7 figure Attraction Agent

If They’ll Lie For You, They’ll Lie To You

• Tom Panos - Real Estate Coach & Trainer

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Have I got a story for you today!

00:00 – Did this agent have a conflict of interest?

06:18 – Why the real estate data in January is irrelevant

08:26 – February forecast and what’s happening with interest rates?

11:25 – KickStart26, 10 Feb, Sydney Olympic Park 

SPEAKER_00:

If they're prepared to lie for you, they're prepared to lie to you. Think about what I just said there, right? Have I got a story for you today? I get a panic button call from someone I really have never had much to do with, didn't even really know. I knew who they were. I knew where they worked. I'd never spoken to them my whole life. And they rang me up huffing and puffing. And I thought to myself, they're calling me because they're in Byron Bay. A lot of people know that I'm in Byron. A lot of people in the finance and real estate industry, uh, or people that just know me know when I'm here, they ring up and I want to catch up and have a coffee or a beer or just hang out, which I don't mind doing. Um, but I have to say, this guy was not calling about catching up. He was calling because he was huffing and puffing, and I'm gonna call it a panic button call. He was calling me to let me know. He asked me, he actually said, I need to know where I stand. That was the first question. And I said, What do you mean? And he goes, Listen, sorry to interrupt you, you might be on vacation. Anyway, hey Michael, hi to everyone that's coming on. I've got to say to you, listen to this story, listen to this story. So he's got a property. What happens is a buyer approaches him and really wants it. The buyer's got a really strong reason to buy this property. The buyer actually entices the agent and says to the agent, if you can get this property for, say, two million dollars instead of two point two, um, I'll look after you. The real estate agent goes, What do you mean? And he goes, Well, if you get this property for me for two million, because we've had our eye on it for a very long time, it's come on the market. If you give it to me for two million, right, I know the owner's chasing two point two, I will give you my listing, which I think is basically another$40,000 fee or thereabouts. So what happens is this real estate agent can't help it, gets seduced, yeah, yeah, yeah, yeah, I'll go get it for you, you know, goes in, um, gets the vendor to accept$2 million. This guy's happy. Um, this guy then gives him his listing, gives him his listing, and he then tries to sell it. This in real estate is called a double header. This is where the real estate agent is handling the sale of a property, sells it to a buyer, the buyer also wants to sell their house, and then they give it to the same agent. And by the way, most of the time I don't have an issue with that. But sometimes if you've got an agent a little bit too commission-breathy, and they want to sell you a house and then also do the listing, I'd be concerned if I'm the original vendor, because I think what actually happens is that that real estate agent then has a bit of a conflict of interest because he wants to get the listing, because he gets a second fee, or she gets a second fee, in this case it's a he, but then, but then, right, is also trying to get the best price for the original vendor. So let's continue the story. A month goes by and this guy is not getting the price he thought he'd get. So what happens is the real estate agents is asking him to lower his expectation. He gets upset and then turns around and says, Listen, what you said you'd get from me and what you're getting are two different numbers. I want you to release me out of the agency agreement. And then the real estate agent was ringing me up to ask me where does he stand? Does he have to release him out of the agency? Of course, you don't have to release him out of the agency agreement when you've done things properly because um you are entitled to what the agreement actually says. However, let's be clear, in this case, what appears to have happened is that buyer paid lower, and the agent has sort of said to me, I said to the agent, was he prepared to pay a little bit more than what you got him in the house? He goes, I think so. I said, Well, here's your problem now, because the buyer said to him, if you don't release me out of the agency agreement, I am going over to knock on the door and tell the people I'm buying the house from that I've given you my house on the basis that you are gonna get it to me at a cheaper price. So this guy is panicking, and what did he say to me? Where do I stand? You know what I said to him? You're standing on a lot of manure, brother. You're standing on a lot of manure. And I've got to tell every seller out there, or every consumer out there, if they're prepared to lie for you, they're prepared to lie to you. Think about what I just said there, right? If they're prepared to lie for you, they're prepared to lie to you. They don't change their stripes, do they? And I remember, and that's happened to me when I was in real estate like decades ago, I'd have a lot of people that would say to me, Oh, Tom, if you get me this property, we'll give you an extra 20 grand if you can get it to us at this price, to the buyer. I'd say to them, listen, just add the$20,000 to your offer, because even that is going to be a struggle to get the owner to accept it, right? It's not my home, it's the owner's. So what I suggest you do, you put all your ammunition in your offer. See, lose a listing, lose a sale, but never ever lose your reputation because at the moment, I've got to tell you, not only is this guy going to obviously lose this listing, I would suggest that he's in a lot of trouble. Don't pay any attention at the moment to any data in the real estate market in Australia. It is totally irrelevant. It will be deceptive, it will actually have nothing to do with what actually happens in 2026. And I'll tell you why. Because in January every year, there is not a lot of properties that go on the market unless you're in marketplaces like the Gold Coast, you know, those uh discretionary destination holiday areas where the real estate companies try and take advantage of the big holiday crowds and those that are staying in the town and in the coastal