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
Has AI solved Underquoting? 🗞️ Real Estate Market Wrap
00:40 - AI has solved the underquoting problem! Here's how buyers are using ChatGPT to get price comparisons…
06:36 – This is how we can make real estate great again!
- Increase barriers to entry in the profession
- Remove the problem of multiple vendor bids
- Make pest & building inspections available upfront: Before You Buy
12:19 – Why I think we’re creeping towards a sellers’ market. RBA meeting insight + expert advice from Tim Lawless (Cotality): Vendors: list now, don’t wait!
15:11 – Events:
- Sept 23–24: Real Estate Gym in Byron Bay (invite-only)
- Aug 21: Ready25 - Exclusive deal for Real Estate Gym members. Save $100 per ticket with code REALESTATEGYM at checkout. Get your tickets now: https://www.readyrea.com.au/
My Clearance Rate: 9 SOLD out of 9 (100%)
Do you know? Today I saw a buyer ask an agent where's the sewer line run? And the agent goes I'm not sure. And it was just a pause. I just looked at him. I said go, look at the contract. Go look at the contract and you know what he did. Then he's flipping through the contract like he's reading a novel. I said find the sewage diagram and show the gentleman where the line goes. Do you understand? We've got people that are wearing suits, that don't know what a sewage diagram is Basic stuff.
TOM PANOS:Now I have to say to you AI is revolutionising what buyers, sellers and agents are doing. Let me go through. Let me go through some of the things I'm seeing at the moment. In the last few weeks with AI Number one AI for real estate agents point of view they can get smart lead scoring that measures the behavior of clients. That gives you these are the people that most likely will be selling next in your database. Do you understand that? Do you understand now that companies like Retar and Nurture Cloud have got the ability and they've been doing it a while but there's more that are coming through, that are going to be saying to people this is the behavior of this person. You should be calling them right.
TOM PANOS:There is AI at the moment that is available, helping real estate agents make appointments by having their personal AI system. There is AI at the moment that is allowing you to actually put in your realestatecom If you're an agent your realestatecom, your CRM reports and at the end of it say please give me a high level vendor report that I can use to send to my owner to educate them about the marketplace. And I've got to tell you, every time I look at one of the AI reports that are driven by the data from REA slash domain and the CRM systems REA slash domain and the CRM systems man, like, all you got to do is get your Ignite data from REA and you can get yourself some really quality communication to help your vendors accept the reality of the marketplace. And whilst we're talking about that, whilst we're talking about that, let's make it really, really clear After week one, if it's an option property, if you've got zero interest or low interest, you should be adjusting guide. If you've got 70 contracts out after week one, you should be adjusting guide. If you've got low interest adjust guide down. Adjusting guide. If you've got low interest adjust guide down. If you've got incredible interest, adjust, guide up, and I've got to let you know that for me, there have been three big things that have happened in the world of real estate in my 40 years.
TOM PANOS:The first one was the emergence of franchising into real estate. I saw it with my own eyes in the 80s All these yellow brands and what have you open up offices left, right and center. Franchising to me was the first real revolution in real estate in Australia. The second revolution was when the internet started playing a big play in real estate by using platforms mainly realestatecom domain as well, where it's came in to actually replace print media and allow consumers to have equal knowledge as to an agent and people were able to communicate by emails, not just by phone calls. Realestatecom domain and the internet were the second biggest revolution in real estate.
TOM PANOS:Let me give you the third one. The third one, my friends, is AI. Whether you like it or not, right now, buyers are going in to auction open for inspections. They're walking out and they're going straight to chat GPT or grok Elon Musk's one, and what they're doing is now saying give me three comparables to this property that have sold. They're also saying what do you think this house is worth. We may have solved the underquoting problem. Just tell buyers go to chat GPT, you can have the free version. Put them in there. Come up with what AI is saying. The three comparables are In a minute.
