August 9, 2025 • 10 mins
1:31 – Market Reflections & Avoiding Operator Error
3:33 – AI’s Impact on Real Estate & Pricing
5:10 – AI Transformations in Buyer Search
8:15 – Future Market Predictions & AI Developments
9:47 – 4 Steps to Future-Proof with AI
My Clearance Rate: 3/5 SOLD
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Tom Panos (00:00):
You know what they want.
They want data.
They don't want guesswork.
Prospecting is being flipped byAI.
It's raining here and all thesepeople are just not leaving.
They're just hanging around.
They're hanging around andthat's normally a sign that if a
(00:20):
buyer doesn't leave by the way,this is one thing I've learned
in real estate with options If aproperty doesn't get sold and
the buyer is a little bit short,but they're hanging around and
they don't get into the car andleave, that is normally a sign
that there's still more moneythat they're prepared to pay and
(00:44):
they don't want to leavethinking that someone else might
actually take their property.
However, that's not what'shappening right here right now.
There's just like 20 peoplewith their umbrellas just
sitting around and yeah,hopefully another 100% day.
Well, let me tell you, ladies.
And yeah, hopefully another100% day.
(01:05):
Well, let me tell you, ladiesand gentlemen, before I went
overseas, I think I had two daysat 100% when I came back.
I think I've had 100% last weekand I think the week before,
but it all came to an end today.
That 100% success rate all camecrashing down and, in fact,
(01:33):
today I did five auctions and Isold three out of five, and I
have to say to you that Ithought all the feedback I was
getting from people since I'vecome back from overseas is the
market's not great, but when Iwas looking at the results that
(01:55):
I was getting, I thought it wasreally really good.
But now I'm beginning to thinkto myself that maybe I had
motivated vendors and the rightproperties during that period,
because you can happen right andwe did talk about during the
week I had the president of theReal Estate Institute of New
South Wales and we covered atheme called operator error.
(02:20):
Operator error is agents that doauctions that make mistakes in
the process, and the biggestmistake that they make is that
they're not adjusting the guidebased on the buyer intel that
they're getting early in thecampaign to ensure that you're
getting the right buyers comingto the property.
(02:41):
And, of course, when you'readjusting, you can be adjusting
up or down, like you're notgoing to like.
If your first week of anauction campaign has 30
contracts picked up and likeeveryone's interested at the
guide that you've been talkingabout, I've got to say to you
that you've got a low guideright, because there's no way in
(03:02):
the world there's something'sgot to be wrong if you rock up
to an auction and find out onthe auction day that there are
30 people I mean agents can turnaround and say, hey, wow, look
at what I've done, I've got 30people registered.
Hey, listen, you don't need 30people registered, you need two
good people registered.
Let's be really, really clear,right?
But I'm going to put that aside.
Oh, listen, under quoting andprice creating has been the
(03:26):
theme of the day, because I knowin the media that's been
covered and I've got to tell youI said it last week listen has
ChatGPT solved the whole problemfor buyers and expecting what
prices?
And that is that buyers can nowjust on their phone, walk into
an auction property, say I'm at47 Smith Street, I want a bid on
(03:49):
it.
Can you please give me thethree closest comparable sales
to this property so I don'toverpay?
Man, that's it right, that's it.
So Sam Curry says I've neverseen so much underquoting as
there is in Melbourne.
Yeah, hey, aris, good to seeyou.
I've got to tell you, sam,apparently in the press,
(04:10):
sydney's the capital ofunderquoting.
But I've got to tell you on theAI front, think about this for
one moment.
This ain't happening in threemonths, this is happening right
now Buyer search is here.
A buyer can quickly just go onto chat GPT and say give me all
(04:31):
homes in the inner west under2.5 million that are close to
schools.
It's become so much easier fora buyer.
Do you understand that?
Buyer search has begun, right?
Buyer search has begun and Idon't know what's going to end
(04:54):
up panning out with this.
I mean, I've got real estateagents that are telling me that
they think that they're going tobe putting properties before
they even launch, putting it ontheir websites, thinking that
buyers can actually get accessto them before going to the big
portals right, there are some.
What's this guy doing?
Like this guy, I can't believeit.
(05:14):
He's got all the space in theworld and he's about to smash a
car.
It's a real estate agent, justgo, okay.
So buyer search is here.
You want to talk about the nextthing.
Pricing is being fact-checked.
Vendors are using chat GPT tochallenge price guides.
(05:38):
You know what they want.
They want data.
They don't want guesswork.
Prospecting is being flipped byAI.
I mean, I don't know whetherit's just real estate.
This AI is just perfectly builtfor our industry.
But I've got good news for youAI won't replace you if you're a
real estate agent here, but I'mletting you know it's going to
(06:00):
replace an agent who relies onnot using AI.
That's what's going to happen,right?
Buyer search, chat, gpt.
No one is making Tom Powell'sredundancies, sam.
Well, I've got to tell you,listen, I'm closer to the end of
my career than the start of mycareer.
(06:21):
You know, today I've got to behonest with you.
I wasn't going to work.
In fact I actually outsourcedsome of the.
It's my brother's, my youngbrother.
