The Real Estate Forum Podcast Series 2 Episode 7

This episode is proudly brought to you by our amazing partners:

Adaptive Fire and Electrical
Eleven Financial
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Million dollar agents Gavin Staindl and Brent Day have teamed up to bring you something truly special "The Real Estate Forum Podcast".

We’re back for Episode 7 of the year, and what an episode it is!

We’ve got a very special guest on the show, Metin Azirit from Ray White.

With over 20 years in the industry Metin has owned a LJ Hooker franchise then converted to a Ray Wite office and eventually sold the healthy business. He has now taken up a Senior Sales role with Ray White Cranbourne and he tells us the incredible journey he has been on to get where he is now.

Our very own Jade Murphy from Eleven Financial on ZOOM, bringing finance news, insights, and a bit of industry gossip from around Australia.

This episode is packed with:

🔥 Raw insights
🔥 Game-changing strategies
🔥 Real talk from people in the trenches

Real stories
Real strategies
Real quality guests
Real estate like you’ve never heard it before

So sit back, get comfortable, turn it up, and enjoy.

Tune in. Get inspired. Join the conversation.

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Transcript

SPEAKER_01 0:08

The real estate forum podcast is back. I apologise. We weren't here last week. We actually had a practice match in footy. The last game I played in footy, I snapped my ankle. How'd you go? I made it. I made it through. Kicked the goal. Kicked a snack. Did Craig get another photo? No, it wasn't there. He went through the bloke's legs. He got nutmegged. And he was about two minutes out from the goal. There's this bouncing balls going which way? And I kicked it out of the air. And I was celebrating as a pracking match in the vets over 35, but I felt good.

SPEAKER_03 0:35

What's the feeling like when you kick a goal? God, you just get a big stiffy sometimes. You just want to run around. Like you see the guys on the Ovalfield, and you know on Monday, the guy just double double fists and flexing their muscles.

SPEAKER_01 0:46

Yeah, I felt pretty good, but you had to keep it subdued because it was the first quarter of a three-quarter practice match against a bunch of 50-year-olds. Yeah, wow. Exactly. Jeez, how bloody good am I? But I did feel good.

SPEAKER_03 0:58

But we'll take goals when we can get them, mate. We've got a massive episode today. Run us through what's going on. You know, like we're doing this, I think, every two weeks now. So we're going to have a heap of knowledge, like a wealth of knowledge to unpack. We've got the grandfathering with CGT tax that could come in. I want to go into that properly with you because we done a video and I've just been getting hammered with comments on there. And people are like having fights and stuff. Oh, you shouldn't do this and that. So we'll go over that. Um, obviously, the market. I've said to Craig before when I got in here, we're going to talk about the market and we're going to give people the true knowledge about what's happening because you see on socials, you see in the news what's, oh, the market's going to crash by 30, 40%. What we're seeing on the ground is not that, or I'm not personally. So we're going to really deep dive into the market and give our audience a real understanding of what's happening. And if your house is on the market, what can you expect with an agent and what buyers are going to offer with your price guides as well? We're going to go over finances with Jade because there's been massive changes in that aspect. Interest rates, obviously. Gav, we could go into a lockdown too. And I think a lot of our product at the moment, some prices are going very high, and it's all product dependent. That's my marketplace knowledge. Um, so yeah, massive episode. We have a huge guest as well, which I'll introduce in a couple of moments. Are you excited? Bloody oath.

SPEAKER_01 2:14

And obviously, an agent, New South Wales, gets banned for 10 years. 10 years. What are your thoughts? So Josh Tesla, we'll name names, right? Yeah. So Josh Teslan, uh, former Ray White, then got pushed out of the company. He was number one bloke. Like, if you thought Ray White and you thought about who was doing what, Josh Teslin was your guy. Wrote $5 million in his year that he finished up, um, and has been pushed out of Ray White for a bunch of reasons. It's now come out that he has been fraudulent, like he's been frauduling documents. Wow. So frauduling documents. Um, the Office of Fair Work said that over a hundred cases of underquoting.

unknown 2:54

Wow.

SPEAKER_01 2:54

Like we're talking huge. And so he's been banned for 10 years. You know what the crazy thing is? So I I've unfollowed him. Like I I wasn't a huge fan of him in the first place. I met him for the first time about five years ago, and he was up on stage at this elite conference, and I remember asking him, What do you do for fun? You know what he said? He said he lists and sells property. I'm like, okay, like, but surely you go on holidays. And he goes, Yeah, I'll go on holidays if I'm gonna go list a property over there.

SPEAKER_03 3:29

Yeah, okay.

SPEAKER_01 3:29

And so his whole life was around listing and selling property, which I thought was just it's a machine, it's devoid of any emotion. Anyway, this guy is so arrogant, he had like blazes with like lines of all of his houses that he had sold. Um the day after he got banned for 10 years, he posted on his socials about all the Rolex watches he owns. He tagged the New South Wales Office of Fair Trading and said, How much money do you guys make, huh? Calling him woke and calling him gay. And and so this guy who's been banned for 10 years doesn't even understand the gravity of the situation. Like we talk about authenticity here, and like that's a great way to become an estate agent. He has got to the top by just screwing everyone down. And then when he does get punished for it, he jokes about it, he gloats about it, and then you go on and you see that he's you know, he's got conferences and that kind of jazz that people are spending hundreds of dollars to attend. What are you doing?

SPEAKER_03 4:30

It's pretty disgusting, like the terrible behavior. It's a very um bad look to just a whole real estate agent industry and real estate industry in general. And I think I was at that conference you're talking about, and he had his own name uh he not tattooed, like sewed into his blazer, and he was on the stage saying, like, like literally like the word for word, like he's the best, and you know, this, this, and that. And I thought to myself, you can be good at something, but if you're like announcing that out in the public, I'm like, man, like this guy's got some probably issues a little bit deeper. I'm all for people being confident, but be confident in a in a humble way.

