What would it be like if realty offices functioned using the principles of a rugby team? Imagine the heightened sense of camaraderie, the collective morale driving towards success!
Join us as we draw parallels between the dynamics of the Queensland rugby team and the real estate world - a fascinating viewpoint that could potentially shift your perspective on how your office operates.
The real estate market is akin to a battlefield, where strategy, adaptability and accurate decisions can determine victory or defeat.
In today's discussion, we are venturing into Sydney's Blue Ribbon suburbs, dissecting the factors driving price growth, and why accurate property listings are crucial in this arena.
We'll also address the importance of establishing trust with potential buyers - a factor that can make or break a deal. For those with surplus funds riding on market trends, and the agents catering to them, we have some insightful revelations.
Beyond dissecting the market, we're also sharing golden nuggets on how to maximize opportunities in real estate. From the underestimated power of reaching out to past clients to strategies that help you connect more effectively with potential clients - every nugget we share today could be a game-changer.
Tune in for an insightful journey through the world of real estate, where we see things through a unique lens!
What would it be like if realty offices functioned using the principles of a rugby team? Imagine the heightened sense of camaraderie, the collective morale driving towards success!
Join us as we draw parallels between the dynamics of the Queensland rugby team and the real estate world - a fascinating viewpoint that could potentially shift your perspective on how your office operates.
The real estate market is akin to a battlefield, where strategy, adaptability and accurate decisions can determine victory or defeat.
In today's discussion, we are venturing into Sydney's Blue Ribbon suburbs, dissecting the factors driving price growth, and why accurate property listings are crucial in this arena.
We'll also address the importance of establishing trust with potential buyers - a factor that can make or break a deal. For those with surplus funds riding on market trends, and the agents catering to them, we have some insightful revelations.
Beyond dissecting the market, we're also sharing golden nuggets on how to maximize opportunities in real estate. From the underestimated power of reaching out to past clients to strategies that help you connect more effectively with potential clients - every nugget we share today could be a game-changer.
Tune in for an insightful journey through the world of real estate, where we see things through a unique lens!
We are live million dollar agent!
Tom Panos:We're not live yet. We're just recording. Oh, we're recording. Yeah, ok, Susan, I'll start again. Live TV. Showbiz, we're live. Million Dollar Agent, the podcast coming to you since 2013. That is a decade that you have been getting mumbo jumbo on a weekly basis. We're going to continue that today. Hey guys, before we go on, i didn't talk to you off there, what did you think? Congratulations to all our Queensland agents. Congratulations to our Queensland agents. They were giving it to me yesterday on social media. But, John and Troy, your view on New South Wales versus Queensland game What's? what's your take on it?
John McGrath:Um, I think Freddie Fiddler's got to go. I think the style of play is not good and the choice to put Cook out in the centres after four minutes was woeful. I think several of the players are playing on reputation and not on skills. They need to go And I think it's time to clean the dressing room out. New coach and, to some degree, half a new team I think it was.
John McGrath:I looked on paper. I was texting Alex Jordan yesterday, Troy, and he's obviously a staunch Queenslander and well done, AJ, if you're listening or if anyone you know is listening. But if you go, if you went through sort of player by player and you compared Queensland New South Wales, we actually probably, arguably, almost definitely had as good, a better team on paper. but it's not played on papers, played on the surface and it's played with mindset And the we. we just wouldn't. I didn't think we were. we're ever looking like winners. And when he put Cook in the centre I thought, OK, well, that'll just be for you know a few sets of six until he sorts it out and he stayed there the whole game. I thought it was just a good example in Queensland. A good day to all our Queensland brands, listeners, viewers. I think Queensland have a special X factor that they bring to the game that that we've seen now for decades. The New South Wales 10 look to bring down all the game phase.