areas with a view of, you know, getting them excited and investing in a holiday home. But for the majority of Australia, there is significantly lower listings in January than what there is at any other month in the year. And what you'll often find is real estate agents will tell you, geez, we're just under the pump, we're busy. And that is purely um an optic. It is not economics. The reason why I'm calling it is an optic is that you've got um visually all these buyers that are fitting into a less number of properties, and quite frankly, there is a lot of I've spoken to a lot of real estate agents. Good to see you, Anthony. There's a lot of real estate agents that are saying, hey, there's a lot of people out and about, but less than half are actually serious buyers, and that's because there's a lot of people that have time on the January-December period, and they uh use that time to sometimes look at properties like many people that are holidaying in Byron this um Australia Day weekend have been doing today. So I wouldn't be paying any attention to the real estate market feedback or anything an agent's got to say in January. They are not true indicators. February is a very different story. February, particularly this year, because there is uh curiosity about what's gonna happen in interest rates early February when the Reserve Bank meets. Um it's been forecasts that have deviated to they're definitely going up, to they're going down to their staying. And no one knows. But I'm gonna tell you that in 2026, interest rates will be determined pretty much on the inflation day meetings. And that basically means that you will not really get a true indicator of what an RBA is gonna do uh until those inflation numbers come out each month. Now, by the way, if you're actually asking yourself why I'm speaking, I actually feel really tired. I am this is uh about a week since I got uh COVID in Melbourne for the seventh time, believe it or not. Um I'd gone to speak at a conference there for Wood Arts, which never actually ended up happening. So a big thank you to Rick Rushton, who I called on the morning of the conference. I tested positive again, and uh he filled in and he did a splendid job. But that's the reason why I'm just a little bit um tired. By the way, if you have a cop COVID now and you want to go negative very, very quickly and reduce the amount of time feeling unwell, you've got to take the antivirals. You're in a number. If you sound sick enough, they'll give it to you. They don't like giving it, it's expensive, it's about a grand. They don't like uh prescribing it, but it makes such a big difference. I've had COVID seven times, I've had it two times, the two times I've had it, it's been a lot easier. Uh so, team, February is a very, very important month because of the Reserve Bank. Number one, and their decision, and number two, after this Monday, Australia Day, what I want you to do is go on to realestate.com next week, hop in there every few days, and just have a look at the stock levels, go absolutely crazy. Yes, there was a small cohort of agents that used the Boxing Day as a strategy and launched some real estate, but the majority of the Australian real estate agents said I don't want to be answering the phones or responding to emails. I will hold back my stock and launch it when everyone is back, and that is this week. We're basically we're all back. We're all back. Australia, New Zealand is officially open for business. And what we're gonna be able to see is in February what the market is really like in various parts of Australia and more importantly, in various price points. And I've got to let you know, so excited about February the 10th, you'll be meeting uh Angie Dunn, one of my so I've appointed three coaches, Angie Dunn, Nicole Goldsmith, and Phoebe Cook, three females you might recognize there, great performance coaches, you know. These people are senior executives that have transformed into coaches over the last few years, and I've got to tell you, I had to do it because my Blackbill program that's got you know the average income there, GCI of those people, there's a couple of million. They are high performers, and a lot of them are female agents, and they need to be able to get the guidance and the support of, you know, female coaches. Um and I and the reason I say it is females, listen, they've learned the juggle. They have learnt the juggle, and they have also learned the importance of creating influence without being bullying, and um, I've got to tell you, they're amazing. They're amazing. So, ladies and gentlemen, I've got to tell you on February the 10th, on February the 10th, we have the Real Estate Gym Kickstarter, and that is being held at Sydney Olympic Park. We've got some amazing speakers. Um Marty Fox, Oliver Lavers, John McGrath. Uh there's a name missing there, Dip Chittiak. Um we've actually got a panel of four people. We've got a panel of four people under 30s that are doing 100 sales a year each or writing a million bucks. We've got Rosie from the Australian College of Professionals that's going to come and give us a brief on the latest news legislation and proposed changes of uh what Office of Fair Trading is doing with auctions and auction guides. And um I've got to tell you, I've priced it. I'm very fortunate, I've got some great sponsors and I'm an ambassador, some great firms that allow me to subsidize the cost of events, and the cost of event for our real estate gym members is$39. That's right,$39. And it's not$39 as a ticket to get you to go in there to try and sell you something, it's$39 with no selling,$39 with pure education. Um look it up Real Estate Gym Kickstarter 2026. Ladies and gentlemen, I'm gonna sign off. Uh and I look forward to seeing you soon. And I've got to say to you, 2026, I am tipping the best market, it will continue to be Perth. I think it'll be followed very, very closely by Brisbane. I think Adelaide will still fare very well. I think Sydney and Melbourne are gonna be markets that will go up but nowhere near the level of those other markets. And I'm really, really, really keen to see what the government is going to do with this five percent grant as that price point across the country lower price point keeps rolling and rolling and rolling with lots of momentum. I don't know how long that they're gonna keep it. Ladies and gentlemen, signing off.