The Fake Market 🗞️ Real Estate Market Wrap

00:13 – Don’t let the January stats deceive you

02:44 – Will there be a rate cut on 18 February?

05:07 – Using AI to become the best agent in your area

09:33 – Why LocalAgentFinder* is one of the biggest sources of listings

10:45 – Join me for 2025 Sales Agent Business Planning session on Wed 29 Jan:

12:22 – You can have me as your Accountability Coach

14:08 – Profit 2025, Conference by Wingman*, 6 March, Sydney


*I am a brand ambassador for LocalAgentFinder and Wingman

Transcript

Speaker 1: 0:00

Good to see you coming on. Good to see you coming on. There's a few things we're going to talk about. We're going to talk about the likelihood and probability of a rate cut. We're going to talk about the fake market that we currently have at the moment, and I've got to tell you it is fake. And I'll tell you why it's fake, because I hit the road.

Speaker 1: 0:22

The last two weeks I've been doing conferences all over the place, kickstarts for real estate companies all over Brisbane, sydney, melbourne, you name it and I can tell you the common theme I'm getting from real estate agencies is man. This market is back, so much better than what it was in October, november, december in terms of buyer energy. However, those of us that have worked in real estate for decades understand that one hot weekend does not make it a summer, and what happens every January is the following there is reduced levels of stock on the market. Number one no one is starting their campaign, or very few people will start a campaign on January 1st, so you're not going to have properties on the market in January or you'll only have very few. Then, from the buyer's point of view, there's always buyers that have New Year's resolutions that I'm buying an investment, upgrading and they go out. So if you can just picture these buyers being squashed into a quarter of the stock that's normally on the market and then you've got a real estate agent sitting inside the open for inspection saying, wow, look at all the buyers Talk to me in two weeks time. Buyers Talk to me in two weeks time, in fact, maybe next week after Australia Day, after the Australian Open Tennis is finished, when we have a glut of stock that is about to get launched. All these properties, they've all been photographed, they're all ready to go, they're all just ready to press the button. So don't fall for the fake market. We still need to be doing in real estate pricing properly, educating vendors properly and working buyers very hard to show them perceived value on the stock we've got to show them perceived value on the stock we've got.

Speaker 1: 2:49

But February 18 is a very important day and that's the day that the Reserve Bank is meeting. That's right. The Reserve Bank is meeting on February, the 18th 2025. And I want to let you know that this is probably going to be one of the most important Reserve Bank meetings we've had in recent years, and the reason is that there is a lot of buyers who have been sitting back waiting for this day. So let me tell you what the data is showing and what the big banks are saying that ANZ Bank has revised its forecast and now is expecting a 0.25% rate cut on February. The 18th Commonwealth Bank predicts the RBA will begin cutting rates in February 2025. Financial markets are reflecting this sentiment as well, with indicators calculated by the Australian Stock Exchange placing a rate cut in February at 73%. However, there are others that are saying, despite the downward trend of inflation, it may be a few months away before the RBA cuts its rate.

Speaker 1: 4:16

I'd love you to tell me in the comments what you think. What you think. Do you think we're getting a rate cut in February? And I also expect that a lot of the people that have been out looking at real estate in the last one or two weeks are doing it with the view that they are also thinking it's probably going to go down, maybe in February. It's probably going to go down, maybe in February, most likely definitely before the federal election mid-May. So we might as well start looking. So here we go. We've got a few people putting in comments Rate cut in February is what they're saying. So, team, I'd love you to tell me what you think is going to happen on February the 18th. So in addition to that, I want to also let you know that we're I was talking to I wouldn't call it a friend, I'd call it someone that I know in the area that I live in the inner west and he's just put his home on the market and he did say I wanted to catch up with you before I signed an agency agreement just to get your view.

Speaker 1: 5:33

But look, we had an idea of who we wanted to give it and it was all confirmed. When I actually did a bit of research and I asked him, I said okay, so what research did you? Use Realestatecom RP Data, what have you? And funnily enough, he said to me what I did is put it into chat GPT. I said, right, and he goes. Yeah, yeah, he goes. I just put it into chat GPT, put it in.

Speaker 1: 6:09

Best real estate agent Like Art came up and he went with it. And then that made me realise, as we move in and chat GPT moves from being something that first move adopters have got, which is what happened in 2024, but in 2025, it is going to become far more mainstream and I expect that a lot of people will actually start using ChatGPT as an information source, as a bit of an assistant, and that essentially means that you've got to start looking at what ChatGPT says about you, your category Example when they type in who is the best real estate agent in Byron Bay do, you come up. So I mucked around with it just before I came on here. Actually, I was very pleasantly surprised because I actually put in. In fact, I'm just going to bring it up right here, right now. I'll tell you what I put in Biggest real estate yes, I'm bragging Biggest real estate influencer in Australia. Here's what came up Three headings developers and investors, harry Triguboff, real estate coaches and trainers, tom Panos, agency leaders, john McGrath, so team.