Tom Panos:Troy, before I add an extent on that, because it's very, it's very clear, there are some, some elements that we get out of sport in real estate. You, you, you. You're basically saying Johnny is on paper that if that was a real estate office they're as good as the next office, if not better. They're great listers, they're great that. But collectively, the, the, the, the, the, the. The office is not firing as good as another office. That gets their mindset together and, you know, feels like come on, let's go off and do it. But Troy Tedesco, do you think he's? I mean, and I like the guy because he's from the West Tigers, right, you know the old Italian thing there, i like him, but he's, he hasn't been good at the Troysian.
Troy Malcolm:I know you love the rooster, yeah well yeah, but I think you know, watching the game last night, there was a lot of instances where there was. If the player had gone the other way, we probably could have had a different result. I don't think one player can be made a scapegoat. I think that that's clear. It takes 13 players on its team. It actually takes a full squad of 23 players. In regards to rugby league, the fringe players, the 18th man in the support staff, the Troysios I think, culturally, something's not right within the New South Wales camp.
Troy Malcolm:I don't know what it is. I don't know whether it's ego, whether it's complacency, whether it's people that are out of form that have been selected and there's a little bit of tension between the players that are in form. But I think if you put all those factors together, that's what you see out on the field And I think that that was a reflection of the team last night. Very disappointing to see Tom to Rojowicz get injured after four minutes. Very disappointing to see some of the things and the antics that did go on throughout the game. I do think there's a way back, but they do have to get the culture right And I think that that can relate directly to real estate as well. You can have everything go your way to a certain point And then, if something can just support team or your administration, your operations structure doesn't work, then you do fall into that trap. So I was frustrated.
John McGrath:You coach your players no way back. Swing clean, go again. I do go on. I know, mcrabbit, that's where you're wrong. That's where you're wrong. You get the culture. You're roughly like three times.
Tom Panos:Johnny, i know your buyers. If LaTrel Mitchell was playing last night, would it have been a different result?
John McGrath:Yes, i think if Luttrell-Mitch was playing and they put Cameron Murray in the centres when the injury arose, it could have been a very different result. But it wasn't pretty to watch and Queensland didn't win. They smashed New South Wales. So that's why I'm saying I don't think there's any coming back. I think it's the time. I don't think they'll actually make wholesale change. I think they'll leave Fidler there for the last game. They'll probably leave most of the players and they'll work on it in the off-season. Otherwise they might feel it's going to look a little bit like a panic reaction. We'll see. I'd be surprised if Freddie doesn't just step down himself and fly on his sword. Lovely guy, a legend of a player and, i'm sure, a half decent coach. But the times come when you've got to move on.
Tom Panos:They will move on to real estate. So we want to cover a few subjects. Firstly, there has been and Troy can confirm it been a bit of a real estate mini-broom in certain marketplaces for certain product and it all boils down to the demand and supply curve. However, we know that that might possibly changing. We know that in spring more stock comes on. We also know that the numbers, through the fixed and variable rates, apparently 100% of the loans are divided up into a third that are fixed, two thirds that are variable and that third that are fixed are becoming variable between June this year and March next year And most of those people are going to go from sub 2% to 6%, maybe 7% by the time they're finished, or 6.5%. So we are going to see stock. Can I ask, gentlemen, are you seeing any signs from your agents that they're saying that there is early signs of distressed sellers? People are saying that I've got to sell because of financial reasons.
John McGrath:I was in the central coast today telling them we've got a great team that services the very top end of the market and right through to the mums and dads in the first home buyers. They tell two quite different stories. They're saying top end of the market, boom time, a Vodka, wombrol, mcmasters, yaramalong Valley, luxury stuff. People are queuing up and they're buying with cash or very low mortgages so they're less impacted or concerned by the mortgage rates. They'll either pay cash or 30% borrowings but they're not buying 80% or 90%. However, at the other end of the market they still said it's okay at the moment, but they said the last few weeks they've seen an increased number of people ring them saying I have to get out in the next two or three months. Words like the banks have given me three months to sell.
