January 29, 2025 • 32 mins
Let's kick off the 12th year of the Million Dollar Agent podcast!
- Real Estate Gym's 10th Anniversary: Discover how this training program has transformed countless careers and learn how you can become part of the monthly accountability program to supercharge your success.
- Effective Marketing Strategies: The impact of being humble and client-focused should not be underestimated. Learn how to make your listings stand out without the fluff.
- Mastering Client Relationships: Learn the importance of maintaining strong connections post-sale, leveraging the peak-end effect, and turning every transaction into a lifelong client relationship.
- High-Impact Activities: Get actionable tips on prioritising your daily tasks, making crucial "now phone calls," and managing your time effectively.
- AREC 2025: Mark your diaries for AREC 2025 on the Gold Coast on May 25th and 26th.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Tom Panos (00:03):
Tom Panos, john McGrath, troy Malkin the band is
back together for 2025.
We keep going, guys from 2013.
If I can recall, troy, that isthe date that Million Dollar
Agent, the podcast commenced.
It's been going now for 12years.
(00:24):
Welcome back for another year,gentlemen, tommy.
Troy podcast commenced.
It's been going now for 12years.
Welcome back for another year,gentlemen.
John McGrath (00:27):
Tommy Troy big year Now.
Tommy.
I ran into Benji Marshall andRobbie Farah the other day, down
in your favourite park.
Tom Panos (00:36):
So tell me, John, just tell me one thing Were they
smiling?
John McGrath (00:41):
No, no, neither was smiling, but Robbie's pretty
intense and Benji was just notin a smiling mood.
But yeah, it was good to see.
I said to them both I said Ithink you blokes have got the
roster this year to make amassive impact in the comp.
So I think they do.
I think that Jerome Luai he'san extraordinary player, so that
(01:02):
should be good.
So go the Tigers this year, mysecond team, and no, that was
good.
And also I heard someonetalking the other day that the
real estate gym is back on andabout to close its doors.
Tom Panos (01:16):
Yeah.
So, John, I'm like any timefitness and any person that's
looking for a change at thestart of the year real estate
gym.
We open it up at various timesin the year and January is our
big intake.
We leave it open for a weekafter Australia Day because we
know that a lot of people havegot get Australia Day out of the
(01:36):
way, get the Australian Open,and you've been very kind to
join me on a monthly basis onour accountability program.
So any of our gym members thatwant to be in that just send us
an email to info attompanoscomau and just put in
the subject box accountabilityand we will send you the details
(01:58):
.
But, John and Troy, I'm excited.
Did you know that it isactually 10 years the real
estate gym has been going?
This year is 10 years, Welldone.
John McGrath (02:07):
Congratulations.
You know the nice thing, tommy,and I'm not pumping your tyres
up, but you imagine how manylives you know.
Your business has changedbecause so many of the people
and we're fortunate that someover the years have found their
way into our camp, which iswonderful.
But there's so many people thatI bump into at ARIC and other
events and they've been to yourgym and they've just grown.
And you know Ethan Ethan hethat you know is a part of our
(02:30):
network now and he's a 200 salea year guy and there's just so
many great people.
So congratulations on making adifference and, as Matt Steinway
said, it's the best value inAustralian coaching.
And if Matt Steinway said it,troy, it's got to be right, it's
got to be true.
It has to be right.
It has to be right.
Hey, troy, interesting.
(02:52):
Tom just mentioned F45.
Just where we're living at themoment with the dogs, in
Breakfast Point, there's an F45banner just down the street.
So it's funny, tommy, howmarketing can either work or not
work.
And this worked particularlywell.
And I was talking to the otherday at our Kickstart event and I
was saying that salespeople arewordsmiths.
You must realise that what yousay and how you say it, whether
it's to a buyer or a seller or atenant or a landlord, can have
(03:14):
a massive impact on the outcome.
It's not just about turning upand saying something.
You've got to select your wordsproperly.
You've got to, you know, beable to influence.
Anyway, this little banner says45 minutes is only 3% of your
day, get exercising, orsomething like that.
And I just thought it's the wayyou say something and whether
it's a statistic or a wordmetaphor or a word picture or
(03:37):
something.
So I just thought that's goodmarketing, troy, and I know you
probably spend what 12% of yourday there at the gym, the way
you're looking.
Troy Malcolm (03:46):
I wish, but it's true.
It's true.
I mean the hook and themotivation and the way that
resonates with people, john, canmake a huge impact.
And it's sometimes, you know,words can change lives and
language is important, as yousaid.
But I think those littlemessages and when real estate
agents are out there, the rightwords at the right time, can
have a really big impact ondecisions for both buyers and
(04:06):
sellers.
John McGrath (04:07):
Well, troy, there's no argument.
When someone says, get to F45,it's only 3% a day, you kind of
take away the argument that I'mtoo busy.
I'm too busy and Tommy, beforewe finish the gym, what's the
cost of it?
I actually don't know.
Tom Panos (04:20):
Real estate.
Gym membership is $6.50 a yearor $65 a month.
John McGrath (04:25):
So there you Real estate.
Gym membership is $6.50 a yearor $65 a month.
So there you go.
Tom Panos (04:29):
Cost of a cappuccino as they say, cost of a
cappuccino.
If I had a marketing managerlike F45, I would say less than
well, let me work it out.
Yeah, less than a coffee a day.
It's about $2 a day.
Having said that, believe it ornot, I ran into one of the
(04:50):
founders in Byron Bay who I'veknown prior of F45.
Yeah, and his name's AdamGilchrist.
I don't think he's got anythingto do with it.
He's got the same name as thecricketer and you know, it made
me realise.
Made me realise the industry ofhealth and fitness.
It's such a big market becauseeveryone's a prospect.
(05:13):
And then I thought to myselfhang on a second.
Everyone that owns a piece ofreal estate is a prospect for a
real estate agent.
It's a big audience.
If you think about it, it's notlike you've got to think to
yourself.
Oh, I actually.
I think Alexander Phillips oncesaid it if they own a property
in my area, they are a prospect.
(05:34):
End of story.
John McGrath (05:35):
Tommy, you add to that, and I think I might have
mentioned it here and I don'trecall who said it, so apologies
if you're listening, butsomeone other than me said it.
