7 figure Attraction Agent

Real Estate Market Wrap 🗞️ Underquoters Will Be Humiliated!

• Tom Panos - Real Estate Coach & Trainer

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01:35 - Earlier this week, I met with Angus Abadee, NSW Strata & Property Services Commissioner. There will be massive changes to the price guide legislation in 2026

03:45 – Being branded as an “Underquoting” Agent

05:13 – The market sentiment over Christmas, there’s an  increase in Cancelled, Withdrawn, or Sold Prior

06:25 - We can expect Interest Rate Rises in 2026

08:27 – My Performance Coaches: Angie Dunn, Phoebe Cook, and Nicole Goldsmith

12:02 – KickStart 2026 on 10 Feb, Sydney Olympic Park (only $39 for Real Estate Gym members)

My Clearance Rate: 8/13 SOLD

SPEAKER_00:

I mean, how hard is it, like realistically, how hard is it to actually go to a listing presentation and say to an owner, right? Mr. and Mrs. Vendor, when you're listing the property, how hard is it to actually say to the vendor, I think your price of your property based on comparables is 1 to 1.1. That is my estimated selling price. Now, I know that you're hoping to get more, and I've got to let you know if it's out there, we'll get it. And my job is to try and find a buyer that has the same view on value as you. What you do need to know is our method of actually coming up with a selling estimate is this. These are the properties that I'm using, but I am letting you know that my job is to try and get you the highest price and to find someone that thinks the same value as you. That is not a difficult thing to do. And I've got to say to you, it's also not hard, it's also not hard, right, to actually turn around and say to a buyer, when a buyer is coming through, right, what's what are they hoping to get? My selling estimate that is on my agency agreement is 1 to 1.1, right? That is it. This is not rocket science stuff. Uh by the way, I've got to say that this time next year, the world of options are going to be very different in both Sydney and Melbourne, I'm very certain. Sydney, they're going to be very different because I think by this time next year, and even before that, we are going to have price guides on the advertisements of every property. I'm going to repeat that. So when you go on to realestate.com or domain, it will actually have a price or a price bracket. The price bracket most likely will be 10%, and the price will be about, well, the price will be a one figure. So this trying to work through that. So I had a meeting with Angus Aberdee, the commissioner for New South Wales that looks after property and strata services during the week. And I've got to tell you, impressive fellow, very impressive. He's only taken on the role, and prior to that he was filling in as a temporary. But I've got to tell him, I've got to tell you, he's a very impressive person. Giving you uh Ali the Sales so far, uh eight out of fourteen. I've got one more option. And look, it's obvious, it's obvious that he is hell-bent in sorting out this underquoting issue. Now, I have been a very long proponent, John McGrath and I both have been. If you've been listening to our Million Dollar Agent Podcast, a public podcast, we have been drumming on it since 2013 that having a price guide on options is better for everyone. End of story. Realestate.com tells us when there is a price guide on a property, more buyers actually engage with that advertisement. It is a no-brainer. Now, New South Wales is the only state that at the moment basically gives agents two options with price quoting. Either say nothing, say nothing to them. We're not giving you any price or give you a price guide of a 10% range. And I'm pretty certain that that's going to be changing. But I've got to say to you, what I think will be the single one thing that's going to change the behavior of real estate agents in the way that they act with price quoting on options is going to be, I think, the humiliation of actually being branded an over an underquoting agent. And the humiliation is going to be because from what I can understand, and don't be surprised, if this is going to actually be in place. And that is, if you have been caught underquoting, you'll actually have it up on your signboards, at your properties, at your window display, you'll be branded. You'll be humiliated because I think what the government is thinking to themselves is if two and three thousand dollar fines aren't doing it, um, I've got to say to you that what we'll do is we'll actually get you emotionally. And as Sam is saying, high pomps auctions will never be the same again. I think that there's going to be less options. I do, I think. I don't know that there's going to be significantly less auctions, but I think that there's a group of people that are sort of sitting on the fence and they're going to turn around and they're going to say, listen, it's all too hard. It's all too hard. Um, yeah, well, listen, I've got to tell you, Sam, it's a lot more. It's a lot more people. And I've got to tell you, I don't comment. I don't comment on things that are still under investigation because I'm a lot more smarter than actually putting myself in a defamatory position, which um I can tell you I've got I've got daughters that are, you know, aspiring lawyers. And I've got to let you know that today I'm at 14 auctions and I still have one more to go. That means 15 auctions, and I have got three auctions scheduled for tomorrow. So this is arguably my biggest auction week of the year. Definitely my biggest auction day of the year at 15 auctions. And if the last one sells, it will be nine out of 15. If the last one doesn't sell, it will be eight out of 15. And I have to say that it happens every time this year, and that is depth of buyers starts to actual dwindle. And it's no surprise, most people in the world of real estate actually turn around the last week or two and uh they hit Westfield, they hit the beach, they um hang out with families. Um, and that's why what you're seeing is a large number of properties that are either being canceled, withdrawn, or sold prior. And for me, the most likely scenario is that today I'm gonna end up roughly with 50%, maybe just after over 50%. And it's quite incredible how life has changed in a matter of basically six weeks. So six weeks ago, we were sitting here and we were talking about rate cut on Melbourne Cup Day, rate cut in February, rate cut middle of the year. And now, if you actually ask all the people that have a view that matters more than the public, people that work in the