February 22, 2025 • 11 mins
1:54 - Real Estate Auction Success Amid Market Uncertainty
3:05 - Quality Stock and InsightsÂ
3:55 - Impact of Superannuation Access on First Home Buyers
5:49 - AI's Transformative Impact on Real Estate Practices
8:20 - ChatGPT as a New Lead Source for Real Estate Agents
10:30 - Election Uncertainty and Reserve Bank Rate Predictions
11:01 - Intuition Versus Logic in Decision-Making
My Clearance Rate: 10/10 SOLDÂ
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Liberal Government has announced that if
they were to get into power ona federal election that is, on
or before May 17, that they aregoing to allow first home buyers
to access their superannuationtheir superannuation.
(00:27):
Ladies and gentlemen, I want tolet you know today I conducted
10 auctions scheduled, thoughseven went ahead and it is a
100% day, 10 sold out of 10,where they all sold under the
hammer, except for twoproperties that sold after the
auction, but within about 30minutes of the auction.
Do I think that the decisionduring the week brought the
(00:54):
buyers out into the market?
No, I think what it does isthat someone that was thinking
of buying then becomes morecertain of buying.
I don't think that there wassomeone who was not a buyer last
Saturday who is a buyer thisSaturday.
It doesn't work that way.
(01:14):
In real estate.
It doesn't work that way.
In fact, it could take a numberof weeks before buyers who feel
that rates are gonna to begoing down get their loans
approved, do their due diligence, look at a property, take a
contract to a solicitor.
It could take some time.
(01:34):
However, 10 out of 10, numbersdon't lie 100% clearance rate,
and that, to me, is essentiallysaying a number of things
happened, and that was peoplewere less scared.
But also, I think I look at thestock that I had today and it
was good quality stock.
(01:55):
It was very good quality stock.
Now there's a couple of things Iwant to cover.
Hey, stephen, good to see fromyou as well.
Good to see from you as well,sir, but I've got to let you
know you've just proven to me,steve, that you don't need to
have a long neck to be a goose.
That's what you've proven to me, steve.
(02:15):
Ladies and gentlemen, I want tolet you know that the Liberal
government has announced that ifthey were to get into power on
a federal election that is, onor before May 17, that they are
going to allow first home buyersto access their superannuation.
(02:41):
Okay, now, that means thatyou're going to go in and if
you've got enough super in there, you can take up to 50 grand
and use it as a deposit on aproperty.
On the surface, let me tell you, buyers are going to get
excited.
(03:02):
But there's a case study.
This happened in New Zealandand I can tell you the winners
aren't the first home buyers.
The winners are the owners ofreal estate, because prices go
up and they'll be going up notonly the 50 grand, they'll be
going up more because all of asudden you've got a lot more
(03:24):
buyers in the buyer pool thatare fighting over these
properties and I can tell youright here, right now, that if
that were to happen if you seewhat happened in New Zealand
they outstripped the Australianmarket when they brought that
policy in in 2010 significantly.
(03:45):
It wasn't double, but it wasclose.
So I'm all for making it easyfor first home buyers, but I'm
not absolutely convinced thatthis is going to be the solution
.
I'm not absolutely convincedthat this is going to be the
solution.
Regardless, it's really clearreal estate is going to be one
of the key policies that isgoing to win this election and
(04:09):
also, of course, cost of living.
This, in surveys, has come upas the highest priority by the
voters, and I've got to tell you.
The only other reason todaythat we got 10 out of 10 is a
lot of the real estate clients Iwork with have been trained to
actually make sure they're notdoing what a lot of our industry
(04:32):
does, which is they go in, theyoverprice to get the listing
and then they come out with asledgehammer and hit their
owners down and they will make asale, so it will appear as sold
.
But what you don't actually seeis the qualitative effect of
that approach.
You see the quantitative effectit's a sale.
(04:54):
The qualitative effect isyou've got a very vendor that's
disgruntled and upset becausethey were told they'd get a lot
more and they're actually hitwith a hammer.
Now I'm training my real estateagents now to be using AI as
part of their vendor reports.