But I picked up on it and theyjust said you know, the beauty
of our industry is I know whereto find my prospects.
They drive their car into theirgarage every night, and I think
that's the simplicity and thebeauty that there are.
Sometimes it's very hard tofind the person that can say yes
(05:57):
or no to your proposition Inreal estate.
They're probably within sevenminutes drive of your office and
every night you know where theyare.
So I think that's important.
I've got a bone to pick, though, not with you guys, but with
the industry A sick and tiredTroy of these egocentric
buffoons that go out there andit's all about them and it's all
about what watch they boughtlast month and it's all about
(06:19):
what car they've leased.
And I've been watching a few ofthese I get sent.
I actually don't follow hardlyanyone on social media except
you, tommy, to be honest, butpeople send me these things and
you know, when they see them andthey're kind of they can't
believe it.
And I've been seeing someauctions lately because some of
these guys are sort of videoingtheir auctions.
(06:40):
You know, their egos are so big.
They're videoing their auctionsand they're sending them out
and I reckon, without doubt of alie, that the performance of
the agent is now being impactedto the negative.
This is a couple that I've beensent because their ego is so
big.
They're putting on such abloody show for Instagram and
there's been a few, troy, andyou're a great auctioneer and so
(07:01):
are you, tom.
So you guys know what I'mtalking about.
At the end of an auction, forme, if I get you one extra
thousand dollars, I don't careif it's 10 million or if it's 3
million or 400,000, if I canhelp get you 1, 2, 5, 10 or
20,000, I've done my job.
But I'm seeing these guysbecause they're massive egos.
They're just whacking thingsdown in some theatric kind of
(07:23):
screaming manner and I'mthinking, no, you should be
going over and talking quietlyto your underbidder and the
auctioneer should be giving timeand rather than the auctioneer
trying to wind up some cutephrase to end their Instagram
post on, they should be sayingbecause I saw them the other day
and let's say it was a millionthree, they were saying a
million 325,.
You're done, finished, sold.
And I'm thinking you didn't sayto them, sir, underbidder, sir,
(07:46):
I'm going to give you athousand dollar rise, don't miss
this for a thousand.
The things that a goodauctioneer would say, because I
could see this auctioneer was soinfatuated with their own
personal profile and so full ofit, and I just thought, you know
, this is really gettingdangerous because this industry
performance that we've seengrowing over Instagram the last
(08:07):
few years is not only, in myopinion, nauseating.
It's actually now starting toimpact performance and what
clients receive, and, at the endof the day, they're paying us
to get the highest possibleprice.
So, anyway, guys, keep yourfeet on the ground.
We ain't saving lives.
The better you are, the morehumble you should be.
Get rid of this crazyegocentric.
(08:30):
One day, troy, they mightlisten.
Let's move on, tommy.
Tom Panos (08:34):
So, john, I just want to touch on that I had someone
say just before Christmas Iheard it.
This is a person not in realestate.
He goes.
The problem with following realestate agents is they post
trophies, not content, and Ithought to myself that was
beautifully said.
(08:55):
They post ego, not info, and Ithink the first agent in a
marketplace that leaves theperception to their community I
am the agent that brings thecommunity together.
I'm not on the fringes.
I'm not using it as a platformto build my self-esteem.
My ego does not need to bevalidated.
(09:17):
I think that person is going tostand out in every suburb.
The market's dying because weknow that newspapers used to be
a way that you'd be able tobuild a personal brand.
You can build a personal brandin a fraction of the time now,
but it's not just being nailed.
But look, some people do itbetter than others, but overall
(09:37):
I think the score's low.
You don't see a dentist puthashtag 10 root canals today,
exactly.
John McGrath (09:45):
Well, the other thing, troy I was watching.
I was doing some coaching withGus Camden, who's a superstar of
ours.
He's on the Central Coast.
Tommy works in Matt and Jamie'steam up there.
He's going to be a superstaragent and we were going through
this morning while I was doingcoaching about different agents
not his, but different agents'profiles on Instagram and he
wanted to know what I felt was agood way of presenting a
(10:07):
property.
So we looked at some of the andagain, I'd say the same thing
about presenting a lot ofproperties Agents and I
encourage agents to be part ofthe Instagram presenting the
property because you candefinitely add value in that but
again, a lot of them.
It's becoming all about themand I'm thinking all I saw in
that 60-second clip was like 50seconds of you and you trying to
(10:29):
show off how good you are and10 seconds of the property Like
aren't you trying to sell theproperty?
So, guys, 2025 is the year ofhumility and let's focus on
doing a great job as a realestate agent and becoming an
attraction agent, not showingoff Now.
Yesterday we had our kickstart,tommy, and I'm not going to talk
about that, but I am going totalk about a young guy.
(10:49):
We interviewed youngish guy.
We interviewed Nick Dunn,nicholas Dunn, nick Dunn.
Now we've got two Nick Dunns,one in Byron Bay and one in
Willoughby.
This was the Willoughby NickDunn.
Nick and he sat on a panel andyou know, troy, all three of
them were brilliant.
It was Armit, rhys,christophers, armit and Nick
Dunn.
They were all brilliant people.
(11:10):
Anyway, everyone's telling mehow tough they're finding the
market.
And Nick Dunn, who's only a fewyears out into being an agent
and he's going to hit 2 millionGCI or more this year, which is
a good number, and his averagedays on market average days on
market is nine days and it'sjust interesting that so many
(11:33):
people and I've seen the averagedays on market go from 28 days
to 45 to 60, and Nick's is atnine and the prices he's getting
are extraordinary.
I just wanted to share with allof our listeners.
He's got a fairly simpleprocess and it involves Maggie,
his team.
So basically he's got threequarters of the entire suburb
(11:55):
fully databased and I'm saying afit, healthy database name,
number, email address, propertycategorised into different price
ranges and styles.
He's got a comprehensive.
So that's a great startingpoint and his aim is to get the
entire.
He's got about a quarter to go,but what he's doing is he's
launching a new listing and hesends out how many Troy was it?
(12:18):
It was like a few thousandright, yeah, closer to 2,200,.
Troy Malcolm (12:22):
John, he sends out pre-launch.
John McGrath (12:25):
Yeah, so you imagine, tommy, you've listed 10
Smith Street.
It's in Willoughby, it's 2 to2.2 million.