TOM PANOS:I'm going to tell you three things that Australia could do that would make real estate great again. I've got to tell you, virtual staging can be done beautifully by AI. I can convert this market wrap into Cantonese Mandarin using HeyGen in an instant. I can actually have every language translated from this market rant, because if you work in cross-cultural markets, you're going to be able to get the attention of the people that have that as their first language. Do you understand that? You can do what Ryan Serhan does, and that is use apps like Crystal that does a personality assessment of the vendors before you go to a listing presentation. You put their Facebook, instagram, linkedin accounts and it gives you a disc assessment and it actually says this is how to sell to these people. There's a few of those applications Crystal and Humantic are one of those and I've got to tell you those applications Crystal and Humantic are one of those and I've got to tell you anyone in real estate at the moment that can wait for a month or two because my schedule's pretty full on. I am running AI in real estate courses. I ran one yesterday at MGM in the Southeast how AI can help you make more listings and get more sales.
TOM PANOS:Now, team, I'm going to share with you a couple of things that I think the government could do immediately to make real estate amazing. Number one we've got to increase the barrier to entry in real estate. It's not right. It's not right to have someone who's sweeping the streets as a cleaner on Friday and the following week advising vendors on how to market and sell their house that's worth $3 million. It does not stack up. House that's worth $3 million, it does not stack up. The barrier to become a real estate agent is too low. If you are vertical and you've got a pulse rate, you can get into real estate and think about it. We're playing with people's assets that for the majority of people, it's the biggest asset in their whole life.
TOM PANOS:Education that involves negotiation because, whether we like it or not, our job as a real estate agent is essentially negotiating all the time and as far as I'm concerned, I'm seeing some of these real estate agents out there being out negotiated by their buyers and sellers. I'm going to say that again, some of the people that agents deal with negotiate better than the agents. They're going to have to learn how to negotiate better. Number one. Number two basic understanding of a contract. Do you know? Today I saw a buyer ask an agent where's the sewer line run? And the agent goes I'm not sure, and it was just a pause. I just looked at him. I said go look at the contract. Go look at the contract and you know what he did. Then he's flipping through the contract like he's reading a novel. I said find the sewage diagram and show the gentleman where the line goes. Do you understand? We've got people that are wearing suits that don't know what a sewage diagram is. Basic stuff, product knowledge, right. So you've got to improve education.
TOM PANOS:The next thing I would do is I would have, for auction properties, the auction agency agreement is a public document. It solves every problem On the agency agreement. The agent has gone in there and he said this is my view on value. Right, make it public, put it there, put it on the table in the living room. Right, have one document. The buyers and sellers Make the agency agreement, say hey, listen when the buyer says oh, what's this going for? Well, mr and Mrs Buyer, what I can tell you is that I'd like you to go on to chat GPT. Compare the three or four comparables. Here is the agency agreement I've given to my owner. Here is where it's at. Our owner really wants to sell. Be there. They wouldn't be going to auction and investing 10 grand in marketing if they weren't serious. That's the kind of conversations that we need, and we need people to have one clear document right.
TOM PANOS:The next thing I would do is I would definitely 100% get rid of multiple vendor bids that are in like there are parts of Australia where you can have multiple vendor bids Like why would you have, why would you allow unlimited vendor bids on an auction? Like why would the vendor bid on their own property unlimited times? It doesn't stack up. Can someone tell me what's the thinking behind that rule? Tell me what's the thinking behind that rule? Right, one vendor bid. I know that's the law in New South Wales. One vendor bid. You put the one vendor bid in. Why do you use it? Oh, I don't know. You're there. No one's bidding, you're waiting for 10 minutes. You might use it as an opener or everyone's bidding, and they're $300,000 off the pace of where the owner is put in a vendor bid and say, guys, girls, let you know, let's be transparent, you've got no chance of buying this property unless you're over this vendor bid. Totally get it. You only need one of those. So I'd get rid of that. I'd get rid of the rule of lots and lots of vendor bids.
