when I do go to McDonald's, I go there for one reason, and the reason is it's going to be super quick to get that coffee I'm going to drive through. That's the unique selling proposition they have. There are certain cafes. There's one in Marrickville that sells a cup of coffee for $35. It was in the paper the other day. They're coffee connoisseurs, they're using incredible beans and they are for the fanatical caffeine addict, right.
Tom Panos:However, with Local Agent Finder, the unique selling proposition is that, hey, I want to see who gets back to me quick, because that says to me that this person is first they're on the ball. So, avi, I can't help it. I get agents, including Josh Teslin, who's in your wonderful Ray White group, one of the great agents. He's very nervous because on Wednesday night they've got the awards night where he's going to know whether he's number one or not. But Josh has told me often he goes with local agent finder. If they get the email or text message in the inquiry at 9 58 pm, you contact them at 9 59 straight away because what you're doing there, speed is very, very important currency. Any comments there?
Avi Khan:so one of our catch cries in our office is immediacy is our currency. If there's anything you're going to get out of this, immediacy needs to be your currency. There's a reason why people don't read newspapers they go online. Immediacy is what we need to be. So if a client has requested a callback at 9.58, they've gone online and you're the agent that calls at 9.59 or texts 9.59, they're going to go with you.
Avi Khan:It's always first off the blocks always gets the business more often than not. So think about it this way. Right, you're on the shopping list. There's three agents. Your sellers are more time poor now than ever before. Yes, they've got three agents out there, but in all cases they're not going to interview all three. They might interview one or two most of the times. Second, third call they might say hey, I'm sorry, the other agent's already booked. They're coming out tomorrow. I'll let you know how it goes. That's what you're going to get. So if you don't treat it as like, that's the most crucial thing. Unless you're in a listing presentation, you have to call that lead straight away. So in our office we have a one hour maximum limit. So if you don't call within one hour, it goes to someone else. That's because I know the agent might be in a buyer appointment, in a seller appointment. So that's why we have the one hour grace period for them. But if you're free you should call them straight away, the first person to reach out. That's where you really wow the seller 're going to show them that I really, really value your business, I really value you, I want it straight away. Some agents are like, oh, they can wait, these are the agents not getting business now. So immediacy always has to be your currency. You have to show real intent straight away. That I know your house. I broke past this last week. Yesterday I've driven past this. I've sold one down the road. I've sold one two streets down. I know the house. I'm going to get this property sold for you. When can I meet you? That's what you want to trade away.
Tom Panos:Okay, Can I just say.
Warwick Steele:I think Avi's spot on right. I think that the intent that you want to show the vendor is that you're really keen to win the business. You want to show the vendor is that you're really keen to win the business. And I think when I talk to real estate agents Australia wide and I'm like well, how do you handle that conversation at like 10 o'clock at night and they're like Warwick, if it comes through, I will call the vendor and say hey, tom, I just got your property. I'm excited to speak to you.
Warwick Steele:I see it's in Smith Street. You might have seen we've recently had an auction close by. I've got buyers that missed out on that. I wanted to be the first to call you. I was excited, right, and that sort of energy that they bring to the conversation, right, the vendor feels that. And then at that point of time, whether it be 9.30, 10 o'clock, they're booking an appraisal in. Sometimes it's for 9 am the next day. And then the alternative experience to that is the agent who doesn't call and then picks it up when they get in the office at 10.30 and they've called the vendor and they're like I've already listed or I've already got an agent. It's because they got it at the same time and, as you said before, there was equal opportunity. One just wanted to show intent that they really wanted the business, and that's the difference that you can have in experience with the service sometimes.
Tom Panos:So I want to move on to the next part of our webinar. And the next part of the webinar is the difficult lead inquiry, the one that's got a little bit of resistance, the one that the agent always said and, warwick, before I entered a relationship with Local Agent Finder, I in, in fact, used to do a lot of real estate training for my clients that were using Local Agent Finder, that were saying Tom, how do I handle this situation? Which is I've got a vendor, they haven't returned my phone call or they're being evasive, and I've come up with three key strategies that have helped these agents. And I've got good news for you. Those that are watching you are not experiments. You're not a guinea pig in this. This has been tried and tested by a number of agents and at the end of this RV, I'd love to get your feedback on these three different approaches. The first one is the one that is the sticker shocker vendor. This is the vendor that is obsessed with hey, I don't care about the value. What I care about is getting the cheapest fee, and we know that there is a group of people out there that will fly the cheapest ticket on Jetstar Airline. They don't care about all the value add. I want the $49 ticket. What I can say to you is that we've got to actually face this concept that there are a group of vendors that, no matter what value you show, do want to actually get a low fee. I don't think there is as large a proportion of those as what people think. Sometimes people go in there thinking that everyone just wants to get the lowest commission. I think most people just want the most money in the back of their pocket. They just don't know how to articulate it and they often think that you're all the same. Because you're all the same, I'll just go for the cheapest.
