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
Why this agent won’t book me again 🗞️ Real Estate Market Wrap
03:25 – Make price transparent, and other things I’d do as CEO of real estate to clean up the industry
08:04 – How you do business is more important than how much business you do
10:31 – The #1 quality you need to make it in real estate (and it’s not confidence)
My Clearance Rate: 7/9 SOLD
Today, a real estate agent said to me he's never booking me again, which is not a problem because we have more bookings than we can handle every Saturday. Every Saturday, we have more bookings than we can handle. In fact, like every Saturday this week, he's giving auctions out again, hey, john. So why did the agent say to me he's not going to give me another option? I'll tell you why. What happened is we were 10 grand, 20 grand short on getting an offer accepted.
Speaker 1:The buyer was bidding with great momentum. He had no one to push him any further, but I knew there was more money in that buyer. So the buyer played hardball when we tried to negotiate during the auction. So what we did is go to pass it in and the agent said to me no, don't pass it in, I want you to sell it. I said listen, there's only a very small risk. We won't get this offer off the buyer after the auction. And, quite frankly, the reason I want to pass it in is that I believe that in a negotiation post-auction there is the potential to get another $50,000 for this owner. And I mean this agent now said no, no, no, I want it sold under the hammer. Right, anyway, we did it. Can I guarantee you that I'll get another $50,000 in the next week? No, but I had a funny feeling I would.
Speaker 1:And I think you've got to make a judgment call. At all the times, a lot of times in real estate we've got this obsession, this addiction to feel like sold under the hammer. Put the sole buyer money in the bank. Let's move on, and I agree with all of that. But there are times when you've been doing a job for four decades where you feel that that buyer, if he had a competitor to drive him up another 50, 100 grand, he would have paid it right. And yes, there's a risk. And I got to tell you this is where great negotiation comes to the forefront, because if you meet a really good buyer, that's a good negotiator. That makes it lead you to believe I'm not paying a single cent more, I'm going. I can see how a lot of real estate agents would say, yeah, do it.
Speaker 1:But the other side of it was I looked at it on RP Data and I thought to myself getting an extra $50,000 or $100,000 wasn't going to make this property very expensive anyway, if anything, it was in the range I thought. But I suppose the message I want to get across there is don't feel the need to have to sell every property even though you think the owner is going to take that offer right. To narrow a gap of 10 or 20 grand is not that difficult, and that's what they did today. And they sold it and we move on. But you know, I thought about it as I was having a quick bite to eat before. What if I was given the job to make real estate great again? And then I thought to myself well, was it ever great in the first place? So maybe that's not the question to be answering.
Speaker 1:Let me tell you, if I was made the CEO of real estate in Australia, what I would do. Number one I would clear up the pricing game bullshit. I'd clear that up. I need you to know this. Pricing buyers hate it, vendors don't like it and agents end up in the tribunal. It's no win for anyone. Be transparent, be compliant, build trust. It's the fastest way to win long-term.
Speaker 1:Don't look at the scoreboard. Look at the process. You look at the scoreboard too much in real estate. You start getting commission breath. What you do is always look at the process. Be married to the process, don't be married to the outcome. When you're looking at the outcome, you let go of looking at the process, and it's the process where the magic happens.
Speaker 1:The second thing I would do is I would raise the bar in training. I mean, at the moment, like, what is training it's? You do your CPD points once a year, you know, and that's a you know. At most it's one day. You might go to Aret, which is another two days, but I've got to tell you, you know, if you want to go pro in our industry, you've got to actually train like a professional, because you're always sharpening the blade and what I'm talking about is constant reps reps on scripts, reps on dialogue, reps on negotiation, repetition on prospecting, repetition on your digital skills. I need you to know. That is what the winners are doing. Number three I would make real estate great again by actually reminding real estate people.
Speaker 1:We use tech, we are not tech. Two different things. We use technology, we are not tech. Two different things. We use technology, we are not technology. All CRM systems, virtual tools are great tools Like I get it, you know and chat, gpt and AI is transformational, but don't forget this people list with people. So what actually happens is you use technology to free up time so you can actually speak to more people. You do not use technology to talk to the people.