SPEAKER_01 5:07

Yeah, I completely agree. And look, I mean, you've got to have a bit of bravado. This this industry, you've got to be able to show people that you know you know what you're doing, right? So there's an element of success, and you have to portray that success. Otherwise, no one's gonna list with you if they don't think you're successful, right? Or or good at what you're doing. So you do have to have a bit of ego in this game of sales, but the way that he goes about it, he's been banned for 10 years. He comes out and he starts going, oh, I don't care if I'm banned for 10 years, I'll make more money than you.

SPEAKER_03 5:34

Like, just get a grip, man. 100%, dude. Uh, ladies and gentlemen, we'll like strap yourselves in because today we have one of the most experienced agents in Southeast Melbourne with over two decades worth of knowledge, and I hope that's correct. Over $400 million worth of real estate sold. I was reading his write-up today and it was pretty impressive. A true operator who's seen the highs and the lows of real estate, which we'll uncover as well. From owning his own Ray Wilde office to making the bold call to step back, reset, but come back as a lead agent in Cranberne in a very short period of time, which I've seen firsthand. This is someone who understands not just success, but the evolution that success can bring as well. In our industry, not many people have the humility, confidence to pivot like that and come back even stronger. From a family man, and Craig said, add that, he's a mad Collingwood supporter. So I like him just that little bit more, even though he's one of my competitors. To a to a business owner to now on the path to cement himself as one of the high performers in our industry. Meton, welcome to the real estate forum podcast, mate. It's a pleasure to have you here.

SPEAKER_02 6:43

Thank you. Thank you. Um that's a that's a uh you know, big list. I actually, when I when I hear all that stuff going backwards, I'd sit there going, Jeepas, I am one of the veterans in the game. And it's been a lot of years. Yeah, it's been a lot of years. So I'm very grateful to be here. So thank you for having me. No stress, man.

SPEAKER_01 6:58

Thoughts on Josh Tesla before we move on from that.

SPEAKER_02 7:01

Um yeah, I I've I I try and keep quiet on those sort of things. Um I don't. I I try not to get caught up in the pollux, but I'll I will share my opinion because you've asked me. Um, it feels a little bit Wolf of Wall Street like. Um Yeah, yeah. I I it's it's you can do this job, and there are people in this industry that do perform as good as him. Um, self-proclaimed number one he was, um, whereas people in the industry actually know who number one actually really is. Um, so he liked to get out there a lot saying he was number one when he wasn't. Um and and realistically doing that sort of stuff, and and you missed one out before it was false bids at auctions.

SPEAKER_01 7:43

Yeah, false bids.

SPEAKER_02 7:44

Yeah, he was actually having people false bidding at auctions on his behalf.

SPEAKER_01 7:47

Yeah.

SPEAKER_02 7:47

Um, you know, 10-year ban, yeah, it was strength sent a strong message. Um the $33,000 fine, in my opinion, I think everyone else probably has the same opinion. Yeah that that that 33,000 fine was just it was a joke. But then obviously I I did see some of his posts afterwards and see the um, you know, the I suppose the mockery to the New South Wales fair trade. Like he's he's tagging them all in. Yeah. That you know, going my Rolex and you know, I'm going here on holiday and you know, I'm going to Greece in six weeks. And you know, that's just on the back of ripping people off. Correct. Yeah, it's a little bit tasteless. But at the end of the day, and this is not just our industry suffers with this, this is most industry, most industries. You've got you've got people that are humble in what they do, and then you've got people with egos bigger than uh the than a rocket ship. So, you know, each their own. I try not to focus too much on what they do because at the end of the day, we got enough stuff to worry about in our own plate, then have to worry about what they do. But obviously, that's my opinion on it. And I I yeah, um let him do what he he's gonna do. Yeah, 100%. At the end of the day, you can't help stupid.

SPEAKER_03 8:56

I might start follow following him on social media. I haven't followed him, but I'm sound pretty good. He's not worth it, mate.

SPEAKER_02 9:02

No, you I think I think you invest time better in Elfman.

SPEAKER_03 9:05

Yeah, I think I'll follow you boys back. Um so you I forgot one thing in that intro. Uh, you were, I think when I first met you, I was thinking about this this morning, man. I would have been like, I was not saying 10 years old, I would have been maybe 22, 23. There was an auction in Nari World North and Brent Iluchik, is that is that his name? Yep, yeah. He was an auction auctioneer. And I think you were LJ Hooker then. I think there was an in-ground indoor pool at this joint, and the auction flew. Anyway, so LJ Hooker, why the move from LJ over to Ray White?

SPEAKER_02 9:38

Really good question. So in any franchise, you pay franchise fees, and at the time uh when I was with LJ Hooker as a franchise owner, I was spending external money on external help. And I'm sitting there going, hang on a second, that's not fair. Like I'm paying franchise fees and a good bunch of franchise fees, so inherently they weren't giving me the support that I needed. So, you know, as as business, and and look, within all the franchises, you got franchises at one end of the spectrum, you know, starting out all the way up to you know 20, 25 year, 30 year businesses making a lot of money, you know, and and for where I was at, I needed maybe a little bit more help and love than I needed, which I wasn't getting. Um, and at the time, I think um I think LJ were cutting back on that, and I think it was from corporate at the time um they were scaling back a little bit because I think there were some dealings in terms of they've sold the business or they had to pay back investors. Because at one point LJ Hooker, um the grandson, uh, came in with investors and um really lifted the the the company back up because Suncorp milked them to death. Suncorp were basically, yeah, they they just that we were an asset to them and they just milked it. And then once they didn't want us, they spat us out and sold it, and Yanis Hooker bought it back. The grandson of Hooker bought it back, and and at the time, uh at the time he had to, I believe, get some investors altogether. And those investors, after a few years, wanted their money back, um, lifted the company really well. It was really, really good. It was the best time I ever seen Ultra Hooker at the time. Um, but then I think once he paid all the investors back, he had to get separate loans from interstate from my understanding, and or out of the country, and they were high interest rate loans and had to scale back. And the thing that you scale back on when you want to make profit into business is human resources. So they um that human resource at the time really wasn't there. So I went looking at all different other brands at that time, and I found Ray White to have the best offering at the time. And I interviewed probably about five or six brands at that time. I won't name them because they're all they're all around us. Um but some of them are some of them were good, and some of them we walked out feeling pretty dirty, to be honest. Did did any of them impress you? Uh out of the out of the half a dozen, out of the other four. Yeah, there were there were a couple, yeah. There were a couple, but ultimately we felt going from Alger Hooker to probably about three of those of the brand was a step backwards in terms of the support. Um I even considered going independent at the time. Um reason why I didn't go independent at the time is because I'm heavily competitive. Um so you know, people go, but and that's probably a little bit ego, funny enough. I think that's a bit of ego. Yeah. Um but I I I know I'm driven by competition. So if I'm a one-man band or a or an independent um with no other officers to work off or bounce off, or or or you know, being able to scale metrics off, then for me, I knew I probably wouldn't be as successful as I would.

