7 figure Attraction Agent

My solution to overquoting, underquoting, bribery, slamming vendors & lying

• Tom Panos - Real Estate Coach & Trainer

Share episode

Send us a text

Real Estate Market Wrap:

  • Real estate trainers and other things in our industry I can’t stand
  • My predictions on how AI will affect the real estate market
  • The lack of cohesion of our REIs (Real Estate Institutes)
  • The National Clearance Rate today is statistically insignificant 


That's a wrap on the real estate market for 2024! 

Thank you to all my sponsors: 

Tom Panos:

If we've got a system in place that when buyers are going through an open for inspection, it's compulsory that real estate agents have to show the paperwork ie the agency agreement hey, lisa, the agency agreement on what the agent has actually told the vendor it will be the only way to actually have one conversation, one conversation that is the same to the buyer and the seller. And that is if you actually make it mandatory, where you turn around and say this is what the vendor has been told, these are the comparables the vendor has been given, this is the agent's opinion on value. And be transparent, have one story, because if you talk about having trust in a system, it's about getting transparency. And not only that, it's going to mean that those commission breath agents that lie to actually get business. And you know the ones, the ones that go in and overprice it to get the listing and then go in and underquote it to get buyer interest and then use the sledgehammer. Use the sledgehammer to get that vendor down and then use emotional bribes to get the buyer up and then to have a deal put together. And what I'm saying is that agents that aren't skilled have to use that approach. Agents that are skilled are able to have far better conversations with their clients and not have to lie. So I think that that would be a great thing.

Tom Panos:

Hey, john, nothing's in the fridge, by the way. Everyone, I'm coming to you from Christchurch Sorry, not from Christchurch from Queenstown. I've just had the most beautiful five six days here. Beautiful five, six days here. Thank you so much, lisa. Whilst we're talking about that, lisa, let me tell you one of the things that I would love to see happen in our industry is I'd love to see some more female educators, trainers, coaches, consultants, call it what you like. It would be really good, because there is an absolute shortage of good real estate trainers that can actually support the females in our industry, the females who actually have to get up early, make lunches, get the kids to school, rush in, attend the work in progress meeting that they've got to attend to or one that they're running, do their prospecting, do all their buyer appointments, do their listing presentations, look after their admin and then come home and actually start the second shift with the kids.

Tom Panos:

And I think that our real estate industry is a little bit. I've got to watch what I've got to say, because I'm not going to criticize my colleagues in the training space, but I have to say to you it is really difficult unless you've got children and unless you're doing both shifts, unless you're actually a mum or dad that's managing a real estate business or an EBU, managing your family right. It's good to actually get guided by people that can relate to it. I mean, one of the things that I can't stand, one of the things that I can't stand is this Real estate trainers who sit there, who don't have the second shift at home, they're footloose, fancy, free, single, no kids or along those lines, and then they're going out and they're telling females, or even males, that are struggling to manage life, home work, and they're telling them oh, here are the seven steps to actually have life balance, when in fact, man, they go looking after no one but themselves, and that needs to change. So I think, 100%, we need to start looking at having people that have actually worked in the industry, that have gone through the pain and the suffering of doing it all, to go back and contribute. Thank you, lisa, I think you'd be great at it. By the way, lisa, I think you'd be great at it, lisa, I think you'd be great at it.

Tom Panos:

By the way, lisa, I think you'd be great at it, and I think the other thing that I think we need to do is we need to. I mean the amount of awards that are like it's like there are just so many self-serving awards, right, like it would be hard not to get an award in real estate if you're employed in real estate. If you're not going to get one from your network, you're going to get one from one of these other organizations that sells you product or services. Right, and I do get it. I mean, some people, they're into hey, I've got a star on my head. Look at me, the teacher likes me. But get real. The only person's approval that you need is your clients. That's the approval that you need. They are the one. You need to have a customer-centric model, not an agent-centric model. You need to have a vendor-centric listing presentation, not an agent-centric listing presentation. You need to have a social media strategy that it is community-based social media strategy, not self-serving media strategy, and all I can say to you is that one of the things that I'm really hoping and it's happening. I can see it's happening that people are starting to shun the hey. Look at me. People and real estate.