You send out 2,000 email sorry,text messages text messages and
these are to active buyers thathave been looking over the last
few months for a property likethat in that price range.
So he sends out 2,000 and hesays we're going to have a VIP
(12:46):
open.
This is prior to the launch ofthe campaign.
Love you to come along.
He invites buyers, agents aswell, to that and he says off
the back of that he normallygets 10 to 20 people through
that inspection and he says Athe feedback he gets to do a
price check to work out whetherthey're on mark or off mark with
the price is just so valuable.
(13:06):
Now this is normally two orthree days after he's listed it.
So that's really important.
Two is he says that thatusually takes place on the
Thursday before the firstSaturday, so then he's got the
public viewing and then by theMonday, tuesday often he's got
signed contracts with qualityoffers and competitive tension
(13:26):
and he's selling for greatprices within just over a week
of listing the property.
So I mean to me that's likeabsolute precision.
You know we often talk aboutmilitary precision, troy, and I
think that's why you know you'vegot to ask yourself what is
your process?
Is it fast enough?
And I only say fast, becausethe more urgency and the more
(13:47):
energy and the more excitementthat goes into a new launch, the
more likely it is to sell for agreat price, whereas a lot of
agents first thing they do,tommy, is they say, oh, the
open's on Saturday week, there'sno hurry, I'll get some photos
next week and I'll put it on REAand Domain and McGrath and Nick
Dunn.
By then he's had the photos,he's had 15, 20 people through
it and by the time he hits hisfirst open home it's almost sold
(14:10):
.
So please don't blame themarket.
Everybody there is.
This is again the year to getrid of excuses and create a
process.
And the other thing, tom andI'll leave it after that.
But I said to these guys youknow, like you can now in this
industry, if you're pretty goodand pretty committed, you can
earn seven figures.
If you're very good and verycommitted, in most markets that
(14:32):
can be multiple millions ofdollars in GCI.
You look at oncologists, youlook at brain surgeons, you look
at most people who are the bestin far more important fields,
to be frank, than real estate inthe world, and the best of the
best are generally earning$500,000, $600,000, $700,000 if
they're blessed and lucky and atthe top of the tree.
(14:53):
So what does that mean?
That means that if you getserious about real estate and
you master it and you get thewords right and you have a
strong ability to handle anobjection rather than going to
water or becoming adversarial,you can end up being one of the
highest paid people on theplanet.
(15:14):
And yet a lot of people still.
I say you know zero to 10,what's the quality of your
listing presentation?
And I get answers like six andI just think what the hell?
Why would you be a six in anage where you can go to and put
listing presentation world bestinto Google and get a million
responses?
And I just think it's abouteffort, it's about belief.
So anyway, that was what I wasthinking about yesterday, that
(15:39):
it's all there for them, troy.
Troy Malcolm (15:41):
Yeah, john, one of the things that I did notice in
that presentation, john and thepanel that you had each one of
the speakers actually createstheir own market momentum.
Nick, with the number of dayson market, it was obviously
talking a lot about the volumeof market and I think if you
look at those two examples, itreally makes sense that they're
(16:02):
not worried about what the mediais saying.
They are focused on theproperty and the listing that
they've got.
They're setting expectations ofbuyers and sellers and you can
see why they're getting resultsbecause they are very, very
clear on the expectations ofboth parties as well.
John McGrath (16:15):
Well, true, we call that inner market, don't we
?
Internally, the only marketthat matters is what's going on
between your ears and yourattitude and your proactivity
and your attention to detail andyour service ethic and your
product knowledge.
That's the only thing thatmatters, nothing else.
Don't worry about when interestrates are going down.
They might go up, they might godown.
(16:35):
Don't wait.
Don't wait for your number onecompetitor to retire in four
years.
Just take control of yourmarket.
Learn it the best way.
And you know, have a nine and ahalf out of 10 listing
presentation, tommy.
And you know I just think it'sthere for the taking, but you've
got to stop making excuses.
Tom Panos (16:55):
And we've seen.
We talked about Nick Dunn.
I know that there are two NickDunns in your organisation.
One of those is in Byron Bay.
He is, and I've been coming andgoing back and forth.
I didn't even realise Nick Dunnin Byron Bay is of Greek origin
.
Of course, Kithra, Kithra.
And we're in the same pickleball.
(17:16):
When I'm in Byron, we go thisis fresh off the press.
And this is interesting becauseI was talking to a Byron Bay
agent and he said oh, nothing'shappening at the moment, mate,
it's all.
Yeah, we're all sharing Mo.
And then I just found out it isnow official Nick Dunn has sold
the property there for $33million.
John McGrath (17:36):
Yeah, just over Shane Smolin, who's obviously
been a big part of our McGrathfamily for a long time, and it's
just been announced that Nickhas just closed the deal at just
over $33 million.
And you're right, you know so.
If you read the headlines, oh,you know big deals aren't
happening, but I've got to tellyou, internally, we've seen a
huge surge of big deals in thelast seven days, to be honest.
(17:58):
So, yeah, it's all a matter ofjust getting your own act right,
not listening to the media, notlistening to competitors, not
worried about competitors andjust focused on the stuff that
you control.
As they say in stoicism controlthe controllables.
Tom Panos (18:13):
I think right now the most useful thing an agent
could do, as this is being tapedtoday, I'm trying to think, as
we're broadcasting this today,we've just had some news of
inflation numbers come out andnow all of a sudden you've got
most of the banks that aresaying look, there's a rate cut
(18:33):
coming, most likely now inFebruary.
The stock market has alreadypriced it in and if it's not
going to be in February, theymeet again in April and if it's
not in April, they meet againthen in May.
But I think a really goodconversation right now is agents
should be getting onto theirdatabase, onto past people, and
reminding them when you do getnews that rates might go down.
(18:56):
That actually gets the smartbuyers trying to get that first
move advantage.
And if there's not a lot on themarket, what you'd be wanting
to do is to get your ownersbecause you owe them the
courtesy to sell when there'sless on the market than they're
being flooded on the market.
And they're the sorts of callsand what I wanted to move into,
(19:17):
troy and John, is you can't seeit, our listeners right now
can't see it, but on the screenI've got a slide that I've been
using in business plans thatI've been working with real
estate gym members and one ofthe things is to make sure that
you don't fall into the trap ofnot managing free time
(19:37):
effectively.
