June 28, 2025 • 19 mins
Auction Training from Greece
00:13 – What is the best time to auction on Saturday?
02:33 – If your property is on the market and there’s a competing property where the other agent is underquoting — what should you do?
04:25 – What is the ideal time to set the reserve price?
06:35 – Advice for inexperienced agents handling price & how to salvage the relationship and the campaign. The Buyer Excite Price vs The Vendor Ask Price
11:44 – Agent error in the Clearance Rate. There are 2 clearance rates in the market
12:20 – Should every property go to auction? These are the 3 determining factors
16:24 – July is Sprint month; it determines your listings for Spring. Real Estate Gym doors close on 30 July 2025
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Is the vendor comfortable with that process?
Or have you bullied, pushed,bamboozled, deceived, influenced
the vendor to do something theydidn't want to do?
Number one what is the besttime of the day to auction?
On the weekend, what is thebest time?
(00:20):
I get that?
I always have you know vendorsthat might ring me up might be a
vendor request.
Oh, I don't want to do it atthis time, I want to do it at
that time.
I have certain real estateagents that hate morning
auctions.
The minute I say to them nineo'clock availability, 10 o'clock
availability Matt, I haven'tseen any fires when I am, I
(00:44):
haven't seen any fires.
Where I am, I haven't seen anyfires, but it is fire season
here.
So let me give you my views onwhat is the best time of the day
to be auctioning.
It's irrelevant, it really isirrelevant.
So I do.
I get scheduled to do between10 to 12, 13, 14 auctions every
(01:05):
Saturday.
I have auctions on at 9 o'clock.
I have auctions on at 9.30.
I have auctions on at 10o'clock.
I also have auctions on at 6pm.
And the reason why is thatauctioneering is, unfortunately
is not scalable on people.
It's you, you're required to bethere, so you have to fit them
in when you can.
So here's my view.
(01:27):
I do not think someone buying acommodity, an asset of a million
dollars, even $500,000, isgoing to change their bearing on
whether they purchase thatproperty.
If they're bidding at nineo'clock or if they're bidding at
five o'clock, I think humanbeings will adjust their
(01:49):
Saturday if they are looking tobuy a property and they're not
going to turn around and say I'mnot going to that auction at
nine o'clock, I've gotpickleball at Eastwood, I'm not
giving up my pickleball atEastwood for that option.
It doesn't work that way.
You might go to pickleball andnot go to the Apple shop to buy
(02:12):
something and go to the Appleshop later on that afternoon,
but if it's an auction, you'llgo there and not go to your
pickleball or to your Pilates orto whatever is on at the time
of that auction.
So I do not think time matters.
However, I think there's a moreimportant thing than time with
(02:33):
auctions and that is and I getthis asked often by agents and
vendors and that is when you'vegot a competing property, when
you've got a competing propertyright that comes onto the market
that is located nearby yourauction and you have an agent
(02:54):
that is underquoting thatproperty, which is basically
telling the buyers in thatmarketplace, this one is going
to go cheaper, marketplace, thisone is going to go cheaper,
which then affects the viabilityof the property that you may
have.
So all I've got to say to youis that, firstly, I think it's
(03:15):
one of the most disgustingthings that people do, and that
is you've got a vendor who's onthe market.
Another agent comes on, goes inunderquotes.
It deceives all the buyers onthe first property.
They then go to auction.
They realize it was all lies,they were never going to buy it
at that price, and they destroythat campaign.
So what have I done in the past?
(03:35):
And I advised a client.
The other, you know, someonethat lives in my street was
selling one of their properties,not their property in the
street, but a property that theyhad renovated, that they were
in a syndicate with.
I actually said to them listen,delay your auction by another
one or two weeks, let thatresult take place.
It then sends a message to themarket that you can't get it at
(03:56):
this price.
And that's what they did.
And that property got sold atauction two weeks ago and they
nearly got $6 million byfollowing that suggested
strategy.
So that's what I would do.
That's what I would do.
If you're competing against aproperty that comes onto the
market that they startunderquoting, I would probably
(04:17):
look at you know, postponing itby a week or two or dragging out
the campaign to be a little bitlonger.
