Let's dive into the critical subject of personal branding in real estate and how it can wield influence over property prices.
Gain practical tips on how agents can amplify their empathy when serving vendors in stressful times.
Discover effective strategies for keeping buyers captivated by a property, even amid uncertain times.
Finally, we investigate how agents can optimize their relationships with buyers through candidness, trust, and delivering crucial information.
Let's dive into the critical subject of personal branding in real estate and how it can wield influence over property prices.
Gain practical tips on how agents can amplify their empathy when serving vendors in stressful times.
Discover effective strategies for keeping buyers captivated by a property, even amid uncertain times.
Finally, we investigate how agents can optimize their relationships with buyers through candidness, trust, and delivering crucial information.
Tom Panos, John McGrath, Troy Malcolm and I've got good years for everyone, because I didn't tell you Joel's talking off-air Troy . This podcast it's been 10 years overdue but we are taking it to the next level. We're going to be getting both the video and an audio version. You're going to see, we're moving away from being a milk bar operation to being one of these top podcasts. You know where they have the different angles. We're competing in the EPL.
Troy Malcolm :Actually, we've progressed. We've progressed Very exciting, very exciting.
John McGrath:No, no, it's good. I know we're going to put some effort into our new office, where we're going to build a special communications and podcast room which will be certainly available to MDA if we choose to use it. Yeah, I think it's good. A lot of people get their information and news from so many different sources and I think things like YouTube. I've got to say I don't watch much television anymore. I go straight on to YouTube, which I've got on my Samsung television, and I just go there and I watch stuff off there and often things pop up like rich roll and people that we've all followed. So I think it's really good to be multi-platform really good. I know you and Susan often stream it through your website and through Facebook and Instagram and those good things. So I think, yeah, that'll be good thing. The easier we can make it for people to participate, observe, listen to whatever, the better. So I think you got some stats, true? Is it 18,000 downloads or something?
Troy Malcolm :We've got a huge amount, john, and I know Susan updates us every week. But, yeah, I'm humbled. But I'm also excited about how much this is going to make a step change in the way people interact with it, because once upon a time, when we first launched, it was just iTunes, and now there's iTunes, there's Spotify, there's Google podcasting. There's so many different platforms that we go to. So, yeah, making it easy as possible. Hopefully that means another couple of thousand per week.
John McGrath:There's only 70,000 agents in combined Australia, new Zealand, which would be obviously our core market. So it's kind of nice to know that we get a reasonable chunk of people that kind of like to listen to our messages. But thank you if you're listening or you've listened in the past. Thank you everybody. It's kind of cool. We feel humbled, we feel honored and, yeah, we look forward to bringing you certain better quality audio and video in the future. But, tommy, we were just chatting off air the smart word and whisper around town in Australia anyway, and I know that slightly different in NZ but is that there's probably still going to be some more rate rises, but we are very close to the top and let's call it one more rate rise to go. I'd say maximum two, but I think it was Matt Collins you said the other day, tommy, the head of the ComBank CBA said he thinks one to go. Is that right?
Tom Panos:Yeah, so and I'm surprised because it's not one of these CEOs that is very out there that you're hearing commentary every day, but it was actually this morning. Johnny was on the ABC and he said as far as the Commonwealth Bank is concerned, we believe that there is only one more interest rate rise, we believe it will probably happen in August or September and that we are at the end of the rate hike cycle. He didn't go on to actually say does he then think that rates are going to drop? And, as you've said prior to us going on air, John, the truth is that these 12 rate rises we've had so far have probably not been impacted as much as they're going to in the next six months. For various reasons, they take time. Most people haven't actually come up their expiry sub 2% picks rate and gone over six, six and a half percent, so we still yeah.
