Million Dollar Agent
Million Dollar Agent
Dumb Things Agents Do on Social Media and What’s Happening with Agent Fees
In this episode, the trio unpack the highlights of AREC 2025, noting the electric atmosphere and standout sessions, particularly Will Guidara’s keynote on meaningful engagement.
They then shift focus to social media, examining the fine line between genuine personal branding and ego-driven content. The trio critique common trends on platforms like Instagram and TikTok and offers practical tips for agents to create authentic, value-driven content.
The episode wraps up with a discussion on defending real estate fees and sustaining a value-based approach in a competitive market.
Tom Panos, john McGrath, troy Malcolm. Another week of Million Dollar Agent the podcast post-Derek. How are you, gentlemen?
John McGrath:Good, Tommy, You're looking like a polar bear there. The audience can't see you, but I can, we can. Yeah, You're all rugged up the winter. I reckon started snowing somewhere near Sydney, for sure.
Troy Malcolm:It is freezing today, absolutely freezing, I love it.
Tom Panos:I actually like I sleep a lot better in the winter, cole, there's no question about it. I sleep a lot better in the winter months and I just think, like when I was in Denmark with Madeline, where it's like close, it's zero or minus degrees, they, they, they seem to do it well. They're just really fast at layering their clothes, they, they, they get used to it. It's all it's all about, you know, putting on the right layers. But if anyone could see me right now I've got one.
Tom Panos:Everyone collects sloppy joes from people, right? This has been given to me by someone on some podcast. I get sloppy joes from people, right, this has been given to me by someone on some podcast. I get sloppy joes from campaignagentrealestatecom. But, guys, you know, it's been over a week since ARIC and I have to say we say it every year I think that was close to the perfect conference, and I don't say it myself, I'm relaying what has been said to me by those that went to it and those that didn't go to it had people that told them this time you missed out, it was special. There was a buzz that was happening the whole week. So I was on the Gold Coast and Brisbane that whole week. I still had people stopping me in the street in Surfers and Broad Beach that Thursday, friday, saying man, how could it be possible that everyone was so good at the one time?
Troy Malcolm:Yeah, I agree. Sorry, troy, I was just going to say I was in the expo most of the time during the podcast recordings for the ARIC podcast and Tom. I think that sums up exactly the right word for the conference a buzz. Everyone was in there and you could tell not only by the conversations that they were having just hanging around the expo but also how eager they were to get back into the main arena and to get to the property management breakout and Propik did an auditorium breakout in the expo as well and just the amount of people that were really enjoying that was really positive. So the buzz was very high and the energy was really high and it was great to see so many familiar faces that have come back to Eric year and year time after time yeah, and it was.
Tom Panos:It'll always go down as the conference that John McGrath entered the status of genius interviewing skills of Barbara Walters. Mate, I can't, I can't stop it. Barbara Walters, don't be shy about it, you're outstanding, because let's be. I mean, if you go off and say what was the best session, and I ask everyone, like I have my own little votes Everyone's saying Will Godera, and I said to you offline, john, that it's remarkable how a Q&A that has been done virtually ends up becoming what was talked about by everyone as the best session. On that point, can we just like John and Troy, we're not going to use this is not going to be an Aric summary. We did do the Hangover Cure and most people have got access to the AI summarised notes of the conference. But when you were interviewing Will online, what are the top one or two things that came out of it that you think is super relevant to our real estate industry?
John McGrath:Well, you've got to go listen to the hot dog story. I think that's a legendary one. If you Google Will Godera hot dog story, that's a classic about creating a moment. I thought that's a legendary one. If you Google Will Gadara hot dog story, that's a classic about creating a moment. I thought that was extraordinary.
John McGrath:He actually I love the way he dived into the real estate specific and he talked about how agents are very cookie cutter-ish. And he talked about, you know, working with an agent for six months. Then you get a bottle of sparkling champagne and nothing wrong with it, but you know, it's kind of fairly predictable. And he said what if my wife, who's a yoga fan, who was looking for a sunny spot to do yoga, if we had arrived at our new apartment and there was a beautiful yoga mat, a little personalized letter and a candle saying I hope this becomes your new sunny yoga spot? So little things that just make big differences. And that's really what he built the world's best restaurant on. I mean, there's millions of restaurants, or certainly hundreds of thousands, that have good food, good service, good decor. But he specialized in the one percenters. I reckon you know from that perspective, that's what he had some great stories.
