7 figure Attraction Agent

Real Estate Market Wrap 🗞️ Rates have dropped, but have prices gone up?

• Tom Panos - Real Estate Coach & Trainer

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06:45 – Agents using fake emails to chase the listing. Smart or stupid?\

01:25 – Dummy bidding (requested by the vendor) 

05:24 – Interest rates have dropped, but what’s changed?
✔️ Clearance rates? Up.
❌ Prices? Not much better.
A 0.25% cut has given buyers a little confidence, but there’s no FOMO

07:00 – My thoughts are with everyone affected by the Cyclone

08:06 – What does it really take to be a real estate agent? 

11:19 – The real damage of fake influences 

My Clearance Rate: 9/10

What was it like in your market? Comment below 👇


Speaker 1:

The other thing that happened today is a real estate agent said to me he goes, everyone needs to have a fake email. I said why is that? And he goes. Oh, it's very simple. He goes, I've got this fake email and then what I do is I work in an area where there's a lot of absentee owners that they don't live there, so I can't get their details. And when I'm chasing other agents listings, all I do is, with my email asked and request a copy of the contract. The contract comes, I then get the owner's details from that contract and then I chase them in case that property doesn't sell with the first agent and get it and I go, oh, and then he turns around and he says I also use that email to make email inquiries to other agents' properties to find out information on them. I said, like what I said, all the information is on realestatecom. He goes oh, no, not auctions. He goes I request for auction guides and auction prices using the fake email. Guides and auction prices using the fake email. Anyway, that's what this person told me. This real estate agent uses a fake email to actually make inquiries on other agents' properties, to get a copy of the contract, which then allows that agent to go off and contact the owners who might not have their data on ID4Me or CoreLogic RP data, but he can chase it out of the contract ID for me or call Logic RP data, but he can chase it out of the contract. So I had a vendor today who, if I had my way, I would have not done the option right, and I'll tell you what happened.

Speaker 1:

On a Saturday, I get heavily booked and one of the biggest challenges on Saturdays is the traffic and I do my best to try and meet the needs of my real estate agents, but also a lot of vendor requests. I get a lot of vendor requests so the auctions are squashed up. I got to an auction five minutes behind schedule, which I mean I know if you're an owner it's stressful, but I don't really care that much about starting a few minutes late, I just like finishing late, because the real action at an auction is not at the start, it's at the end. The final bids. Yes, lucky to remember, justine. Good to see you. I was so good to see you. Lucky in Toowoomba so far, tom. That's good to hear. How are you spending Saturday night with no Sydney FC, says David. I'll be watching sport and there's no West Tigers as well.

Speaker 1:

But let me tell you about this owner. I got there late by five minutes and he was upset and he said, oh, what's this all about? And I said sorry, and that calmed down and then he said this have you got anyone that's going to help us get that price up today? I need top dollar. I'm going to repeat that have you got anyone to help us get?

Speaker 1:

I said, sir, I want to let you know I am the auctioneer, I am not the agent. I have not been marketing the property, collecting bidders. I don't have any bidders. I'm not quite sure to what you're referring to, but I'm letting you know. Those that are bidding have come from the real estate agents marketing and they have registered. Are you referring to anything else? And all I could see is a guy just walk away.

Speaker 1:

Now I want to make it very, very clear. I don't know what he was referring to. Hey Cameron, hey John, so there's 300,000 people without power. Okay, that's devastating. Anyway, I think he was referring to is whether I was going to have anyone that was going to help push the price up. I think that's what he meant, but I don't know because he's just walked away, and I want to make it clear Any vendor out there you need to know any bidding that is not legit, bidding that is inspired by a vendor, means the vendor gets a fine, and in New South Wales I actually think it's around $250,000. Let me make that clear again the legislation in New South Wales does not only affect a real estate agent in regards to dummy bidding, it affects a vendor right. So if there's any vendors watching this, I'm lettingaved goodbye and everyone was happy.

