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
The Market is Going from Bad to Worse | Real Estate Market Wrap
- My bidder did a runner. Three agents and I chased him down the street.
- The market is going from Bad to Worse. Today is my lowest Clearance Rate of the year: 3/12 SOLD
- If you’re planning to put your property on the market in February – you will be on the market when there is an oversupply
- Let's settle this. Is The Block rigged? Here’s the truth…
To every vendor out there that is saying don't stress, it'll be fine, we'll get our price next year when we come back after Christmas. No one wants to buy now. Well, I've got bad news for you. You and thousands and thousands and thousands of vendors are all thinking exactly the same that they're going to have their homes on the market in February. We're going to have an oversupply. That's what's going to happen.
Speaker 1:My friends and today reminded me of one of my first days in real estate. You see, when I joined real estate estate, you see, when I joined real estate, I was working in an era where rates were 18%. We're talking about 40 years ago and I still remember the day I was in Bankstown and I chased a buyer to their car. They bought the property but wouldn't give the deposit, and I followed the buyer to their car. They got in the car. I then followed the buyer's car and went all the way to their house, which was only five minutes away, to get the deposit. To get the deposit, and they wouldn't give it to me and they wouldn't give it to me. That's what it was like back 1990, thereabouts. You know what it happened today. A buyer made a bid we're about to actually sell it to him and he did. The runner. He ran down the road. He would have been around 60 years of age. He went down the road hey, cameron, good to see you. He went down the road and then he started jogging and then there was three real estate agents and me behind them, chasing the buyer, and he kept on saying nah, nah. And we were trying to sell it to him at the bid that he made, but he'd retracted. And there's nothing that you can do and a lot of people aren't aware of it. You can 100% retract a bid and these people that think oh no, just put the hammer down and then sue them. It's not that easy. You actually put your vendor in a difficult situation. Can't sell to anyone else while you're in the courts. Yes, mark, there's already stocks sitting around not sold, and that's why I'm training all the real estate agents.
Speaker 1:Chase expired listings, they're building up. Chase expired listings, they're building up. Chase expired listings, they're building up. So, back to the days of interest rates of 18% where we're running down wearing suits, running down buyers. That's where it's got to. Nah, ray, he was the real deal. This guy here, he was the real deal.
Speaker 1:Today's clearance rate would probably be my lowest clearance rate of this year. Three out of 12. Not good, and it should be of no surprise. I've been saying it for quite some time that we were going to face an oversupply issue and that meant prices were going to get impacted. And now, right around Australia, apart from some markets, sub-markets Adelaide being one, perth being one, and bits of Brisbane we have seen a market that is now officially a buyer's market. I also want to let you know it has been another great week if you're a tenant, because we have now entered the highest vacancy rate for a very long time. So this is great news for buyers and for tenants. This is very good news. However, hey, gentlemen that have joined on, kia ora, connor, kia ora All I can say to you is that there is some vendors who are not accepting good prices from buyers today because they're comparing it to prices from a few months ago.
Speaker 1:Happen is come back in the new year, that property prices are going to go up, so they're happy not to sell and take an offer they're given, which often is a good offer maybe 20 grand, 30 grand lower than what the owner wants, but they have a view that when we come back after Christmas. The market is going to go up. There is a possibility that that's going to happen. But let me tell you what another possibility is, and that is that it will go down. And the reason I'm saying that is, all of a sudden sellers have put the handbrake on and are saying we're going to go and sell next year. We've left it late. Vendors that are planning to put their property on the market in late January or early February. Most of them are going to put it on after Australia Day.
Speaker 1:I've got to tell you I think there is going to be a glut of property on the market in February. So the truth is, we might actually see not an escalation of prices, but I'm trying to think of the word a decrease because of excess stock in February. Excess stock in February. So not only that, aaron Robinson's right. No one wants to spend after Christmas. No one wants to spend after Christmas because they can't spend. They got no money. They spend a lot of their money over Christmas. That's why I had a guy ask me today whether the block was rigged.
Speaker 1:Whether the block was rigged, how can it be rigged? Think about it. How can the thing be rigged? You got TV. There you got Consumer Affairs. It's not rigged, but what it is it's not the way auctions take place out in the streets, like where I am right now, near Parramatta. Listen, it's very simple. Let me explain the block, because all I see is article after article and I laugh at them and I laugh at the agents and auctioneers trying to pick up a bit of clout by throwing their 20 cents worth. Take it from someone that was there. Take it from someone that's been involved in the block for a number of years now. Take it from someone that deals with all those buyers.
Speaker 1:The only thing that was rigged about the block is that there's a guy that decides that he wants to use primetime TV to build his personal brand through a commercial opportunity and his name is Adrian Portelli. He's got money and what he does is he just keeps building the LMCT Plus brand, why it's a subscription business that's got thousands and thousands of clients and he just sees it as the opportunity to actually promote his brand. Use prizes, use actually all the marketing of Channel 9 to promote his business and that's why he bought all five properties. My friends use actually all the marketing of Channel 9 to promote his business and that's why he bought all five properties, my friends, and, quite frankly, it works for everyone. They get celebrity prices, which makes the deal stack up for Channel 9.
Speaker 1:He's happy because we're still talking about it three weeks after the event. We're still talking about it. Think about it. He's on cloud nine. He understands mate. As long as they're talking about him, he's on cloud nine. He's a smart cookie. The only thing that I can tell you is about the block is the one with the money gets the profile. That's all it is.
Speaker 1:Anyway, ladies and gentlemen, and I don't know. I said to everyone there I probably won't go back next year because I go there. I've got to stay there the night before. I'm already spending 220 nights away from home a year. That's ridiculous, isn't it? We're back into the world of you know, pre-covid, where I was traveling all the time for 25 years. I'm basically not at home Tuesday, wednesday, thursday night, right? Yeah, danielle's asking what did I do today? It was atrocious. Three out of 12. And we're still talking about Portelli, that's right. We're still talking about him.
Speaker 1:Anyway, ladies and gentlemen, I might go back there next year if there's nice. I always base it on the contestants if they're nice people, anyway, team, but I probably won't actually, because I go there, I have one auction there and I miss out on 13 here. So people say, oh, it helps you with your profile. Well, I've got enough profile to get me a full day of auctions as it is and I don't want any more auctions. So the truth is it doesn't help me. Then one guy at the block goes oh, you can put your prices up. Doesn't work that way, mate. What do you do? You come back? Hey, everyone, I've won the block. I got one million over reserve. I was on TV your rates going up Doesn't work that way. Andy Garrow says so. Sorry for you, but you're on a massive wicket, whatever that means. Guys, the only thing that I'm on today is I'm on Sydney FC to beat the Wanderers, because tonight at 9 o'clock 9.30, the sky in Sydney will be blue again. Sydney FC, the blues are coming. I'm heading to the game now.