John McGrath:I was talking. Yeah, for sure, Tommy, I think. By the way, Mark Bouris jeez he does a good podcast. He is, I know you've done some stuff with your recently. I've seen it on Tiktok or some other platform. But jez he's is a good interviewer, really good. So well done, Mark. Great, great man, great great guy. I wish the supporter Troy so that's down side, but that's probably the only sport I can think. So, tom, you're right, because interest rates for a lot of people and I was talking to one of our team members today, troy, I think you've been there, and he bought a property on the leafy North Shore of Sydney and he and his wife and he does you know very nicely with us and I think their mortgage was 8000 a month and it's it's go, hasn't gone up yet, but once it goes to a variable rate he anticipates it's going to go up to 14000 a month.
John McGrath:So that's another 6000 that family household has to fall in per month and they're both on fixed incomes. It's not like they're commission based or whatever. They're on fixed income. They're on good incomes, but fixed income. So this is the problem that I think everyone fails to forget. They think, oh, okay, what's rate stabilized, we're going to be fine. We're in the clear and we're back to normal.
John McGrath:Most of the pain that I think is going to be felt actually hasn't been felt yet, but it will be felt and I think and I'm not saying it's good at all it's terrible and I wish a reserve bank in many ways had stopped several rate rises ago. But I think over the next six to nine months, somewhere between probably October and March of next year, is when we're going to see the peak pain hit to people like our colleague who's well, you're just going to go from 8,000 to 14,000 and many others and that's a big number, but some people it's just as big if you go from 1,500 to 3,000. I mean, it's all relative to your household income. So I think that it's going to be a tough period. I think investors will probably sit on the sidelines for a while, tom, because I mean the cost of yes, rents on up a little bit, the cost of servicing them all you've just gone up a hell of a lot. So it's going to make it challenging for an investment-style product. But equally, owner-occupies, first-home buyers and the like, they're going to find it challenging. So I think the industry is going to have some more discomfort for the next six to 12 months, but then I think we're going to start seeing rates come back a little bit. Probably not true until, I reckon, second quarter of next calendar year. They're going to let the pain sit there for a while to make sure people don't get excited too early.
John McGrath:But one of the things we teach on this show, Tom, constantly, is the inner market, that we shouldn't be focused on it. I mean, we talk about it because it's relevant to our industry and our listeners, but we really need to be just saying just focus on market share, focus on getting properties you can listed, focus on doing the best job you can to get the best price. And prices are still healthy, as you guys know. You guys are busy optioneers. You know as well as I do that prices are still healthy. It might have come back a touch in demand, but they're still healthy. But you focus on what we can control, which is not interest rates.
Troy Malcolm :And I've read your address gone through. I was just going to say different pockets are providing different opportunities. Tom, I know that you were nine from 12 on the weekend and there was a lot of transactions. A lot of those options that you was conducting had multiple bidders. I conducted, I had a lot to sell prior on a weekend, but I had one in particular in Wurunga that had eight plus registrations and six of those were actively bidding. The opening bid was actually at the owner's expectation and so that again, the right property in the right position with the right scope for a family to move in is really still appealing out there in the market. So, jaya, I agree there'll be transactions in the market, maybe not the buoyancy that we've seen over the past 18, 24 months, but the smart agents will know that they can control markets, share in regards to the volume, that they can still be getting those great results. Look for Ostriches. That's right, john. The guide was 1.832, and what does it sell for? It actually went well and truly over reserve. It went for $2,420,000.
John McGrath:Yeah, that's well. It's $5,600,000 by reserve, which is a lot. By the way, a very dear friend of the little bout is Michael Tringale. We celebrate 18 years with us today. I just wanted to shout out because he's a very close friend of the three of ours and we animalize podcasts. We've certainly done him on ours at work. Have we ever had anyone envy over?
Tom Panos:here. Yeah, we've never had him on the podcast, john, but I actually used him today for the real estate gym because he's what I consider a community agent, and the reason I say it is that I can speak from a position of strength because I live in the community that he services, and I think the biggest compliment is when the agent is not there and someone says something positive and I hear that on a regular basis in the cafes. Right, he's got. So I looked it up today. His current market share is 52%, so he's selling.