SPEAKER_01 12:48

Metton's metrics. That could be a little recap. Yeah, that's not a bad idea, actually. There you go. Um, my question, all right. So this is a huge one. Everyone has that pipe dream of starting out in real estate, becoming the sales consultant, uh, then you know making heaps of money, then owning a venture and becoming the director and taking over the world, is right. That's that's everyone's dream. You've done that. You became the director, and then you said, I'm actually stepping back, I'm just going back to the sales consultant. So you've gone through the pipeline, you've made it to the top. Well, the top is what I guess the hierarchy, the perceived top, is where people want to go. And then you've decided I'm gonna come straight back down. Yeah, why?

SPEAKER_02 13:31

Um it actually wasn't by choice, this one, and and uh I don't share it with a lot of people, some people do know it. Um so our shop, and and it's actually there is irony to it. So they didn't renew my lease where my shop was, and the irony was about three months before that, I actually tried buying um uh a shop in Nari Warren South. So I made an offer on a shop and I missed out on that shop by 20 grand. So I'm spewing and actually renovating that as we speak, it's gonna be turning into a pharmacy. Um, but the irony is, is when they they said, No, we're not renewing your lease, I said, well, why not? And they said, because we're gonna put an Afghan grocer into the shopping centre that I was at. I'm like, oh, fair enough. And I said, well, why do you want to do that? And said, well, because there's so many Afghan community or or people of that origin is now in Narrow on South. I'm sitting there going, I probably put most of them in there. I sold most of the houses to them. So um the already was as I put them in, and then obviously, yeah, they can't drop there.

SPEAKER_01 14:38

What do you prefer? And don't give me a oh, there's pros and cons to both. Do you prefer being a director or a sales consultant?

SPEAKER_02 14:44

Okay, uh, in terms of stress, uh, I I it's far easier. Being a sales consultant is far, far easier. Um, in fact, I I really when people sit there and say, Metin, I want to be a director or an owner of a business, I really tell them to dig deep on why they want to do that because money's not enough. For they sit there going, Meton, because I want a bigger chunk of the money, I want more of the share, or you know, I want more of the pie. I'm sitting there going, uh, actually, that's not the case. You actually, I'm making more money now as a working for someone else.

SPEAKER_01 15:20

So it's so sad again, you're making more money now as a sales consultant than you were as a director or manager.

SPEAKER_02 15:26

Yep, and less stress. So you're happier with your decision? I'm happier with my decision. I do miss it. I I do miss being a director. Um, but at the end of the day, I like what you said, I've done it, I've been there. Um I look, I I thought I ran a pretty successful business for 12, 13 years. You did, mate, yeah. Um we did okay. You know, we we we had a nice rent role, comfortable rent role. Um, I think more importantly to us was looking after our people. So I thought I thought we looked after our people pretty well. Um, I always probably kept uh probably non-performers for a bit longer than what I should have, to be honest. And that's a pretty expensive uh that's an expensive bill to get through. Um but no, I I I do miss it, but I wouldn't go back to it. I have no inkling to go back being a sole director. Um if there was a potential opportunities that opened up within where I was at, yeah, I'd I'd definitely consider it where I was at. Um I I work for a pretty good company with pretty good leadership and and structure and and a good team there. So I'm never say never, but at the moment I've got three kids and you know I'm doing some hours and I'm glad I don't have the business to run anymore. So yeah, that's that's a whole nother stress.

SPEAKER_03 16:31

What I'm gonna ask this question just from a personal experience that I probably would think would happen if I was in your position. So if I was a director of a company and you know, we had the opportunity not to fulfill that you know business still, and I was gonna take a step back and go into a sales consultant role. What was that internal mindset? Like, what was the conversation happening in your head? Were you thinking, oh fuck, I'm gonna take a step back, I'm a loser? Were those kind of thoughts coming through? Because me personally, that's what would happen to me. I don't know, that's why I'm asking that question. Yeah, um, did you have those hard conversations with yourself? Like it how'd that go?

SPEAKER_02 17:08

Um I I think that one of the things you do worry about you send the go, what's people gonna think of me? Yeah. Um and and and I think before any before I even got to that, as soon as the business sold, I was look just looking for a break. And and I did, I took a six-month hiatus, I took a two-month holiday, went overseas with my family, and you know, and I just got to spend some quality time and reassess, reassess where I was, what I wanted to do, how I wanted to do it, um, where I wanted to do it. So, you know, it it that wasn't my first thought because ultimately at the end of the day, I knew who I was, I know who I am as a person. So, you know, I tried to ignore the outside noise and and just trying to focus on me, my family, what's best for us at the time, and what was best for me at the time and also my family was just to take a break. Yeah, and then just reassess it. So, you know, I'm sure there's probably people out there that probably say, you know, hey, Matt, you're a loser, you know, how could you do that? You know, failed. That's a big one, for um, fear of failure. Um, but at the end of the day, you know, well, I look back at it and go, you know what, I had the balls to do it. You know, and that, and and anyone who has the balls to to go into do that, because it's not it's not cheap to do that these days. Like office fit outs are a couple hundred thousand dollars, you know. Um, you know, to put people on, you recruit people, you hire people, like you're carrying salaries. Yeah, you know, to build a business from zero, like, and I mean zero, like we had zero, zero rentals, zero market share, zero nothing. Yeah. So I am proud of what I did accomplish. Would I still prefer to be there? Yes, I would. But ultimately, I I've taken, I took the wins out of it, I took the positives out of it. Yeah. You know, and and those positives are um I don't have as much stress as as what I used to. Um, I uh the responsibility is far less, far, far less. Um, you know, I don't, I think just to give people uh an example, and and I'm on the probably low end of the scale, um, just to keep my office open, just to keep the doors open without making a dollar, it was like 65 to 67 grand a month.