You can get your realestatecomreport, your CRM report, say,
(05:18):
from Agent Box, and you put themtogether and then you say to
chat, gpt, analyze the data eachweek and create an executive
summary and I can tell you it isextremely powerful and
extremely informative to theclients.
I believe there are three thingsin the last 40 years that have
(05:41):
been big in real estate.
Two of them have happened.
The first one was in the 80sthe emergence of the franchise
model and brands.
Before that it was independentofficers.
Then we just saw franchisingactually set itself up on the
(06:02):
landscape of real estate.
The second major change in thelast 40, 50 years has been
portals, particularlyrealestatecom, which changed the
game both in media and alsogave the consumer a lot more
information in media and alsogave the consumer a lot more
(06:24):
information.
Basically, consumers becamevaluers and the realestatecom
just sold section becomes theNRL or AFL ladder.
That's telling consumers outthere, vendors in a marketplace,
who is selling what.
How much are they selling them?
Who's selling the most?
So it's like a ladder that'ssaying this agent is better than
the other.
And the third thing, my friends, that is changing the game is
(06:48):
AI.
I myself have seen what it'sdone to my business.
I just cannot get over how muchof the new business people that
I did not have a relationshipwith are reaching out, all
because they're going into chatGPT and saying who's the best
real estate trainer, coach,who's the best motivation
(07:09):
speaker, who's the bestauctioneer?
So I've gone in and I've lookedat it and, because of my heavy
content creation over the last20 years, seo is getting me
coming up number one in all ofthose and what basically is
happening is this is becomingnow a lead source.
The reason I share this is Isee it very soon that chat GPT
(07:32):
will be something that vendorswill use in agent selection.
They'll get on their phonebecause it's easy and it's fast
and they'll say want to sell myhouse in Newtown, who should I
call.
And that means every realestate agent watching this has
to jump in and double down andtriple down really hard on
(07:54):
content creation, because chatGPT is actually above Google,
right, and it's sucking up everybit of information and intel
out there.
And right now I can also tellyou I had a one-on-one well,
actually, john McGrath and I hada two-on-one with the CTO Chief
(08:16):
Technology Officer of RyanSerhan in the USA, and I can
tell you they're actually goingout to listing presentations and
before they go out, they'reactually putting the vendors
through social media, chat GPTanalysis and they're going out
to a listing presentation,having analysed what is the best
(08:36):
approach to communicate withthat vendor.
It's unbelievable.
In fact, I was the subject andthe scientist.
They put me through.
It only takes 30 seconds and itactually said if you're going
to go list Tom Panos, these arethe things that he highly values
.
This is the language you shouldbe using.
(08:57):
Anyway, ladies and gentlemen,I'm letting you know real estate
is hot right now.
I don't know what the federalelection is going to do to the
marketplace.
I know that for a couple ofweeks there'll be people not
putting their homes on themarket.
We're all anxiously waiting onwhen that election is going to
(09:20):
be.
It's got to be on or before Maythe 17th.
So I see a fair bit of propertywill get processed until that
announcement.
Then I see maybe a bit of apause.
And if you listen to SandraBollock, the Reserve Bank
Governor, she's turned aroundand she's sort of saying there
won't be another rate cut for along time.
(09:43):
That's what she said.
In fact I think she hinted toFebruary next year.
To be honest with you, Iwouldn't trust the thing you're
hearing at the moment in termsof when it's going to be honest
with you, I wouldn't trust thething you're hearing at the
moment in terms of when it'sgoing to be, because I think the
Reserve Bank makes up theirmind on the day.
I don't think that they sitthere with scientists and
(10:07):
modelling and come up with adecision a week before.
I think they sit down in thatboardroom and say, yeah, let's
go for it, or they say give itanother month.
I don't think there's much morescience to it and the reason I
say it as someone who's workedin the corporate world with a
Murdoch for a very long timepeople underestimate how much
(10:28):
people make decisions onintuition and quite frankly, I
don't think that's a greatdecision.
Intuition, and I'll tell youwhy.
Because gut feeling decisionsaren't great.