Get a question asked all thetime by people is the ideal time
to be setting the reserve price?
The ideal time to be settingthe reserve price, I think, is
as close as possible to theauction, as close as possible to
(04:38):
the auction.
You shouldn't be setting areserve price when you list the
property.
You don't have enoughinformation and buyer intel to
set an accurate reserve price.
You should be setting it at thelatest possible time when
you've got all the informationand activity.
And if you work in a state thathas registrations, you can
(05:01):
actually have that final talkafter everyone has registered.
Let's assume it's a threeo'clock auction.
You can have that conversationat one to three, based on how
many registrations have come in.
However, the reason I say leavethe reserve as late as possible
is you want as much vendoreducation, is you want as much
(05:26):
vendor education to be relayedto the vendor to the last second
of that campaign, which ispretty much the minute before it
goes to auction.
That's when I would be settingthe reserve.
When setting the reserve, Ialways ask two questions if I'm
involved in setting the reservewith the agent, and that is what
are you hoping to get?
(05:47):
And then what won't you take?
It's never the same answer.
If I say what are you hoping toget, the vendor might say I'm
really hoping to get a milliondollars.
Today I was hoping to getone-one, but based on the vendor
education that we've beenhaving with the buyer intel,
I've realigned my expectationsand I'm happy to take one
(06:08):
million.
And then, if you ask thequestion what won't you take,
you'll find often it's aboutfive, seven percent underneath
it.
They'll say well, I'm not goingto be selling under 950 and
that's useful because it allowsyou, as a real estate agent and
an auctioneer, to know that ifthe bidding slows down, you
don't just sit there and cancelthe auction, that you're going
(06:29):
to go off and talk to the vendorknowing what their vendor take
figure is Next question I getasked often is the biggest
mistake agents that aren'texperienced at doing auctions
are, and what advice can I givethem?
Well, the single one thing thatI noticed of unskilled agents
(06:51):
with the auction system thesingle one.
There's others, but the singleone is how they handle price at
launch, how they handle priceduring the campaign and how they
talk price with buyers andsellers leading up to auction
(07:13):
day.
It is the single one thing.
And I've got to say to you I'veseen a lot of real estate
auctions absolutely becomedismal failures because what
actually happens is it's theactual opposite to underquoting,
it's overquoting.
(07:35):
It's the exact opposite tounderquoting.
And I'm not saying underquotingis better than overquoting.
What I'm giving you is anexample of something that
actually can destroy an auctioncampaign, and I'll tell you why.
You go list a property theowner wants $1 million.
You go list a property theowner wants $1 million.
(07:57):
Like every property in themarket on the world.
Generally speaking, everyvendor wants more for their
property than what it's worththe first day you speak to them.
That's a fact.
Nearly every vendor also thinksthey've got the best looking
kid and the smartest kid.
(08:18):
That's a fact.
They're biased.
So what you do is you say, okay,my owner wants a million
dollars, even though thecomparable sales are saying
$800,000.
So what actually happens is yougo out, you launch the property
and you say to the market ownerwants a million dollars.
(08:40):
What happens then is lowengagement, because a $1 million
chase by a vendor on an$800,000 expected price, on
market value, means it ain'thappening.
Buyers don't pay a milliondollars on properties worth
(09:03):
$800,000.
So what you do is you go out asan unexperienced auction agent
saying I'm going to go tell myowners, tell the market, what my
owners want.
What happens then is no onelooks at the property, no one
comes through.
No one comes through means youhave no feedback.
(09:26):
No feedback means you can't sitthere with the vendor and say
this is what they're saying.
Not only that, when you've gotno feedback, you have no reason
to be talking to the vendor.
When you have no reason to betalking to the vendor, all of a
sudden you've got a relationshipthat starts to break down.
And the reason it starts tobreak down is that most agents
that don't have anything to saydon't talk to the vendors.
(09:49):
The longer you don't talk tothem, the worse the relationship
becomes.
And then, eventually, whatactually happens is the listing
just stays stale and the vendorturns around and thinks I've got
a bad real estate agent, whichthey have.
They've got an agent thatdoesn't understand the system.
So what do good real estateagents do?