Tom Panos:Okay. So Troy, john, two topics we're just going to sort of just break up and talk about. And you know we're not going to sit there and sort of say these are the do's and these are the don'ts. But this whole real estate social media space, right at the one end of the extreme you've got agents who you know celebrity, podcast success, affluence. On the other extreme you've got some people that are doing absolutely nothing right, being invisible. So there's this thing like what's the right thing, what's the right frequency, what's the sort of stuff? Are people turning people off with their social media? Are they posting too much or are they posting not enough?
Tom Panos:I look at a lot of real estate agents' social media. I sit from afar and look at them, and I look at them on Insta, I look at them on TikTok. I don't seem to spend too much time on Facebook or LinkedIn they're the two that I'm on and I seem to be on TikTok a lot more. I consume content better on TikTok for some reason. But I do look at Insta because Insta is where the community is TikTok. You know, there's a lot of people that are people that don't have a relationship, but I'm interested in the topic.
John McGrath:Yeah, look, you've got to be engaged, involved, and I think you've got to be using it both for selling property as well as for personal branding. But the problem is, tommy, I think a lot of people all of a sudden they've got a rush of adrenaline, they realise they've got their own little TV channel. Their egos some of them, their egos are pretty high and they just turn it into a brag session and a know-it-all session. And I think you know Reese Witherspoon said it at ARIC a few years ago and she said you know, you've got to think of the person who's receiving the message, the note or the Instagram post. What do you want them to feel? How do you want them to feel when they watch it? And I think that's a real key to success, whereas a lot of agents see it as the opportunity to tell everyone how good they are, and I think that's a turn off.
John McGrath:So I think frequency is fine. If you've got great content, that's without ego. You know Matt's sign way too. So are you, tom. You know you guys are great examples because you'll frequent posters I don't know how regularly, but daily, I would imagine most of you and I can't wait to see Matt, whether he's on TikTok or Instagram. I just think his content's brilliant, as is yours.
John McGrath:But there are some other people again that the minute I see my scroll past them because I know it's just going to be another ego show and telling me how many properties they've sold this month and how clever they are and all this sort of stuff. So you've got to be selling property. I know REA and domain they're so important parts of the marketing mix. But I reckon nowadays, social media, if you're not using it proactively to target buyers, I think you're missing a big portion of the market. So, yeah, I think you've got to be using it both for personal branding. I mean, troy, you're a bit more of an expert on social media than me, but that's kind of my first level view.
Troy Malcolm:Yeah, I agree, john, tom and John, I reckon it's mainly down to adding value.
Troy Malcolm:Um, tom and John, I reckon it's mainly down to adding value.
Troy Malcolm:If you're not providing some type of insight that's going to help the consumer, the watcher, the person looking at the content, don't post it. You know there's there's a million different ways to deliver that message. But if you do it like you were saying, john, being authentic and providing value, and you constantly think how is this going to help someone make a decision, whether it's the decision to list and sell their home now, if it's the decision to list their property for lease, if it's the decision to go and buy a property, you've really got to position it and, john, we've got a number of agents that do it really authentically and well out there in the market. But, yeah, I agree, there is a fine line between delivering the message and then going into that ego space where you're pulling up in the Lamborghini and showing how many soldiers are on the signboard. I just don't think that that resonates with people anymore. I think there was a time and place where people thought that was cool, but most of the great agents now have moved past that.
John McGrath:It does not resonate, tom, but people hate it. Imagine the poor average person out there and that's mostly customers. When I say average, just normal Joe Blow, they're out there, they're working hard, they're taking a hundred grand a year and maybe their partners are earning the same amount of money. And then an agent swans on and says I've done six deals this week and I've made $300,000. People actually hate it. They hate agents because most agents don't tell the truth. And then you get some prat online just telling you how much money he or she's made and I just think you know it's just poor form. Who likes it? You know some of the young, testosterone-driven aspiring agents. They say oh, you know, isn't he great, isn't she great? But you know, I really think it's a very strange approach. So, humility, you Give me some information, make it interesting, be creative. I think that's the kind of starting point.
Tom Panos:Yeah, what I was going to say is the irony of it all is, in this country we know that housing is a big issue.
Tom Panos:Like the average person whether you're a tenant or whether you're a homeowner or whether you're a buyer, trying to get into the market we know how challenging it is and it's ironic that probably the biggest thing that affects people's lives is the thing that real estate agents sort of end up, you know, talking about luxury, self-promotion, cars, watches, you know all that stuff, in an environment where the average person is actually in a lot of pain because of either their mortgages, the rent that they're paying, or struggling to get into the market.