Here's an example If I said toyou that if you went to a shop
to buy some coffee and a cookieand the total price was $1.10,
(10:51):
but the price of the coffee is adollar more than the cookie,
what price does that make thecookie worth?
Think about that.
I'd love to hear the answer,because I can tell you nearly
every one of you are going tosay 10 cents, but that's not the
right answer.
The Liberal Government has announced that if
they were to get into power ona federal election that is, on
or before May 17, that they aregoing to allow first home buyers
to access their superannuationtheir superannuation.
(00:27):
Ladies and gentlemen, I want tolet you know today I conducted
10 auctions scheduled, thoughseven went ahead and it is a
100% day, 10 sold out of 10,where they all sold under the
hammer, except for twoproperties that sold after the
auction, but within about 30minutes of the auction.
Do I think that the decisionduring the week brought the
(00:54):
buyers out into the market?
No, I think what it does isthat someone that was thinking
of buying then becomes morecertain of buying.
I don't think that there wassomeone who was not a buyer last
Saturday who is a buyer thisSaturday.
It doesn't work that way.
(01:14):
In real estate.
It doesn't work that way.
In fact, it could take a numberof weeks before buyers who feel
that rates are gonna to begoing down get their loans
approved, do their due diligence, look at a property, take a
contract to a solicitor.
It could take some time.
(01:34):
However, 10 out of 10, numbersdon't lie 100% clearance rate,
and that, to me, is essentiallysaying a number of things
happened, and that was peoplewere less scared.
But also, I think I look at thestock that I had today and it
was good quality stock.
(01:55):
It was very good quality stock.
Now there's a couple of things Iwant to cover.
Hey, stephen, good to see fromyou as well.
Good to see from you as well,sir, but I've got to let you
know you've just proven to me,steve, that you don't need to
have a long neck to be a goose.
That's what you've proven to me, steve.
(02:15):
Ladies and gentlemen, I want tolet you know that the Liberal
government has announced that ifthey were to get into power on
a federal election that is, onor before May 17, that they are
going to allow first home buyersto access their superannuation.
(02:41):
Okay, now, that means thatyou're going to go in and if
you've got enough super in there, you can take up to 50 grand
and use it as a deposit on aproperty.
On the surface, let me tell you, buyers are going to get
excited.
(03:02):
But there's a case study.
This happened in New Zealandand I can tell you the winners
aren't the first home buyers.
The winners are the owners ofreal estate, because prices go
up and they'll be going up notonly the 50 grand, they'll be
going up more because all of asudden you've got a lot more
(03:24):
buyers in the buyer pool thatare fighting over these
properties and I can tell youright here, right now, that if
that were to happen if you seewhat happened in New Zealand
they outstripped the Australianmarket when they brought that
policy in in 2010 significantly.
(03:45):
It wasn't double, but it wasclose.
So I'm all for making it easyfor first home buyers, but I'm
not absolutely convinced thatthis is going to be the solution
.
I'm not absolutely convincedthat this is going to be the
solution.
Regardless, it's really clearreal estate is going to be one
of the key policies that isgoing to win this election and
(04:09):
also, of course, cost of living.
This, in surveys, has come upas the highest priority by the
voters, and I've got to tell you.
The only other reason todaythat we got 10 out of 10 is a
lot of the real estate clients Iwork with have been trained to
actually make sure they're notdoing what a lot of our industry
(04:32):
does, which is they go in, theyoverprice to get the listing
and then they come out with asledgehammer and hit their
owners down and they will make asale, so it will appear as sold
.
But what you don't actually seeis the qualitative effect of
that approach.
You see the quantitative effectit's a sale.
(04:54):
The qualitative effect isyou've got a very vendor that's
disgruntled and upset becausethey were told they'd get a lot
more and they're actually hitwith a hammer.
Now I'm training my real estateagents now to be using AI as
part of their vendor reports.
You can get your realestatecomreport, your CRM report, say,
(05:18):
from Agent Box, and you put themtogether and then you say to
chat, gpt, analyze the data eachweek and create an executive
summary and I can tell you it isextremely powerful and
extremely informative to theclients.
I believe there are three thingsin the last 40 years that have
(05:41):
been big in real estate.