SPEAKER_03 19:15

Wow.

SPEAKER_02 19:16

Just to keep the doors open. And when you calculate that, you're talking $800,000 a year. Just to keep the doors open before you even make a profit.

SPEAKER_01 19:23

I think a lot of business owners can resonate with this. So not just real estate, but you know, you might be running a landscaping business or a mortgage broker or something, and then you're running your own ship trying to grow it, and they can resonate with this and the feelings that you're going through at the moment, you go, why am I doing it? I could be bloody making more money stacking apples at Woolworths.

SPEAKER_02 19:41

100%. I I think it has definitely. I knew when I was going to go join back into real estate. I'm like, I don't want to be a burden. Yes, I want to earn good money and I want good splits and all that sort of stuff, but I want to be able to give back to that company because I've been on the other end of that.

SPEAKER_03 19:58

Yeah.

SPEAKER_02 19:59

So now that I'm where I'm at at Ray White Cranburn, I do my thing. They're they employ me there to list and sell. So that's what I'll go and do. But also, it's it's also important to me to culturally give back to them too. So, you know, they've they've been great to me, giving me a spot in their company, and I want to give them back to them culturally. So there's many ways that I'd like to give back to them because one thing that, and this goes for all sales agents in in any role, um, you should be a beacon or an advocate for that business, because if that business is doing better, and I've said this to Mark, I said, if you're doing better, I'm doing better. So my goal is to help you accomplish your dreams and your goals. Because if you're hitting your dreams and your goals, well, hopefully I'm hitting my dreams and my goals.

SPEAKER_03 20:48

100%. And going back to your previous answers to my question, I think you articulated that so well. Like your definition, your definition of success is not having stress and business and overheads of $800,000 a year.

SPEAKER_01 21:02

What do you mean he articulated well? He said, I've got the balls to do it.

SPEAKER_03 21:05

No, like he he he he didn't care what anyone else thought if someone thought it was taking a step back. Like he knew within himself that that was the best thing he could do personally. And like sitting across here from you now, like you look happy. Like, you know, you can see when they come in and they're stressed. You said to me half the time, like, are you stressed?

SPEAKER_01 21:22

It's a 50-50 with you, mate.

SPEAKER_03 21:23

Yeah, it is a 50-50, but you look like you're just like, man, he's got a few gray hairs. I don't have to get a few more.

SPEAKER_02 21:29

Yeah, yeah. I I was brown before I got into business. The bottom of the tell was white. But I actually and I always have a good saying, so um, I go back to my competitive streak. I was I was actually pretty good at athletics back in the day. That was when I wasn't much of a putty player, but I enjoyed it. But athletics was my thing. And I always looked at business as a hurdle race. It was a hurdle race. And I was really good at jumping hurdles. And when you're in business and you'll you'll testify to this, and even in your business, you'll have hurdles. Hurdles that come up every day. So we got good at jumping hurdles. Really, really good. And when we made the decision, because I spoke to my wife about it when we made the decision to finish up the business, it was like it's like that one hurdle at the end of the race, which is just still standing. Yeah. Or the yeah, you haven't jumped. So you just stop right in front of the hurdle. And that's what it felt like. It felt like that that hurdle was that was it. There's no more race, and I didn't get to the finish line. But here's what it is.

SPEAKER_01 22:31

Well, the finish line, I guess, is ever ever changing. Um, and the finish line could be in five years, could be in 20 years, could be when you're dead. Um, but we've got plenty more hurdles to jump ourselves, so we're gonna take a small break, and we'll come back. Mets, don't go anywhere. Um, and we've got some hot topics right around the corner. Thank you very much for waiting around. That long, elongated commercial break. We've got Jade from 11 Financial joining us on the podcast as we do each week. But we have a special guest, you're ruining it. Jade, I was giving you this big intro. Yes, Norman the dog. Norman the sausage. Say hello, Norman.

unknown 23:05

Woof.

SPEAKER_01 23:06

Woof, woof. Um, Jade, thank you. So the really cool thing was you just said before that you have some juicy gosp for us.

SPEAKER_00 23:16

It's not necessarily juicy goss.

SPEAKER_01 23:18

No, I added that. I added that. We're so you added that.

SPEAKER_00 23:22

But I was just I was chatting with some colleagues and some bank contacts recently about the current events of the world and the climate of the economy, and I guess the way it's looking like things are heading at the moment. And I don't know about you guys. I'm finding first home buyers are still really quite active in the market because they want to get into the market regardless. I am finding upsizers being a little bit caution, cautionary in increasing their loans and stuff like that because they're nervous about where rates are gonna go. Um, but in saying that, like no one has a crystal ball. All we have is data, right? And the data over the last hundred years shows the property market consistently in an upward trend. Yes, we have moments where it's dipped along the way, but overall it's consistently gone up. In comparison to what we're going through at the moment, would be the 1990s recession, where we did see the market drop, but even back then, the drop wasn't as large as they predicted, and it didn't go for as long as they predicted. It came and left quite quickly. And back then, immigration was substantially lower than what it is here today. I think there was about 300,000 people that might net migrants, which obviously I think it Gav, you would know this, correct me if I'm wrong, but net migrants is the the total immigration, less whoever's left the country. So whoever's yeah, so probably more people than that because expats can still buy in Australia, and so we've we've got immigration consistently growing, supply versus demand. I don't see the market dropping like people uh fearful of.