Speaker 1: 8:03

Essentially, what we're saying is that and we're in real estate, we're in hi, amanda, hi to everyone that's coming on In real estate. We are in the business in nearly all markets to get listings. I make a living as a trainer, educator Actually, that's the other one in. I put down who is the best real estate coach in Australia, who is the best real estate trainer in Australia? Kept coming up with me, and that's subjective, isn't it? Obviously others might not think that, but the point is, I train real estate people to get stock.

Speaker 1: 8:40

I train real estate agents to have a multi-channel platform to make sure that they own the letterbox, that they're owning social media, that they're owning geo-farming, that they've got a bulletproof database a bulletproof database, that they've got world-class open for inspections that devastate their competitors when people come through and they realize such a high standard that they're at, that they're very, very good with their price updates and nurturing. And increasingly we're going to start seeing that some vendors are going to be doing agent selection using a lot of these digital tools. So you'd better start going in there and start doing your own due diligence. What do they do when they search your suburb? And in addition to that, I've got to say to you increasingly and don't underestimate it Local Agent Finder is a platform that, when I look at the clients that I coach, both in person and virtually, tell me is one of their biggest sources of listings, of listings and you wouldn't think that, would you?

Speaker 1: 9:57

A lot of people whinge and complain about, hey, I've got to pay 20% to them. But I can tell you, some of the best agents, the ones that are doing 100, 200, 300 sales, get a lot of their business through platforms like Local Agent Finder, and the reason why is these companies spend a lot of money in SEO. They attract vendors who are thinking how do I go about picking up an agent? And these platforms like Local Agent Finder, who I do have a relationship with, turn around and, you know, say here are the three agents in your area. What's the point? What's the point? There you go. Karen Terry is huge in our market and she's one of the great real estate agents in the north of Sydney. Hi, karen, hi Karen.

Speaker 1: 10:43

So, team, I'm letting you also know that on Wednesday afternoon at 5pm, any real estate agent who has not completed a business plan as yet will be sitting with me in the real estate gym on Wednesday afternoon and we're going to complete it. We're going to complete it. You're going to end up getting a 23-page manual and that 23-page manual is going to end up having a prospecting plan. It's going to work out your ideal day and your ideal week. It's going to have a marketing plan. It's going to have a focus on the metrics, the KPIs, the numbers from appraisals, listings, sales. It's then going to go off and look at the activities you've got to be doing and, of course, it's all going to be underpin by making sure that we've tapped in to unmet needs, which are your goals, which are the fuel that are going to make this happen. The fuel that are going to make this happen.

Speaker 1: 11:49

So, real estate gym members, if you haven't done your business plan, you'll be joining me on Wednesday at five o'clock, and those that are you, that are here, that aren't in the real estate gym, I'm letting you know that that is now open and it will be open. And, manos, I've got to tell you, a lot of my mini business plan is underwritten by you, one of the great thought leaders of Australian real estate, manos. So, team, that's what's going to be happening. I'm also letting you know that I'm going to be opening up the opportunity for 150 real estate agents who are my gym members and they're going to be notified very early next week who are going to have the opportunity to take real estate gym accountability. So, if you're a real estate gym member, but you just need that accountability, you'll be joining me and John McGrath on a monthly basis, keeping you accountable, you'll be sending in your stats to us on a monthly basis and you'll be sending us your forecasts and you'll be having a training session and an accountability session with us at the end of each month.

Speaker 1: 13:07

Now I want to let you know those of you that are in my real estate a plus program this is automatically coming as part of your subscription and of course, I'll be seeing you all, mostly over the next few weeks around the country, because my Real Estate A-plus members are getting one-on-ones with me and also face-to-face with me, and in fact this Friday our Sydney group is meeting with Peter Diamantidis. So, ladies and gentlemen, that's it, those of you that actually are gym members and want to be in the accountability program, you can get first move advantage. Send an email to info at tompanoscomau and in the subject box put down accountability and we will send you an invite. I'm very certain this thing is going to actually get oversubscribed because it's only $199 a month. And I also want to let you know that on the 6th of March and I think it is the 6th of March, let's make sure it is the 6th of March, let's make sure it is the 6th of March, let's make sure it is the 6th of March.

Speaker 1: 14:22

There is a wonderful conference. Let me make sure it is the 6th of March. Yes, it is. It's called Profit. Again, using the words from Manos Volume is vanity, profit is sanity. Leftover trumps turnover. There is a great one-day event, which I'll be part of, where we're going to be talking to business owners and leaders about profitability, about the KPIs, about the behaviours in culture, about recruitment, about retention, about remuneration everything that a leader needs to know to make a profit, because that's the only thing you bank in business. Ladies and gentlemen, I want to thank you so much. I'm back doing auctions in two weeks' time, where I'll be giving you a more micro report of what's been happening. Signing off. Happy Australia Day.