John McGrath:I'm not hearing banks have stepped in yet, but I'm hearing banks have said to clients you need to dispose of this property in the next three months. I suspect that will lead to an increased amount of stock as we come towards the end of winter and towards spring. I suspect that an increase, a fairly rapid increase, in volume of stock, whilst in some ways good for our industry, is going to have some dilutionary effect on buyers. A because there's just more stock, some of the steel come out of the market and B, tell me, because some people will be forced to sell at less than they would like because they've got a timeframe. I think that we'll probably see going forward a better second half, volume wise, not as strong prices when we're talking about the median price or less, but the top end of the market. I think Troy is probably going to continue. I know you auctioned in a lot of the Blue Ribbon suburbs in Sydney and I know you've had some terrific close to 100% runs. What say you?
Troy Malcolm:Yeah, i think one of the key factors, or two key factors that are pushing up prices in those markets, those blue ribbon markets, is the under supply of the housing. It's just the quality of offering. So the ones that are really really great stock with high competition and a high level of interest, they're definitely getting premium prices. I think people are also in those areas slightly cheerful of what the next 12, 18, 24, 36 months could bring from an affordability point of range. So they're looking at if they get in now that will probably be cheaper than where they were or what they will be in the next 36 months. So I think those two factors in the Blue Ribbon suburbs are driving a lot of the price growth.
John McGrath:I reckon, tommy, what does that say, because I'm always about so what does that mean to be as a buyer, seller, agent? I think for agents you're going to have to make sure that you're on your gain because there will be a shift in the market soon. I think that order taking has been a gain prevalent, but I think that's going to bite now. I think pricing it right, communicating frequently with good quality data to make sure that they or the client see the rationale, is all good. I have a little Dash out, who's got a little food tray out in the back there and she's waiting for her afternoon walk. So I think that all I'd be saying to the listeners is look, make sure you're crossing your teeth and dotting your eyes, make sure you're going into listing appointments and taking the time to explain that market is fluid and we don't know where the price sits. Here are some comparables that can change. Let's get on the market, let's start getting feedback, because you don't want to be listing a property at price A and then find out in three or four weeks it's kind of down five or 10%. I'm not saying it's going to be down 10% in a few weeks, but at some point that tide will turn And I guess in a sense, we've been waiting for it not in a positive way, but waiting for this period.
John McGrath:And Mark Burris said to you, ty, that was a great interview. By the way, these people haven't watched that interview. Did you do it with him or he did it with you? I just saw you talking to each other.
Tom Panos:He just jumped on a. I was on Insta live, It was just impromptu and he just jumped on Insta live and I accepted his invite.
John McGrath:You know, watch that. Is it still up? Can you watch it?
Tom Panos:Yeah, it's still up. It's on Instagram.
John McGrath:Really good, but really good, and I love your interview style. But I love Mark as well And you know he's there in the mortgage market And he's saying that most of these loans are going to get a second and a half of the year. They're going to come crashing down And if you've been paying 2% on a million dollar loan and that goes up to 7% or 6.5%, you could double or triple your mortgage payments. And I mean people just can't invent money. You can't print money right. You might be able to go to the bank and say, can I get a honeymoon for three months, but they don't know how long they're going to be up for. I suspect at some point next year, in 24, they'll start coming back down as inflation does.
John McGrath:But yeah, interesting times. So my advice to our industry would be take extra time. Don't overpromise. No need to be negative, no need to be a doom sayer, but just take people through the process, focus on the process and stay in touch with them. But don't pay yourself into a corner at Listing's Troy because you know you've got to pay for it in a few weeks right Absolutely.
Troy Malcolm:And the other side of that, john, is be really diligent with the buyer work that we're doing, so making sure that you build in trust and rapport. How do you build trust and rapport? You give them really quality information that helps them make the right decision. And so everyone that's working with surplus buyers right now you've got to get close to them because, like John said, when the market shifts, you want to be on the front foot and you want to be connecting buyers and sellers very quickly to get momentum and keep that momentum until December this year.
Tom Panos:Yeah, look, mark Burris, and I think it's the same with the real estate. Mark Burris said the irony of it all is we do love volume markets. It's non volume markets that you know we don't like. Of course we want everyone to be a winner in the transaction, but I think Troy and John, we were talking off camera.