Tom Panos:Last week when I was talking to you, warwick, I was in Wellington when I had that webinar with you and Melissa. I had actually just come back from JB Hi-Fi because I was doing a presentation and I forgot my pointer and the venue did not have a pointer and I went over to buy this pointer and I went into JB Hi-Fi and I saw a salesman and the salesman I said mate, do you sell electronic pointers that change slides when you're presenting? He goes yeah, come over here. And there's three. There was a Logitech, there was a home brand and there was one called Kenway Three. One was 79, one was 69, and one was 29. I said to the salesman. I said, can I ask you what's the difference? He just looked at me. He says oh mate, they all did the same thing. You just change the slides. So I picked the $29 one. Right, because there was.
Tom Panos:To me it was like you're all the same, I just picked the cheapest. It's very important that you're not all the same, but if you do have a vendor that's turning around and thinking to yourself hey, as far as I'm concerned, you are all the same, I just want to get a really low deal. This is the best way to handle that commission person. And I used to do this at Warwick when I owned my real estate office. When I used to have people it wasn't with local agent finder, this was like 30 years ago I would have people that would ring up and say what's your fee?
Tom Panos:And I knew that they were just chasing around with fee. Often they had a pre-existing relationship with another agent and I would say this Mr and Mrs Vendor, I want to let you know my fee ranges from half a percent to 3%. It's a range and it boils down to a number of factors, the kind of property, how long I think it's going to take to sell the value of that property in our business. So what I'd like to say to you is that on occasions we give certain vendors a very low fee on the basis that we believe that that vendor will be so happy with us that they will give us future referrals. So when I come out and see you, I'll be able to discuss it and you might be a vendor that would be suitable. That was enough to get me in the door, right, because I just knew if I could get into the door. So in many ways I was using it as an ethical bribe.
Tom Panos:And often you get with some of these vendors that were a little bit on the sneaky side. They think, yeah, yeah, I'll tell him, I'll give him referrals, I'll just get a low commission. But the point is, once you got in the living room, they started to see the value, because you're eyeball to eyeball and all of a sudden you might still do a deal, not at a half percent, but you might do it at 1.5% instead of 2%, right? So to me, the lost leader I would call this a lost leader listing, and the reason is Warwick and I remember I did it in Carey Street, marrickville. My business partner, george at the time, said, mate, you did that at a really low fee. And I said, george, it's the best house in the area. We're going to get a lot of people coming to our opens. That listing will get us another 20 listings. We might lose five grand on our normal fee, but we'll probably end up getting half a million dollars out of it. So what do you think of that approach Avi?
Avi Khan:Look, I think, going back to what you guys said about the social media profile and everything right, it's actually telling a story. When you go on there, it's actually telling you a story about your client's experience, about what you do. And, coming back to the listing presentation, it's the same same thing. It's the stories that make you what you are. So I would go back and say, mr, mr seller, I do understand that I'm gonna. I just want half an hour of your time to explain to you why the cheapest agent is also the most expensive agent you could hire, because by the time you go through us, you're going to have more money left in your hand at the end of the transaction. So this is what I'm going to show you what we've done with our last three clients. So I always every objection, tom, it's a chance for us to pivot to our listing presentation. So we get really excited as a team. How can we pivot to what we know best, which is our case studies or what we've done?
Avi Khan:I had a seller the other day. They were really obsessed with the fees. We were at 2.7%. The other agent is 1.8%. I demonstrated to them how I'm going to get them 80K more for their property. So at the end of the transaction we got them 100K more than what they wanted To them. We saved them more than $100,000. So the cheapest agent is also the most expensive agent in our books.
