Million Dollar Agent
Million Dollar Agent
World Class Buyer Work
The forgotten goldmine of real estate success isn't found in another listing presentation or door-knocking session—it's hidden in plain sight within your buyer database. Tom Panos and John McGrath unpack one of the most overlooked opportunities in real estate: buyer servicing. While most agents are fixated on listings and door-knocking, the real leverage lies in your buyer database—and chances are, you're barely scratching the surface.
You’ll hear why top agents aren’t just working with 5–15 buyers—they’re nurturing 40–50 qualified ones at any given time. John McGrath explains how strategic buyer work leads to listings, referrals, and stronger sales outcomes: “Buyers become sellers and influence whether a property actually sells.”
Tom and John break down the practical tactics elite agents use to dominate with buyers:
How to conduct meaningful buyer interviews
Why recommending a competitor’s listing can actually boost your brand
How to use team huddles and calendar planning to maximise buyer conversions
They also dive into the mindset shift that makes all the difference: approaching buyers with authenticity and an abundance mentality. It's not just about transactions—it’s about trust, loyalty, and long-term wins.
As Tom puts it: “Without a buyer, nothing gets sold or settled.” If you’re ready to future-proof your business, this episode will give you the blueprint.
Tom Panos, john McGrath minus Troy Malcolm today. Welcome to Million Dollar Agent, the podcast. Right in the heart of winter, real estate agents across Australia and New Zealand are rugged up. But I've got to tell you, john, the buyers are still out there, the vendors are still out there, people want to transact and I'm really excited because today we're going to spend 15 minutes talking about the art of buy work and I'd love to tap into a lot of the stuff. Like John, if you remember when we were both doing real estate decades ago more than now when they were just our main role, private inspections was actually more than half the deals you would get done were done, meeting people at properties Monday to Friday. The open for inspections was the bonus and I just think that maybe we should go through about five or six great things agents are doing that have mastered the art of buyer work.
John McGrath:Yeah, tommy, you're 100% right, as usual. The art of one-on-one buyer appointments, the art of buyer servicing let's start there I think has been lost by a lot of agents. It's funny I was speaking to a very good agent the other day very successful, very good doesn't work with us, but very, very good and he said I was coaching him. He asked me, he said could you just give me 15, 20 minutes, just advice, I'm just a bit lost where I'm at, this guy's writing 2 million and he probably will write a lot more. Anyway, I was talking about buyer servicing. I said what's your strategy there? He said oh, john, we've been taught just to get the listings, and the buyers will find the listings and that's it. And I think a lot of the industry is being taught or has started to think like that, tom. And I reckon that buyer servicing is one of the great hidden opportunities to dominate your market. Because guess what? Buyers become sellers. Buyers talk to sellers, buyers are related to sellers and if you become the only agent that a buyer can rely upon to follow them up, call them back, offer them properties you know, work with them, encourage them, you're going to be, you're going to start dominating the listing side. So, yeah, breswick Whitney's been very good.
John McGrath:I remember Ivan and Shannon when they left us sadly. I wish they were still with us because they're great agents, but anyway they decided when they were with us. They were extraordinary at buyer servicing and they made that very much a mark of theirs when they went out and they started Bresic Whitney and I think that's been for Bresic, that's been one of the keys to success has been very, very good bioservicing. So opportunity for everyone listening today to say, okay, probably I've been neglecting, at best I've been suboptimal and let's discuss. You know what are some of the things you can do to become an expert buyer service.
Tom Panos:Yeah, Okay, so let's start off. John. Let's start off with talk about a quantity at any one time, and it changes based on the market. When you've got a hot buyers market and there's no stock and there's lots of buyers, you've got a lot more hot buyers to work with. Then you've got another market where it's more like there's a lot of sellers but there's not a lot of buyers. You might have less number of buyers to work with at any one time, but let's make the assumption that we're going to define a hot buyer as someone that's going to buy a property within the next 30 to 60 days At any one time. John, how many buyers do you think an agent should be sort of working with? Have they in there, whether it's a spreadsheet on their CRM system, they're just top of mind with a bunch of buyers. How many do you think?