In fact, I would go as far assaying, whenever I meet someone
out at an airport or at ashopping center or out in the
street, they say, tommy, I usedto be in real estate center.
Or out in the street and theysay, tommy, I used to be in real
estate.
You get talking to them and yourealize they used to be in real
estate and aren't in realestate anymore for two main
reasons.
Number one, they personalizenot being liked or rejection.
(19:59):
And number two, they couldn'tmanage free time.
They felt more comfortableworking as an employee at JB
Hi-Fi or wherever they are,where they're told just do this
Customer, you know?
Cashier number seven.
So if it's okay, john and Troy,I want to just yell out some of
these high impact activitiesthat should be in your diary
(20:22):
Diaries.
Don't lie.
Whatever's in your diary istelling you what you value.
So if it's okay, I'll runthrough a few of these and then
I'll just get you to chime inand add your views.
The first one I've got is thenow phone calls.
Now phone calls are to peoplethat are in now mode the vendor
(20:43):
that's about to put the propertyon the market, the buyer who's
been looking for 12 weeks andhas seen 13 properties and has
missed out on an auction twiceand has made an off on something
else and missed out on it.
They're the calls the nowbuyers, now sellers to the fit
people in your database.
I think it's critical.
(21:03):
I think another high-impactactivity is there has never been
a vendor that has ever calledConsumer Affairs or Office of
Fair Trading and complainedabout being over-serviced.
My vendor is just giving me toomuch service.
I don't want them ringing him.
So we know that calling currentvendors is a high-impact
activity Making sure that you dowhat Nick Dunn has done in the
(21:28):
north that you spoke about, andthat is very early giving
feedback from the market to helpmake sure that the price is
meeting buyer expectations andensuring that also some of those
other activities I've got there.
One that I particularly want totalk about is and I can't
(21:51):
remember who told me thisactivity, but it's every time
you sold a house if you showedup and made sure you capitalised
on that final inspection beforesettlement.
It's called the peak end effect.
That's what the buyer will takeinto the street and talk to the
other neighbours about.
What was it like that lastexperience?
(22:12):
Now, john and Troy, I've seen alot of great agents do
everything right, but they seethe final inspection before
settlement as some thing thatneeds to get done.
It's a low priority.
You might have done everythingperfectly.
You go there, you get therelate.
You know thing that needs toget done.
It's a low priority.
You might have done everythingperfectly.
You go there, you get therelate.
You make the buyers feeluncomfortable, that you know.
Can you please get it donequickly?
You're on the phone during theinspection talking to other
(22:35):
people.
The buyer then moves into thearea and they think that was the
last experience.
What if you showed up, gavethem a gift I don't't know, a
voucher to hungry grasshoppercafe in haberfield or wherever
you're working and then turnaround and say, as of tomorrow,
when this property settles,you're going to be a vip client
(22:57):
for life and as part of it, Iwill make sure that I'm
providing you with a healthupdate on your asset, everything
you need to know.
In fact, let's lock it in now15-minute pop-in this time next
year.
Troy John, I've seen agents dothis If they sell 50 properties,
they got 50 locked-in pop-insthe following year and if they
(23:18):
do another 50 the year after,that's 100.
By year five, if you do thisright, you're not going to be
doing cold door knocking You'llhave, you know, 200 pop-ins that
you're popping in and seeingraving fans.
Yeah, it's true, tom?
John McGrath (23:31):
No, it's true.
I think you know that lastimpression impact is critical
and a lot of agents they sort ofyou know they start detaching
themselves once the sold signgoes up and I've always had the
view that the real relationshipbegins the minute the sold sign
goes up and I think that'sreally, really, really critical.
And I love this concept of thenow core because it reminds me
(23:53):
of the late great Ron Pillinger,father of Brad Pillinger, who's
a great agent, and Ron passedaway many years ago but he was
the guru when I was comingthrough the ranks as a youngster
and he used to say to me hisnumber one strategy was every
morning he'd go into the officewhich property do I have is
closest to getting an offer orgetting an offer accepted or
(24:13):
exchanging, and which of mypotential listings is closest to
me getting a signature on thebottom line so I can get it
signed up.
And he was just like reallyprioritising the energy that he
put into each day and that youknow that philosophy got him to
number one Really incredible.
So I think this Now Phone Calla lot of the Now Phone Calls
(24:34):
that need to be done today inmany parts of Australia because
the values have shifted isgiving vendors a call.
And I'll give you a quick littleexample.
I did a coaching session acouple of days ago with another
one of our top young guys fromthe Central Coast not Gus,
another one and he was tellingme that you know he's got a few
that are a little bit overpricedand he's really not sure what
(24:55):
to do.
And I said pick up the phoneand just have a business
conversation with the owners.
And we went through.
I said pick out one exactly,specifically, and let's do a
role play, which we did.
And you know, in rough terms,the owner was wanting, you know,
1.5 and the market was saying1.2 or thereabouts, for example.
And at the end of the phonecall, you know we role played it
(25:15):
a few times and he went awaywith more confidence.
Got on, the phone rang up,vendor had a half-hour phone
call, rang me back.
He said I'm so energised.
He said I know more about thevendor now.
The vendor's opened up to me.
They really respected me,bringing forward my
recommendations.
They've agreed on a 1.3 to 1.4price range.
So I was much closer to comedown, much more aligned to where
(25:38):
the market was.
And the vendor thanked him andhe says I'm now re-energised
about the property.
So again, the calls you've gotto make priority calls are
making sure everything isaligned to where the market is,
troy, making sure the topprospects that are on the verge
of making a decision they hearfrom you this morning and the
buyers that are thinking aboutmaking an offer or in
(26:00):
negotiation on any of yourlistings.
If you do nothing more for thefirst couple of hours in a day
than make those important phonecalls, your day is going to be a
terrific win.
So I think it's really criticalto focus on the things that are
going to yield the strongestoutcomes straight away.
That doesn't mean you ignorethe longer term pipeline.
People are going to list inthree, six, nine months, but
(26:21):
your priority on a daily basismust be the business that's
there to be had today, troy.
Troy Malcolm (26:28):
I was going to say John and Tom and to just
reiterate to all the listenersthey're not hard phone calls to
make.