Tom Panos:You know, one in every two properties, which is a quite extraordinary one in every two properties, is being transacted by Michael Tringale, and this is not a good quarter. This is actually a good two decades. He's actually been around at that market share for a very long time. He's going to love listening to this because he does love the accolades, and I'll tell you that. You know, someone said at a cafe about four weeks ago. He said you know what the thing about Michael is? You know that you're going to get more money with it and I reckon that that's going to be the ultimate real estate. That's what you want to be known for as the guy that's going to get you a little bit more money for your home Right, and I think he does.
John McGrath:I mean what you said before. That's an ultimate test of a brand, whether it's a company or a repulsive, is what people say when you're not in the room, whenever. It tends to sort of say nice things when you're out or in eShop, but it's what happens when someone leaves. They say you know, I'm gonna tell you that guy's a straight talker. You know, I've been a four auctions and every time I've turned up is pretty much it's happened what he said. So Personal grant is really important and then makes great of that. What's your call?
Troy Malcolm :yourself on the side with mr, have a Mr mr, have a pill and miss on the john give you. Seen this, I, you know, I'm lucky enough to call michael's auctions and every single person that attends the auction knows Michael in their first basis. They know the relatives that know the family and friends that are associated with the property. Everyone walks away with a smile on their face as well, and I think that's a testament also to Michael is he makes people feel comfortable In what can sometimes be a really kind of stressful environment if they are bidding at auction up or even, you know, going to open for inspections with kids and family members all running around. It's it's a delight to deal with him.
Tom Panos:It is listen, I want to touch on that for you on the. It's a stressful environment. You know auctions or for sale and right now I think it's actually got a level even higher in stress. And I want to talk about how to keep buyers engage, because there is a lot of cold drop offs of buyers at the last minute at the moment I'm noticing it where an agent will say I'll tell you the auction by 10 minutes. You know this guy supposed to be here is my hottest buyer and you know they'll ring in 10 times. I'll get a 10 miss calls and you know, like, if they're not there at 2 o'clock and it's 10 past 2 and there's 10 miss calls, they're not going to be there, right. So I want to talk about that.
Tom Panos:But I also want to talk about I think right now agents have to take up a step up in empathy, because I've noticed that at auction there's a few vendors that are going through pain that I want to sit there and look you in the eyes and say, hey, I can't afford my loan repayments or I'm worried I won't be able to afford.
Tom Panos:But you are mindful that they are stressed and I think this is a marketplace, more than ever, that an agent has to be empathetic, understand the pain and suffering that people are going through. And also I want to talk john and Troy on what is the things that an agent can do to keep buyers Interested at engaging a property in a time of turbulence. I mean pre auction vendor. Pre auction vendor meetings have always been done, but there's a lot of good agents that are doing pre auction Meetings now with them, with with their buyers. I'll sit down and I'll catch up with them at a local cafe and talk them through the process. So let's open and talk about that. How do you keep people engaged in in times of nervousness?
John McGrath:Well, I think good salesmanship in any market will. This, this relates to that, and it's just unfortunately over the last few years, of many markets being ordered, taking market. You list the property, you turn up, you do a half decent job, sells for good price. I think there's going to be some tightening of the belt and some challenging months ahead, even challenging 12 months perhaps. So I'd love to think not only do we return to good habits, which I'll talk about the minute, but I hope we keep them when the market turns up again, because once interest rates come back in another 12 to 24 months, when they go the opposite way, you can turn the market for sure we back on again, back in sort of positive much. So what am I talking about? I'm talking about straight to Both buyer and set. What. Why real estate industry seems to think that what they tell the bar and what they tell us should be different conversations, and this is embarrassing part of our industry, extraordinarily embarrassing. Added us where a lot of agents really should be held to account in my opinion, just tell the damn truth, as we talk about on this podcast before. So I think, straight talk and frequent communication you gotta remember, troy when someone's buying or selling a property. Unless they're in the midst of organizing their wedding or Having their first or second child. There's nothing else in their life that's likely to be anywhere near as important and on their mind constantly is I want to have a sale of my properties going. So you almost can't tell me. Communicate to frequently to someone during that period and say with the buyer.