We're having his memorialtomorrow.
He passed away, as you know,obviously it's a hard.
(06:45):
Weekends are very hard.
We've got my brother's memorialservice at Rookwood Church and
Rookwood Cemetery tomorrow andI've got to tell you, man, I've
got to tell you.
You know, there was an agentthat rang me up today at three
o'clock asking me all thesequestions and that I said listen
, listen, man, I just gotauctions here.
(07:09):
I said I'm not in the mood.
You know, I keep thinking aboutmy brother, but my mum gets
really upset on these days andthis guy act as if he just
pretty much just ignored what Isaid and just continued his
conversation.
I'm going to block that guy.
How shallow.
Anyway, next, you know whatelse AI is doing Buyers.
(07:33):
You know some buyers.
They don't even know what theywant, but AI is working out what
they want.
Do you understand?
Ai learns what a buyer wantsand actually says buy this one
or look at this one.
I showed up today.
That's right, sam.
That's what matters.
Clients are getting smarter,sellers are becoming AI savvy
(07:57):
and this is fantastic because,as far as I'm concerned, an
educated buyer and an educatedseller means that we've got more
transparent conditions and I'mabsolutely over the moon with
ChatGPT and I'm also letting youknow, I think, 5.0.
Chatgpt is coming out next week,big week.
(08:18):
We've got the Reserve Bankwhich is meeting.
We've got the Reserve Bankwhich is meeting and up until
today, I've started to think tomyself that maybe they shouldn't
actually take rates down,because having four weeks where
100% is being sold was saying tome that man, if rates go down
again, things are just going togo ballistic.
(08:39):
But after seeing today andafter talking to some other
colleague auctioneers, Iactually realised the market is
not as good as what I thought.
It's not bad, it's not bad, butI think to myself that come
September, which is only a fewweeks away.
(08:59):
So ChatGPT5 has just beenreleased.
Thanks for letting me know.
I'll upload it today.
But I've got to say to you,with stock levels going up, the
supply is going to go up.
It's probably good that ratesgo down and I think the odds are
that they will go down, becausetake real estate aside general
(09:20):
cost of living and economy isreally, really hard.
And the other thing I'm goingto say is four steps to
future-proof yourself with AI toall the real estate people.
Number one is I want you tolearn to prompt like a pro.
Learn to prompt like a pro.
The majority are using chat,gpt, ai as if it's Google, right
(09:45):
?
Anyway, team, that's the end ofthe day.
Am I working tomorrow?
I don't think so.
No, I'm not.
I'm not working tomorrow.
Tomorrow is dedicated to mybrother.
I've got to tell you, do youknow, with my brother, you know
when they say say I loved him,mate, he's my best mate, like
(10:09):
he's a brother, my brother wasmy best mate.
You know what they want.
They want data.
They don't want guesswork.
Prospecting is being flipped byAI.
It's raining here and all thesepeople are just not leaving.
They're just hanging around.
They're hanging around andthat's normally a sign that if a
(00:20):
buyer doesn't leave by the way,this is one thing I've learned
in real estate with options If aproperty doesn't get sold and
the buyer is a little bit short,but they're hanging around and
they don't get into the car andleave, that is normally a sign
that there's still more moneythat they're prepared to pay and
(00:44):
they don't want to leavethinking that someone else might
actually take their property.
However, that's not what'shappening right here right now.
There's just like 20 peoplewith their umbrellas just
sitting around and yeah,hopefully another 100% day.
Well, let me tell you, ladies.
And yeah, hopefully another100% day.
(01:05):
Well, let me tell you, ladiesand gentlemen, before I went
overseas, I think I had two daysat 100% when I came back.
I think I've had 100% last weekand I think the week before,
but it all came to an end today.
That 100% success rate all camecrashing down and, in fact,
(01:33):
today I did five auctions and Isold three out of five, and I
have to say to you that Ithought all the feedback I was
getting from people since I'vecome back from overseas is the
market's not great, but when Iwas looking at the results that
(01:55):
I was getting, I thought it wasreally really good.
But now I'm beginning to thinkto myself that maybe I had
motivated vendors and the rightproperties during that period,
because you can happen right andwe did talk about during the
week I had the president of theReal Estate Institute of New
South Wales and we covered atheme called operator error.
(02:20):
Operator error is agents that doauctions that make mistakes in
the process, and the biggestmistake that they make is that
they're not adjusting the guidebased on the buyer intel that
they're getting early in thecampaign to ensure that you're
getting the right buyers comingto the property.
(02:41):
And, of course, when you'readjusting, you can be adjusting
up or down, like you're notgoing to like.
If your first week of anauction campaign has 30
contracts picked up and likeeveryone's interested at the
guide that you've been talkingabout, I've got to say to you
that you've got a low guideright, because there's no way in
(03:02):
the world there's something'sgot to be wrong if you rock up
to an auction and find out onthe auction day that there are
30 people I mean agents can turnaround and say, hey, wow, look
at what I've done, I've got 30people registered.
Hey, listen, you don't need 30people registered, you need two
good people registered.
Let's be really, really clear,right?
But I'm going to put that aside.