They're not difficult calls tomake.
They should be upbeat, theyshould be energized, they should
be positive, but they're notdifficult calls.
The core reluctance around thatis the fear of what the other
person may say.
But as soon as you make one,two, three of those in each
session of each day, you'regoing to get momentum.
John McGrath (26:51):
And the energy that gets unlocked.
Troy, as he was telling metoday and I said exactly that
you ring up and say look, I'mreally concerned.
Mr Smith, you've entrusted meto sell your property.
We've now had it on the marketfor eight weeks.
It was actually five weeks, tobe frank, five weeks.
This is a pivotal point.
If we're on the market inanother five weeks it's going to
be impossible to get thehighest price.
(27:13):
It starts looking stale.
People track the digitalfootprint.
They know it's been on themarket for 10 weeks at that
point and all of a sudden peopleassume there's a problem.
And I said so if we adjust theprice now, create some
competitive tension, and we'regoing to get a new market
through it, we're going to getpeople that had maybe looked
elsewhere back on it, and if wecan get competitive tension,
(27:33):
that still gives us theopportunity to kind of get close
to what you're after.
But we need to start fishingwhere the fish are.
And he said that.
He used basically that dialogueand he said the vendor said I'm
so appreciative.
He said I was kind of thinkingthe same thing, but you know the
way you've articulated it.
Yeah, let's drop the price,let's get the energy back into
it.
So, yeah, it's really, reallyexciting when you sort of are
(27:57):
able to get some immediatepositive response.
So, wordsmiths, you know, it'swhat you say, it's how you say
it.
Not many vendors are sittingthere saying I think I might
give Troy a call this morning.
I'll just suggest to him thatwe reduce the price by 10% 20%.
People are going to wait untilyou say it, even though they
might be thinking about it.
Troy Malcolm (28:18):
Yep, and they might even know it.
Tom Panos (28:20):
Yeah, Troy and John, and I think when I look at
agents with these pricealignment discussions, I notice
the best of the best.
They're not that 80s, 90s, andI know that there are some
people that have got this.
I'll go in there, I'll tellthem 2 million and then I'll
pull out my sledgehammer overthe next few weeks and hit them.
(28:41):
The best agents that do pricealignment do it with data and
what they do is they preparepeople.
They'll say something along thelines of this this weekend,
your kind of property in yourprice point in this area should
have 15 to 20 groups comethrough.
(29:02):
We should also have X amount ofpeople inquire on Ignite, on
REA.
If we don't, it means themarket is not seeing value and
we'll have to have aconversation on that.
If it is, it means we're ontrack.
So they prepare them a bit.
Like the Stoics say, it's theunexpected that lands heaviest
in life.
(29:22):
If you prepare them for it,they'll see you as actually
being an advisor and not, youknow, a commissioned breath
cruncher.
John McGrath (29:31):
Yeah, no spot on.
That's absolutely right.
So you know, just remember thecalls you do make or you don't
make.
Today you're going to have amassive impact on the next 30
days success.
So if you've been avoiding acall role, play it with your
sales manager role, play it withyour team role, play it with
anyone else in your business andget on the phone and you've got
to make those price alignmentconversations Now if they're
(29:52):
required.
Sometimes everything's goingswimmingly.
You don't have to.
But a lot of the reason, infact 90% of the reason listings
aren't selling today is thebuyer and the seller are 10%
apart.
So really, really critical.
So go on and get on and makethose now calls Interesting.
You said that, tom, because NickDunn from Willoughby on the
panel said the other day that hesays that exactly to the vendor
(30:13):
.
He says, look, if we don't getat least 10 to 15 groups minimum
through our pre-VIP open, we'veprobably overpriced it, because
this is going to go to 2,000people and if they look at it
and they look at the lovelyphotos that we've taken with you
and they don't actually want tocome to it, it probably means
he said so that's.
And if he gets three, four orfive people turning up.
(30:34):
Yeah, he's kind of talking tothe vendor about I think we're
going to need to realign theprice.
So very important, troy, it'sall out there.
You've just got to get betterand better at the skills and
then you're going to openyourself up to some incredible
results in 2025.
Tom Panos (30:50):
Okay, 25th and 26th of May on the Gold Coast they're
the dates of ARIC.
That's the venue of ARIC.
I have had so many people, I'mnot joking, it's in the hundreds
, it's not in the tens ortwenties.
Ring me up.
What are the dates?
Because there's obviously somepeople that are a lot more
prepared than what I am.
I seem to book flights threedays before and pay $40, $80 for
(31:13):
a flight.
There's a lot of smart peopleout there that go on to Virgin.
They'll say I'll take 4pm, flyout of Melbourne, be on the Gold
Coast by 5.35, go check in.
So that's your sign to go inand get ready for ARIC.
Block the date 25th and 26th ofMay we're working away quietly
(31:36):
to deliver a product that isgoing to be even better than
last year, though last year wasamazing 5,000 people.
I think that we're going tosell it out again, john Troy.
Look, last year was amazing5,000 people.
I think that we're going tosell it out again, john Troy,
look, can't wait.
You know 25th, 26th of May, canyou please diarise those dates
and be smart and get onto yourairline tickets?
(31:58):
And Troy John, I look forwardto working with you both on
Million Dollar Agent again forthe 12th year in a row and to
all our listeners the market isback.
Are you back?
See you.
Thanks, tommy.
John McGrath (32:17):
See you guys.
Thank you Bye.
Tom Panos, john McGrath, troy Malkin the band is
back together for 2025.
We keep going, guys from 2013.
If I can recall, troy, that isthe date that Million Dollar
Agent, the podcast commenced.
It's been going now for 12years.
(00:24):
Welcome back for another year,gentlemen, tommy.
Troy podcast commenced.
It's been going now for 12years.
Welcome back for another year,gentlemen.
John McGrath (00:27):
Tommy Troy big year Now.
Tommy.
I ran into Benji Marshall andRobbie Farah the other day, down
in your favourite park.
Tom Panos (00:36):
So tell me, John, just tell me one thing Were they
smiling?
John McGrath (00:41):
No, no, neither was smiling, but Robbie's pretty
intense and Benji was just notin a smiling mood.
But yeah, it was good to see.
I said to them both I said Ithink you blokes have got the
roster this year to make amassive impact in the comp.