John McGrath:Well, tommy, you've got the best system three columns hot sellers, hot buyers and current vendors, pipeline sellers, hot buyers. That's the best system I've ever heard of because it's the simplest and it just shows you, keeps you focused. So, whatever you're doing, the answer is double it, unless someone's out there and they've got like 100 buyers they're working with weekly or a really chunky number. Most people I talk to I say how many buyers have you got on speed dial that you're talking to at least once a week, absent of them being interested in the property? Just following them up? Most people come up with a number between 5 and 15. And I'm saying to them you should have 40 to 50, at least 40 to 50 in most markets. Maybe not every single market. I mean Kenny Jacobs, whose average sale price is 100 mil, is not going to have 40, 50 buyers. But for most of us that's an achievable number and I recommend that you should be in touch with your hot buyers every week. Now, if you break that down, it's not that many per day or every two or three days.
John McGrath:But, tom, I think it's really critical because not only is it going to bring you listings in the future when you step into a listing this afternoon and you know when you look around that you've probably got at least five to 10 ready to go. Walk up starts people that you can ring on your way back to the office if you've got a contract and say, hey, I think I've just seen the home for you. When can we get through and see this? So I would be saying you know, whatever you're working with, double it. If you're working with 20, go to 40. If you're working with 30, go to 60. If you're working with 10, go to 40. Anyway, I think it's really critical. And you know who's our dear friend that says volume negates luck. I don't know if it's Jocko Willink or one of those guys, but it's very no, it's Homozy, alex Homozy. And I think that's very true. The more buyers you're working with, the more luck you're going to get and the more bad luck doesn't matter, because you've got choices.
Tom Panos:And John, there is nothing wrong. In fact, it's actually good practice to, if one of your competitors have got a property that you think is suitable for that buyer, like that's great buyer work, isn't it, John? Sort of saying A hundred percent.
John McGrath:Tommy, look, here's what I used to do with my buyers towards the end of my selling career. I mean, I'm still listing, but when I was still doing quite a bit of selling every hot buyer, I'd do an REA search alert and I'd put the Tom Panos alert you know, the Troy Malcolm alert search alert and I'd put the Tom Panos alert, the Troy Malcolm alert, and I'd put in what you're looking for and every single time a property matched of mine. But I should be ahead of the curve there. But another agent, I'd be ringing you up. Hey, tom, have you and Sula seen that property in Kingston that really looks like it's got your name on it? Unfortunately I'm not handling it, but I reckon you should go and have a look at it. I'll send you the link. Unfortunately I'm not handling it, but I reckon you should go and have a look at it. I'll send you the link.
John McGrath:For me that's great buyer servicing. It's displaying an abundance mentality, it's showing that you are actually more interested in helping them find a home than transactionally gaining 2% out of that process and you are building an incredible bond with that buyer. An incredible bond with that buyer. So I think, creating an alert for your top 20, 30, 40, 50 buyers and then letting them know when something comes up is just a great thing to do. So I would. I mean, the first thing I'd do, tommy, is with your buyers, when you've identified, certainly the ones that are. You know, we're calling them hot buyers today, some people call them A buyers or whatever. We're just talking about people that don't have to sell. They've got their finance approved. They're out every weekend looking. They're displaying the traits of someone who is keen as to buy, as opposed to someone that once a month turns up and opens. You know when you're doing that, have a deep dive, just say you know, tom, it's too busy.
Tom Panos:Can you do a deep? I'd love you. It's super easy. Can you do a deep dive? I'm even happy to role play it on the bio.
John McGrath:Yeah, good.
Tom Panos:What are the questions that you're sort of doing in the deep dive?
John McGrath:So you know you don't want to do a deep dive in the middle of an open home because you've only got people around, so you're doing it generally on the phone. Tom, just give me a sense. I really would love to help you find the right home for yourself. Can I just go through? Firstly, how long have you been looking?
Tom Panos:I've been looking for about a month or so.
John McGrath:Okay, and how many properties have you seen so far? Ten, ten, what stands out? Which property stands out, thomas?
Tom Panos:The best one we saw was in Dudley Street, and what did you like about it? It was just the right size, it was easy enough for us to move in and we could do the kitchen and bathroom later. But it was liveable and it's in the area that we sort of want in the suburb that we want.