SPEAKER_03 25:19

What a breath of fresh air. I only call you when I'm depressed about the market because you may be pumped up.

SPEAKER_00 25:24

What do you guys think?

SPEAKER_01 25:26

Are you referring to the Bennett cycle?

SPEAKER_04 25:29

What's the Bennett mean?

SPEAKER_01 25:31

What is the Bennett cycle? So there was this dude in the 1800s, right? And he predicted like all the rise and falls of the economies, more so the US economy, a little bit different to the Australian one. Anyway, um, and it's basically every 18 years that the property cycle goes through a dip. So the 1990s, yep, there was a recession, and then what was 18 years after that?

SPEAKER_02 25:56

I was taught it was every 10 years, it goes through a what was 18 years. This is a Bennett cycle.

SPEAKER_01 26:00

Yeah, yeah. What was 18 years after that? GOC 2008. Yeah. What was 18 years after that? COVID. COVID no, 2026. Yeah. Oh, now so that's a Bennett cycle is, and this is like, I don't know, he formulated this in the 1800s, but he's been right, like the Great Depression, the post-world war in the 60s, uh, the sorry the 70s, and then then the 90s as well. He's been bang on. Anyway, that's just a little thing, a Bennett cycle, but it has been tough, and I agree with what you said, Jade. First home buyers all over it. And I think this is a great time for first home buyers, by the way. The Sydney markets pulled back two months in a row, Melbourne markets pulled back two months in a row. This is a great time for first home buyers, but people are sitting on their hands a little bit if you're upsizing.

SPEAKER_00 26:47

They are, and I mean, upsizing is different because they do have a house to sell, I guess. So when it comes to them selling and buying, in some cases, it can kind of all be relevant. Um for your first home buyers, I feel like the buyers that are fearful of entering the market in a climate like this, they are the ones that end up potentially missing out. I think I've mentioned in the past I've got clients that during COVID, they were like, we're not gonna buy yet. The news is saying that the property market's gonna drop by 30%. We're not buying. And a lot of those people have still not purchased because they are just simply priced out of the market now. They haven't, they can't save the deposit fast enough for how quickly the market has shifted. Recording in progress. And has that not been recording the whole time?

SPEAKER_03 27:38

Wow, Jade's finally like made me so happy with the interview. And Craig wasn't even recording.

SPEAKER_01 27:45

Right. So our producer Craig, he's a professional photographer. One thing that he cannot get right are cameras.

SPEAKER_03 27:51

No, Zoom, it's Zoom, man.

SPEAKER_01 27:54

Whether it's a camera that you hold, like a what are they called? The Sony D A D G L E R or the ones you put on top of the screen, anyway. Um, we're back now. Uh, can can you give us a wave?

SPEAKER_02 28:06

Hey, we nearly had a mission.

SPEAKER_01 28:08

Norman, he's back. All right, where were we going?

SPEAKER_03 28:12

Uh we were talking about uh markets upsizes and stuff like that, I believe. Um, you know, the upsizes are a little they're still buying, sorry, I think you were saying.

SPEAKER_00 28:22

Yeah, so I think no, I think we were talking about my first home buyers that have missed out during COVID. And yeah, a lot of those clients, a lot of those people still haven't purchased because income hasn't increased really since COVID, but property prices have rapidly. So the deposit that they need is a lot higher. It doesn't, you can't save 20 grand overnight when you're a family of four, you know what I mean, on two wages. And so continuing to save, borrowing capacity. So a lot of those clients are unfortunately priced out. Um, so I think for a lot of people that are getting put off by fear, especially first home buyers, you're getting into the market to for the long game. You're not getting into the market to make quick money in six months. And if your property does go down by 30 grand in six months' time, you roll your eyes. Of course, we love something to complain about, but you want to have that property for three, five, hopefully 10 years or more, and that's when you're going to see the growth.

SPEAKER_01 29:28

17 years. You want to avoid the 18-year cycle? There you go. Can we talk about CGT?

SPEAKER_00 29:34

Capital gains tax. Yeah. We have to.

SPEAKER_01 29:37

Yes, please, because Brent's been banging on about capital gains. He knows his stuff now.

SPEAKER_03 29:41

No, yeah, I do.

SPEAKER_01 29:42

I've been so impressed. This guy is so educated.

SPEAKER_03 29:44

I've been listening to a bit of Bob Catter, which isn't the CGT related. I've just lucky I didn't wear a cowboy hat here today. If there was a Kubernetes shop on the way, I would have had my.

SPEAKER_01 29:54

So I think Brent made that connection because he's now becoming educated and he references Bob Catter. The conservative MP that got sacked from his own party up in the Queensland.

SPEAKER_03 30:06

I I being serious for a moment, like with that CGT tax, right? I was looking at it before. If that's grandfathered, right?

SPEAKER_01 30:14

Is that Well, can you explain what's going on here? We spoke about it a couple of weeks ago. Yeah. Run me thought.

SPEAKER_03 30:18

So with the CGT tax at the moment, it's capital gains tax. Yeah, if you sell an investment property, you're taxed on 50% of the profits that you make on that home, correct?

SPEAKER_01 30:27

Investment.

SPEAKER_03 30:28

Yeah. The government is now trying to put a new law or a new tax on there, that that's going to be risen to 75%, okay, which is an extra half, which is ludicrous. The one thing I was reading into, if they grandfather this, which means if you buy a property right now, that's not going to be you. You you pay the 50% capital gains tax. And if it does come into government, then and it does change, you're not going to change the 75%. What I thought is there ever going to be a better time to buy an investment property in Australia than right now? The market's coming back. The if if that is grandfathered, you're paying 50% CGT, so that's a 25% saving. If I'm an investor looking to invest, I'm investing right now. I'm investing in Melbourne, maybe Melbourne, Adelaide, Brisbane, Perth, because there's never going to be a better time. What do you think?