So I think they do.
I think that Jerome Luai he'san extraordinary player, so that
(01:02):
should be good.
So go the Tigers this year, mysecond team, and no, that was
good.
And also I heard someonetalking the other day that the
real estate gym is back on andabout to close its doors.
Tom Panos (01:16):
Yeah.
So, John, I'm like any timefitness and any person that's
looking for a change at thestart of the year real estate
gym.
We open it up at various timesin the year and January is our
big intake.
We leave it open for a weekafter Australia Day because we
know that a lot of people havegot get Australia Day out of the
(01:36):
way, get the Australian Open,and you've been very kind to
join me on a monthly basis onour accountability program.
So any of our gym members thatwant to be in that just send us
an email to info attompanoscomau and just put in
the subject box accountabilityand we will send you the details
(01:58):
.
But, John and Troy, I'm excited.
Did you know that it isactually 10 years the real
estate gym has been going?
This year is 10 years, Welldone.
John McGrath (02:07):
Congratulations.
You know the nice thing, tommy,and I'm not pumping your tyres
up, but you imagine how manylives you know.
Your business has changedbecause so many of the people
and we're fortunate that someover the years have found their
way into our camp, which iswonderful.
But there's so many people thatI bump into at ARIC and other
events and they've been to yourgym and they've just grown.
And you know Ethan Ethan hethat you know is a part of our
(02:30):
network now and he's a 200 salea year guy and there's just so
many great people.
So congratulations on making adifference and, as Matt Steinway
said, it's the best value inAustralian coaching.
And if Matt Steinway said it,troy, it's got to be right, it's
got to be true.
It has to be right.
It has to be right.
Hey, troy, interesting.
(02:52):
Tom just mentioned F45.
Just where we're living at themoment with the dogs, in
Breakfast Point, there's an F45banner just down the street.
So it's funny, tommy, howmarketing can either work or not
work.
And this worked particularlywell.
And I was talking to the otherday at our Kickstart event and I
was saying that salespeople arewordsmiths.
You must realise that what yousay and how you say it, whether
it's to a buyer or a seller or atenant or a landlord, can have
(03:14):
a massive impact on the outcome.
It's not just about turning upand saying something.
You've got to select your wordsproperly.
You've got to, you know, beable to influence.
Anyway, this little banner says45 minutes is only 3% of your
day, get exercising, orsomething like that.
And I just thought it's the wayyou say something and whether
it's a statistic or a wordmetaphor or a word picture or
(03:37):
something.
So I just thought that's goodmarketing, troy, and I know you
probably spend what 12% of yourday there at the gym, the way
you're looking.
Troy Malcolm (03:46):
I wish, but it's true.
It's true.
I mean the hook and themotivation and the way that
resonates with people, john, canmake a huge impact.
And it's sometimes, you know,words can change lives and
language is important, as yousaid.
But I think those littlemessages and when real estate
agents are out there, the rightwords at the right time, can
have a really big impact ondecisions for both buyers and
(04:06):
sellers.
John McGrath (04:07):
Well, troy, there's no argument.
When someone says, get to F45,it's only 3% a day, you kind of
take away the argument that I'mtoo busy.
I'm too busy and Tommy, beforewe finish the gym, what's the
cost of it?
I actually don't know.
Tom Panos (04:20):
Real estate.
Gym membership is $6.50 a yearor $65 a month.
John McGrath (04:25):
So there you Real estate.
Gym membership is $6.50 a yearor $65 a month.
So there you go.
Tom Panos (04:29):
Cost of a cappuccino as they say, cost of a
cappuccino.
If I had a marketing managerlike F45, I would say less than
well, let me work it out.
Yeah, less than a coffee a day.
It's about $2 a day.
Having said that, believe it ornot, I ran into one of the
(04:50):
founders in Byron Bay who I'veknown prior of F45.
Yeah, and his name's AdamGilchrist.
I don't think he's got anythingto do with it.
He's got the same name as thecricketer and you know, it made
me realise.
Made me realise the industry ofhealth and fitness.
It's such a big market becauseeveryone's a prospect.
(05:13):
And then I thought to myselfhang on a second.
Everyone that owns a piece ofreal estate is a prospect for a
real estate agent.
It's a big audience.
If you think about it, it's notlike you've got to think to
yourself.
Oh, I actually.
I think Alexander Phillips oncesaid it if they own a property
in my area, they are a prospect.
(05:34):
End of story.
John McGrath (05:35):
Tommy, you add to that, and I think I might have
mentioned it here and I don'trecall who said it, so apologies
if you're listening, butsomeone other than me said it.
But I picked up on it and theyjust said you know, the beauty
of our industry is I know whereto find my prospects.
They drive their car into theirgarage every night, and I think
that's the simplicity and thebeauty that there are.
Sometimes it's very hard tofind the person that can say yes
(05:57):
or no to your proposition Inreal estate.
They're probably within sevenminutes drive of your office and
every night you know where theyare.
So I think that's important.
I've got a bone to pick, though, not with you guys, but with
the industry A sick and tiredTroy of these egocentric
buffoons that go out there andit's all about them and it's all
about what watch they boughtlast month and it's all about
(06:19):
what car they've leased.
And I've been watching a few ofthese I get sent.
I actually don't follow hardlyanyone on social media except
you, tommy, to be honest, butpeople send me these things and
you know, when they see them andthey're kind of they can't
believe it.
And I've been seeing someauctions lately because some of
these guys are sort of videoingtheir auctions.
(06:40):
You know, their egos are so big.
They're videoing their auctionsand they're sending them out
and I reckon, without doubt of alie, that the performance of
the agent is now being impactedto the negative.
This is a couple that I've beensent because their ego is so
big.
They're putting on such abloody show for Instagram and
there's been a few, troy, andyou're a great auctioneer and so
(07:01):
are you, tom.
So you guys know what I'mtalking about.
At the end of an auction, forme, if I get you one extra
thousand dollars, I don't careif it's 10 million or if it's 3
million or 400,000, if I canhelp get you 1, 2, 5, 10 or
20,000, I've done my job.
But I'm seeing these guysbecause they're massive egos.