John McGrath:Okay, that went for 5.2 from memory. Is that about your limit or what was the reason you didn't actually secure that one?
Tom Panos:Is that about your limit, or what was the reason you didn't actually secure that one that was. The reason is that even with all the funds we've got with the mortgage broker, we were tapped out at 4.8%.
John McGrath:Okay, $4,800 is our maximum and it's no point showing you anything above $4,800?.
Tom Panos:There is nothing Like we tried, otherwise we would have gone for this one. $4,850 is what we can buy.
John McGrath:That's good, don't worry, we'll find one for that that buys you a lot of good property in Haberfield. So then I would go on to find where are you now? I'd say you know, tom, where are you living now? Tom, where are you living now? What's the reason for your move? What are the key drivers? What are the must-have, non-negotiables, what are the like-to-haves? But they're not essential to have because we've got a budget. We've got to move within a budget. What's the reason that you're moving?
John McGrath:So I really get into a deep conversation and I want to know everything about the driver of the move, how they're feeling. Can I ask you? You know the makeup of your family. You've got kids and pets and you know what are the priorities. So by the time you've done that and of course, taking notes and capturing the notes is helpful because if you are genuinely working with 50 active buyers at any one time, you're going to need some prompts when you ring them up, because it's a fair number of people. And so I just do that. I don't do it necessarily to impress people. Well, not necessarily at all. I do it because I like helping people. I know I'll pick up hints and the conversation as we go forward. I'll get hints from what they're looking at and, yeah, that's what very helps.
Tom Panos:I like, john, I really like the way you sort of dug a little bit deeper on what stopped you from making a decision on that one in Dudley Street right.
John McGrath:Because there's a gap.
Tom Panos:There's a reason why, right, you're sort of saying, oh, you loved it, why didn't you buy it? But then you dug even deeper. I sort of said, oh, that's my limit. But you sort of threw another question, because a lot of the times I mean I know people use the term buyers are liars, right, and I think what they're really saying is that what they've said is not the truth, right? But I just that sometimes an agent hasn't dug deep enough to qualify, to find out where really a buyer's at yeah, no, it's clear.
John McGrath:Please don't anyone on this listening to us use that sort of language.
Tom Panos:It's a terrible idea.
John McGrath:I say don't it's disrespectful, it puts you in the wrong mindset and eventually someone's going to hear you say it about someone else and it's not a good thing. So, yeah, you do pick up the hints and perhaps, Tom, you would have said to me the answer to that question. It was just John, it was just too early, Like it was the first weekend we were out looking and we saw it, so then I would say so, Tom, can I ask you, if that came up right now, would that be something you'd buy today? Now, of course, then you would have probably said, well, it's a bit more. Anyway, We've only got 4.85.
John McGrath:But I'm always peeling the onion, as I call it. I want to get to the core, the center. What's exciting you? What's disappointing? You? Do you have to sell or not? Can we help you? Rent your place out, all of those things? And you only get there through questions and by being in the moment. It's not about having some list of questions on your list. You've actually got to be there, focused in the moment, talking with them and, as they give you something, ask them. If there's a question to be asked, ask it.
Tom Panos:Now can I ask you, john, there are two types of you've got with real estate agents. You've got the agent that's got the buyers. If they're an auction agent, let's assume most of their stuff is an auction-type method, they're collecting bidders. And then you've got agents that are dealing with buyers on private treaties with fixed prices. Can I just touch on the art of keeping a buyer interested in an auction property, sort of staying close with a buyer, making sure that buyer sort of knows what price is going to be competitive at auction. Any tips on, you know, working with buyers leading up to an auction?
John McGrath:Frequency and transparency. Stay in touch with them. Don't wait until the auction to check if they're coming. Stay in touch with them. Keep an eye on what else they're looking at. Just keep checking.
John McGrath:You know, the auctions in five days, tom, you know I noticed you haven't downloaded a contract yet. Do you want me to send you one? Have you got any questions about it? There's a strata report, you know. Do you want me to send you a link to buy it? So again with questions and observations and curiosity.