Tom Panos:When there's no stock in the market, you can be an agent. That's not that good. You just copy and cut. You copy what the next person does, cut the fee. The market puts the deal together. It's an auto taking process. But what we're going to see now as stock comes on, is you're going to have to get good at how you handle price at a listing presentation And, as you said, don't lock yourself in the corner that you can't come out of later. Number two you're going to have to be very good, you know, at delivering. I've got to share this with you. I heard a very great script in putting a deal together with a buyer. He was $30,000 short. The agent went back to the buyer and he goes. You have to deliver bad news in a positive way. So I said to him I said I've got great news for you. You own 95% of this house. We just got a sort of right. I just thought it was either it's a, it's a pot putting a positive spin in. Well, you need more money from you, you know.
John McGrath:So. So I heard a similar one that I told me I think it might have been on TikTok And he was. He was talking about fee cutters and it wasn't real estate related, but you could relate it to real estate And I'm just trying to think the way positioned it was. You know, tom, i can't give you a discount because this is the rate that all my clients pay, but my business thrives and grows on repeat and referral business. So here's what I'm going to do If you send me someone who I transact with in the future, i'll rebate you 5% of your fee at that point in time. And I just thought you could do that. That's quite clever, you know, because he stood his ground. But he also gave you a win And for some people they're more than happy to refer friends and family to you. So yeah, just interesting, there are different little creative ways.
Tom Panos:So, john, you got me on a TikTok about six months ago, when you actually said because I kept on thinking to myself, tiktok was a lot of singing and dancing, right, and then you said, oh, there's a lot of sales trainers on there. I actually find the sales trainers a really fascinating group of people because, troy, have you ever seen the sales trainers on TikTok? They're not the Tom we were brought up with, the Tom Hopkins type training. These guys are, you know, a lot more modern. They're a lot more relevant in today's market. And what you'll find out of TikTok it's not just entertainment, it's actually quite educational. You pick up some great nuggets of information. But can I ask Troy, this question here Right now, and this is to both of you right now school holidays actually end today, sorry.
Tom Panos:so today, tomorrow, private schools today, tomorrow, we got this three week. you know where people get away. A lot of the real estate agents are probably already heading off to go overseas to a warmer climate, or they've already gone or they're going in the next week or so. Troy, if you're a real estate agent that is going to be around here this winter, what are the things that you think you could be doing to put yourself in a great position to have a good August, september, october and really a good end to this calendar year.
Troy Malcolm:Working twice as fast. If people are away. That's a great opportunity. I'd be taking that opportunity and running as hard as I can and making sure that everything that I'm doing is value add. Every client that I've dealt with over the past 12 months I'm speaking to again. Every coffee meeting that I can get with someone that's potentially selling, i'm doing that. Every system and process that I've run in the business over the past 12 months. I'm reviewing that at the end of the financial year to make sure that my next financial year is even better. Most people will see it as a oh, no one's doing any business. I actually think it's a time when the market's less crowded with agents. You'd get it.
Tom Panos:Troy, you'd fast track people onto the market now, wouldn't you? If you're a seller, realistically you'll have a better result now than what you will in September, october. Did you say that, john?
Troy Malcolm:Yeah 100%.
John McGrath:I imagine a text that goes like this Tom, dear Tom, just wanted to. hey, tom just wanted to touch base. There's been a lot of talk about the market of late and it's certainly in our area, held up very, very well. We've achieved some great prices recently. My view is that at some point over the next six months, as stock increases, those great prices will start to disappear. Just wanted to check to see whether you're interested in doing anything with your book lace question mark. By the way, while many people, many, many might get Yee more people to invest in them selling them through more different entry rates.
John McGrath:So who is that?