SPEAKER_01 31:18

Well, I'd I'd I'd like to get Jade's opinion first.

SPEAKER_03 31:20

Yeah.

SPEAKER_00 31:21

I am not an expert on capital gains tax. Obviously, that's more of an accounting thing, but I understand what you're saying, Brent. And I I personally think now's the perfect time to invest as well in Melbourne, particularly. I think Melbourne has underperformed for the last, what would it be, four or five years now?

SPEAKER_01 31:42

Yeah, my partner says.

SPEAKER_00 31:43

Um, so I think they're you're due to have a bit of a bit of growth. What was that?

SPEAKER_01 31:50

So I said what my partner says, I've underperformed at the last year.

SPEAKER_03 31:54

And then you said growth. Poor Cav. Poor H.

SPEAKER_00 32:01

Um Yeah, I I actually also think it's a good time to invest. I think, as I say, I always say we don't have a crystal ball. And sometimes I get nervous to say to someone, yes, now is a good time to invest, because there's that little voice in the back of my head that says, shit, what if the market did crash tomorrow and I've told this person they should invest? But as I said earlier, all we have is data. Data's always shown that property goes up. Melbourne has underperformed significantly for the past few years. So yeah, I think it's ready to, there's some money to be made there.

SPEAKER_01 32:39

I agree. I think if you're an investor, you'd be looking now. 100% you'd be looking now because I mean, if it's retrospective, if they bring in this and you say, well, everyone that's bought properties in the last 20 years, well, cop it. Um, that discount's only gonna be 25%. But if it's grandfathered, which means that it only applies from when the bill is gazetted, then you should be buying something right now. And on the flip side, if you're a first home buyer, wouldn't you then wait until all the investors are bowed out of the market and buy the day after that?

SPEAKER_03 33:06

100%.

unknown 33:07

Yeah. Yeah.

SPEAKER_01 33:09

Anyway, just something to think about. The um sorry, you go, Brent.

SPEAKER_03 33:13

No, I was just gonna say, do you have anything else to add, Jade?

unknown 33:16

No.

SPEAKER_01 33:16

Can we do it next week, next week or in two weeks, whenever we do it next? I'm gonna bring a crystal ball in. I'm sick of people saying this. But I the eight the eight ball. Bring the eight ball in. The market's gonna be like yes, no, maybe. Um, and we're gonna have our predictions. We're gonna have our predictions, and I want you, Jade, to be part of this too.

SPEAKER_00 33:38

Because should we dress up as wizards?

SPEAKER_01 33:40

I'm thinking wizard hats. Cowboy. I'll be a cowboy. Well, I mean, they don't really read crystal balls, Brent, but you're as a cowboy. You've been bangling about the cowboy hat all of a sudden that's all the other mind. Um, yeah, nah, cool. Jade, what do you think about that? Have a crystal ball session.

SPEAKER_00 33:54

Sounds good. Sounds good. I'm still waiting on the conspiracy theory section.

SPEAKER_01 33:58

Oh, no. No one seems to really like it. I I like my conspiracy theories. Yeah, you're not gonna be able to do it.

SPEAKER_00 34:03

You know, I sent you one.

SPEAKER_01 34:05

Sorry?

SPEAKER_00 34:06

I sent you one about the Titanic, I'm pretty sure.

SPEAKER_01 34:09

Did you send to me?

SPEAKER_00 34:10

After that, yeah, you responded.

SPEAKER_03 34:11

Oh, well then I'm gonna go. I can't get into conspiracies, man. Like, I listened to that one podcast and I'm obsessed with this guy. Bob Catter, why are you obsessing Bob Catter? Because if I like something, I'll just like the the worst loophole ever, I'm just like a black hole. So no conspiracy theories for me.

SPEAKER_01 34:26

All right, we'll get it, we'll get the crystal ball out next time. Um, Metz, do you have any questions for Jade, mortgage broker Supremo?

SPEAKER_02 34:32

Actually, I do. Um, you said before that there's data out there, which obviously you're talking about the 18 years. Met's metrics. Yeah, Met's metrics. The 18 years, the the banner cycle. Banner cycle, that's it. Um, is there data out there where people can look up or utilize to their advantage to sit there and go, you know what, let's look at that data which minimizes that fear for them to go out and want to purchase something? Um, and I'm gonna let you answer that one in a second. The reason being is like between us here, there's probably thousands of transactions of homes. And yet, over the amount of time we've been doing it, I reckon I could probably count on one hand the amount of people that have regretted buying their house afterwards. Yep. I'll sit there going, you know, they bought the house for me five years ago, they go, Met and we were shit scared. We didn't want to buy it that time. But you told us it was always going to go up, and five years later, here we are, and it's $300,000 more. And they go, We're so glad we bought back five years ago. And I'm like, I told you.

SPEAKER_03 35:26

I said to Gav about this, how many houses do you sell that you sell at a loss that you've sold before?

SPEAKER_02 35:30

I reckon I can count on one hand. Yeah. One hand. In and we've done a few transactions here.

SPEAKER_04 35:34

Yeah.

SPEAKER_02 35:34

So um, is there any data? Any data that these guys could utilize to sit there and take that fear away to sit there, go, you know what? Yes, we're scared, but we're gonna make the right decision.

SPEAKER_00 35:45

Honestly, my recommendation would be to speak to a professional because you can find you can find data in.

SPEAKER_01 35:51

You are the professional. Fellow 11 Financial.

SPEAKER_00 35:55

No, no, I'm that's what I mean. Speak to me, speak to a professional. Because why are you laughing, Brent?

SPEAKER_03 36:01

Just a bit of a self-plug.