John McGrath:And then I'm just saying, you know, since we last met, tom, you know, just want to let you know I've had another three or four contracts out. Haven't had any offers, but I actually think people are sort of starting to say that they'll pay five or more for the property. I know we were speaking about high fours, but I don't want you to arrive and be disappointed. If you're able to get just above the five mark, I think you'll be competitive on the day, but I think at $48.50, it might just go above you. So anyway, you guys have a chat about that. I don't want you to overspend or overstretch yourself, but I genuinely think it's probably going to come up and end with a five in front of it and people appreciate that. You know they say thank you, thanks for letting me know, because the number of people that are quoted high fours and it goes to 6.5, it's just embarrassing.
Tom Panos:Yeah, well, listen, I had a friend who's rung me this morning, who's a non-real estate person, that is telling me he wants his pest and building inspection paid for. I said to him mate, good luck. He said, well, I'm letting you know he goes. I have an email sent to me telling me that if I had a limit of 1,350, I should be coming to the auction. And he goes. And there was a vendor bid put in at 1,450,000, right, probably got passed in, right, that's terrible. And he said to me Tom, I'm letting you know, how do I go about getting my $800,? You know, because he's paid for a Peston building. I said I don't know what to say. Call the agent. I haven't heard from him and he goes. If I don't get it, he goes. I'm sending that email to the Office of Fair Trading. I said well, what do you want?
John McGrath:See, tom the thing that frustrates you and I and the OFT and NCAT and VCAT and everyone about this is you know you can't count an agent down. Because they create such hype and interest about a property it goes for a fanciful price that could never have been predicted. But when they're quoting a figure and then they take a vendor bid $50,000 to $100,000 above that figure a vendor bid that's inexcusable and, by the way those that are listening from New South Wales, it could be happening elsewhere. There's a big crackdown as we speak. I know at some of our auctions on the weekend in the inner west of Sydney there was a number of OFT inspectors. You know there's lots of talk around about a few people at the moment that have got the OFT breathing down their neck. Please do it for good business practice and ethics primarily, but even just to keep your licence. Please do not swim outside the flags when it comes to price quoting. Okay.
Tom Panos:John, with three minutes left, I want to ask you the art of showing a home. Is there a way, like at an open for inspection, buyers come through, but hypothetically speaking, let's assume you're taking a buyer there, like any tips, suggestions, a way that you should actually be talking about the property? I mean, I can't help it. I look at people say, oh, here's the kitchen. I mean we know where the kitchen is. Well, here's the bathroom.
John McGrath:Most buyers would figure that out, wouldn't they themselves? I think that, yeah, look, I like a combination. The first thing is I always I get to. It starts with you not having an intimate knowledge on the property, so you've got to sit down with the seller up front. Do intimate knowledge on the property? So you've got to sit down with the seller up front, do a deep dive, understand exactly what they love about it, the details, any potential that hasn't been realised yet. You really have to spend time up front getting and then capturing it and knowing it.
John McGrath:So then when I bring a buyer through let's say, private appointment as opposed to open, because opens a lot of people do wander through by themselves. So I would say you know, tom, why don't I take you through? Because there's a few things I know about the home that I think are really important and I've had a chance, I've been here a lot over the last few weeks and I'll just give you, from my eyes, what I think is really special and some things that I think, if you want, you might be able to do and you might have some questions. Then what I want able to do and you might have some questions, then what I want you to do is, if it feels good to you, feels like it could work, I want you to spend as much time as you need to here. I'm happy to.
John McGrath:I'll pop out the front. I can make some calls if you like and just give you the time, because I know that this is a big decision and I really want to make sure, if this feels right for you, you get the time to take it all in. So I do like to take them through and give them some insights, but I also like to then give them as much time. Now, of course, it's telltale that if you take them through and then all of a sudden they spend half an hour there, which is gold, um, you know they're interested. So I think you've got to, you've got to inform people, but then let them immerse themselves or, as maddie steinmobile say, get the vibration of the place, and I think they're both important john.
Tom Panos:In my first job in real estate, working for chambers fleming at padstow a gentleman by the name of john ouston and he's passed away now, he, john he said to me there are two things I want you to nail with buyer work, and that was back in 1987 or 88, and I still think it's super relevant to now. He said to me when a buyer comes through, simply ask them have you made any offers or bid at an auction? If he says the answer is yes to one of those two questions, don't let them go. You stick to them like a stamp sticks on an envelope. That person is hot in the pathway of buying.