John McGrath:I just want him. He's live. While many people I know are heading off to Europe, i've decided it's such an important time in the real estate cycle, i've decided to stay here and get focused to help all my clients achieve their best out before the month. That's gold. That's gold. I mean just imagine that arrives and you're thinking, oh shit, okay, yeah, i've been thinking about that. So you reckon over the next? oh okay, Oh, isn't that good. So he's here. If you feel like a coffee, just give me a call or I'll pop straight over. I mean, you send that out to a thousand people, troy, i've got to tell you, if you don't get 50 requests, or 25, at least the color chat will be shocked. Yeah.
Tom Panos:Yeah.
John McGrath:I think you've got to take a position on the market. I think the position is unarguable. We have been in a euphoric state because of lack of stock. That will change And as it changes and more stock hits the market, especially as potentially distressed stock, which doesn't have to be bank stock that just needs to bank sales. It just needs to be people who have a level of pressure to transact within a tight timeframe. It's going to cause, you know, because your property is worth a million to today, tommy, until the neighbor sells for 9.95. At which point your property is worth 9.95.
Tom Panos:Yeah.
John McGrath:And I think people don't get that. They kind of say, well, I'm not under any pressure, Yeah, But you are thinking of selling and someone else invariably will be under pressure, Sadly not happy about it, but it is what's going to happen And that will reset values as distressed sales come through the pipeline. So, yeah, I think I'm with you, Troy, Just take advantage and just say I'm here, I'm available, We think the market's still good, but we think there's a time limit or a used by date And if you're thinking of doing anything, it might be worth us having a coffee sooner than later. What do you think? Question mark bang and just keep it short and simple. And and yeah, very good.
John McGrath:It was funny. A friend of mine as you know, Tommy and Trump stay at breakfast point at the moment, living here, which is a beautiful spot And I was up the park yesterday about five o'clock walking the, walking, the girls walking, the two little sausages, and a friend came up and he said oh, John, I know you're a real estate, Can I just ask you? I got a DL card today He said, by the way, it was really good. He said exactly what we just said. It just talked about the market and it talked about the premium prices being achieved because of lack of stock And it said that that won't last too much longer. And he said it was just really. He's actually not a seller, but he said I just thought I'd mentioned it wasn't one of ours, It was Ashley Quinn from Point Residential, who's a dear friend of mine, And he was really impressed by the fact that it was.
John McGrath:It was intelligent, well laid out And he said it really made sense. And this guy's a doctor, by the way, So he's kind of not you know, someone that's struggling to understand what's happening in the economy. Generally he's pretty savvy, but he thought it was very, very well put. So I think you know a thousand texts like that or a hundred texts like that, are getting results.
Tom Panos:Before we go, i want to share a text with you that I've had clients tell me is getting them lots of appraisals. I'm going to bring it up on the screen for those that are watching, but I'm also going to read it out. It only goes for the 10 seconds. It's a Tom Ferry script that has been twisted for the Australian market And I'm just going to bring it up here And I'm going to read it out at the same time for those that can't.
Tom Panos:Hi You write the name. Could you finish this sentence for me? If I could sell my house for blank, put the amount, i would list my home this spring. I can't wait till you hear your answer And I've got to tell you. There's so many agents John and Troy that have said to me they've had people come back to them. Sometimes it's a ridiculous number, sometimes it's not far off, but the main thing is it's an opportunity to get eyeball to eyeball, belly to belly with a lot of people that they have not met, and we know that relationships begin in living rooms. You know Whether they sign now or they sign in a few years. So but I do love, john, i do love that text that I've chosen to stay here in these winter months instead of going, and I know I know we're going to have a few agents that are going to throw oranges at me who are going overseas.
John McGrath:But you've got to work your strengths correct Absolutely And you have to take it, and you don't have to besmirch other agents. You just have to say you know like a lot of people have taken their winter break overseas, but I've decided to stay here because I think it's a pretty pivotal time in the market And I don't want to miss any opportunity to help my clients get out before the market shifts. Man, just word something to that effect, make them your own words, but definitely good, so good work. Tell me I like your haircut before we go. It's nice, yeah, very sharp.