(10:09):
Using the auction system andpricing, they let the buyers
determine the price and theymake sure that they get buyers
excited about price.
They'll use various methods andparticularly if you've got a
(10:31):
motivated vendor that might beoverpriced, the sort of dialogue
and language you're using ishey, listen, I want to let you
know, like any vendor, my vendorwants to get as much as they
can get.
I want to let you know, likeany vendor, my vendor wants to
get as much as they can get.
I want to let you know the goodnews for you as a buyer is they
(10:51):
have to sell.
They will be meeting market.
Since they'll be beating market, I want to let you know, I want
to show you what marketcomparable sales are and
illustrate them to them.
That is a sort of approach andthen you should be doing that
early on in the campaign andthen that campaign gives you
(11:15):
feedback and then you may chooseweek two, week three, week four
to actually then guide it.
But I would say originally, youwant to be using buyer intel as
your pricing strategy, notvendor asking as your buyer
guide and the reason why it'sgoing to be better for your
(11:36):
vendor to be pitching theproperty at a market where
there's going to be buyerexcitement.
So that, to me, is the biggestmistake.
And a lot of peopleunderestimate what is called
agent error in the clearancerate.
That's right.
I believe that there are twoclearance rates in the
marketplace.
There are those that understandthe auction system, those
(11:58):
agents that have become verycapable at the whole process,
not only in the pricing but theway that they actually get
buyers, keep them engaged overthe one month during the
campaign.
So I believe that agents thatare experienced in the auction
system have a lower error andthat means they have a higher
(12:20):
clearance rate.
So and should every property beauctioned?
Listen, I talked about thissubject two, three years ago and
I had three auctioneers ring meup later and actually get stuck
into me.
I don't care what people's jobsare.
I know I do auctions as part ofmy living.
(12:41):
It's not all of my living butI've got to tell you not every
property should be going toauction.
End of story.
And any real estate agent thatgoes in and says every property
is an auction property isactually either lying or they
actually don't have the rightinformation.
End of story.
So what are the factors that, tome, indicate whether you should
(13:03):
be going to auction?
Number one is your marketplace,a marketplace where auctions
are the way that people arecomfortable working with.
Are the lawyers in thatmarketplace used to the auction
system?
I've got to say to you, hey,michael, I've got to say to you
(13:25):
that is important and I'll tellyou why.
Because if you go to amarketplace where buyers simply
don't have lawyers or banksunderstanding that this is the
way it's done, you've got to doa lot of buyer education in that
marketplace, right, I'm notsaying it can't be done, right,
(13:47):
but you've got to be doing a lotof buyer education.
So, is it an auction marketplaceNumber one?
Number two is is the vendorcomfortable with that process?
Or have you bullied, pushed,bamboozled, deceived, influenced
the vendor to do something theydidn't want to do?
(14:10):
And the reason I say you wantthe option, to want to be
embracing your recommendedapproach, is that you're going
to be giving them feedback.
If you're giving them feedbackand it's all negative, they're
going to turn around and they'regoing to blame you for pushing
(14:30):
auction to them and that's goingto affect your relationship and
then it's going to affect yourtrust level, and when there's no
trust in the relationship,things fall down.
When there's trust in therelationship, the terms become
negotiable.
So if you're pushing a vendorwho doesn't trust the auction
system into the auction system,they're also not going to be
trusting you.
(14:50):
And I would probably sayanother factor that should be,
and probably the prime factor,is, as a real estate agent, when
you walk into a property, youcan tell this is an auction type
property.
You can tell man, I'm going toget buyers falling over this,
(15:15):
even when it's in a non-auctionarea, because it might be this
unique property and what makesit unique?
It might be that street, it'sthe go-to street.
It might be the parcel of landthat is very different to
everything else there.
What I'm saying is it's notjust another commodity that
could look like.
It's not like in a block of 100apartments that there's all two
(15:39):
bedrooms with car spaces, right, there's no differentiation
there.
So what you're looking for isfor unique selling proposition
type properties.
They're the ones.
And then, of course, there arecertain marketplaces where
everything goes to auction,because the marketplace has been
educated to be an auctionmarketplace.
The vendors are, the lawyersare, the banks are, the buyers
(16:01):
are and obviously the agents arevery good at using the system
because that's all they're doing.