John McGrath:A lot of people say All the viral turn up I've told only gonna be there saturday if they want to give them a call. You are a buyer, you're nervous. You fixated on the home, you're hoping it's gonna be yours. Your spouse is ringing you up. What do you think? If you heard anything? Just give me call, troy. Just checking up. Did you get that contract download? Is everything okay? That person building report look pretty clean to me. You're satisfied with it. Is there anything you need from me prior to next weekend's auction to give yourself comfort and confidence? Yeah, just have a really nice supportive conversation, because a lot of people you know, like they turn up on the new saying this before Tommy, they, the agents, are sitting there there at the auction and they're waiting for a buyer or two to turn up. And often I've said so when did you last speak to them? Oh no, I chatted. They came the open Wednesday. They said they'd be a year Saturday.
John McGrath:I'm thinking Seriously you're an amateur like if that's the best you can do, you should be on the phone every single day, you know, leading up to an option with these buyers. So I think a lot of people got really lazy Troy during the bull market because he didn't have to do all this good stuff. But the smart agents a lot of trim garlic. We're talking about the agents that do a good job in any market. They keep the communication up. So I would say Frequent, honest, open communication is really critical clarity for you as power, as a, as a selling agent.
John McGrath:If a buyer is on the fringe of dropping out, nervous, not going to turn up, thinking about not turning up, a lot of people don't want to make the call because they don't want to hear if it's any bad news. You actually are better to know if there's bad news on Thursday than waiting for Saturday. And they don't turn up. Why? Because you might be able to do something. Or two is you know at least you know that communication with other bidders and the and the vendor. So give everyone clear Outlook on what's going to happen. So you know information is powerful in this situation. So I really think you've got to be on the front foot proactively speak to everyone, troy over to you.
Troy Malcolm :John I think you said very elderly on. When we first started recording this podcast, we were talking about buyers and the one thing that stuck with me was a line that you used to treat every buyer that inspects the property as the buyer until they tell you otherwise. And I think, as a service level across the board, you should be giving that same level of care and service to everyone you meet and still they tell you that they've not the purchase. Are they not interested in purchasing the home? That one little mind shift can have a huge impact on your business, because think about the amount of people that we meet and they come through and they say I'm just a neighbor, but we don't clarify and really quantify what their next property journey steps are. That can make a huge difference. So taking a step back Every buyer that you meet is an opportunity for you to build a better relationship, trust and report the frequency of communication you have with them until they tell you otherwise for that specific property, that they're not the buyer, you have to treat them with the same level of respect and care that you would for someone. It's just made up a multi-million dollar offer and a property, um. The second thing of that, john, is you know who are the hot buyers you're working with and how close are you getting with those Relationships?
Troy Malcolm :We've seen so many of our really successful agents at McGrath develop lifelong partnerships with those Hot buyers that they're talking to two, three times a week in regards to their buying requirements, even with stock, that the agent that's working with them isn't currently listed for sale. They're going and they're saying have you seen this one? It's not with me, it's with a competitor, but I can get you through. I've got a great relationship with that agent. I can tell you a little bit about the property and where we see the value. Those little things can pay real big dividends at the end of a campaign and then, when it comes to them selling their property, you're going to become the natural agent of choice. It's going to be uncom. You're not going to have to compete against another person To get that listing. So I think there's a couple of things there that I focus on with the go, the team that I'm coaching, but also what can get you to the next level Kubica is having those deeper relationships with those buyers Through that very, lots, very good.