Tom Panos:

As I've said it to you before, this hashtag million dollar agent hashtag I'm smashing it hashtag, it doesn't happen in a lot of other industries. We do not have oncologists saying hashtag seven chemo clients today, hashtag four stem cell transplants today. We don't have lawyers saying hashtag million dollar month Hashtag killing it, hashtag winning Right. So one of these things about real estate and I still am not clear. I'm not clear on why. Why the need for affluence in this industry? For affluence in this industry, I mean, is it overcompensating for deficiencies on the inside? Quite, possibly Next year, I think AI is going to be used by even non-tech agents. I've been spending a lot of time on AI on this week in New Zealand and I can tell you that the real estate agents that are saying it's a fad are probably the same real estate agents that were saying a mobile phone was a fad, a fax machine was a fad. A fax machine was a fad, an iPad was a fad.

Tom Panos:

Relax, it's not replacing us. It's not replacing us, but what it is, it is purely a tool. It is a tool that will actually make you better. It is a tool that will make you more efficient. It is a tool that's going to help you personalize your communication to clients. That's what it's going to do, and the simple number one step you need to do is to have a paid subscription to most likely you know chat, gpt and muck around with it and muck around with it. And what can you start doing with it? You can start doing simple things like personalized letters and reports to your marketplace. We use it now consistently on. All our videos are put through AI and all I can say to you is don't be afraid of it. It's a tool. It's not replacing you. It's a tool. It's not replacing you. And if you don't muck around with it and start using it, like you did your mobile phone and your ipad for the slow adopters, just picture what life was like without those tools and picture what life would be like if your competitors are using it every day like it's their personal pa on their mobile phone, and you don't have it, you have a disadvantage and you're giving them an unfair advantage. End of story.

Tom Panos:

The next thing I want to say is one thing I really look forward to in our industry is the day that the real estate institutes all come together and work in a more collaborative way. You see, it's disjointed and I can tell you, the lack of cohesion I Manos, the lack of cohesion of our REIs, have meant that the opportunity for the industry many years ago to actually have assets and control those assets is long gone, ie the portals. Realestatecom has got that spot now and I've got to tell you, yes, I'm an ambassador for them. Yes, I have a relationship and I've had one for decades. But REA is in the position that they are in and they're doing a damn good job. But they're in that position because the industry could not get itself together to actually work as one, so a third party came in and did it. Same thing could be said about ARIC. Right, you go to America, there's NAR, that's a big gig there. Right, that's a big gig there. Nar, aric is an amazing event, right. But again, this is an example of things that the industry could have been doing if they'd worked a lot more collaboratively amongst themselves, the states.

Tom Panos:

That is On that note, team. It's now 7.16 here in Christchurch. I'm going to get ready to go inside and get my two daughters go out, probably go and have Mexican tonight. I want to thank you so much for tuning in every Saturday afternoon. I want to wish you all the best over the holiday season. Stay well, get close with your family. Don't forget who will cry when you die. They're the people that matter. Get close with your family. Don't forget who will cry when you die. They're the people that matter.

Tom Panos:

I want to thank so much the companies that I represent Agentbox, realestatecom, news Corp. Local agent finder, messon campaign agent ID for me. I get so much happiness when I begin a partnership with companies and I've seen over the last couple of years a number of these companies sat down with me with their strategic goals and said this is what they were heading and I've just been so happy to see them achieve their goals, realtor being one of them, bought out by realestatecom campaign agent saying I didn't get a relationship with engage a year before that. And they got bought out by fairfax domain channel nine and it really does mean a lot to me to work very closely with these generally tech companies.

Tom Panos:

I'm very, very picky. I mean I get asked more. I mean I know that I'm a real estate trainer and coach, but the audience I have means that I'm often sought out by these companies to aggregate the audience that I have to expose them and get their products to be made aware of and I never hide it. I never hide it, I actually say who they are. Hi, richard, the team. On that note, I want to wish you all the best, stay well, stay healthy and I'll see you in the new year.