Finally, team, I've got to letyou know I'm going to enjoy the
next one or two days.
Then we're off to London forwork.
I'm going to the UK and goingto sit there and hit work really
(16:23):
, really hard and I'm going tolet you know.
Ladies and gentlemen, it's soimportant If you're a real
estate agent and listening tothis right now.
We're entering the month ofJuly.
In the next few days, july isthe foundation spring month.
I'll repeat that again July isthe foundation spring month is
the foundation spring month.
What I'm basically saying isthat September, october,
(16:49):
november and also late August,there is record numbers of stock
coming on the market.
Generally speaking, the sixmonths of July to December,
versus the six months January toJune, in terms of volume is
significantly higher.
(17:10):
My agents always do better thelast six months of their
calendar year.
The reason why July is afoundation month is the people
that are listing theirproperties in late August,
september and right throughspring and early summer are
people that are getting intogear, getting into work.
Having conversations withagents in July, just like the
(17:32):
conversations for your stock inFebruary, happen in November and
December.
I'm letting you know yourspring stock is happening as we
speak.
Make sure you stay close to yourchase list and particularly
stay close.
Particularly stay close to thevendors that are not just your
(17:52):
now vendors, not your hotcategory.
The ones that I worry about arethe medians, because they often
don't get spoken to and thenthey come onto the market a
month or two months later andand you think, oh wow, I missed
out on that.
The reason you missed out on itis they weren't top-of-mind
awareness.
David Packwood, am I skiddingaround over there for Sydney FC?
(18:14):
I've got to tell you, afterlast season, picking up a good
centre-half and a striker from ateam here in Greece wouldn't go
astray.
Anyway, guys and girls, ladiesand gentlemen, I want to thank
you so much.
Stay well.
I put a post up there yesterdaytalking about the importance of
(18:35):
those that are in real estatelooking after their health.
I'm biased.
I've had cancer four times.
I know the value of wealth.
It's not until something'staken away from you that you
really value it, and I've got totell you it's self-inflicted
for most real estate agents.
They're buying things theydon't need to impress people.
They don't care about workinglong hours that they don't have
(18:58):
to because they're buying thosecommodities.
I'm not saying don't work whatI'm saying.
Sooner or later, let go of theego, drop the crap, focus more
about how you feel on the insidethan trying to impress everyone
else on the outside, and lifewill get so much better.
Is the vendor comfortable with that process?
Or have you bullied, pushed,bamboozled, deceived, influenced
the vendor to do something theydidn't want to do?
Number one what is the besttime of the day to auction?
On the weekend, what is thebest time?
(00:20):
I get that?
I always have you know vendorsthat might ring me up might be a
vendor request.
Oh, I don't want to do it atthis time, I want to do it at
that time.
I have certain real estateagents that hate morning
auctions.
The minute I say to them nineo'clock availability, 10 o'clock
availability Matt, I haven'tseen any fires when I am, I
(00:44):
haven't seen any fires.
Where I am, I haven't seen anyfires, but it is fire season
here.
So let me give you my views onwhat is the best time of the day
to be auctioning.
It's irrelevant, it really isirrelevant.
So I do.
I get scheduled to do between10 to 12, 13, 14 auctions every
(01:05):
Saturday.
I have auctions on at 9 o'clock.
I have auctions on at 9.30.
I have auctions on at 10o'clock.
I also have auctions on at 6pm.
And the reason why is thatauctioneering is, unfortunately
is not scalable on people.
It's you, you're required to bethere, so you have to fit them
in when you can.
So here's my view.
(01:27):
I do not think someone buying acommodity, an asset of a million
dollars, even $500,000, isgoing to change their bearing on
whether they purchase thatproperty.
If they're bidding at nineo'clock or if they're bidding at
five o'clock, I think humanbeings will adjust their
(01:49):
Saturday if they are looking tobuy a property and they're not
going to turn around and say I'mnot going to that auction at
nine o'clock, I've gotpickleball at Eastwood, I'm not
giving up my pickleball atEastwood for that option.
It doesn't work that way.
