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
Real Estate Market Wrap 🗞️ You’ve missed the top of the market
Why I’m furious with THIS SOLICITOR.
Listen to the story of the VENDOR’S FRIEND who ruined the sale.
Should you still put your property on the market before Christmas? Here's my advice...
And, quite frankly, I've got to tell you there is no indication at all that we've got a rate cut coming this year. In fact, sandra Bollock, she's doing a bit of the vendor management that real estate agents do to vendors. She's conditioning us, saying it's not happening anytime soon. But I've got to tell you she's got bigger problems. I find out today the Reserve Bank is in debt $20 billion, and apparently the article in today's Fin Review I mean that place is an absolute mess. I mean I understand a lot of it happened during COVID, when they're printing out money, but I think even last year, last week, they reported for the Fin year. They're down $5 billion. I mean this woman is on one, sandra Bullock's on $1.4 million, right? $1.4 million, $1.4 million, $1.4 million. Yet they owe $20 billion. You see all this crap here. Think about Alan Joyce. Everyone's turning on Alan Joyce now, but when he was in there, he had his chairman at Qantas. Look at what he's done. He's destroyed an icon. He's destroyed an icon. Hey, brad, brad, listen, I know her name is Michelle Bollock or Sandra Bollock, but listen, you've just proved to me that you don't need to have a long neck to be a goose, brady. That's what you've proven to me. That's what you've proven to me, in fact. You know what I'm fired up, I press you and you know what I do. Brother, we just brand ban you. There we go. Beautiful, bye-bye, ta-ta. The Brady Bunch. That's what you just reminded me, the Brady Bunch.
Speaker 1:The auction day is over and it was a long day. It started at nine o'clock and it's finished at six o'clock. But I'm not going to complain because I know that I could be doing another job, which would be not as enjoyable, more draining, I'd probably earn less money. And I share this with you because I had a real estate agent I was talking to two days ago and he's a good agent, but he's going through a rough patch and his income has dropped. He used to write $1.5 million and now he's closer to around $800,000. So if you do the numbers, he's still making, at 50%, $400,000. And at a cafe he said to me I'm all over it, this is a joke. He goes I'm down to 800 GCI. I said so you're making 400. And I said and you're carrying on? And I said I don't sit in cafes listening to drama. I don't sit in cafes listening to drama when I've got the barista, when I've got an assistant that is on the cash register when I've got people that are probably walking in to get a coffee, to go work a five day week earning $80,000, and you're complaining because your perspective says that I am upset that I'm only making four hundred thousand dollars and I'm over it. Get over it. Grow some perspective. You should be blessed. And for the solicitor this afternoon that I spoke to, you're a grub, you know. You know who you are. He probably doesn't. He doesn't watch this right, but I hope someone sends it to him.
Speaker 1:So I ring up a solicitor during an auction because one of the buyers was unhappy about a clause in the contract and they weren't prepared to bid. And it's not like we had a lot of bidders around at the moment, like bidders are thinning out, anyway, to tell a long story short. So this buyer wanted a removal of a clause in the contract and I said to him you should have done that on Friday. He says to me my lawyer tried three times to get onto the vendor solicitor but he was getting no reply. So what did I do? I ring up the solicitor because the vendor that he was representing had a mobile number.
Speaker 1:So I ring up the solicitor. I said hi, my name is Tom, I'm at your client's auction. And he says to me he says to me, sorry, mate, it's Saturday, talk to me on Monday. I said I'm at your client's auction and I need instructions. And he turned around, he goes well, I don't work on Saturdays, but quickly.
Speaker 1:And I said listen, if you did your job on a Friday, I wouldn't be ringing you up on a Saturday. Do you understand what I'm getting at? And he says, oh, huffing and puffing. And I said, anyway. I said, look, to be honest with you, we should not be having this conversation today, because you should have been onto this.
Speaker 1:Your client has an auction on a Saturday. You should be getting back to every email or every phone call from another lawyer the day before the auction about your client's property, because today we've got a buyer here and if we don't have that buyer bidding, no one's going to push the other buyer up. So I need you to give me instructions on this question. Anyway, mate, oh, I'm not working on Saturdays, mate. Mate, you weren't even working on friday, brother. Anyway, let's go through it. Total results, total results. Thanks cameron. Yes, you're going to get a good wrap up. Total results today was 7 out of 13, which is just over 50 percent.