Tom Panos:So I said through a A pre-oction buyer meeting about two weeks ago, it's my first one ever. So the agent said Tom, do you mind sitting in, because this buyer is very nervous. And he asked me a couple of questions and he said I think as long as the buyer doesn't feel uncomfortable, he goes. No, no, no, no, it's gonna be good that you know. You know it sees your face beforehand and it was. Let me share with you some of the things that we talked about in that meeting and why I think that I think agents should be doing more of it. He, the agent, sat down. He said hey, I want to let you know that. You know, when I first saw you, we were thinking two to two point two million, right, but it is important to know that I've actually got five weeks of information now that I didn't have five weeks ago and I want to and I want to run through that with you. And what he basically did is he goes. I want to let you know he actually basically gave the same report he would have done to the, to the vendors, he did to the buyers. He said I want to let you know. In total there was 85 people that have seen this property and we originally were going here at two to two point two to two, point two but I have a funny feeling we've got four or five people. I actually think it might actually go a touch more. So it might not, but I'm giving you the heads up. What a good thing to be talking about Before the day instead of having people sort of shocked that. The second thing is he said I want to let you know I've got Tommy here as well and it's important. You know that.
Tom Panos:I notice with Tom he doesn't always say we're on the market and selling, like a lot of the times he calls it three times and if we're over the reserve he sells it. If we're under the reserve he says we're going to go off to phase two. So so he says. He said don't wait to hear this option. You say on the market, right, the other thing is. But he said to the. He then said to the buyer he goes, is there any questions you want to ask? And the buyer said oh, I'm curious, is there any any, any tricks or any hacks that you can give that improves your chances of getting the property? This is the buyer, and and the agent said well, look, all I can tell you is that Buyers that create the impression that they're not going to miss out on it Do scare and intimidate some other bidders there. So all I can say is be loud, be fast, and you won't believe it.
Tom Panos:This buyer ended up buying this property. He made a bid within a few seconds of the bidding opening and he made a decent bid and he was loud and, and, and I never announced whether the property was on the market. The property got sold. So I just feel like Having one story for vendors and buyers and and not surprising them on the day is a is a good thing. And and the FaceTime or zoom, cannot you know? You like, like John, I actually the bit that I like. What the agent said was I want to let you know that we did have a guide of two to two. Point two actually said and that's what I've actually got on my agency agreement. But we've actually got five people are interested, so wouldn't be surprised if it nudges up towards two, three. That's a lot better conversation to have on a Friday than on a Saturday, you know and you know whether you do it on the phone, face, face or zoom.
John McGrath:The whole Concept of meeting buyers, just like you are likely to meet your vendor, leading into an option. You're gonna pick up things from their body language. You open up the conversation, please. Some of them will say look, I'm not even sure if I'm gonna be out of bid, tom, because I'm still waiting on this and the house sales been in England's been delayed and I might not settle for another four months. So then at least you can say look, if we get you an extra bit of settlement, can you? Are you, we've got to participate. So I think what we're talking about here is open, honest communication. Be proactive. Don't wait until the day to hope and cross your fingers, hope you know it up. Have some good dialogue both with buyers and sellers in the in the pre-option leading to extract that. You know it's just, but I just wrote down here to all the. When you're saying you know what's what's advice I'd give a buyer. You know about that.
John McGrath:What's the hack? Number one is turn up, pick a lot of, a lot of buyers when they're unsure. They don't turn up only to find out that went for a price. They should have been there. So number one turn up to is why you just said then tell me like if, when you're big, look like you never got a stop, because even if it's your last bit, if it looks like you've got another 10 in you, you might actually prevent another bit. Or in the third one is make sure, whatever happens, if it's within your price range, you're the highest bidder, because a lot of people drive away from an option with a view that they're gonna call the agent later, only to drive back and find there's a salt sign up. So turn up, bid strongly, it'd be the highest bidder.
Tom Panos:I had. I had an option Troy. On Saturday, as soon as the property sold, I saw the agent go shake hands with a buyer and seller. He went to the underbidder and he said to the underbidder I give you my commitment, I am going to spend my time today Finding you another property he had. He turns around, he picks up his phone and he rings up someone off a Google doc it's his chase list, obviously and he said I'm at Smith Street, I've got a buyer. They missed out. I promised them I'm gonna find them something. They did pay an incredible figure. Can I mention your home to them? Yeah, you want to talk about speed and getting back to your, your, your, your chase list of past sellers and I've got to tell you the leftover buyer at an option is often a very strong buyer. They're emotional. They'll often pay a decent price because they don't want to miss out again and they qualify, they're ready to sign a contract there and then well, they may.