Tom Panos:And I think, avi, what you really want to do is whet their appetite so much, create an ethical bribe so much that you get into that living room. That, to me, is critical. Now I want to touch on the second point that comes up. I often find real estate agents say, oh Tommy, yeah, mate, I rang. To touch on the second point that comes up, I often find real estate agents say, oh Tommy, yeah, mate, I rang him, but they never rang back. Well, I just can't get over that concept. Like mate, there are real estate agents that are spending all week door knocking, monday to Friday, interrupting strangers that don't want to talk to you, that probably don't even own the house they're renting there. Yet we're out door knocking, yet we've got this listing lead that's come from local agent finder. They've got a sign on their forehead saying we are looking for an agent. We want to sell our house, and we're getting agents that are saying, oh, I called them. Yeah, they didn't call me back.
Tom Panos:Guys, listen here. That should be part one of 12 parts. You've got to be sort of understanding that that is normal. And in fact, let me tell you if you're ringing up saying hi, it's Tom Panos here from the real estate office Please give me a call back. I'm calling you about your lead that you have called man and they don't call you back. Listen, you got to tighten up that dialogue a lot better. How about this? I got to tell you everyone watching this.
Tom Panos:When I want someone to call me back, I don't say it's Tom Panos from the real estate office. Give me a call, I have this. All I say is this hey, tom here, 0419-916-503, 0419-916-503. Give me a call, I've got some news. Bang. You just actually make it really easy for them to want to come back.
Tom Panos:I don't make it formal, oh, the real estate. I don't turn around and give them the reason. I just say I have some news. Give me a call and I give my number. And then what you do? Team text, the same thing, because you're improving the conversion rate of the person coming back to you and in fact, I would actually use that as your text message. Here is what your text template should be on your local agent finder lead Tom here, give me a call, I have some great news. Bang, full stop. And when they do call, you make sure you got some news. Don't turn around and say, ha ha ha, tricked you. It worked. You call me back. No, make sure you've got something of value. And then the last one I want to. Sorry, arby, you were going to say something.
Avi Khan:No, I agree with you, tom. I think the two things that come out is that someone's left a message, never call them back, right, so you've dealt with that very well. The second thing is you've spoken to them once. What do you do now? Like they haven't called me back? They're not listed yet. I don't want to bug them. Bug them, they want to be bugged. So say.
Avi Khan:Mr and Mrs Seller, I know I'm annoying you. I'm sorry for reaching out to you again, but I wanted to let you know what just happened. Today we have 350 people through all our open homes. Of those, only 25 people have bought a property. I wouldn't be doing my job if I didn't let you know this. Most of them are pre-approved, ready to go. We've got seven people missed out on my auction Now.
Avi Khan:I don't want you to miss out on the opportunity for me to introduce those buyers to your property. If you're okay, can I bring them through on Friday, so there's always opportunities to talk to them. Bug them they want to be bugged and tell them. I'm so sorry for reaching out to you again. I know I only spoke to you two days ago, but the house down the road, this is what's happened recently. Say sorry I'm reaching out in this manner, but I'm not doing my job If I don't let you know what's just transpired in the house next door or the house down the road. We've met 500 people this weekend. Only 25 people brought properties. We've got 475 people ready to go. Can I bring them through this Friday and just shut up and let them talk Like don't be scared, to keep following up, because that's what they want and tell them? Mr and Mrs Seller, I know I'm annoying you, but imagine how annoying I'm going to be to those buyers when your property comes to the market with me.
Tom Panos:Beautifully said. Beautifully said. If you think I'm being persistent, well, let me tell you, mr and Mrs Vendor, in this market 13 rate rises, with all the talk in the paper about real estate I've got to tell you you need a persistent agent. You need an agent that is ringing buyers up all night because you're looking for the best price, not the first price, and the best price is going to come from the best buyer. And I've got to tell you, avi, you're a mind reader, because the third thing that I have found real estate agents tell me helps them to get over the vendor that ghosts them is to use the ethical bribe of the leftover buyer. And a beautiful script or dialogue is this Hi Warwick, tom Panos, here from the Real Estate.
Tom Panos:I'm not sure if this is for you, but the minute you use that dialogue, I'm not sure if this is for you, but the first thing the client does is but why wouldn't it be for me? Let me actually zone in on this. What's it about? But we had an auction last night. I had a buyer that's walked out of our auction room and I saw tears in his eyes. He's desperate, he's emotional and he's vulnerable. To top it all off, he actually bid a hundred grand more than what that property we were expecting was going to sell for and yet he was still the underbidder. I know that today he's going to be walking around talking to real estate agents about buying a home the reason I've called you. Would we be wasting our time mentioning your home to him? It would be crazy for him to go pay top dollar on something else when he could have bought yours at top dollar.
