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
How to Outsmart the Banks | Real Estate Market Wrap
00:00 – If you’re upset about The Block 2024 Auction
01:47 – What happens if a home is sold, but the vendor dies before settlement?
03:20 – Properties selling for significantly less than a few months ago
04:47 – Short-sighted vendors
05:37 – Mortgagee and distress sales are on the rise
07:04 – How to outsmart the banks
08:21 – What’s the average salary of an auctioneer?
My Clearance Rate: 6/13 SOLD
And as for those that are carrying on the block, I was very upset. It wasn't real, mate. Of course it's not real. It's a TV auction, do you? Honestly? If you want to go watch a real auction, go down the road, go to the next street where they have auctions. There's 3,000 of them, mate, tess, there's 3,000. There's 3,500 of them today. You don't need to go watch the block. Thousand of them today. You don't need to go watch the block.
Speaker 1:Yes, one guy dominated the show, wanted all the publicity. He's a brand and he spent the money to build his brand and that's what it. That's it. And he wanted the girls to win it. His daughter, his wife, likes the girls and he made one bid of three3.5 million, bought the last one as well, could have bought it for who knows, could have maybe bought it for $2.6.
Speaker 1:Anyway, I'm sick and tired about hearing about everyone and on the block, right, if you don't like it, you don't watch it. It's as simple as that. And if you want to watch a real auction, mate, that's got to be, by the way, that's got to be by the way. That's got to be one of the easiest auctions I do every year. Bids just flying, bids just flying. But I'm upset because I have been told that I am the most successful auctioneer on the block. This is what the block told me in the history of the block and that's because every property that I've auctioned last three years even though that one didn't get first spot got second spot they've all made over a million dollars each person that I've been auctioning for Some have made one and a half. Anyway, team, enough of the bragging, enough of the bragging, let's actually just look at what's been happening in the market and I've been saying to people go listen to all my old market raps and my commentary, go and have a listen to it. What was I saying?
Speaker 1:You watch the bargains in November, you watch the bargains in December and you know what they're there. Do you know? Do you know that a property in the eastern suburbs of Sydney had recently been sold for around 15 million? The vendor passed away and when a vendor passes away after the property has been sold which we call the exchange of contracts and before settlement, that allows the buyer to pull out of the contract they can rescind the contract. And they did rescind the contract. For whatever reason, they decided not to go ahead. I want to make that clear so you clearly understand. If a home gets sold but then dies, the vendor dies in between the settlement period and when the contract was signed what happens is the buyer can rescind the contract, and they did. And guess what? It sold for around $4 million less. Do you believe that it sold for $4 million less?
Speaker 1:I am seeing result after result, result, hey, wendy. I'm seeing result after result of properties selling significantly lower than what they could have got a few months ago. And you know what? There are buyers out there right now that are wasting this golden opportunity of securing a property at a much lower figure than that they were paying a few months ago and they're too scared, they've got fear and they've got procrastination and they've got bitter reluctance. And you know, the irony is these are the same people that are going to be paying a hundred grand more because I'll have fear of missing out when the market goes up. The same people missing out when the market goes up. The same people Because, I've said it before, if you want to go to Europe next year in the high season, july, you don't buy a ticket in July, you buy it before then.
Speaker 1:And if you really want to save money and you want to go fly business class, and if you really want to save money and you want to go fly business class, don't go in July. Go when other people are not going. It is called demand and supply. It applies in travel, it applies in crypto, it applies in shares, it applies in everything and it applies in real estate. So right now, my friends, is the time you should be buying when others are selling. And as for the vendors out there, my friends that are not doing a deal over 20 grand, I have to say to you, short-sighted, you sell for 20 less but you buy for 100 less. You're 80 ahead doing a deal in this market. But most people don't look at it like that. They only look at the half the chapter. It's like adding a Bible New Testament, old Testament, new Testament, what you sell for Old Testament, what you buy for Right, it's the changeover finger that matters. And I've got to tell you, for those that are upgrading, it's a wonderful opportunity.
Speaker 1:Today I saw again examples, a number of examples of banks that have taken over properties. The only difference is when I was in real estate with my own office, I can tell you, when I was in real estate, we used to have the words on the advertisement mortgagee sale. We had the ads on the word. We had the ad saying must be sold for sale. Bank says sell. Nah, banks have got smarter. They've started to look after their own brand. So you know what they do now. They have an intermediary between the agent and the bank gives it to another agent, who then gives it to another agent. So what actually happens is it's not direct. But that's not the big deal. The big deal is the letter that says you're not allowed to advertise the word bank or mortgagee sale because banks don't want to be tarnished as being ruthless. But I've got to tell you they're happening everywhere and I hope that Sandra Bollock sorry, michelle Bollock, I call her Sandra Bollock I hope Michelle Bollock from the RBA is aware of that. Mortgagee sales, distress sales are very high at the moment.
Speaker 1:And whilst we're talking about banks, I had a client and a colleague of mine actually both two separate people in the last week cut deals with the banks. One of them said I'm suffocating, please, please. They said no. You know what happened then. They made the decision that they would go to another bank and try and refinance. They gave them notice in writing. And what happened? Hello, hello, hello. The bank comes and says let's work together. You see, they have another department, it's called business retention. You know what I'm saying to you? It's only when you say to them I'm out of here, I'm going elsewhere, do they actually negotiate. If you go there in good faith, they probably won't. But when they know they're not going to be getting any more interest off you because you're leaving them to go to another bank who they've got their retention division that specializes in trying to keep you there, right? So, team, what's my advice? Threaten you're leaving, anyway. So, team.
Speaker 1:The other thing that happened this week is someone sent me a post that's been online about the average salary of an auctioneer. The average salary of an auctioneer is $108,000. That's the average an auctioneer gets, and I can tell you they don't deserve any more, because if they're average, that's what they deserve. But in addition to that, why should they get more If the only job you're doing is an auctioneer hack on the weekend, running around calling bids like you're at an RSL club doing bingo calling, but decide that on a Monday to Friday you won't work like the rest of society? That's all you deserve, and maybe a hundred grand.
Speaker 1:Two grand a week for a day's work is too much. Right? I've said it before, saturday is my easiest day. Saturday is my easiest day of work. You go out, you talk about things you love property, you meet people, an auction goes off. It's an incredible feeling, even 40 years later. But I've got to tell you I'm working 70 hours a week and most of that is on a Monday to Friday. I do not have less than 30 appointments on a Monday to Friday. I mean this week alone I've been to Melbourne, I've been to Perth, I've run 10 conferences this week. Sorry, nine conferences this week.
Speaker 1:So, yes, that is a fair salary for an auctioneer, right, and quite frankly, there's a few good auctioneers out there, but the majority they'd be lucky. They'd be lucky to get a job as an mc at a wedding. End of story. They don't know how to put a deal together. They're bingo callers. The majority mario's saying rezoned r2, asking R2, asking for $7 million.
Speaker 1:I can see you're trying to sell your property. Send me a DM and I'll try and put you on to someone. Anyway, team, that's it. By the way, you can use that same strategy about walking away, not just with the banks. I did it with another supplier and service. They dropped their monthly subscription to half. Foxtel, that was. That's a fact. That is a fact. Anyway, team, that is the end of the day I have to say to you. The banks are now saying well, nab has come out yesterday and saying there won't be a rate drop till middle of next year. Middle of next year, there won't be a rate drop. So, who knows? All I can tell you is I'm telling you look at the results tomorrow. This is officially a buyer's market.