Tom Panos:As you said, it turns people off, particularly in tough economic climates that we're in, and I just think that the majority and the worst part about it I actually think, is that when you look at some of these posts, you actually think it's actually been posted with the view that another agent's going to watch it. It's not even educational to the consumer. It's like, hey, like half the stuff that you see posted online on social media the average consumer might not even understand what it is, you know, sold in four days, one meal, gci month. They don't even understand that stuff. It's like there's this ecosystem of real estate agents that are sort of trying to outbrag each other, and I think the opportunity is golden for the small group of people that actually say I am different, I am like you, I'm a human being and my job is in real estate. I know that you need information that's going to help you, so that's what I'm going to be posting.
John McGrath:Well, tommy, turn it around and I can't even think of any industry that people hate probably as much as our industry to a degree. But just think of an industry you hate, or someone or a certain sector where they always piss you off because they under deliver or over promise or whatever. And then imagine them jumping on Instagram and saying how much money they've made this month. So if you turn it around, you realize this is just absurd. What agents do and I'm not saying they hate every agent, because there are some good ones, and most of them listen to this podcast because they're educating themselves and the maniacs probably don't like us because we're always bashing them too Just saying it's just crazy. But, yeah, I think it's just crazy. But, um, yeah, I think it's really. Yeah, you've got to be in it.
John McGrath:Um, you know, video? Um, property video, drone shots, um, valuable stuff again, even for property stuff, you've got to be careful you don't try and become the star of the show. You know this is not million dollar listing or lux listings. This is about a property that you're promoting on behalf of a client. How can you best showcase this property so it will appeal to most people? And, um, yeah, it's generally not, you know, having you on 50 of the shots focused on you and seeing you stroll around the property, you know you. You want to be able to see the rooms and the views and how the rooms connect with each other in the front of the property, in the rear, rear of the property, and so make sure it's about the property. So I think it's a great gift for agents to be able to promote themselves in properties, but do it the right way.
Troy Malcolm:Yeah, it's never been easier to actually get the message out there as well. Like everyone has an iPhone, to go and get, tom, as you know, some small microphones that attach to you as a lapel and get a gimbal and walk through a property and just talk about it. It's never been easier to post that content online with authenticity. So I feel like those that embrace it are definitely catering to both sides of the market and they're going to do really well. They're going to continue to do well. Touche, yeah.
Tom Panos:I just you know what I'm going to. I think maybe in one of the next few podcasts I'm going to actually I wouldn't. I'm not in a position to do it now because you actually even asked me. You know who are the people that are doing amazing real estate social media content. I can't even think of that many. So what I'm going to do is I'm going to actually start collating a list to actually maybe send some of our listeners and say, hey, this is the sort of content.
Tom Panos:But I can tell you there's one agent who told me what they do is that every month they get the newsletter from their local council. They just get it online and they just know that their community is probably not going to be sort of going onto the council website. So they just go off and say, hey, I'm just going to give you a five minute wrap on what happened in our town in the month of May, and he just pretty much just reads off the council's blog that they've got some PR person, that's done and it's useful information, right. So yeah, anyway. So out of curiosity, troy, when you're consuming content do you consume? Are you mainly on Instagram?
Troy Malcolm:Yeah, instagram is probably I kind of more lean into Instagram more than any other platform, but I have started. There's a lot more agents now on TikTok, I've got to be honest, and there's a lot more content being pushed out to places like LinkedIn as well, like LinkedIn's got a bit of a resurgence at the moment, tom and John. So those three platforms Facebook, everyone's kind of fallen away from. I don't go onto that platform very often, if at all, but between Instagram, tiktok and LinkedIn, that's where I'm spending the majority of my time. And then, if it's longer form content, it's definitely something like a YouTube, which is video platforms.
Tom Panos:I'm changing John and Troy. I'm changing from probably from July onwards. It's going to mean more effort. I'm not putting the same content on Instagram and TikTok because I found that, tiktok, you've got to laugh at yourself. Tiktok, you've got to laugh at yourself. Tiktok, you've got to be a little bit quirky. I can go off and put you know like a bit of you know training content on Instagram because you've got your community there right and they're your regulars. But you know and we've got to accept that the real estate industry is not that well liked out there in the community. So I find I hear what you're saying.