financial services as very senior executives, they've essentially turned around and said there's a 40 to 50 percent chance. Thank you, Ash, there's a forty to fifty percent chance that there's gonna be a rate rise in February, and there is like a hundred percent chance there's gonna be a rate rise by the middle of the year. Now, there are a number of data sets that are gonna impact that. And obviously now we get monthly inflation numbers on the last Wednesday of every month. That's gonna be the biggest indicator. The only saviour that I think we're gonna have is if um we get, you know, uh unemployment um going up. Hopefully um that actually then forces the bank to re-look at rates. But at the moment, I think the Reserve Bank, from their commentary, if anything, they probably feel that they went one rate cut too many. That's what they're thinking. They are more than happy. They've essentially said, I've actually got it on my social media account, they've essentially said that as far as they're concerned, that is the end of rate cuts in this cycle. And that at best case scenario for a current mortgage holder, your rates will stay the same or they'll be going up. They are their words. They are the reserve bank's head's words. And in addition to that, I've also got to say to you that the fixed rates have been quietly going up in the last day or so. And when a fixed rate goes up, basically the bank is saying is we think that rates are going up. Anyway, team, I've got to let you know the other thing that's happened during the week, which is something that I've been looking at doing for about a year and a half. I made the decision. We made the decision about six months ago, and my three new performance coaches commence work in January 2026. 2026, my new performance coaches. Now I want to let you know, all three are females. So I've had a lot of people say to me, Tom, why didn't you put one male? Well, I don't make my decisions based on gender because these three I've worked with for close to 20 years. Angie Dunn, Phoebe Cook, and Nicole Goldsmith. And I'm gonna say something. You know why I like female coaches? Because they understand the juggle. You know why I like female coaches? Because they've got high EQ. You know why I like female coaches? Because they understand keeping people accountable, but without intimidating them, without pressurizing them, without actually humiliating them. And the thing I like, Phoebe, by the way, I can just see Phoebe's wade. Hey, Phoebe, listen, I've got to tell you, Phoebe, I'll tell you why I like you. Number one, you've got an MBA. What does that mean? You've got the ability to actually have the intellectual opportunity to analyze information in a rational way. Number two, you've got a diploma in psychotherapy, and I've got to tell you, extremely useful. I don't think real estate agents need to be keep being told prospect more, they sort of get it. What we really need to know is why aren't you prospecting more? What's the thinking pattern? What's the friction points? What are the things that we need to do to actually change whether it's a narrative, a self-limiting belief, or a lot of the times it's just processes. And I've got to tell you, Phoebe Cook, along with Angie Dunn and Nicole Goldsmith, are gonna be your black bill coaches that are gonna have high IQ and understand you, but in addition to that, make sure that they keep you accountable without intimidating you. And I also think that in an industry where we I've got to tell you, and we've got some really good coaches and trainers around Australia. We've also got some very poor ones. The reason I like all the three coaches I've put on is I need half my client base are females. I need to be able to have people that understand the juggle the real estate agents go through, right? It's not like, you know, they're footloose fancy-free. They go home. Most of my clients go home and have to bath children. My female agents don't want to hear work harder. What they want to hear is give me some hacks to be more efficient and effective because I want to have a successful real estate life, but I also don't want to lose my life, don't want to get divorced, don't want to have a bad relationship with my kids. Because at the end of the day, we've got to keep remembering real estate is a vehicle to help you have an extraordinary life. So um I'm gonna introduce you over the next couple of weeks to my coaches. Please don't forget February the 10th, the real estate gym 2026 Kickstart,$39. Real Estate Gym members,$39. You'll be able to see Oliver Lavers, John McGrath, uh Marty Fox, uh, Dib Chittiak. We've got a panel of young agents that are doing a hundred deals a year. The link is there. In addition to that, I want to let you know I'm an ambassador for a number of firms, realestate.com included, but Wingman at 11 o'clock is putting on an event. This is a free event that I'm speaking with John McGrath, Nick Georges, and myself, 11 o'clock this Wednesday. Um, Susan, could you please put the link in the comments? And Nick Georges, Nick Georges, could you, if you're watching, could you also put the link in the comments because there is going to be a major announcement about Aric on that Zoom. 11 o'clock Wednesday, please register. It is basically five or six things you've got to do. So you come back in January and you're not lying on the tarmac, but you're up in the air and you're up and you're running. Anyway, ladies and gentlemen, I want to thank you so much. I'm about to go in to my last property. I can see a couple of buyers walking in. Um it's going to be a challenging one. It's going to be a challenge one. I've got auctions tomorrow. I've got auctions all week this week. I've got to let you know, nothing is going easy at the moment. I have just counted my appointments for Monday to Friday next week. There is 78 appointments. It is long days, long nights. Anyway, team, I've got my eyes on the prize. I thought I'd be finishing work around the 13th or 14th of December, which would have been today, but it is going to be the 20th. But I've got to say to you, it's been a fantastic year. It's been a great year, and it's been a good year because you know why. Health is wealth. That's the reason why. Tigers coming last again. You think, listen, it's a lot better at the end of this week than it was at the start of this week. At the start of this week, we were an absolute mess. We've got Benji back for five years. We've got our team, our directors are back, and uh hopefully we can put that behind us. Let's go do this option.