Troy Malcolm :That's exactly right. So I'm they move quite quickly, right because they don't want to be in the same circumstance in four weeks and another competing option, so they're more likely to fast-track their decision-making process.
John McGrath:Yeah, boys, I'm being a bit disappointed at the lack of promotion for the women's World Cup. I mean, this is the host nation and what a great, amazing thing that we've got a team that will be competitive, one of the top half a dozen teams. I suspect we would be in the World Cup. It starts on Thursday. No one's talking about it, so we should just remind everyone. I'm not a soccer fan, by the way, but I gotta tell you, having the World Cup in your home territory I'm not sure where the key we sit on the table, but I know the Aussies are genuinely one of the the chances at figuring in the top four. So, yeah, it's an aid of cop Troy. I hope you will be.
Troy Malcolm :Absolutely. I'm a massive I. Sam Kerr is such a fantastic person Representing our country on the world stage over playing in the women's Premier League, and to have Her team around her in Australia playing. I would love to see them make the World Cup final but, more importantly, potentially win it. That's like one of the rarest opportunities that you'll ever see as a sporting nation to have a home team potentially win at World Cup and such a beautiful game being the world sport. And that's coming from a rugby league and rugby union person. Growing up I was terrible at soccer but I can't appreciate how good and how skillful these athletes are. You'll you never pick.
Tom Panos:You'll never pick you the favorite of winning the. I want to test your knowledge. Who is the favorite? Don't Google it, don't Google it. He's the favorite to win their women's World Cup.
John McGrath:I would guess it's either USA or Germany.
Tom Panos:He's been reading up on it. I would have said USA, wow, you've both got it. I'd find that I'd heard it last night and I thought to myself how can it be? Usa? They've never won a World Cup in the men's, they're never in the finals, and all of a sudden the USA is the favorite to win the World Cup and we're about number four, number five, but straight up big France in a friendly on the weekend, you know.
Tom Panos:And there is a very big venue for those of you in New South Wales I think it's near Darling Harbour. Tumble on Park is a site where it's free, people can go off. So, yes, so Troy and John Sam and Kurt were with you. And whilst we're talking on soccer, I had to mention that to about 10 or 15 people because I saw on 60 Minutes Last Night Angelo Postercoglu. He's come to Australia, he's here at the moment. He is I listen on bias because I can relate to him Greek, aussie, first person ever in Australia to be coaching in the EPL.
Tom Panos:He's got a contract I don't know, I don't know if there is any sportsmen are getting paid this in from Australia. He's on around 20 million a year on it. It's the most extraordinary contract and he said something. Yesterday the reporter said to him you know, angelo, what they're all saying, that you won't last till Christmas time. And his response was I get that and I can understand it, and I've had exactly the same thing said with my last three appointments, so you do get used to it. And he goes. People are entitled to opinions that I am used to it.
Troy Malcolm :You said shout out to Stephen Brown and some of our friends that are over. I see the brown in this huge Tottenham fan. I actually last time I was over in the UK it's called. I know you know Stephen and the whole team over there, but we went to a Tottenham game and I've never seen more loyal fans. They were cheering every, every part of it. So they took you to a Tottenham game. They did, yeah, a couple of years ago so 2020, I went to a Tottenham game and I got a jersey saved that they lifted as well, which was very, very nice. But hello to the UK.
Tom Panos:They got a great, very very disappointed in that because very disappointed Troy, because I am a Tottenham supporter. They did give me, they did give me a jersey, but they didn't take me to the game. They probably didn't want to have my company at the game. They thought, just see the jersey, Troy's good. So yeah, Tottenham, Otspur, they're the team, all of us, he should be owing from now on. Anyway, Troy, Jan Matilda's, see you guys next week.
John McGrath:See you, Tom.