Speaker 1:The next thing I would do to clean up the industry is I would make sure that I would simplify things. Why do you have to speak to a lawyer for every damn thing? Jeez, that's a good looking car. I'm just looking at a beautiful. It's an electric. It's an electric Porsche.
Speaker 1:So I'd clean up the industry and I would bring in rules that are standardized around the country, like can you explain to me why, like in New South Wales, you're allowed to do one vendor bid at an auction In Melbourne? I think you can do unlimited vendor bids. I mean, what's that all about? Like, can you explain to me why should a vendor be entitled to multiple vendor bids on their property? Why would they want to buy their property? Why would they want to buy their property back?
Speaker 1:Think about that concept and like, even if, for whatever reason, one vendor bid and let's assume you use it, like I use it occasionally, very rarely in New South Wales when do I use it? If I go to an auction and I've waited 20 minutes and no one's bidding, I'll use the one vendor bid that we're allowed to. Or if I get a reserve of $2 million and someone makes a bid of $800,000 and no one else bids, I'll go put in a vendor bid at 1.8 or whatever, just to actually say to people we're all wasting our time. The owner is not considering selling at that number you're talking about. But this concept of having multiple vendor bids and various parts around the same country having different rules to me needs to get standardized. So I would do that.
Speaker 1:The next thing I would do is I would put service back at the core and the business is not about commissions, it's all about community. Commissions no, community, yes. And I also have to say to you community, yes. And I also have to say to you and listen to me very carefully how you do business is more important than how much business you do. If you're a real estate agent, I'm going to say that again how you do the business is more important than how much business you do. And I'll tell you why. I've got to say to you the single reason why is this Number one? When you're doing business in a good way, what actually happens is this you get repeat business. So it's more enjoyable than having to do the catch and kill and have to prove yourself to each and every time, to strangers who don't want to talk to you. That's number one. The second thing is how you do business is more important than how much business you do, for this simple reason Because if you like the way that you do business, you're going to be happier and you're going to have a longer life term in real estate. So you might end up working 30 years and, yes, you could have made a lot of money in your first five years doing it in a way you don't like, but you would have got burnt out. So that's why I say to people how you do business is more important than how much business you do.
Speaker 1:The next thing I'm going to say to you and this is very, very important If a salesperson, you've got to pick the right people in our industry, I've got to tell you. You've got to pick the right people in our industry. I've got to tell you there's a lot of people that work in our industry that are soft. They are so soft They'll sit there and the number one concern that they have during the week is what day is my day off If I have a real estate agent that I'm sitting at an interview that starts talking if I get a client of mine that says, mate, sit through this interview right, because I want you to help me in the recruitment, because a lot of principals aren't the greatest recruiters and I have an agent start talking about days off. I mean to me what they're talking about is not how they're going to build their career, what they're talking about is how they're going to escape from their career and that's why they're so focused on that day off.
Speaker 1:And the last thing I'm going to say to you the number one quality you need to succeed in our business is courage, much more than confidence. I'll tell you why. Because courage, my friends, is what you need to give you confidence. I'll explain to you why. When you start doing something brand new, you're vulnerable and you're slightly incompetent and you're not going to be confident. But you need courage to do it. So what happens is courage is always step one. Once you've done it, you feel like, okay, it wasn't bad, I'll improve on it, and that's how you build confidence.
Speaker 1:And for me, anyone that's brand new in real estate that's watching this let me tell you your confidence enabler, your confidence enabler thanks David. Your confidence enabler is product knowledge, because product knowledge gives you confidence and confidence gives you influence. Be the person that is the chat GPT of your market, because I've got to tell you, when you do that, you start serving and you stop selling and you build a tribe. That's got your vibe and that's how you have a long-term, successful career in real estate. Signing off Byron Bay see you this week. Those of you in Manila with Wingman, safe travel home, stay well. Good luck to the two teams I'm backing this weekend in the NRL the Bulldogs and the Sharks and good luck Geelong.