Real Estate Market Wrap 🗞️ Rates have dropped, but have prices gone up?

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06:45 – Agents using fake emails to chase the listing. Smart or stupid?\

01:25 – Dummy bidding (requested by the vendor) 

05:24 – Interest rates have dropped, but what’s changed?
✔️ Clearance rates? Up.
❌ Prices? Not much better.
A 0.25% cut has given buyers a little confidence, but there’s no FOMO

07:00 – My thoughts are with everyone affected by the Cyclone

08:06 – What does it really take to be a real estate agent? 

11:19 – The real damage of fake influences 

My Clearance Rate: 9/10

What was it like in your market? Comment below 👇

Episode Transcript

Speaker 1 (00:00):
The other thing that happened today is a real estate
agent said to me he goes,everyone needs to have a fake
email.
I said why is that?
And he goes.
Oh, it's very simple.
He goes, I've got this fakeemail and then what I do is I
work in an area where there's alot of absentee owners that they
don't live there, so I can'tget their details.

(00:21):
And when I'm chasing otheragents listings, all I do is,
with my email asked and requesta copy of the contract.
The contract comes, I then getthe owner's details from that
contract and then I chase themin case that property doesn't
sell with the first agent andget it and I go, oh, and then he

(00:41):
turns around and he says I alsouse that email to make email
inquiries to other agents'properties to find out
information on them.
I said, like what I said, allthe information is on
realestatecom.
He goes oh, no, not auctions.
He goes I request for auctionguides and auction prices using
the fake email.
Guides and auction prices usingthe fake email.

(01:03):
Anyway, that's what this persontold me.
This real estate agent uses afake email to actually make
inquiries on other agents'properties, to get a copy of the
contract, which then allowsthat agent to go off and contact
the owners who might not havetheir data on ID4Me or CoreLogic
RP data, but he can chase itout of the contract ID for me or
call Logic RP data, but he canchase it out of the contract.

(01:24):
So I had a vendor today who, ifI had my way, I would have not
done the option right, and I'lltell you what happened.
On a Saturday, I get heavilybooked and one of the biggest

(01:47):
challenges on Saturdays is thetraffic and I do my best to try
and meet the needs of my realestate agents, but also a lot of
vendor requests.
I get a lot of vendor requestsso the auctions are squashed up.
I got to an auction fiveminutes behind schedule, which I
mean I know if you're an ownerit's stressful, but I don't

(02:08):
really care that much aboutstarting a few minutes late, I
just like finishing late,because the real action at an
auction is not at the start,it's at the end.
The final bids.
Yes, lucky to remember, justine.
Good to see you.
I was so good to see you.
Lucky in Toowoomba so far, tom.

(02:30):
That's good to hear.
How are you spending Saturdaynight with no Sydney FC, says
David.
I'll be watching sport andthere's no West Tigers as well.
But let me tell you about thisowner.
I got there late by fiveminutes and he was upset and he

(02:50):
said, oh, what's this all about?
And I said sorry, and thatcalmed down and then he said
this have you got anyone that'sgoing to help us get that price
up today?
I need top dollar.
I'm going to repeat that haveyou got anyone to help us get?

(03:16):
I said, sir, I want to let youknow I am the auctioneer, I am
not the agent.
I have not been marketing theproperty, collecting bidders.
I don't have any bidders.
I'm not quite sure to whatyou're referring to, but I'm

(03:37):
letting you know.
Those that are bidding havecome from the real estate agents
marketing and they haveregistered.
Are you referring to anythingelse?
And all I could see is a guyjust walk away.
Now I want to make it very, veryclear.

(03:58):
I don't know what he wasreferring to.
Hey Cameron, hey John, sothere's 300,000 people without
power.
Okay, that's devastating.
Anyway, I think he wasreferring to is whether I was
going to have anyone that wasgoing to help push the price up.
I think that's what he meant,but I don't know because he's

(04:20):
just walked away, and I want tomake it clear Any vendor out
there you need to know anybidding that is not legit,
bidding that is inspired by avendor, means the vendor gets a
fine, and in New South Wales Iactually think it's around

(04:41):
$250,000.
Let me make that clear againthe legislation in New South
Wales does not only affect areal estate agent in regards to
dummy bidding, it affects avendor right.
So if there's any vendorswatching this, I'm lettingaved

(05:04):
goodbye and everyone was happy.
So let's look at what's happenedsince rates have come down.

(05:28):
The first week when rates camedown, my auction numbers were 10
out of 10.
The second week it was like, Ithink, 10 or 11 out of 13.
And today it is 8 out of 9, orlet's call it 9 out.
Let's make the assumption it's9 out of 10.

