Real Estate Market Wrap 🗞️ Shifty Banks are now doing this...

There are 3 types of agents, which one are you?
 
 
 And if you’re a vendor – I would pause listing now and launch on Boxing Day
 
 
 My Clearance Rate: 8/13 SOLD
 
 

Transcript

Real Estate Agent's Insights and Advice

TOM PANOS 0:00

I'm going to hand it to those banks , mate . It happened on two occasions today . Listen to this Two vendors I had today have used their current home to go off and borrow extra money and in both instances I saw the valuations instances . I saw the valuations . The valuations were far higher than what those properties were worth by a long shot . So you know what the banks have done . On these two occasions they have allowed Avendor to have their home revalued at a higher price so they can lend them money . And everyone's happy , isn't it ? The bank's happy because they make their money out of lending money . The vendor was happy because they were able to take that extra money and do what they wanted to do with it , which I'm not quite sure Buy a boat , pay off their gambling debt , I don't know . But guess what ? It's all good till it's not , till you have to sell , and then you're not getting your price . And then you look at it and you realize I owe more money than what the property is worth , more money than what the property is worth . The greedy banks , they know what they're doing . They know what they're doing . Beware , beware . And I can tell you there's another one at the moment . They've done exactly the same in the inner west . And you know what they've done They've taken the property and they're selling it as a mortgagee sale . That's correct .

TOM PANOS 1:49

The other thing I'm going to say to you hi Shane , hey John . The other thing I'm going to say to you is that I'm convinced there are three types of real estate agents I meet . The first type is the one I like . They're good , they get it and they tell the truth , and I wish there was so more of them . Then there's the second type , and they , they get it , they can read the play , but they're shifty . They're shifty and they're conniving . And what happens with these agents is they do get some duels across the line , but the word gets out into the market that they're not a good girl or guy in real estate . So unfortunately , they're playing the short game , not the long game . And the short game worked years ago because there were no reviews , there were no social media , but not now . Everyone is educated and recommendations , good or bad , go on steroids with the review platforms , whether you're talking about realestatecom or any of the reviews . So , team , the second type of agent , the one that is reading the play , the one that's smart but is shifty , don't like those either and I don't like having them as clients . Why ? Because they're going to be a short-term client . They're not going to be doing well in the long-term . I want to grow with people long-term .

TOM PANOS 3:27

And then you've got the other type of agent . They're not shifty , they're just clueless . They have no idea . And I met one today . They just don't get it . They don't get it . They can be working on a listing for five weeks , they could be working on a campaign , taking it to auction , and they have no idea at all that those two vendors you were dealing with were separating . How could you have a relationship with an owner for nearly two months , from the time you go out there looking at it to the time of auction day and it could be three months . They have no idea . They have no idea that they're getting divorced no idea .

TOM PANOS 4:21

You know what the guy said to me today , this clueless agent . I go to him , did you know that they're separating ? And he goes no , I didn't know that . And I said you've been having vendor meetings , you've been seeing them all the time , you've been talking to them and you had no idea . No , no , they didn't say anything to me . I said I know they didn't say anything to you , but couldn't you put the jigsaw puzzle together ? Couldn't you see that they're upset ? And you know what he said to me he goes yeah , I did notice that , and he goes .

TOM PANOS 4:57

I thought they were tired . I thought they were tired . Did you hear that ? I thought they were tired . Did you hear that ? I thought they were tired ? I'm tired every day of the week , mate . I thought they were tired and then I said to him can I ask you , couldn't you see the two kids he had , a boy and a girl ? They're crying because they're upset , that mummy and daddy are splitting up and they're leaving the family home and he goes . Oh , now it's making sense . You see , some agents , they just don't get it . They just don't get it .

TOM PANOS 5:42

Anyway , team , it is November 2 and it is important that I tell you and I know the real estate agents aren't going to like what I'm going to say but I actually think we're about a week away from not putting homes on the market this year . No , I wouldn't be doing it . I wouldn't be doing it . I would . Actually , if you're a good real estate agent , you will advise your owner by around November , let's say November 15 .

TOM PANOS 6:09

Don't go on the market , put your market , put the home on the market next year . And the only reason I say it is there's so much stock in the marketplaces that I'm aware of right , so you always should be selling in isolation , not in competition . In fact , what I would do is I actually used to do this in my own business and I train all my clients to do it , and now there are other people that have started doing it . The offices on the Gold Coast were doing it first . Now there's agents in Sydney doing it , and that that is . You should actually be launching your properties as a soft launch on Boxing Day . In fact , that's what I would do if I was a seller .

TOM PANOS 6:52

If I was a seller right now , I would say to my real estate agent I'm not launching now , but I'm happy to list it now . And what I'd like you to do is on Boxing Day , when there are no other homes on the market and when I know because realestatecom tell us this there are more eyeballs on Boxing Day than most other days of the year on their website . I want to be there when people are at home after Christmas day , sitting on the sofa on their iPads , on their mobile phones , looking at real estate and then your property comes up . I'm not even saying you launch it , but it comes up because it'll stand out , because there won't be any other properties on the market . Not only that , think about this for a moment .

Real Estate Market Strategy Insights

TOM PANOS 7:41

What about all the other vendors that are thinking of selling in January , that are trying to work out which agent to call ? Obviously , if you're the main agent on realestatecom in your area , because you launch stuff on Boxing Day , you're going to actually even get those listings , because listings get your listings . That's what I would be doing right now , team Real Estate . I would be using the strategy list now , launch Boxing Day . That's what I would be doing and then I would start my opens in the first week of January because all the other vendors are saying we'll wait till after Australia Day , we'll finish the Australian Open and then all the buyers are gonna come out and we'll put it on the market . Then you know the problem with that stupid strategy is . So is the rest of Australia , and we clearly know an oversupply of listings is the killer to price growth and that's why right now , vendors are dropping prices .

TOM PANOS 8:51

Do you want to know why ? Because six months ago I'd say to a buyer when I was negotiating with them . You've got to pay 30 grand and you know they'd say I'm not paying an extra 30 . I'll pay an extra 15 . And then I'd go back and forth with the vendor and we would probably put the deal together . That was then , not now . You know what happens now . You've got to pay an extra 30 grand . You know what the buyer says Ta-ta , I have one down the road to look at . They didn't have one down the road to look at six months ago . Anyway , team , those of you that are in real estate , I'd be really curious . Who are you ? Are you the first agent I spoke about ? Gets it and is good and has got decent values ? Are you the second agent ? You get it , you can read the play , but you're shifty . Commission breath . And then the third agent , the clueless one , has zero idea on what has actually happened . Anyway , team , it's 7.02 pm . I want to go home .