TOM PANOS:And the last one is I'll tell you what I would do. I would come up with a solution to actually have a pest and building inspection, no different to the way pickles, no different to the way pickles do with car auctions. Like you go look at pickle car auctions, you can see a report on the car. It's a very summarised report but it gives you a sense of confidence, right? What if you actually sell? All auction properties got to have the pest and building available. And I mean I know there are companies like Before you Bid, that actually have got that service available, but it requires an agent to trigger it because it's not law.
TOM PANOS:But I've got to tell you a lot of the frustration a buyer's having with properties at auctions is the fact that they've got to spend, you know, money on pest and building inspections with no certainty that they're going to get the property. Then they think to themselves, what if we don't get a pest and building bid on it end up with it and it's full of white ants? Then we're stuck. That's the dilemma, right? Why do you think they're calling Office of Fair Trading Consumer Affairs on Monday? It's because life is hard enough to buy real estate in Australia because of the housing pricing issues, then the cost of buying pest, building solicitors looking at a contract for you that you might not end up buying, but you just want to have certainty. So they're probably the changes that I would say would improve real estate in an instance.
TOM PANOS:And the breaking news is that in another week, like last week, it's been 100%. That's right, nine sold out of nine. And that follows last week, which I think was 12 out of 12 or 13 out of 13, hi, angela. And that includes prior, a month before that, which I think was also 100%, and then it was like 95%. The week before that I missed four weeks when I was overseas. I'd gone to England for work and I'd gone to Greece to have a few weeks off and a wedding. So I had missed that period of time.
TOM PANOS:But to me I have to say to you this is a good real estate market. This is a good real estate market and I've got to let you know that, whilst I sometimes think the market is bipolar, I mean that bipolar in the sense that you think one property is going to go off and it's not just me saying it as an option here. I have real estate agents that tell me they list a property, they walk out of there and they think to themselves this is going to go off and it doesn't. And then they have another property which I think is like nothing flash, and they end up getting five or six people on it on week one. That's what I mean by a bipolar market. But I'm actually thinking to myself that we're definitely moving towards a seller's market. It's not quite there yet, but when you're getting 100% out of 100, when you're getting 100%, it says to me that the mood and the sentiment is good. What's fueling this? Obviously, august 12, august 13,.
TOM PANOS:The RBA is having a meeting and nearly everyone that has an opinion on rates are saying rates are coming down. So that's probably the reason. In fact, this morning I was listening to Tim Lawless, who is the head economist of RP Data Core Logic, and he was saying that right now, if you're a seller or potentially coming onto the market, that your timing should be sooner rather than later. Because, even though that there is going to be a rate cut, it's highly likely the increase in stock that is about to hit the market and there's a lot of it in spring is going to actually counter effect the extra buyers that might come out of the rate cut. That's what he said. He actually also has a view that, even though we've got rate cuts, he thinks that things are going to get to the point where people won't be able to buy things regardless, so he doesn't think that there's going to be strong capital growth. He thinks that there will be growth.
TOM PANOS:On the 23rd and the 24th of September, real Estate Gym is going to Byron Bay for a two-day conference. Only people that are in my Real Estate Gym are invited. Invites are coming out in the next probably seven days, but please mark your diary. Gym members. 23 and 24, two-day intensive. We are going to make it the unmissable event of 2025.
TOM PANOS:Now, team, before we go, I've got to let you know August 21,. Mark your diary because the event is on unmissable, this one as well. It's called Ready, it's at Randwick, it's presented to you by realestatecomau, rea. I'm speaking at that event and I'm going to be speaking about what the top 1% are doing, and REA have been kind enough to actually give my tribe a discount if they use the code realestategym. I'm going to make sure in the comments or in the post we've got the URL for you to go there. It's $550. They've paid $100 off and you're going to be able to see Ned Brockman, simone Biles, cathy Freeman and a lot of other great speakers August 21. Ladies and gentlemen, that concludes another day. Tomorrow I am doing auctions. I'm letting you know that. I'll make sure that I'll put something up online and, as they say, the last five months of the calendar year in real estate are always better than the first five months of real estate. It's happy days at the moment too.