Two of them have happened.
The first one was in the 80sthe emergence of the franchise
model and brands.
Before that it was independentofficers.
Then we just saw franchisingactually set itself up on the
(06:02):
landscape of real estate.
The second major change in thelast 40, 50 years has been
portals, particularlyrealestatecom, which changed the
game both in media and alsogave the consumer a lot more
information in media and alsogave the consumer a lot more
(06:24):
information.
Basically, consumers becamevaluers and the realestatecom
just sold section becomes theNRL or AFL ladder.
That's telling consumers outthere, vendors in a marketplace,
who is selling what.
How much are they selling them?
Who's selling the most?
So it's like a ladder that'ssaying this agent is better than
the other.
And the third thing, my friends, that is changing the game is
(06:48):
AI.
I myself have seen what it'sdone to my business.
I just cannot get over how muchof the new business people that
I did not have a relationshipwith are reaching out, all
because they're going into chatGPT and saying who's the best
real estate trainer, coach,who's the best motivation
(07:09):
speaker, who's the bestauctioneer?
So I've gone in and I've lookedat it and, because of my heavy
content creation over the last20 years, seo is getting me
coming up number one in all ofthose and what basically is
happening is this is becomingnow a lead source.
The reason I share this is Isee it very soon that chat GPT
(07:32):
will be something that vendorswill use in agent selection.
They'll get on their phonebecause it's easy and it's fast
and they'll say want to sell myhouse in Newtown, who should I
call.
And that means every realestate agent watching this has
to jump in and double down andtriple down really hard on
(07:54):
content creation, because chatGPT is actually above Google,
right, and it's sucking up everybit of information and intel
out there.
And right now I can also tellyou I had a one-on-one well,
actually, john McGrath and I hada two-on-one with the CTO Chief
(08:16):
Technology Officer of RyanSerhan in the USA, and I can
tell you they're actually goingout to listing presentations and
before they go out, they'reactually putting the vendors
through social media, chat GPTanalysis and they're going out
to a listing presentation,having analysed what is the best
(08:36):
approach to communicate withthat vendor.
It's unbelievable.
In fact, I was the subject andthe scientist.
They put me through.
It only takes 30 seconds and itactually said if you're going
to go list Tom Panos, these arethe things that he highly values
.
This is the language you shouldbe using.
(08:57):
Anyway, ladies and gentlemen,I'm letting you know real estate
is hot right now.
I don't know what the federalelection is going to do to the
marketplace.
I know that for a couple ofweeks there'll be people not
putting their homes on themarket.
We're all anxiously waiting onwhen that election is going to
(09:20):
be.
It's got to be on or before Maythe 17th.
So I see a fair bit of propertywill get processed until that
announcement.
Then I see maybe a bit of apause.
And if you listen to SandraBollock, the Reserve Bank
Governor, she's turned aroundand she's sort of saying there
won't be another rate cut for along time.
(09:43):
That's what she said.
In fact I think she hinted toFebruary next year.
To be honest with you, Iwouldn't trust the thing you're
hearing at the moment in termsof when it's going to be honest
with you, I wouldn't trust thething you're hearing at the
moment in terms of when it'sgoing to be, because I think the
Reserve Bank makes up theirmind on the day.
I don't think that they sitthere with scientists and
(10:07):
modelling and come up with adecision a week before.
I think they sit down in thatboardroom and say, yeah, let's
go for it, or they say give itanother month.
I don't think there's much morescience to it and the reason I
say it as someone who's workedin the corporate world with a
Murdoch for a very long timepeople underestimate how much
(10:28):
people make decisions onintuition and quite frankly, I
don't think that's a greatdecision.
Intuition, and I'll tell youwhy.
Because gut feeling decisionsaren't great.
Here's an example If I said toyou that if you went to a shop
to buy some coffee and a cookieand the total price was $1.10,
(10:51):
but the price of the coffee is adollar more than the cookie,
what price does that make thecookie worth?
Think about that.
I'd love to hear the answer,because I can tell you nearly
every one of you are going tosay 10 cents, but that's not the
right answer.
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