You might go to pickleball andnot go to the Apple shop to buy
(02:12):
something and go to the Appleshop later on that afternoon,
but if it's an auction, you'llgo there and not go to your
pickleball or to your Pilates orto whatever is on at the time
of that auction.
So I do not think time matters.
However, I think there's a moreimportant thing than time with
(02:33):
auctions and that is and I getthis asked often by agents and
vendors and that is when you'vegot a competing property, when
you've got a competing propertyright that comes onto the market
that is located nearby yourauction and you have an agent
(02:54):
that is underquoting thatproperty, which is basically
telling the buyers in thatmarketplace, this one is going
to go cheaper, marketplace, thisone is going to go cheaper,
which then affects the viabilityof the property that you may
have.
So all I've got to say to youis that, firstly, I think it's
(03:15):
one of the most disgustingthings that people do, and that
is you've got a vendor who's onthe market.
Another agent comes on, goes inunderquotes.
It deceives all the buyers onthe first property.
They then go to auction.
They realize it was all lies,they were never going to buy it
at that price, and they destroythat campaign.
So what have I done in the past?
(03:35):
And I advised a client.
The other, you know, someonethat lives in my street was
selling one of their properties,not their property in the
street, but a property that theyhad renovated, that they were
in a syndicate with.
I actually said to them listen,delay your auction by another
one or two weeks, let thatresult take place.
It then sends a message to themarket that you can't get it at
(03:56):
this price.
And that's what they did.
And that property got sold atauction two weeks ago and they
nearly got $6 million byfollowing that suggested
strategy.
So that's what I would do.
That's what I would do.
If you're competing against aproperty that comes onto the
market that they startunderquoting, I would probably
(04:17):
look at you know, postponing itby a week or two or dragging out
the campaign to be a little bitlonger.
Get a question asked all thetime by people is the ideal time
to be setting the reserve price?
The ideal time to be settingthe reserve price, I think, is
as close as possible to theauction, as close as possible to
(04:38):
the auction.
You shouldn't be setting areserve price when you list the
property.
You don't have enoughinformation and buyer intel to
set an accurate reserve price.
You should be setting it at thelatest possible time when
you've got all the informationand activity.
And if you work in a state thathas registrations, you can
(05:01):
actually have that final talkafter everyone has registered.
Let's assume it's a threeo'clock auction.
You can have that conversationat one to three, based on how
many registrations have come in.
However, the reason I say leavethe reserve as late as possible
is you want as much vendoreducation, is you want as much
(05:26):
vendor education to be relayedto the vendor to the last second
of that campaign, which ispretty much the minute before it
goes to auction.
That's when I would be settingthe reserve.
When setting the reserve, Ialways ask two questions if I'm
involved in setting the reservewith the agent, and that is what
are you hoping to get?
(05:47):
And then what won't you take?
It's never the same answer.
If I say what are you hoping toget, the vendor might say I'm
really hoping to get a milliondollars.
Today I was hoping to getone-one, but based on the vendor
education that we've beenhaving with the buyer intel,
I've realigned my expectationsand I'm happy to take one
(06:08):
million.
And then, if you ask thequestion what won't you take,
you'll find often it's aboutfive, seven percent underneath
it.
They'll say well, I'm not goingto be selling under 950 and
that's useful because it allowsyou, as a real estate agent and
an auctioneer, to know that ifthe bidding slows down, you
don't just sit there and cancelthe auction, that you're going
(06:29):
to go off and talk to the vendorknowing what their vendor take
figure is Next question I getasked often is the biggest
mistake agents that aren'texperienced at doing auctions
are, and what advice can I givethem?
Well, the single one thing thatI noticed of unskilled agents
(06:51):
with the auction system thesingle one.
There's others, but the singleone is how they handle price at
launch, how they handle priceduring the campaign and how they
talk price with buyers andsellers leading up to auction
(07:13):
day.
It is the single one thing.
And I've got to say to you I'veseen a lot of real estate
auctions absolutely becomedismal failures because what
actually happens is it's theactual opposite to underquoting,
it's overquoting.
(07:35):
It's the exact opposite tounderquoting.
And I'm not saying underquotingis better than overquoting.
What I'm giving you is anexample of something that
actually can destroy an auctioncampaign, and I'll tell you why.
