7 figure Attraction Agent

5 Types of the WORST Agents 🗞️ Real Estate Market Wrap

• Tom Panos - Real Estate Coach & Trainer

Share episode

Send us a text

00:00 – Why you can sell for more by passing a property in at auction
01:16 – The role of an agent 
03:19 – When I think Super Saturday will commence
05:17 – Who will be the first agent to show the Agency Agreement?

06:13 – The 5 types of the WORST agents: 

  • Cappuccino Cathy – always networking at the café 
  • Data Dave – lives in spreadsheets and stats
  • Insta Izzy – posts before she prospects 
  • Larry Liar – talks big, delivers small
  • False Freddy – all show, no substance 

My Clearance Rate: 5/8 SOLD

Speaker 1:

I like passing properties in sometimes. I'll tell you why Because you've got to let go of this addiction and need, oh, sell it, sell it, sell it. Listen, if I see a bidder that has been bidding high, bidding hard, with high increments, and the issue is that they haven't got an underbidder to drive them up, good to see you, johnny. If I see that you know what I do, even if I know I can get a deal done, I'll pass it in because I work for the vendor. And if I think to myself hey, this buyer is just paying higher than the second highest bidder, but not the highest amount that they can pay, take them offline, deal with them. That's what good estate agents do. Because I've got to tell you, there's a view out there that some people have. These are the private treaty lovers that turn around and say auction only gets you the highest price after the underbidder. No, no, no, no. If you're a good auction agent, what you do is you're a great negotiator and you actually get more money off the buyer. And, by the way, let's be clear, let's spell it out once and for all, because today I had a buyer say not to me, but I heard him and I interrupted. A buyer say what's the point of talking to you? This is to the agent. All you're going to do is actually use that information to make me pay more money for the house. That's what he said, and you know what I said. Spot on, spot on. Let's be clear. The agent works for the vendor. They get paid by the vendor and the vendor has employed an agent not to go out there and sell the property at a lower price. No, they're paying the agent to the property at a lower price. No, there's paying the agent to sell it at a higher price, and every buyer should be aware of that. Every buyer should be aware that when you're talking to a real estate agent, the contractual relationship is between the vendor and an agent. It's called an agency agreement, right. On the same token, buyer agents let's be clear. They work for the buyer. The buyer is paying them. The buyer is paying them to buy a property at the best possible price and when you are a vendor's agent, your job is to get the vendor the best price. So, as long as all the parties know, that's the deal. It doesn't mean you lie, you cheat, but what you need to know is that the best interest the real estate agents looking after is the Vendor.

Speaker 1:

And I've got to tell you Super Saturday, ladies and gentlemen, I'll tell you when I reckon Super Saturday is going to take place this year. I'm going to tell you that I believe Super Saturday is going to happen in October. And it's going to happen in October because there's going to be a lot of Vendors that are going to say you know what, let's hold off, putting our home until October, because maybe the mood's going to be better with that 5% deposit. Yes, cameron, I do believe that the 5% deposit scheme is going to actually influence the lower point market first. And I've got to say to you, if you're a buyer that's buying at under 1.5, say in Sydney, in Melbourne I think, it's 9.50. In Queensland it's a mil. They're the thresholds. If you've got the money more than 5%, I'd buy now. Why do you want to compete with other buyers later on? Yeah, I get it, there's going to be more stock, come on, but there's going to be a lot more buyers because they're going to be able to access the scheme.

Speaker 1:

Anyway, team, I've got to go through and just let you know, super Saturday, I think, is now going to end up taking place on October, the 18th. I'll tell you why because that's going to be the real first Saturday in October. That is going to be okay. I'm talking about we've got the long weekend, the first Saturday, which is the third. Talking about we've got the long weekend, the first Saturday, which is the third. Then a lot of owners aren't going to want to have their auction on the 11th because they miss out. The long weekend affects the last week of the campaign. So I reckon it'll probably be the 18th. That's what I think it'll be.

Speaker 1:

I think it'll be the 18th and I'm also going to let you know that I unfortunately will not be there. I will be overseas again. I've got work to do. The real estate gym is going to London. The real estate gym is going to Birmingham. The real estate gym is going to Bulgaria, a conference of more than a thousand people that is happening in October. I've got the real estate gym is going to do a tour of all of Greece. So, yes, I'm going back to Europe only for one or two weeks because there is work that I didn't finish when I was there last time.

Speaker 1:

In addition to that, I want to let you know that I actually say this the first real estate agent, the first real estate agent that, actually the first real estate agent that actually has got the guts to actually put their agency agreements on the dining room table. And as buyers walk in, when people say what's the guide, they just say look at my agency agreement. That's the legal document that contains the estimated selling price. I have have a look there. That's leadership. I know that Ben Collier from the agency in Paddington or in the eastern suburbs, bondi he does it occasionally. I've been told right that I actually think that that is true transparency.

Speaker 1:

So before we go today, I want to let you know that I want to run through to me what I think the four different real estate agents are in the marketplace. Actually, let's go five. Let me go through them. The first one I'm going to go through there are five types of agents. Right, the first type of agent. Someone used to call him in the old days that I can't remember who used to call him. I think Gendman called him that False Freddy.

Speaker 1:

False Freddy is the guy that is just totally false. False Freddy is the real estate agent that says stuff that is so false that everyone there knows it's just like rubbish. False Freddy walks into a listing presentation and just compliments everything, even though it might be as bad as the house that I just auctioned right now. You know what False Freddy does? He walks out into the garden. That is a jungle, that looks a mess, and you know what he says what beautiful landscaping, false Freddy. What are you doing? The owners know it's a dump. The buyers know it's a dump. Just say it, brother, just say it right. That's your false Freddy.