John McGrath:I don't 100% agree because I was watching today. I spoke about it with Troy on our webinar this morning. Alex Hermosi, you've seen him, yep, yep, great content. And I think I see him on TikTok most because that's probably the platform I look at most. Never funny, never crazy, but he delivers stuff and I think he edits it right. So you've only got to watch 15 seconds, 30 seconds, and you get a piece of gold. And I think there are definitely I know what you're saying, but I think there are some people that have mastered the TikTok space who are delivering good coaching commentary. That's really useful, really useful. But see, you've got the benefit that you've got sort of two gears and you know you've got a really serious set of messages you often send out and you've often got some you know sort of you know, not crazy, but you know you're sort of challenging people more and you have a bit of fun and a bit of laugh with it. But I think, yeah, for someone like Homozy, who's not a funny guy, he certainly doesn't promote that in the way he presents himself. And TikTok has been renowned, troy, as a kind of entertainment space. Really I think TikTok now is a great educational space as well.
John McGrath:I probably get more. You know my answer to that question, tom. I get most of my content from TikTok, I'd say second Instagram. I don't look at LinkedIn a lot. I definitely look at YouTube a lot and YouTube Shorts, which is kind of their version of TikTok, and when I'm really looking for some serious information, if there's a topic that's going on or a debate or something Trump or Tariff, something like that I would tend to go to X or the old Twitter. I find that there's some really smart people and you get their insights and it helps you formulate your own opinion. But I reckon TikTok's moved from a kids' entertainment space to now a much broader platform where someone, an expert in real estate, could and I see people do it quite a lot- yeah, tiktok's become for me where I like, even getting information on sport and what's going on in the world and economy.
Tom Panos:I don't seem to be looking at sports shows or looking at news, because I just know that the recency of TikTok it's there within a couple of hours. Listen, you know, the other thing that we were going to talk about today is fees. You know the other thing that we were going to talk about today is fees. Yeah, I actually went to. I was doing some training today with the Diamond Tee's group out there and even out there where prices you know Penrith, st Mary's, they're a lot lower Fees.
Tom Panos:I mean in some marketplaces I'm really surprised at how low people go, but you know it is, it is life, um, and I also, and I also accept that you can turn around and there are certain vendors that are sticker shocker vendors that will turn around and say I get everything that you've said, but I only want to pay that. What you hearing on fees in the group and John Troy, your views on this race to the bottom, we used to like. I mean there was a time, john, when you and I were selling real estate, if you can recall, new South Wales 3.1% to the first 100, and then 2% thereafter.
John McGrath:I still remember the actual fee and I think Queensland, they kind of stick pretty much to a similar script and fees up there, in terms of percentage-wise, are generally higher. Look, I mean, obviously, what we should say before this is everyone's got to make their own decision on fees. We're not trying to collude, we'll pump their prices up. I mean, agents are like any other service. There are better ones, average ones and worse ones. My view is, if you're one of the best, it only makes sense that you should be more expensive than someone who's less successful, less competent, not as good a negotiator. I mean, why would a world-class negotiator, an agent working under an amazing brand with a terrific team supporting them, charge the same as some person that finished TAFE, you know, six months ago and they sold three properties? So I think you've got to assess where you're at in the market and where you see the value you bring and the value you put on yourself. I mean, the price you charge is the way you tell the market, where you see the value you're bringing to the process or to the negotiation. So I think you know you've got to make your own decision on it. I think people discount far too readily.
John McGrath:I think that a lot of vendors, the fee is actually not that important. It's a common and obvious question. You know what would you do it for? How low would you? You know what would you negotiate down to that's. Every vendor is going to ask you a version of that question. But if you say you know that's my fee, two, three, whatever your percentage is, and you stick to it, I think you'd be surprised how many people say okay, where do I sign?
John McGrath:I think people respect an agent that has strength in their position on fees and if you're half a percent or even a percent more than someone else and you bring a lot more value to the table, it shouldn't be that hard to justify it. So, having said that, I think it's also a little bit price related. I mean, a million dollars at 2% is 20 grand and 10 million is 200 grand. And a vendor will probably argue well, it's no harder or easier to sell a 10 million than a million. So you'll probably find the high and since many prices in some of the big cities and the regionals have gone crazy, there's quite a few vendors that say hang on, I can't see why I should be paying you $500,000 for your fee. So I think prices have risen. People are under some sort of pressure. Whilst I don't think fees are a reason people do or don't choose you, there probably is a limit depending on the price range you're at.