Tom Panos:So, team, what you're using is a leftover buyer. We can call this an ethical bribe, but think about it. All these people want is someone to buy their home at a good price. People want is someone to buy their home at a good price and we're actually creating that story and stories are very powerful because stories sell, facts tell. You've got to be good at the storytelling part of the real estate and that's what we've got Like. If you think about it, what we have is they have a headache. The headache is I need to get from stuck to unstuck. We are the panadol to that headache. We have the buyer that gets rid of that headache. Any comments at all on that?
Avi Khan:Yeah, 100%. Look, the sellers want to know if you're the market leader and not just market share. They want to know the market leader and market knowledge. And you're the market leader and premium buyers. How do you demonstrate to them, can you demonstrate to them, that you're the market leader and market knowledge? And you're the market leader in premium buyers? How do you demonstrate to them, can you demonstrate to them, that you're the market leader in premium buyers? You've got all these buyers left over. The emotional bribery said tom, and you're the person who's going to create competition between all the buyers that are left over. You're the person to go to. There's a reason why local agent finder has said you're one of the agents that the seller should speak to. So you've got to demonstrate to them.
Tom Panos:Okay, now I'm going to answer some of these questions at the end of this. We are a little bit over team. I'm just going to fly through the last five minutes In five minutes. By the way, before you go off, I want everyone to know if you're finding today very useful. May I suggest and, susan, if you're in the background, I know that you've just got off a plane from Japan and Warwick if people at the moment aren't part of Local Agent Finder and they want to become part of Local Agent Finder, what is the best way to get connected with you? Because we all know that more listings equals more money. Who doesn't want to have more money? What's the best way?
Warwick Steele:Yeah, they can easily register on the website, Tom, which is wwwlocalagentfindercomau. There's a little agents tab at the top right-hand corner that they can click on and register a profile which, as you know, it's free to join and it's a pay-on-success model, so anybody who wants to join can do it that way. Or, if they have any inquiries or any questions, they can call us on 1300 765 969 or they can just email agents at localagentfindercomau.
Tom Panos:Okay, Warwick, one thing before we go, and I'll bring Avi into this as well. So a lot of people may not be aware that, yes, Local Agent Finder have got this service where they're providing ongoing leads. And how many, Warwick, roughly how many leads a year are you providing out there to the real estate industry?
Warwick Steele:Look, it depends on suburbs, Tom. Obviously, some suburbs can generate up to sort of 30, 40 leads a month of genuine vendors looking to sell. Others in a quieter area might be sort of anywhere from five to 10. So it does depend on the suburb.
Tom Panos:So you've got a product which a lot of people don't know about. And you told me the other day when I was in Melbourne I was on the phone talking to you in Melbourne don't know about. And you told me the other day when I was in Melbourne I was on the phone talking to you in Melbourne. You said to me, tom, we have so many suburbs that have become available in our prospecting tool. Can you tell me, firstly, what is the prospecting tool?
Warwick Steele:Yeah. So we have vendors that come to Local Agent Finder obviously with an intent to sell their property. Now some are at the early stages of the selling journey and some are ready to go. So those that are ready to speak to real estate agents, they're the ones that we connect through the agent network where on average, three agents will get the opportunity to be able to call that vendor and present to them. We also have vendors that come through that are a little bit early in the selling process, so they might be finishing some renovations, they might be awaiting probate, they might be just months away from selling.
Warwick Steele:Now those vendors that aren't ready to speak to a real estate agent on the day of registering get a different experience altogether. We'll present them a dashboard with the agents we have that service their area and the vendor then has the option to be able to go through and exchange details with the agents of their choice when they're ready, which could be anywhere from a week later to months later. What we find is, tom, is that not a lot of vendors, despite all of our efforts, will come back to the dashboard and exchange details with the agents. But when we sort of track those properties, a lot of these turn into market listings. So we feel it's a missed opportunity for our agent network and we feel it's a missed opportunity for us. So what we have? We have a prospecting tool that can really shape the way that agents prospect Agents can access data exclusively on a suburb level to prospect, to vendors that register with an intent to sell in their nominated suburb, for example.