(05:49):
So, based on that, theclearance rate is better.
No question about it.
What are the prices like?
Not much different.
So I think at the moment, allthe quarter percent has done is
given some confidence to buyers,but there is no way any sense

(06:16):
of fear of missing out.
We would actually end up seeinghigher prices, but there is no
price growth.
I can't turn around and saythey've been great prices.
However, I will say that therewas a property auctioned in

(06:37):
Strathfield today, that is alet's call it, an eight-year-old
home, that sold for $6,150,000.
And I think that that was agood result.
A couple of the other thingsthat I'm going to say to you.
Well, before I actually forget.
I just want to say how happyand pleased I am that, based on

(07:02):
the media, it appears that myfriends and my neighbours in
Byron Bay have indicated to methe damage has been minimal.
I'm thinking about everyone inthat Northern Rivers, queensland
coastal areas.

(07:23):
I can imagine what life is likeand even though most people
haven't had their roofs sweptaway, they've had no power.
It's very inconvenient.
We know what life is likewithout having power for just
you know a few hours, let alonewhat they're going through and
what they will go through.
We've got, john says, currently80K wins here on the Gold Coast

(07:46):
.
Tom, okay, listen, stay safe.
I'm getting the impression thatit's been downgraded from
Category 3 to Category 2, toCategory 1.
And we all know Category 1,like in cancer, stage one is
better than stage three or stagefour.
Anyway, team, ladies andgentlemen, I've got to let you

(08:08):
know that.
You know I had another personsay to me today.
A buyer asked me you knowwhether it's too old to get into
real estate?
And I said well, you don't lookold.
How old are you?
He goes 42.
I said no, you're not old atall.
I said you can go off and do acertificate of registration and,

(08:31):
yeah, you could start workingin real estate.
And then he asked me he goes,oh, how long would it take to do
the certificate of registration?
I said I don't know.
Less than a week, depends onthe place.
He said well, I can be a realestate agent in like less than a
week.
I said you can do yourcertificate of registration in
about a week.
Yeah, new South Wales man youknow.

(08:55):
He looked at me.
He said are you for real?
I said absolutely.
And he goes.
So basically anyone can comeover a real estate agent.
And the answer is more or lessI mean, unless you've got a
really bad police record.
And why do you think we've gotan industry that has got so many
flops and shonks in there?

(09:16):
Why?
Because there's so many of them.
And why is there so many?
Because there's a low barrierto entry.
If you've got a pulse rate andyou're vertical, you're in in
our business.
It doesn't mean you're going tomake money and doesn't mean
you're going to be long-termsustainable.
But you're going to come intothe industry and what you're
going to do is you're going tonot have a lot of skills, so
you're going to go in and offerthings at a cheap price, which
drives fees down, and then whatyou're going to do is you're

(09:38):
going to give people asubstandard service.
Then you'll probably get foundout.
After six months you'll leavereal estate and you'll be back
working in Theo's Liquor Marketor some retail job or, I don't
know, uber, whatever Team I'vegot to tell you.
As far as I'm concerned, I thinkwe need to actually make the
barrier to entry a little bithigher in real estate and I

(09:59):
actually think to myself we needsome actually decent people to
get into the training space inreal estate.
We need some people that haveactually owned a real estate
company.
We need people that actuallyare people that have got the
normal issues that our consumershave.
Like we deal with consumersthat have got families and
they've got all the stresses.

(10:20):
Yet we've got all these realestate trainers that are
footloose, fancy free.
Don't get me wrong.
Some are quite good, you know,but I can't stand it when we've
got some of these real estatetrainers.
Have never listed a property inreal estate, never owned a real
estate company and actually areoften sitting there telling
people how to run a businesswhen they've never had one,
telling people how to run alisting presentation when

(10:41):
they've never done one.
They're textbook trainers.
What's worse is I had one a fewmonths ago actually make this
real estate agent who does herdamn best.
She's got three kids undereight and she had this trainer
telling her that she can'torganize her life.
Well, this trainer's footloose,fancy, free lives on his own.

(11:03):
And I thought to myself youknow what I would have just said
to him.
I told her I would have justsaid this to him right?
Don't forget, whenever you'regetting advice, don't just
listen to the advice, listen towho the advice comes from,
because there's a few basketcases out there and I've got to
tell you the social media.
You know I was watching thedocumentary about Bella Gibson,

(11:25):
that chick that has been outthere.
You know, spruiking cancertreatments using holistic
methods.
You can watch the documentaryon Netflix.
I think it's called AcidAppleside Vinegar, right, and
she went out there.
Shame on her, one of the mostdisgraceful people, because
because of Bill, I can tell youthat to me signifies what I see

(11:47):
in social media.
So many fake prophets out there, and I've got to tell you she

(12:10):
hasn't been charged yet.
She, she's got blood on herhands.
And so have many of the fakesout there on social media whose
audio doesn't match their video.
Absolute basket cases.
Anyway, team enough's, enough.
I've got to get going.
I've got another auction to go.
Kia ora, stay well.