7 figure Attraction Agent

Real Estate Market Wrap 🗞️ Visibility, Frequency, Conversations

• Tom Panos - Real Estate Coach & Trainer

Share episode

Send us a text

  •  0:00 - Maximise Real Estate Deals Before Christmas Break 
  • 2:19 - Market Dynamics and Auction Regulation Changes 
  • 4:44 - Ensuring Compliance in Auctions with AI Monitoring
  • 6:31 - The Importance of Home Staging
  • 7:43 - Agents Need Perspective on Their Work  

My Clearance Rate: 12/13 SOLD

Tom Panos:

Everyone that is a real estate agent that is on here right now, listen to me and listen to me very carefully. You need you need to operate in a way as if there is a speed camera every 50 meters. That's right. You need to be operating with a view that everything that you say and do is actually being seen. It is the middle of the month, and uh that makes it four weeks left of real work in real estate. That's what we've got. Because as far as I'm concerned, 16th of December to around the 24th of December is challenging to actually make an impact on any of those conversations. You can, but realistically, why don't you actually give yourself a bit of a break and spend time with your family and do some shopping and and that sort of stuff, even though having said that, there's a lot of deals done in that last week as well. I myself bought my house that I've lived in for 15 years on the 24th of December at five o'clock. And that's right, because I was an emotional buyer that wanted to bring closure, and I want to let you know there's a lot of people that are in that category. They are emotional and they want to bring closure to it, and that is on both sides of the fence. Even vendors need to know that there's a sole buy up so they can sort of get on with their life and not be thinking, oh, we've got to have the house looking good again early in January and back into the uh uh open for inspection saga. So for me, right now is not a time for actually clocking off. For me, there's a time for actually raising your visibility, raising your conversations, raising your frequency, and ensuring and ensuring that do as many deals as you can this side of Christmas and make sure that you have deals set up for the new year. Enough of that. I want to let you know that today I conducted 11 auctions and I'm about to do one more, and it's gonna sell. So I can tell you my statistics are gonna be 11 from 12 for the day. So again, on the surface, that looks good. On a week last week, I think it was 13 out of 14. Actually, no, I did two auctions on the Sunday, so that makes it 15 out of 16. So on the surface, it sounds like, you know, wow, we got a booming market. I have to tell you, there's no question about that. Ever since we had the Reserve Bank change its tone and commentary on the last uh rate announcement, which was on Melbourne Cup Day, uh we were expecting a cut, we never got it. In fact, the dialogue's changed completely. No rate cuts coming, most likely, till the middle of next year, if you were to go off and ask the bankers who got surveyed by the uh mainstream media. So, team, that's the story there. That is the story there. The sentiment is gone a little bit. Look, the fear of missing out has eased a little bit, is I suppose what I'm saying. It was a big week in real estate auctions as well, because as you know, I was actually gonna go in. I was in Melbourne, um, and I got a phone call on Thursday by sunrise, channel nine, and also Ben Fordham's show called with a view of that I would go in and give them my views on the press release that came from the Office of Fair Trading on Friday morning, which was that they are putting proposed changes to auctions, uh, specifically about the challenging matter of underquoting. Um obviously I was in Melbourne, so I couldn't end up going, but I followed it through and read the mainstream press and read the press release, and I've got to say to you, everyone that is a real estate agent that is on here right now, listen to me and listen to me very carefully. You need you need to operate in a way as if there is a speed camera every 50 meters. That's right. You need to be operating with a view that everything that you say and do is actually being seen. And that's gonna mean do the right thing. Example auctions. Now I'm pretty certain the process is in place where you have AI that actually goes to the back end, has a look at what price filter you've uploaded the property in. It then looks at when the property gets sold, what it's sold for, it then looks at all properties that have got a variance of 20%, all properties that have got a variance of 20%, and then what it looks at is um then they will request your file. This is what I believe the process is in place. And the reason I say it is there were files and files and files that were requested by the Office of Fair Trading this week. There's a very good chance that people that are watching this right now are people that have actually actually prepared files to give into the Office of Fair Trading next week. Let me go through the process. A bot goes into the back end, has a look at what price you've uploaded it at, looks at what property uh the what price the property got sold at. Then anything that I think has a variance of more than 20%, you get alerted to send in the file. So I've got to say to you, do the right thing. And I also got to let you know that I've actually uploaded um a course. You can go to my Instagram from the other day, we will send it to you free of charge, and that is the irrefutable guide to running auctions in New South Wales to do it successfully and not break the law, and that information has been built for agents, also buyers and sellers. I'm gonna make sure that we have the link somewhere in the comments available for you to actually start doing it because there's no excuses. The information is out there on what needs to get done. Couple of other things I want to say to you that, you know, today I saw a property that uh should have been staged that wasn't. Staging is around a five to ten thousand dollar investment, and on most properties will get you at least five to ten times what you invest in the staging. I think it gives people a feeling that it's a warm home, and particularly with a lot of people that are building these new duplexes, I've got to tell you, take away that clinical sterile feel and make it a home. Make it a home. The last thing I'm gonna say to you is I had a look at a graph that came through, and it's the usual stuff where real estate agents, politicians, I think media, uh down the bottom of the list, down the bottom of the list, you know, and if anything, right, I've got to say to you, it is self-inflicted. It is self-inflicted. Because, you know, there's a bunch of real estate agents walking around there. There's a bunch of real estate agents walking around there thinking that every day they're doing heart surgery when in fact all they're doing is taking names and numbers down, looking at contracts and returning phone calls. Get real. Getting tired. Oh, it's a busy day. I'm tired. Oh, what a day. I had four opens. Hey, relax. There are other nurses doing twelve hour shifts. Get over yourself. Man, they laugh at us. I mean, it was only a couple of weeks ago. There was a satirical video going around where people were making fun of real estate thinking that we're saving lives. We aren't saving lives, ladies and gentlemen. We're showing toilets, we're closing doors, right? We get paid really, really well for it. We get paid handsomely for it. Real estate's the highest paid hard work and it's the lowest, easy, easiest paid work, right? So don't get me wrong. I totally understand the concept that we go from the heights of exhilaration to the depths of depression in 24 hours. But for God's sake, get some perspective.