They're just whacking thingsdown in some theatric kind of
(07:23):
screaming manner and I'mthinking, no, you should be
going over and talking quietlyto your underbidder and the
auctioneer should be giving timeand rather than the auctioneer
trying to wind up some cutephrase to end their Instagram
post on, they should be sayingbecause I saw them the other day
and let's say it was a millionthree, they were saying a
million 325,.
You're done, finished, sold.
And I'm thinking you didn't sayto them, sir, underbidder, sir,
(07:46):
I'm going to give you athousand dollar rise, don't miss
this for a thousand.
The things that a goodauctioneer would say, because I
could see this auctioneer was soinfatuated with their own
personal profile and so full ofit, and I just thought, you know
, this is really gettingdangerous because this industry
performance that we've seengrowing over Instagram the last
(08:07):
few years is not only, in myopinion, nauseating.
It's actually now starting toimpact performance and what
clients receive, and, at the endof the day, they're paying us
to get the highest possibleprice.
So, anyway, guys, keep yourfeet on the ground.
We ain't saving lives.
The better you are, the morehumble you should be.
Get rid of this crazyegocentric.
(08:30):
One day, troy, they mightlisten.
Let's move on, tommy.
Tom Panos (08:34):
So, john, I just want to touch on that I had someone
say just before Christmas Iheard it.
This is a person not in realestate.
He goes.
The problem with following realestate agents is they post
trophies, not content, and Ithought to myself that was
beautifully said.
(08:55):
They post ego, not info, and Ithink the first agent in a
marketplace that leaves theperception to their community I
am the agent that brings thecommunity together.
I'm not on the fringes.
I'm not using it as a platformto build my self-esteem.
My ego does not need to bevalidated.
(09:17):
I think that person is going tostand out in every suburb.
The market's dying because weknow that newspapers used to be
a way that you'd be able tobuild a personal brand.
You can build a personal brandin a fraction of the time now,
but it's not just being nailed.
But look, some people do itbetter than others, but overall
(09:37):
I think the score's low.
You don't see a dentist puthashtag 10 root canals today,
exactly.
John McGrath (09:45):
Well, the other thing, troy I was watching.
I was doing some coaching withGus Camden, who's a superstar of
ours.
He's on the Central Coast.
Tommy works in Matt and Jamie'steam up there.
He's going to be a superstaragent and we were going through
this morning while I was doingcoaching about different agents
not his, but different agents'profiles on Instagram and he
wanted to know what I felt was agood way of presenting a
(10:07):
property.
So we looked at some of the andagain, I'd say the same thing
about presenting a lot ofproperties Agents and I
encourage agents to be part ofthe Instagram presenting the
property because you candefinitely add value in that but
again, a lot of them.
It's becoming all about themand I'm thinking all I saw in
that 60-second clip was like 50seconds of you and you trying to
(10:29):
show off how good you are and10 seconds of the property Like
aren't you trying to sell theproperty?
So, guys, 2025 is the year ofhumility and let's focus on
doing a great job as a realestate agent and becoming an
attraction agent, not showingoff Now.
Yesterday we had our kickstart,tommy, and I'm not going to talk
about that, but I am going totalk about a young guy.
(10:49):
We interviewed youngish guy.
We interviewed Nick Dunn,nicholas Dunn, nick Dunn.
Now we've got two Nick Dunns,one in Byron Bay and one in
Willoughby.
This was the Willoughby NickDunn.
Nick and he sat on a panel andyou know, troy, all three of
them were brilliant.
It was Armit, rhys,christophers, armit and Nick
Dunn.
They were all brilliant people.
(11:10):
Anyway, everyone's telling mehow tough they're finding the
market.
And Nick Dunn, who's only a fewyears out into being an agent
and he's going to hit 2 millionGCI or more this year, which is
a good number, and his averagedays on market average days on
market is nine days and it'sjust interesting that so many
(11:33):
people and I've seen the averagedays on market go from 28 days
to 45 to 60, and Nick's is atnine and the prices he's getting
are extraordinary.
I just wanted to share with allof our listeners.
He's got a fairly simpleprocess and it involves Maggie,
his team.
So basically he's got threequarters of the entire suburb
(11:55):
fully databased and I'm saying afit, healthy database name,
number, email address, propertycategorised into different price
ranges and styles.
He's got a comprehensive.
So that's a great startingpoint and his aim is to get the
entire.
He's got about a quarter to go,but what he's doing is he's
launching a new listing and hesends out how many Troy was it?
(12:18):
It was like a few thousandright, yeah, closer to 2,200,.
Troy Malcolm (12:22):
John, he sends out pre-launch.
John McGrath (12:25):
Yeah, so you imagine, tommy, you've listed 10
Smith Street.
It's in Willoughby, it's 2 to2.2 million.
You send out 2,000 email sorry,text messages text messages and
these are to active buyers thathave been looking over the last
few months for a property likethat in that price range.
So he sends out 2,000 and hesays we're going to have a VIP
(12:46):
open.
This is prior to the launch ofthe campaign.
Love you to come along.
He invites buyers, agents aswell, to that and he says off
the back of that he normallygets 10 to 20 people through
that inspection and he says Athe feedback he gets to do a
price check to work out whetherthey're on mark or off mark with
the price is just so valuable.
(13:06):
Now this is normally two orthree days after he's listed it.
So that's really important.
Two is he says that thatusually takes place on the
Thursday before the firstSaturday, so then he's got the
public viewing and then by theMonday, tuesday often he's got
signed contracts with qualityoffers and competitive tension
(13:26):
and he's selling for greatprices within just over a week
of listing the property.
So I mean to me that's likeabsolute precision.
You know we often talk aboutmilitary precision, troy, and I
think that's why you know you'vegot to ask yourself what is
your process?
Is it fast enough?
And I only say fast, becausethe more urgency and the more
(13:47):
energy and the more excitementthat goes into a new launch, the
more likely it is to sell for agreat price, whereas a lot of
agents first thing they do,tommy, is they say, oh, the
open's on Saturday week, there'sno hurry, I'll get some photos
next week and I'll put it on REAand Domain and McGrath and Nick
Dunn.
By then he's had the photos,he's had 15, 20 people through
it and by the time he hits hisfirst open home it's almost sold
(14:10):
.
So please don't blame themarket.
Everybody there is.
This is again the year to getrid of excuses and create a
process.