Tom Panos:And then the second one is, he said, when you walk out of a property with a buyer and they look back at it, sometimes you've got to be the one that prompts the pathway to actually moving into a negotiation. And he'd said he'd look. He says look at them and say I can see you're looking back at this home. Are you just interested in it or would you like me to tell you how you can own this one and start Great dialogue?
John McGrath:I mean that sounds like it's decades old. But great dialogue, and God rest his soul. Yeah, it's interesting, tommy. I just jotted that down as you were saying that there were three categories of buyers when I was very active, especially the first half of my sales career, and funny enough, they were buyers from Wollongong and most people in New South Wales know where that is but those interstates about an hour and a half back in those days, a bit shorter now, an hour or so south of Sydney, canberra buyers, you know, three hours southwest of Sydney. They were the two. If someone rang up and said I'm from Wollongong, I saw your ad and I went with Courier.
John McGrath:I wouldn't make as much time because they were committed buyers. They would generally come to Sydney and they would look at everything, make a decision, then go back. Same with Canberra buyers. The third one interestingly, interestingly was not geographic, it was doctors. I found doctors had a lot of money, very little time, their work, you know, 24 hours a day, literally on call some of them, and they're often in surgery. I'm talking about, you know, st vincent's hospital which was right in the middle of my my patch there in paddington and darlinghurst.
John McGrath:And I found that again, if I, if I put the time and attention into doctors as well, they would be particularly good buyers because they just wanted an outcome and they didn't have time to look for 12 months or six months. They wanted to find something that's suited and buy it, and obviously well-heeled. So they were able to. You know they rarely had any problems with finance. So I think you know there were my little sweet spots. But just recognise, in your patch there will be some indicators that someone is a really hot buyer. But as your old boss said, you know if they've bid or bid at a property at auction or made an offer on something, that's a damn good indicator as well.
Tom Panos:Yeah, and the other thing he used to say to me. He says please, tom, don't go off and door knock. He goes. Just look after the buyers because they're all over the place. He goes. You don't have to go look for them. They come to you and he goes. And even if they buy through Robert R Andrew or through another one of the officers was LJ Hooker he goes as long as you've looked after that person. If they're a buyer, seller, your listing presentation is good buyer work. You'll be getting their business. So good buyer work can actually get you listings right, yeah, 100%.
John McGrath:Okay. Just as we finish, tom, a couple of quick things to add because this is a really important subject Idea week. Please allocate blocks of time in your idea week for buyer work, because a lot of people they spend all their time on listings and prospecting and four hours a day prospecting and three hours a day listing, put until they're sold, yeah, your job is not even half done, it's not not done at all. So please allocate time.
John McGrath:For me, it was always Tuesdays, thursdays and Saturdays were the big days, but then I had a flexible period half day Friday, so I had at least 50% of my week was dedicated to private appointments. I also had a much better strike rate at private appointments than I did at open homes. The number of people I'd have 60 people through an open home or an open home or two or three, but I'd have six people through private appointments and I'd sell three of them properties and the 60 people I might sell two of them properties. So I had a really good strike rate when I could be up close and personal, really gauge the body language, spend time, get them through unhurried. So ideal week.
John McGrath:Second thing is, if you and a team and many people that listen to this podcast are part of a team regular huddles whether it's a daily huddle, preferably, if not at least a weekly meeting, where you sit down with your team and you talk through who are the active buyers, who's entered the market in the last seven days, who's made offers that we've heard of and you can do it as a group of agents. I mean if you've got four or five agents in the office and you trust each other, which hopefully you can do it as a group of agents. I mean if you've got four or five agents in the office you know and you trust each other, which hopefully you can and should do it. But certainly, if it's your own team, make sure that you have on the agenda buyers, buyer activity and what's coming up for them as front and centre.
Tom Panos:All righty, john McGrath, tom Panos, minus Troy Malcolm, today Million Dollar Agent, an episode on great buyer work. And, as John said, I know that for the last 30 years the training in the world of real estate has been highly influenced on get the listing. But let's be clear without a buyer, nothing is going to be sold or settled. So signing off, see you next week, johnny.
John McGrath:See you, Tom. Have a good week. See you everybody, Bye.