Speaker 1:

Then we've got the other agent. The other agent's called Data Dave, data Dave, data Dave. You know who Data Dave is. Everything's got to do with Data. He just hasn't worked out, or she hasn't worked out, that people make decisions emotionally and then they justify them logically afterwards. They haven't worked that out. So what actually happens with Data Dave, data Dave? Let's talk about Data Dave.

Speaker 1:

Data Dave goes into a listing presentation, right, and what he does is he says to the owners your house is worth $1,600,000, not a cent more, not a cent more. Let me show you how I've come up with my price. And then pulls out all this data, works that out and has like four or five different methodologies. We'll use comparable sales. We'll then go off and use our build cost, land value. The land's this much there's there. But what Data Dave hasn't worked out is that people make decisions emotionally and then they justify them logically. Out is that people make decisions emotionally and then they justify them logically.

Speaker 1:

Data Dave is the guy that tells the owners you won't get any more than one set. And the owners say but can we try it for one seven? No, you're wasting your time. I'm not Larry the liar, I'm Data Dave. I am Data Dave and you know what Data Dave does. Five weeks later, what he drives past the house and there's a sold by at 1.6, right, 1.6. And you know what data Dave says.

Speaker 1:

I told him I was right, whereas the other agent gave that vendor the benefit of the doubt, gave him an opportunity, done a good listing presentation, said to them if there is one seven out there, we'll get it, but I've got to let you know. If it's not, you're going to have to be prepared to realign your price Because I actually think the comparables are telling me that one seven is at a very aggressive number. But I'm a real estate agent, I'm not a valuer. My job is to go out there and try and find someone who's got the same value as what you do. And they go through and they do the process and they sell the property at a fair price, and then Dada Day keeps telling everyone I told them they'd only get one sixth. Well, here's the deal, dada Day. No vendor wants a dream destroyer. They don't want Larry the liar, which is the next agent we'll talk about. You all know about Larry, but every vendor deserves the benefit of the doubt to go for a dream price because sometimes they get it. Every weekend we in the real estate industry get astonished at what prices properties fetch. We get it wrong. Give the benefit of the doubt, but Dada Dave walks away with no fee, with no sold by, with no records on REA and doesn't get any more appraisals. Because you know what it's like success marketing those who list and sell are the ones that get the listings and the solds again, the next agent.

Speaker 1:

So what have we done? We've done Data Dave. Who else did we do? We did Data Dave. We did False Freddy.

Speaker 1:

Let's do Kathy Cappuccino. Kathy Cappuccino, kathy Cappuccino. Listen, I don't mind Kathy Cappuccino. Out of all the people I'm going to discuss Kathy Cappuccino's networking. She likes to talk. She's sitting there in any situation where people are cafes, restaurants, part of a community, talks to people in the gym because she knows that nothing happens without a conversation. And Cappuccino Kathy understands that if you sit in a cafe long enough like Rick Serraia used to sit from Rain and Horn, bondi Beach doing his callbacks in there people stop in there when they're getting their coffee and they're waiting for the barista to make it and they ask you how's the market? You meet people in cafes, but the problem, I think, with Cathy Cappuccino is that they're terrible at process. They're really good at talking to people, but they're terrible at the follow through.

Speaker 1:

And then we've got Insta Izzy, insta Izzy. Insta Izzy is the agent who just freaks out and says wow, look at my story on Instagram. It got 6,000 views. Insta Izzy, someone watching your story that owns a surf shop in California ain't listing their house with you in Baucom Hills, if that's where you work, hills, if that's where you work. You see, insta Izzy doesn't like to talk to the people. What she likes to do is actually do it all on social media. But Insta Izzy needs to know social media gets you attention, but it's conversations that create conversions. Conversions happen from conversations.

Speaker 1:

And then the last one we've got is Larry the liar and Larry the liar. Larry the liar, you know how you handle Larry the liar. I just thought of an idea. Larry the liar, you know how you handle Larry the liar. I just thought of an idea. I'm going to create portable polygraph tests that's right, lie detector tests and I'm going to make them available. I'm going to go buy them. I'm going to go buy them somewhere overseas cheap, get a big volume, bulk discount, and I'll go selling to vendors that are about to put their home on the market how to make sure your real estate agent that you're about to select is not lying to you. You use the polygraph.

Speaker 1:

Ladies and gentlemen, 23rd and the 24th of September, thrive, my second home, byron Bay. I'm holding my first real estate conference there and I'm going to make sure that we have in the comment section or actually I better not do that, because Susan that works with me, has said to me that we have to just be mindful. We're going to sell out and we need to be giving the priority to our internal real estate tribe, which is our real estate gym members. So I'm not going to be doing that, but I'm letting you know. The 23rd and the 24th of September, thrive.

Speaker 1:

It is a very unique conference that blends spirituality, life, energy together with business. We've got some of the greatest people speaking. We're going to be doing meditation. We're going to be doing running, run, club walk, swimming out in beautiful Wadigos Beach, eating beautiful, wholesome food, but the two days are going to be jam-packed with content on AI, running, effective business units. We're going to be giving you the information and the people that are going to be delivering it. We've got some amazing people McGrath, rubenstein, mark McLeod, megan Muir the list goes on. Anyway, ladies and gentlemen, signing off.