What Frustrates Buyers Most (and How You Can Win Them Over) | John McGrath

Your problem is not lack of listings in the market - your problem is lack of transparency.

John McGrath reveals what frustrates buyers the most (and how you can win them over).

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Transcript

John McGrath: 0:00

I just think as an industry we're outdated and we're arrogant thinking. Oh well, I'll just keep the information to myself. I was talking to one of our guys yesterday beautiful guy, great agent and I looked at this property that he had on the home page of our website and it had council rates, order rates, no strata levies. And we put strata levies pretty much on everything, as you should. And I rang him up and I said Ledger, why don't you put strata rates? He said, oh, they're 52 grand a year. I said, yeah, so why don't you put strata? Not putting them up doesn't change it. Well, the vendor sort of said that they thought it'd be better if we get the conversation, we receive it, we chat to them and then we tell them. And I said, with great respect and I do respect your vendor's perspective on things I said what about this? By concealing it, you're highlighting it Because everyone wants to know. Well, hang on, why haven't they put the levies up? And it becomes a bigger deal because you're concealing it. I said just be transparent.

John McGrath: 1:00

I was in a place recently that I just sold. My levies were $64,000 a year. It is what it is At a certain price range if you want a concierge and if you want a cleaner every day to come to the building, you've got to pay a certain levy. So you know, mine was $16,000 a quarter and this one was $13,000 a quarter. But I guess my point is just always default to transparency. But I guess my point is just always default to transparency. Building reports, strata reports, levies, prices, information. Unless your legislation, such as Queensland, doesn't allow you to have a price up there, you just have the price, because the problem is we're going to find your competition is going to go out there. They're going to put a price guide on everything. They're going to put all the information there. They're going to start eating your lunch Because you might be thinking, oh, I'll keep a bit bit back. So you know, on on his I did firstly is well, I gave him a new perspective. I said I don't think that's out of the ordinary for the problem. The apartment's worth about eight million tin bondi. I said I don't think for an eight million dollar apartment 52 000 a year is. I was selling russell crowe place. His levy is $520,000 a year, every year, $520,000 strata levies. That's a lot, but you still, you know you can't hide it. It is what it is. You can't pretend they don't exist. You might as well just tell people what they are.

John McGrath: 2:24

Rea stats here. This is recent and I think it's actually got worse things now. But 71% of buyers what frustrates them most is no price or price guide. There's just no reason to not put a price up there, a price guide, or they might be in 10%. John, this is unique. I'm selling a sandstone church. There's never been one sell before. I don't know if it's worth $6 million or $10 million.

John McGrath: 2:47

Fair enough, it's not a bad argument. Let's go without a price for the time being and see. Other than that, it's just bullshit. You're just not having the real conversation with your vendors and allowing them to allow you to have the real. 50%. No floor plan. Most of you guys are using that now Look at this stat. 40% don't search past the first page of results. 72% are likely to skip past properties with no price. 69% say the agent is less trustworthy if they don't have a displayed price. This is not from REA, this is from their customer base. So again, I ask you to look at your hygiene of your business and if you're not using price guides or if you're not putting all the information up there. You have to rethink it, because this is the new world we live in. Is people want this information? You think, oh, if they really want it, they'll call me.

Tom Panos: 3:37

No, they don't by Christmas like key activities from now until Christmas, to make sure we can just have our best quarter.

John McGrath: 3:43

Well, some of the stuff is perennial, that is, year in, year out, that's given you a test ride of the real estate gym.

Tom Panos: 3:53

In the real estate gym, we've got all the information you need to succeed, whether it's prospecting, listing, presentations, scripts, dialogues, how to actually have the best templates and have a process-driven business. You can join the real estate gym. The doors are open now and it is less than one coffee a day as an investment.