Speaker 1:And for the vendors out there that were chasing to sell at the top of the market, guess what? You've missed it. That's it. It's gone, at least in Sydney anyway, the market top has gone. You're not selling at the top of the market and at the moment I'm so happy because it is a buyer's market and I'm happy for the buyers because they've had it hard for a long time, right? And vendors, I've got to tell you, listen, you know what I said it, I said it, I said it. Go over my old videos. Sell in isolation, not in competition. Sell in August, put it on in July, not in October, november, because buyers are coming in and if they're not getting their offers accepted, they're not negotiating, they're saying no problems, I'll go to the next property. That's what's happening right now, ladies and gentlemen, and that's why I'm always saying but you know what People are greedy, because people keep saying let it keep going up, let it keep going up, let it keep going up and I'll sell at the top. And then what happens is the only way you know it's the top is when it starts coming down, because you can look back and say that was the top there, but by that stage it's too late.
Speaker 1:I had an interesting one today. I had a vendor that lived in the street that came and bid on a property but didn't want to buy it. But didn't want to buy it, but all he was doing was trying to drive the prices up. He was trying to drive his own value up. He was trying to drive his own value up. Hey, brady, ta-ta Brady. Anyway, I'll tell you to all the buyers there Craig Benson, michelle Bollock, no, we call us Sandra Bollock, that's her name from here on, sandra Bollock. We had a buyer, we had a buyer.
Speaker 1:You know the buyer that brings a friend along and the friend tries to act like the big shot and I'm going to help you and then you realize that the friend is clueless. I had one of those. I'll tell you what I had four weeks ago. I had the vendor that brought their friend with them. Get ready for this. The vendor brought their friend with them.
Speaker 1:We get this incredible offer at auction. I go to the owner. You know you've got to take it. The owner turns around and says yeah, okay, and then their friend goes. No, no, they want another hundred more. This was in Burwood. They want another hundred more. I said are you serious? He goes. Yeah. I said okay. The vendor says yeah, he knows what he's doing. Guess what happened?
Speaker 1:By the time I went out to the buyer and came back, the buyer went cold. And then the buyer turned around and says I'm retracting my offer, which they can. And then I went inside and I said to the vendor I've got bad news by us going out there and asking for more money. They realized that they got carried away and not only are they not paying more money, but now they're retracting, retracting the bid. Sale never went through.
Speaker 1:And you know what I did. I wasn't going to let that vendor's friend off the mark. I said to that vendor's friend because you know what he said to me oh, look, go to the underbidder. Well, you know, when you go to the underbidder, the power's with them. And then they reduced their offer, which is exactly what they did. And I said to the vendor's friend I hope you feel comfortable with what's happened, because if this property ends up getting sold for 200 grand less in this new market that we're in because you wanted to slow things up, wanted to slow things up, who's going to pay the vendor the 200 grand shortfall because of your advice, and he was speechless. He just sat there staring, justin, I did seven out of 13. I did seven out of 13. So be careful next time a consumer you bring a friend, make sure you don't bring a friend from hell and you make sure that someone that's got some brains. Anyway, team, that's the story.
Speaker 1:Apparently, melbourne's now running around on the back foot. After dictator Dan destroyed that place, they're all going to Queensland. They're all happy there. Weather's beautiful there, they've got beaches. Brisbane values have gone up. Melbourne values are going down.
Speaker 1:Dr Dan, he's not even a doctor, correct, dan? Dan, andrews, you deserve to win a prize from the Queensland government. What you have done for the people of Queensland and the values of the homes incredible. But what you've done to the people of Melbourne? Now you've got people in politics running around. They developers will start building. Hey, you're on the back foot. You're treading, you know, like a. You know a mice that treads on that little thing that goes around. It's going nowhere.
Speaker 1:Dan is Queensland's number one agent, as Craig says. That's it. Anyway, team, that's where we're at. It has got choppy. Great news. It's where we're at. It has got choppy. Great news it's a buyer's market, seven out of 13. Prices weren't great, but I've got to tell you we have eight weeks to go. Team Eight weeks to go and any.
Speaker 1:Yeah, I agree with you, tate Tate's one of the best real estate agents in Australia, by the way. He knows his stuff. When is it good to buy in Melbourne? Right now, I'd say, and I've got to tell you, team with eight weeks left to go. It is going to be interesting how this thing pans out. If you're a seller, if you don't go onto the market in the next two weeks, don't go onto the market this year, go onto the market next year, but list it this year and launch it next year and make sure that your property rocks up on Boxing Day on realestatecom. You want to know why? Because that is one of the most visited days on real estate websites. On Boxing Day, people are sitting at home recovering from Christmas Day food overload, they're on their mobile and they're looking at real estate, and what you want to do is show up on that day as a soft launch. Anyway, team signing off.