Warwick Steele:Now we are a little bit limited, obviously, with what information we can give them, but what we can tell you is we've had a vendor register, a property to sell in St Kilda. They live in Smith Street, st Kilda and they live between 1 and 25 in Smith Streets and Kilda. So we can give you a 25 house range to really sort of narrow down your prospecting activity, whether it be door knocking, whether it be letterbox drops, whether it be running that sort of street through the database could be any other means. As such, and if you can refine your prospecting that way, we think it's time well spent. And if you flush out any of these vendors and you list and sell these properties, there are no referral fees attached to these times. It's about going prospective seller. We can help you refine your prospecting. So it's not a needle in a haystack. There's a seller within a 25-hour range If you work that hard enough and you find them and list and sell them. There are no referral fees.
Tom Panos:Okay, okay. This is music to my ears, because you basically told me we can get someone from doing cold prospecting to do smart prospecting. You basically told me we can move away from shooting. You basically got a cannon. It's spray and pray. That is what traditional real estate prospecting is, and what we're doing is spray and narrow to these 25 properties right, absolute gold, and you're not paying a referral fee. But be honest, it's not for free, is it? How much is it? I want to know.
Warwick Steele:Yeah, so the exclusivity for a suburb depends on volume and how many leads we have sitting there, but it'll range between $300 to $600 a suburb and you have that exclusively. So any vendor that comes through that suburb that doesn't exchange details with agents, you get the access to that street-level data to be the only agent that's prospecting to these vendors. So there's no competition from anybody else on the panel. Where you're all dropping letterbox drops or you're all door knocking, it's you exclusively that targets these hotspots.
Tom Panos:Avi, I haven't checked with you. Are you a user of that prospecting tool?
Avi Khan:It's called, so you can be the agent before the seller needs an agent. So think about this way. I'll say to the team there's 25 properties on that street, someone's selling. They'll be out there within the hour, door knocking all those 25 streets. The key thing here is relationships. Right, Tom, You've got a chance to build relationship and be uncontested with the seller when they're ready to sell. This is gold. Right? You're going to be uncontested if you go out and create the relationship. So it's something that everyone should take up because, like you said, it's like narrowing the field. It's no longer cold anymore is it they can't take?
Tom Panos:unfortunately they can't take your suburbs, because you've got us.
Avi Khan:No, they can't take mine.
Tom Panos:Can I ask you, warwick, the way that someone can find out if a suburb is still available? They'll do that post the event, isn't it?
Warwick Steele:Yeah, we are sending out some information to the database in the coming days around the prospecting tool and the availability of suburbs. So anybody, once they receive that email, they can simply reply to the email with suburbs of interest and we can get back to them. But I would say you know that email will be sent in the next couple of days. If anybody has genuine interest and wants to buy it sort of straight away, then again you could contact us on 1300 765 969 or agents at localagentfindercomau and we can look up the availability of suburbs. But they are exclusive so you'd need to be quick.
Tom Panos:Okay. So, by the way, everyone, as I said to you earlier on, before we are giving a pre-coaching session away one-on-one. To go in the running for it, you must tag local agent finder, press the share button, share it on social media and I'm going to announce the winner on Saturday afternoon when I do my real estate market wrap. We're going to have one winner picked. So to actually be in the race, please press that share button. Avi Khan. Thank you so much. A practitioner and a user of what we've been talking about today. Warwick, I want to thank you so much. I'm so pleased to see Local Agent Finder now has become a permanent landscape of real estate agents. And now think about what has happened. We're spending our time and energy on trying to help existing clients actually even get more deals. Susan's been kind enough to actually put in there a unique link localagentfindercomau.
Tom Panos:Forward slash. Tom Panos, you can forward slash if you just want to actually just ring them, if you're a fine person 1-300-765-969. I want to thank you so much both gentlemen. We won't keep you any longer because we know we're in spring. Our olympic games have only just begun. Because september, october, november is real estate state of origin time. That's where all our business is done. Good to see you, arvin thanks for having me.
Avi Khan:Guys appreciate your time. Thank you so much much.
Tom Panos:And you too, warwick, and I'm letting you know to all those that were here. You will be getting a copy of the recording and also the information that Warwick said about whether your suburb is available for the prospecting call. Thank you so much.
Warwick Steele:Thank you guys, Thanks very much Thank you.