SPEAKER_00 36:03

Yeah, but speak to a professional because you can Google. So when I when I've looked up my data, it's from Googling, right? It's just from doing research. A hundred years of data. I'm sure there's some sort of website where you could find that, but for me, it was Google. People use chat GPT, but the thing is we know how to read the data, right? Because we're professionals in this industry. Someone who isn't necessarily a professional or experienced and understands what they're looking at, it's just going to be lines, which can be quite overwhelming, right? So I think speaking to someone who can show them that sort of data and say, look at this upward trend and talk them through it is going to give people a lot more confidence rather than just doing the research and being overwhelmed by graphs and figures.

SPEAKER_02 36:52

And hopefully alleviate some of that fear that they may have in purchasing. Yeah, absolutely. They always say to us when is the right time to buy? Whenever you're ready. Yesterday. Yeah, yesterday. Whenever you're ready. Yeah.

SPEAKER_01 37:01

Or for first home buyers the day after the new bill has been setted. Um, let's leave it at that. Jade, thank you so much for joining us. Um, we bring your wizard hat next session. I will. Thanks, Jade. And bring one for Norman.

SPEAKER_03 37:13

Thank you. All right, we are back. We want to thank quickly uh Sharon from Style with Us Home Staging. Uh, she's amazing at her job, as you can see. Her social media at the moment is absolutely popping off, which is good to see. Uh, we obviously had Jade from 11 Financial and we have Douglas from Fire Adaptive, Adaptive Fire and Electrical. We always get that wrong. Uh, Gav, let's dive into the market a little bit because we said at the start we're going to talk about the market, and Metan as well, I'd love to give you insights. We do all work in a similar kind of price market. So, you know, you got anything from the four or five hundred thousand dollars?

SPEAKER_01 37:47

Do you guys come up against each other on this team presentation?

SPEAKER_03 37:49

I don't think ever. Not really. No, no, we don't.

SPEAKER_01 37:51

I was having to start some beef.

SPEAKER_03 37:53

No, no, never. Even like I I come up, I come up against Paul from your office a bit. Yep. Um, I got one off him the other day. He's I think we'll probably have a 50-50 thing. Um, and I got when he messaged me, he's like, Oh, you nearly you I nearly got you. And I'm like, I got like I fought to the death for that listing, like it was so good to get. It fucking took me eight weeks to sell it. But anyway, um, I was gonna say, like, the market at the moment, it's very product dependent. If you've got a good product in any market, it's gonna sell. Every property is still selling, it might just be an extra maybe two weeks on the market, is what I'm thinking. Yeah, if it's priced right, it still goes.

SPEAKER_02 38:28

Yeah, that's what I'm finding. If it's priced right, but also I call it the haves and have nots at the moment. Um, it's really interesting the market because um when the market is booming, going great guns, if you give your advice to the owner to say, hey, look, you know, do the carpets, do the paint, or spruce it up, make it show ready. Get it show ready. Um, and they're the ones that did really well in a good market, they're the ones that are still doing really well in this marketplace. The only thing that I'm finding in this marketplace at the moment is owners have uh maybe put their hands back in their pockets and they've stopped spending. So to get a house show ready, it costs usually between 10 to 20 grand. Paint, staging, flooring, bit of landscaping, bit of cleaning. And when you sit there and go, hey, look, it's an $18,000 bill, they're actually sitting there going, where can we cut? And I'm sitting there going, now's probably not the time to cut. Now is the time to invest that money more so than ever, because I am definitely seeing a difference between property that is sale ready and ready to go, rather than it needs pain and needs carbon. Those ones are the ones that sit and dwell in this marketplace. Yep. I agree.

SPEAKER_01 39:30

100%. Um are you finding it's harder to move stock, we call stock properties, harder to sell properties in this market, Matt?

SPEAKER_02 39:40

Um not really, not really. I am finding it so you just and I always have a saying, when times get tough, tough get going.

SPEAKER_04 39:48

Tough get going. It's good to go.

SPEAKER_02 39:51

Um I find, you know, when the market is hot, and we're all bad for this, we cheat. We cheat, we take shortcuts, you know. But when the market gets tough, you've got to go through the A, B, C's, and D's of real estate. So any agents that are out there, you know, that have started in the last three, four years and they haven't worked in a tough market, they're gonna struggle. In my opinion, they'll struggle because they don't know how to navigate their owners through this market and they don't know how to have the hard conversations.

SPEAKER_03 40:18

I agree, man. Like I think as well, it's a mental battle. So I'm lucky enough to, you know, if something happens in real estate, I I try not to mind too much. It's not my problem. I've done the best job I can. Yeah, I see it with people I'm pretty close with, especially if you're the young guys and you know, someone I'm very close with who may work at Barry Plant in Harry Warren, they get uh very emotional over stuff. Like, dude, who cares? Like, have you done your job? Have you done everything right? Have you followed up? Have you done every single thing right? I have. Cool. Fucking move on. Who cares? Yeah, that's usually the problem though, because they lie to you, they haven't.

SPEAKER_02 40:51

That's that's usually what I find. Yeah. So, you know, if they can sit back afterwards and they have regret, it's normally because they haven't done something that they've promised that they need to do.

SPEAKER_03 41:00

And but learn from that and like learn from that and move on and say to say to the owner, oh, yeah, we should have done this. Yeah, but let's let's fix it now and we'll we'll have a plan. And it's having those hard conversations, man. Do you think they do that though? No, uh well, well, I'm looking after one of my mates' listings at the moment. There's about six of them, and uh this offer didn't come through. It's like, oh yeah, maybe have a chat with him about price. I'm like, I'm not fucking doing that, I don't even know this owner. I like, like, I can't do that, you know. He should give them a call. Hey, what kind of price would you consider? I might consider X. Cool, let's price it from here to here and create the competition and do it now. Do it on do it today. Yeah, don't do it tomorrow. Don't don't say, Oh, I'm gonna wait for the open. You know, man, why would I wait for the open? Why don't we build competition now? Yeah, and we can have a conversation on Monday. I've got two, three offers here. Yeah, or I call you Monday, we drop the price, we've lost another week, and I've got no one for you open, and you're thinking, fuck, what do I do?