Troy Malcolm:Troy, I think. John, you mentioned it just before. You spoke about value and again, if you can't articulate your value in the lounge room to your client, they will decide on the fee that you charge. The very best that I've seen in the industry they go in with a plan, they have a strategy and they have proven case studies that if they follow that plan and execute that, then they get the premium result. That then they get the premium result. You're right, not many people select people on the fee they charge. They actually take that as one layer of many layers to deciding which is the right agent for them, and the objections that normally come in fees is one of them, but it's not the main one. Why people do or don't select an agent depending on-.
John McGrath:So if you're a standout as an agent and you'll call it 3% which in Queensland is certainly not uncommon, and someone's just left, and they were pretty mediocre, with no creativity, no innovation, no track record, and they were 2% I can't see anyone going to save the 1%. Having said that, if you all look the same and if no one is a standout and if no one presents their case as to why choose them with incredible gusto and great facts and compelling well, then they will take the 1%. If everyone looks the same, people take the cheapest. But I do think you've got to remember that the value you place on yourself in a lot of vendors' minds is you know the value that you know. You go into a shop right and you're looking at buying a product and there's six of them on the shelf from different suppliers. You see the one and they will look fairly similar, maybe slightly different. The one that's most expensive. Most people will assume it's the better quality. It's just commonplace. Not everyone's going to buy that one, but most people would assume that's the best.
John McGrath:Well, this is not a product. This is a service that can make a big difference to the net you bring into your bank account at the end of the transaction. So, yeah, I think so, but, as I said, we're not here to guide you on what you should or shouldn't charge. But I think you should have pride in your service and you think you should place a value on yourself that reflects the value you believe you bring to the equation, and I don't think you should be matching people that are heavy discounters where they're not in the same ballpark as you. And when it comes to capability, track record, team brand, skills, negotiations, auctioneer all the elements, as you said, troy, that guide someone in your direction, they're all different. You said, troy, that guide someone in your direction. They're all different.
Tom Panos:John, I want to share a story with you, and we can finish off on this, because it's going to explain the concept of price and value. So two years ago I did an auction. The first bid was $300, I think, over reserve. It ended up selling for $400 over reserve. It was a one-minute auction, I think it was reserve, as one two sold for 400 over reserve. It was a one minute auction, I think it was reserve, as one two sold for one six.
Tom Panos:I leave head to the car. The owner follows me down. I thought he was going to high five me and give me a pat on the back and he said this. He said thank you and he goes. That was a quick auction. And I turned around and I said yeah, and he goes.
Tom Panos:How long does your average auction? Last? I said I don't know about 15 minutes he goes. Do I get a discount? I couldn't believe it, you know. I said how come? And he says that was one minute. I mean the first bid was like within seconds. I said well, you're not really paying me for the minute, you're paying me for the 35 years that have got it down to a minute. And we got chatting and there and there and then he goes yeah, but you're only here for a minute and I said, hang on a second. You're telling me that you would have preferred someone to be here for half an hour. Get it at 1.2 and you're happy to pay the full fee. I said so. You're telling me you'd rather pay on time than value, and I think a lot of real estate people need to understand. I think Buffett says it people pay you a fee, but it's value that they get back.
John McGrath:That's a good point. That's 100% good point. A great auctioneer that gets a superb price in 60 seconds is better than an average one that takes 10 minutes to not get as good an outcome. So yeah, it's all interesting stuff, but we'll have some more topics for next week, so yeah, it's all interesting stuff.
Tom Panos:We'll have some more topics for next week. Yeah, Okay, Beautiful John Troy, good to see you again. By the way, Troy, the Roosters were unlucky right they were. It was a good game. It was a very good game. Roosters have been playing. Roosters have surprised everyone. John, your team, South Sydney. John's an inner West boy, half and half I can suss him. He does want the Tigers to win every time they play. Right, he does want them to win and I obviously want them to win. But I'm really really nervous about this weekend against Penrith, because even though Penrith is coming, I think they're last, aren't they?
Troy Malcolm:They've jumped up a bit. Yeah, they're a couple of places up now. Yeah, they're a worry.
Tom Panos:They're the only team that I actually think that ladder does not stack up. That team could actually win the grand final. Still, I think yeah, all righty gentlemen, all right guys, we'll see you next week.
Troy Malcolm:See you, John See.