Speaker 1:

So let's look at what's happened since rates have come down. The first week when rates came down, my auction numbers were 10 out of 10. The second week it was like, I think, 10 or 11 out of 13. And today it is 8 out of 9, or let's call it 9 out. Let's make the assumption it's 9 out of 10. So, based on that, the clearance rate is better. No question about it. What are the prices like? Not much different. So I think at the moment, all the quarter percent has done is given some confidence to buyers, but there is no way any sense of fear of missing out. We would actually end up seeing higher prices, but there is no price growth. I can't turn around and say they've been great prices. However, I will say that there was a property auctioned in Strathfield today, that is a let's call it, an eight-year-old home, that sold for $6,150,000. And I think that that was a good result.

Speaker 1:

A couple of the other things that I'm going to say to you. Well, before I actually forget. I just want to say how happy and pleased I am that, based on the media, it appears that my friends and my neighbours in Byron Bay have indicated to me the damage has been minimal. I'm thinking about everyone in that Northern Rivers, queensland coastal areas. I can imagine what life is like and even though most people haven't had their roofs swept away, they've had no power. It's very inconvenient. We know what life is like without having power for just you know a few hours, let alone what they're going through and what they will go through. We've got, john says, currently 80K wins here on the Gold Coast. Tom, okay, listen, stay safe. I'm getting the impression that it's been downgraded from Category 3 to Category 2, to Category 1. And we all know Category 1, like in cancer, stage one is better than stage three or stage four. Anyway, team, ladies and gentlemen, I've got to let you know that.

Speaker 1:

You know I had another person say to me today. A buyer asked me you know whether it's too old to get into real estate? And I said well, you don't look old. How old are you? He goes 42. I said no, you're not old at all. I said you can go off and do a certificate of registration and, yeah, you could start working in real estate. And then he asked me he goes, oh, how long would it take to do the certificate of registration? I said I don't know. Less than a week, depends on the place. He said well, I can be a real estate agent in like less than a week. I said you can do your certificate of registration in about a week. Yeah, new South Wales man you know. He looked at me. He said are you for real? I said absolutely. And he goes. So basically anyone can come over a real estate agent. And the answer is more or less I mean, unless you've got a really bad police record.

Speaker 1:

And why do you think we've got an industry that has got so many flops and shonks in there? Why? Because there's so many of them. And why is there so many? Because there's a low barrier to entry. If you've got a pulse rate and you're vertical, you're in in our business. It doesn't mean you're going to make money and doesn't mean you're going to be long-term sustainable. But you're going to come into the industry and what you're going to do is you're going to not have a lot of skills, so you're going to go in and offer things at a cheap price, which drives fees down, and then what you're going to do is you're going to give people a substandard service. Then you'll probably get found out. After six months you'll leave real estate and you'll be back working in Theo's Liquor Market or some retail job or, I don't know, uber, whatever Team I've got to tell you.

Speaker 1:

As far as I'm concerned, I think we need to actually make the barrier to entry a little bit higher in real estate and I actually think to myself we need some actually decent people to get into the training space in real estate. We need some people that have actually owned a real estate company. We need people that actually are people that have got the normal issues that our consumers have. Like we deal with consumers that have got families and they've got all the stresses. Yet we've got all these real estate trainers that are footloose, fancy free. Don't get me wrong. Some are quite good, you know, but I can't stand it when we've got some of these real estate trainers. Have never listed a property in real estate, never owned a real estate company and actually are often sitting there telling people how to run a business when they've never had one, telling people how to run a listing presentation when they've never done one. They're textbook trainers. What's worse is I had one a few months ago actually make this real estate agent who does her damn best. She's got three kids under eight and she had this trainer telling her that she can't organize her life. Well, this trainer's footloose, fancy, free lives on his own. And I thought to myself you know what I would have just said to him. I told her I would have just said this to him right?

Speaker 1:

Don't forget, whenever you're getting advice, don't just listen to the advice, listen to who the advice comes from, because there's a few basket cases out there and I've got to tell you the social media. You know I was watching the documentary about Bella Gibson, that chick that has been out there. You know, spruiking cancer treatments using holistic methods. You can watch the documentary on Netflix. I think it's called Acid Appleside Vinegar, right, and she went out there. Shame on her, one of the most disgraceful people, because because of Bill, I can tell you that to me signifies what I see in social media. So many fake prophets out there, and I've got to tell you she hasn't been charged yet. She, she's got blood on her hands. And so have many of the fakes out there on social media whose audio doesn't match their video. Absolute basket cases. Anyway, team enough's, enough. I've got to get going. I've got another auction to go. Kia ora, stay well.