Tom Panos:Thank you, john. I actually had one this morning. I've had a lot happen today, but can I, just before we finish off, may I ask or just inform our audience? our next podcast, mda, will be recorded live next Friday. It'll be mid-morning, around 11, 11.30. I'm holding at ARIC Implementation New Year Financial Pickstart a bit of a joint event at Canada Bay Club for gym members, but I've also opened it up for non-gym members. The link is in the bio. The link is in the bio on my Instagram. I'd love to see you there. Troy and John, we're going to do an MDA podcast where it's going to be all on questions from the audience. You know, And we've done it before, i love doing podcasts where you've got a live audience asking questions. You know It's something good to do.
John McGrath:And I think we're going to also do a bit of a really hash of ARIC. What were the best takeaways? And I'll go. I'm still quoting every day a dozen things that I heard observed from ARIC. I'm just talking to people. I did a wonderful little coaching session, which I loved this morning with Jamie and Matt's team up at Oxford And just all these things I was just quoting. I was saying you know, did you watch Ryan Suhev when he said this? and Maurice Witherspoon? it was really, it was really great. So yeah, so people can still come if they're not a member.
Tom Panos:Yes, they can. It's the members basically come in for free but non-members will pay a fee. It's all in the it's. Go to my Instagram, it's in the bio And I just we are going to go over the ARIC content.
Tom Panos:I was doing a bit of work with Kaloshi's team and the sales manager came up to me and he said he said that Caitlyn Jenner got us by surprise. I said what do you mean by that? And he goes, mate. It was so good. I said why. What were you expecting? He said oh, he goes. I don't know He goes, mate. I wasn't expecting that.
Tom Panos:And I said what did you find best about it? He goes. The ability that she was practical, optimistic. You could tell that she's had a lot of suffering in her own life and how she was able to somehow see forward and keep going past. And he goes. As far as I was concerned, that was by far the best presentation. It's a and I'm John. As I've told you, i want to get there. I think the Eric videos are out very, very soon, right there out there. I think Nikola said nearly next week. Yeah, in next week. I really need to get that Caitlyn Recording because I've promised someone close to me That they would get a copy of it. So I've got to chase Nikola up on that. Yes, i'll chase it. I'll, let me chase it for you, thank you. Thank you, all right, troy, john, yeah, team. So I presume, i presume that you guys won't be at Mikanos in June July.
John McGrath:We're here listening to the selling property at the Toronto. Educated the market? So No, but every, almost everyone else is everyone I'm talking to that. That will go to a grease, but God bless them. I'm sure they have a great time, but there's plenty to be done here, so we'll hang around. Alrighty, go there.
Tom Panos:Can you remind everyone to rate the podcast?
John McGrath:Well, you see, susan, what a great idea.
Tom Panos:Susan, susan, susan, susan, yes, okay, everyone, please rate the podcast. It helps the algorithm write a review. What is it that all these YouTubers and podcasts say? Double tap now, hit the screen, now, share the love, be a subscriber, all of that. Oh, by the way, before we go, i want to let you know.
Tom Panos:So, john and Troy, we have spoken about it before. I've been approached by two people, two companies that want to sponsor MDA. We've been approached over a number of times but we just never take it seriously. So I actually said to both of them and one of them you're very familiar with I said listen, we only want to get one or two really good sponsors. So I want to put it out there We are going to make a decision to actually have a sponsor on there.
Tom Panos:We want to make sure that it's a sponsor that's got a good fit with who we are and our audience and it's aligned. So we don't want to just have a sponsor because, hey, they gave us a check. They've got to be people that work well within our industry and that we're supportive of what they do. So I want to put it out there because we're looking at taking MDA from our basic except for Troy, who's got the best mic in the business. But we're looking at taking it to the next level and having it on YouTube clips and copying a lot of these other great podcasters that John sends me stuff that they're doing And we're going to take it up a notch and we think we need a sponsor to help us do that. Look forward to it.
John McGrath:All right guys. Thank you, see you everybody. Thank you Susan, see you Tommy. Bye Troy.