You go list a property theowner wants $1 million.
You go list a property theowner wants $1 million.
(07:57):
Like every property in themarket on the world.
Generally speaking, everyvendor wants more for their
property than what it's worththe first day you speak to them.
That's a fact.
Nearly every vendor also thinksthey've got the best looking
kid and the smartest kid.
(08:18):
That's a fact.
They're biased.
So what you do is you say, okay,my owner wants a million
dollars, even though thecomparable sales are saying
$800,000.
So what actually happens is yougo out, you launch the property
and you say to the market ownerwants a million dollars.
(08:40):
What happens then is lowengagement, because a $1 million
chase by a vendor on an$800,000 expected price, on
market value, means it ain'thappening.
Buyers don't pay a milliondollars on properties worth
(09:03):
$800,000.
So what you do is you go out asan unexperienced auction agent
saying I'm going to go tell myowners, tell the market, what my
owners want.
What happens then is no onelooks at the property, no one
comes through.
No one comes through means youhave no feedback.
(09:26):
No feedback means you can't sitthere with the vendor and say
this is what they're saying.
Not only that, when you've gotno feedback, you have no reason
to be talking to the vendor.
When you have no reason to betalking to the vendor, all of a
sudden you've got a relationshipthat starts to break down.
And the reason it starts tobreak down is that most agents
that don't have anything to saydon't talk to the vendors.
(09:49):
The longer you don't talk tothem, the worse the relationship
becomes.
And then, eventually, whatactually happens is the listing
just stays stale and the vendorturns around and thinks I've got
a bad real estate agent, whichthey have.
They've got an agent thatdoesn't understand the system.
So what do good real estateagents do?
(10:09):
Using the auction system andpricing, they let the buyers
determine the price and theymake sure that they get buyers
excited about price.
They'll use various methods andparticularly if you've got a
(10:31):
motivated vendor that might beoverpriced, the sort of dialogue
and language you're using ishey, listen, I want to let you
know, like any vendor, my vendorwants to get as much as they
can get.
I want to let you know, likeany vendor, my vendor wants to
get as much as they can get.
I want to let you know the goodnews for you as a buyer is they
(10:51):
have to sell.
They will be meeting market.
Since they'll be beating market, I want to let you know, I want
to show you what marketcomparable sales are and
illustrate them to them.
That is a sort of approach andthen you should be doing that
early on in the campaign andthen that campaign gives you
(11:15):
feedback and then you may chooseweek two, week three, week four
to actually then guide it.
But I would say originally, youwant to be using buyer intel as
your pricing strategy, notvendor asking as your buyer
guide and the reason why it'sgoing to be better for your
(11:36):
vendor to be pitching theproperty at a market where
there's going to be buyerexcitement.
So that, to me, is the biggestmistake.
And a lot of peopleunderestimate what is called
agent error in the clearancerate.
That's right.
I believe that there are twoclearance rates in the
marketplace.
There are those that understandthe auction system, those
(11:58):
agents that have become verycapable at the whole process,
not only in the pricing but theway that they actually get
buyers, keep them engaged overthe one month during the
campaign.
So I believe that agents thatare experienced in the auction
system have a lower error andthat means they have a higher
(12:20):
clearance rate.
So and should every property beauctioned?
Listen, I talked about thissubject two, three years ago and
I had three auctioneers ring meup later and actually get stuck
into me.
I don't care what people's jobsare.
I know I do auctions as part ofmy living.
(12:41):
It's not all of my living butI've got to tell you not every
property should be going toauction.
End of story.
And any real estate agent thatgoes in and says every property
is an auction property isactually either lying or they
actually don't have the rightinformation.
End of story.
So what are the factors that, tome, indicate whether you should
(13:03):
be going to auction?
Number one is your marketplace,a marketplace where auctions
are the way that people arecomfortable working with.
Are the lawyers in thatmarketplace used to the auction
system?
I've got to say to you, hey,michael, I've got to say to you
(13:25):
that is important and I'll tellyou why.