Oh, listen, under quoting andprice creating has been the
(03:26):
theme of the day, because I knowin the media that's been
covered and I've got to tell youI said it last week listen has
ChatGPT solved the whole problemfor buyers and expecting what
prices?
And that is that buyers can nowjust on their phone, walk into
an auction property, say I'm at47 Smith Street, I want a bid on
(03:49):
it.
Can you please give me thethree closest comparable sales
to this property so I don'toverpay?
Man, that's it right, that's it.
So Sam Curry says I've neverseen so much underquoting as
there is in Melbourne.
Yeah, hey, aris, good to seeyou.
I've got to tell you, sam,apparently in the press,
(04:10):
sydney's the capital ofunderquoting.
But I've got to tell you on theAI front, think about this for
one moment.
This ain't happening in threemonths, this is happening right
now Buyer search is here.
A buyer can quickly just go onto chat GPT and say give me all
(04:31):
homes in the inner west under2.5 million that are close to
schools.
It's become so much easier fora buyer.
Do you understand that?
Buyer search has begun, right?
Buyer search has begun and Idon't know what's going to end
(04:54):
up panning out with this.
I mean, I've got real estateagents that are telling me that
they think that they're going tobe putting properties before
they even launch, putting it ontheir websites, thinking that
buyers can actually get accessto them before going to the big
portals right, there are some.
What's this guy doing?
Like this guy, I can't believeit.
(05:14):
He's got all the space in theworld and he's about to smash a
car.
It's a real estate agent, justgo, okay.
So buyer search is here.
You want to talk about the nextthing.
Pricing is being fact-checked.
Vendors are using chat GPT tochallenge price guides.
(05:38):
You know what they want.
They want data.
They don't want guesswork.
Prospecting is being flipped byAI.
I mean, I don't know whetherit's just real estate.
This AI is just perfectly builtfor our industry.
But I've got good news for youAI won't replace you if you're a
real estate agent here, but I'mletting you know it's going to
(06:00):
replace an agent who relies onnot using AI.
That's what's going to happen,right?
Buyer search, chat, gpt.
No one is making Tom Powell'sredundancies, sam.
Well, I've got to tell you,listen, I'm closer to the end of
my career than the start of mycareer.
(06:21):
You know, today I've got to behonest with you.
I wasn't going to work.
In fact I actually outsourcedsome of the.
It's my brother's, my youngbrother.
We're having his memorialtomorrow.
He passed away, as you know,obviously it's a hard.
(06:45):
Weekends are very hard.
We've got my brother's memorialservice at Rookwood Church and
Rookwood Cemetery tomorrow andI've got to tell you, man, I've
got to tell you.
You know, there was an agentthat rang me up today at three
o'clock asking me all thesequestions and that I said listen
, listen, man, I just gotauctions here.
(07:09):
I said I'm not in the mood.
You know, I keep thinking aboutmy brother, but my mum gets
really upset on these days andthis guy act as if he just
pretty much just ignored what Isaid and just continued his
conversation.
I'm going to block that guy.
How shallow.
Anyway, next, you know whatelse AI is doing Buyers.
(07:33):
You know some buyers.
They don't even know what theywant, but AI is working out what
they want.
Do you understand?
Ai learns what a buyer wantsand actually says buy this one
or look at this one.
I showed up today.
That's right, sam.
That's what matters.
Clients are getting smarter,sellers are becoming AI savvy
(07:57):
and this is fantastic because,as far as I'm concerned, an
educated buyer and an educatedseller means that we've got more
transparent conditions and I'mabsolutely over the moon with
ChatGPT and I'm also letting youknow, I think, 5.0.
Chatgpt is coming out next week,big week.
(08:18):
We've got the Reserve Bankwhich is meeting.
We've got the Reserve Bankwhich is meeting and up until
today, I've started to think tomyself that maybe they shouldn't
actually take rates down,because having four weeks where
100% is being sold was saying tome that man, if rates go down
again, things are just going togo ballistic.
(08:39):
But after seeing today andafter talking to some other
colleague auctioneers, Iactually realised the market is
not as good as what I thought.
It's not bad, it's not bad, butI think to myself that come
September, which is only a fewweeks away.
(08:59):
So ChatGPT5 has just beenreleased.
Thanks for letting me know.
I'll upload it today.
But I've got to say to you,with stock levels going up, the
supply is going to go up.
It's probably good that ratesgo down and I think the odds are
that they will go down, becausetake real estate aside general
(09:20):
cost of living and economy isreally, really hard.
And the other thing I'm goingto say is four steps to
future-proof yourself with AI toall the real estate people.
Number one is I want you tolearn to prompt like a pro.
Learn to prompt like a pro.
The majority are using chat,gpt, ai as if it's Google, right
(09:45):
?
Anyway, team, that's the end ofthe day.
Am I working tomorrow?
I don't think so.
No, I'm not.
I'm not working tomorrow.
Tomorrow is dedicated to mybrother.
I've got to tell you, do youknow, with my brother, you know
when they say say I loved him,mate, he's my best mate, like
(10:09):
he's a brother, my brother wasmy best mate.
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