SPEAKER_02 41:53

And genuinely, you can do that with empathy. Like, yeah, and and I always sit there when I have these hard conversations with my owners. One of the first things I sit there and go, let me tell you, look, I'd love to sit here looking like King Kong and flex the chest and you know, do what you said, do the double guns before. But unfortunately, we're not here. And I'm gonna have a hard chat with you guys. And let me tell you, this hard chat is and genuinely for me, it actually is that hard chat is the worst part of what we do. Well, that's the worst part of what what we do, what I think in the job. It's it's crap. No one wants to sit there and have to sit there and say you're not gonna get the price that you want, or that we can't achieve that that sort of figure. It's it's hard, but if I don't have that chat, then I'm not really representing you as an owner or doing the right thing by you by sticking my head in as an ostrich in the sand. It's no good. So, you know, these these newer agents these days, you know, learn to have the hard chats, do it, do it empathetically. Um, I think that's the biggest problem with the agents at the moment that are running around, they sit there going, oh, you're not gonna get that price, or even some the ones I've heard are like, you know, they're asking, you know, let's say 800 to 880, and they've come in with an offer of 750, going, This is the best offer you're gonna get, you should take it, take it, take it, take it, take it. You know, like they're just they're sledgehammers. We you don't treat owners like you don't treat humans like that.

SPEAKER_03 43:08

I think I and I have to say this as well, like as much as I'm an advocate for having those hard conversations, like we still back our clients in 100%. And if we get an offer, we're not scared to negotiate, like and and potentially lose that offer if we think that there's a better deal coming and protecting your owner's price. Yeah, but if that's not happening, you're not getting yourself into that position, then pay it's probably the best thing to look after your client is saying Gav, maybe that price isn't there. Let's retain ownership for the next 12 months. Yeah, if we can rent it out, let's rent it out and we'll reassess in 12 months. Yeah, it's a more humble, not cash grabbing approach. Is that what how you said you wait like six weeks? Yeah, for sure. Six weeks for a price change. You still like that?

SPEAKER_01 43:52

Yeah, I do. I I know that the big names want you to push earlier to try and get sold earlier. But uh I think there's merit to be Said like that owners want to see that you're working for it. 100%. Um, so show that you are on their side and you're not just trying to get exactly a price reduction in the first two weeks. Yeah. Yeah.

SPEAKER_02 44:09

And you support them.

SPEAKER_01 44:10

Yeah, you support them.

SPEAKER_02 44:11

Yeah, I know there's some owners. Uh in fact, it was funny because I just had an owner recently, and after one open, it was you know not a huge turnout. And then we spoke about it. They're like, Menton, do you think we should amend the price? I'm like, you know what? No, let's leave it as it is. Let's let's continue to do another open. This is after this is heading towards the second open. Yeah. And they called me back a day later and go, Menton, I don't think we should wait. I'm like, okay, let's do it. Let's do it. So I've got owners at the moment approaching me because they're smart. Yeah, because they know what's going on in the market.

SPEAKER_01 44:40

Now, Brennan, you're bailing out. Yeah, yeah. You gotta go before you go to 30 seconds. I saw in your notebook lockdowns.

SPEAKER_03 44:48

Yeah.

SPEAKER_01 44:49

What's what's your theory? Are you saying we're going to lockdowns?

SPEAKER_03 44:52

Nah, so Carla calls me this morning or yesterday.

SPEAKER_01 44:54

Brent's girlfriend.

SPEAKER_03 44:55

And she's like, oh love her. Nick's got back from Vietnam, who's her boss. Um, God bless her soul. Uh, she's like, oh, you know, Nick was reading this thing from a very reliable resource that next week we could potentially go into lockdown. And I'm like, okay. And then I was listening to a podcast, and um, he was saying as well, like, if there is a fuel crisis or fuel fuel shortage, uh, people die. Like, you can't get medical supplies places, and it's a fucking massive problem, dude. Food? You can't deal with food, yeah, a massive problem. So apparently, there was a there's on this piece of paper or whatever she was reading, that there'd be a limit on the amount you can go to supermarkets and how far you can drive your car, and limits on how much you can fill your car up at the petrol station. Do I believe it? No, do I care? I don't know. Who cares? Whatever happens, happens. I need a holiday anyway. Just do that at home.

SPEAKER_01 45:46

You had a holiday last week. But the look, it is interesting, Sri Lanka. They have a mandated public holiday now every Wednesday for the government workers. Um yeah, so in uh in Camp uh Thailand, sorry, uh you can only drive to work if you have a second person. So I mean you're carpooling. And every second day, there's certain number plates you can and can't drive. So that there is kind of not lockdowns, but restrictions around trade. Um, so there could be some further restrictions. But to be honest, Australia Premier is open today. I think you'll see things go back to normal pretty uh not straight away, it'll probably be a couple of months before the kilter returns to the even ledger, but I think it will eventually happen. Yes, if there was gonna be more restrictions around importing of diesel, you may have seen that, um, Brent, but I I don't think so. It's gonna be like COVID. COVID. I miss it, man.

SPEAKER_02 46:43

I mislocked it. It was a good holiday. It's true, it was a good holiday. Yeah, um, but it's got a good COVID. If you if you you know it was always gonna come to an end. So this is gonna come to an end at 1.2, it won't last forever.

SPEAKER_03 46:55

At the end of the day, what's us worrying about it? You know, it's gonna happen. We've there's people smarter than us that are that are in charge for some reason. Yeah, it getting had everyone.

SPEAKER_01 47:04

All right, um, we're gonna wrap it up there. Thank you so much. Um, Mets, Mets Metrics. I want to say that now. Thank you so much for jumping on the podcast with us, mate. Hope you had fun. It was a pleasure, mate. Thank you guys for having me. I'm very grateful to be on the show. Appreciate you. Good luck with the open. Cool, man. Thank you.