Because if you go to amarketplace where buyers simply
don't have lawyers or banksunderstanding that this is the
way it's done, you've got to doa lot of buyer education in that
marketplace, right, I'm notsaying it can't be done, right,
(13:47):
but you've got to be doing a lotof buyer education.
So, is it an auction marketplaceNumber one?
Number two is is the vendorcomfortable with that process?
Or have you bullied, pushed,bamboozled, deceived, influenced
the vendor to do something theydidn't want to do?
(14:10):
And the reason I say you wantthe option, to want to be
embracing your recommendedapproach, is that you're going
to be giving them feedback.
If you're giving them feedbackand it's all negative, they're
going to turn around and they'regoing to blame you for pushing
(14:30):
auction to them and that's goingto affect your relationship and
then it's going to affect yourtrust level, and when there's no
trust in the relationship,things fall down.
When there's trust in therelationship, the terms become
negotiable.
So if you're pushing a vendorwho doesn't trust the auction
system into the auction system,they're also not going to be
trusting you.
(14:50):
And I would probably sayanother factor that should be,
and probably the prime factor,is, as a real estate agent, when
you walk into a property, youcan tell this is an auction type
property.
You can tell man, I'm going toget buyers falling over this,
(15:15):
even when it's in a non-auctionarea, because it might be this
unique property and what makesit unique?
It might be that street, it'sthe go-to street.
It might be the parcel of landthat is very different to
everything else there.
What I'm saying is it's notjust another commodity that
could look like.
It's not like in a block of 100apartments that there's all two
(15:39):
bedrooms with car spaces, right, there's no differentiation
there.
So what you're looking for isfor unique selling proposition
type properties.
They're the ones.
And then, of course, there arecertain marketplaces where
everything goes to auction,because the marketplace has been
educated to be an auctionmarketplace.
The vendors are, the lawyersare, the banks are, the buyers
(16:01):
are and obviously the agents arevery good at using the system
because that's all they're doing.
Finally, team, I've got to letyou know I'm going to enjoy the
next one or two days.
Then we're off to London forwork.
I'm going to the UK and goingto sit there and hit work really
(16:23):
, really hard and I'm going tolet you know.
Ladies and gentlemen, it's soimportant If you're a real
estate agent and listening tothis right now.
We're entering the month ofJuly.
In the next few days, july isthe foundation spring month.
I'll repeat that again July isthe foundation spring month is
the foundation spring month.
What I'm basically saying isthat September, october,
(16:49):
november and also late August,there is record numbers of stock
coming on the market.
Generally speaking, the sixmonths of July to December,
versus the six months January toJune, in terms of volume is
significantly higher.
(17:10):
My agents always do better thelast six months of their
calendar year.
The reason why July is afoundation month is the people
that are listing theirproperties in late August,
september and right throughspring and early summer are
people that are getting intogear, getting into work.
Having conversations withagents in July, just like the
(17:32):
conversations for your stock inFebruary, happen in November and
December.
I'm letting you know yourspring stock is happening as we
speak.
Make sure you stay close to yourchase list and particularly
stay close.
Particularly stay close to thevendors that are not just your
(17:52):
now vendors, not your hotcategory.
The ones that I worry about arethe medians, because they often
don't get spoken to and thenthey come onto the market a
month or two months later andand you think, oh wow, I missed
out on that.
The reason you missed out on itis they weren't top-of-mind
awareness.
David Packwood, am I skiddingaround over there for Sydney FC?
(18:14):
I've got to tell you, afterlast season, picking up a good
centre-half and a striker from ateam here in Greece wouldn't go
astray.
Anyway, guys and girls, ladiesand gentlemen, I want to thank
you so much.
Stay well.
I put a post up there yesterdaytalking about the importance of
(18:35):
those that are in real estatelooking after their health.
I'm biased.
I've had cancer four times.
I know the value of wealth.
It's not until something'staken away from you that you
really value it, and I've got totell you it's self-inflicted
for most real estate agents.
They're buying things theydon't need to impress people.
They don't care about workinglong hours that they don't have
(18:58):
to because they're buying thosecommodities.
I'm not saying don't work whatI'm saying.
Sooner or later, let go of theego, drop the crap, focus more
about how you feel on the insidethan trying to impress everyone
else on the outside, and lifewill get so much better.
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