And the other thing, tom andI'll leave it after that.
But I said to these guys youknow, like you can now in this
industry, if you're pretty goodand pretty committed, you can
earn seven figures.
If you're very good and verycommitted, in most markets that
(14:32):
can be multiple millions ofdollars in GCI.
You look at oncologists, youlook at brain surgeons, you look
at most people who are the bestin far more important fields,
to be frank, than real estate inthe world, and the best of the
best are generally earning$500,000, $600,000, $700,000 if
they're blessed and lucky and atthe top of the tree.
(14:53):
So what does that mean?
That means that if you getserious about real estate and
you master it and you get thewords right and you have a
strong ability to handle anobjection rather than going to
water or becoming adversarial,you can end up being one of the
highest paid people on theplanet.
(15:14):
And yet a lot of people still.
I say you know zero to 10,what's the quality of your
listing presentation?
And I get answers like six andI just think what the hell?
Why would you be a six in anage where you can go to and put
listing presentation world bestinto Google and get a million
responses?
And I just think it's abouteffort, it's about belief.
So anyway, that was what I wasthinking about yesterday, that
(15:39):
it's all there for them, troy.
Troy Malcolm (15:41):
Yeah, john, one of the things that I did notice in
that presentation, john and thepanel that you had each one of
the speakers actually createstheir own market momentum.
Nick, with the number of dayson market, it was obviously
talking a lot about the volumeof market and I think if you
look at those two examples, itreally makes sense that they're
(16:02):
not worried about what the mediais saying.
They are focused on theproperty and the listing that
they've got.
They're setting expectations ofbuyers and sellers and you can
see why they're getting resultsbecause they are very, very
clear on the expectations ofboth parties as well.
John McGrath (16:15):
Well, true, we call that inner market, don't we
?
Internally, the only marketthat matters is what's going on
between your ears and yourattitude and your proactivity
and your attention to detail andyour service ethic and your
product knowledge.
That's the only thing thatmatters, nothing else.
Don't worry about when interestrates are going down.
They might go up, they might godown.
(16:35):
Don't wait.
Don't wait for your number onecompetitor to retire in four
years.
Just take control of yourmarket.
Learn it the best way.
And you know, have a nine and ahalf out of 10 listing
presentation, tommy.
And you know I just think it'sthere for the taking, but you've
got to stop making excuses.
Tom Panos (16:55):
And we've seen.
We talked about Nick Dunn.
I know that there are two NickDunns in your organisation.
One of those is in Byron Bay.
He is, and I've been coming andgoing back and forth.
I didn't even realise Nick Dunnin Byron Bay is of Greek origin
.
Of course, Kithra, Kithra.
And we're in the same pickleball.
(17:16):
When I'm in Byron, we go thisis fresh off the press.
And this is interesting becauseI was talking to a Byron Bay
agent and he said oh, nothing'shappening at the moment, mate,
it's all.
Yeah, we're all sharing Mo.
And then I just found out it isnow official Nick Dunn has sold
the property there for $33million.
John McGrath (17:36):
Yeah, just over Shane Smolin, who's obviously
been a big part of our McGrathfamily for a long time, and it's
just been announced that Nickhas just closed the deal at just
over $33 million.
And you're right, you know so.
If you read the headlines, oh,you know big deals aren't
happening, but I've got to tellyou, internally, we've seen a
huge surge of big deals in thelast seven days, to be honest.
(17:58):
So, yeah, it's all a matter ofjust getting your own act right,
not listening to the media, notlistening to competitors, not
worried about competitors andjust focused on the stuff that
you control.
As they say in stoicism controlthe controllables.
Tom Panos (18:13):
I think right now the most useful thing an agent
could do, as this is being tapedtoday, I'm trying to think, as
we're broadcasting this today,we've just had some news of
inflation numbers come out andnow all of a sudden you've got
most of the banks that aresaying look, there's a rate cut
(18:33):
coming, most likely now inFebruary.
The stock market has alreadypriced it in and if it's not
going to be in February, theymeet again in April and if it's
not in April, they meet againthen in May.
But I think a really goodconversation right now is agents
should be getting onto theirdatabase, onto past people, and
reminding them when you do getnews that rates might go down.
(18:56):
That actually gets the smartbuyers trying to get that first
move advantage.
And if there's not a lot on themarket, what you'd be wanting
to do is to get your ownersbecause you owe them the
courtesy to sell when there'sless on the market than they're
being flooded on the market.
And they're the sorts of callsand what I wanted to move into,
(19:17):
troy and John, is you can't seeit, our listeners right now
can't see it, but on the screenI've got a slide that I've been
using in business plans thatI've been working with real
estate gym members and one ofthe things is to make sure that
you don't fall into the trap ofnot managing free time
(19:37):
effectively.
In fact, I would go as far assaying, whenever I meet someone
out at an airport or at ashopping center or out in the
street, they say, tommy, I usedto be in real estate center.
Or out in the street and theysay, tommy, I used to be in real
estate.
You get talking to them and yourealize they used to be in real
estate and aren't in realestate anymore for two main
reasons.
Number one, they personalizenot being liked or rejection.
(19:59):
And number two, they couldn'tmanage free time.
They felt more comfortableworking as an employee at JB
Hi-Fi or wherever they are,where they're told just do this
Customer, you know?
Cashier number seven.
So if it's okay, john and Troy,I want to just yell out some of
these high impact activitiesthat should be in your diary
(20:22):
Diaries.
Don't lie.
Whatever's in your diary istelling you what you value.
So if it's okay, I'll runthrough a few of these and then
I'll just get you to chime inand add your views.
The first one I've got is thenow phone calls.
Now phone calls are to peoplethat are in now mode the vendor
(20:43):
that's about to put the propertyon the market, the buyer who's
been looking for 12 weeks andhas seen 13 properties and has
missed out on an auction twiceand has made an off on something
else and missed out on it.
They're the calls the nowbuyers, now sellers to the fit
people in your database.
I think it's critical.
(21:03):
I think another high-impactactivity is there has never been
a vendor that has ever calledConsumer Affairs or Office of
Fair Trading and complainedabout being over-serviced.
My vendor is just giving me toomuch service.
I don't want them ringing him.
So we know that calling currentvendors is a high-impact
activity Making sure that you dowhat Nick Dunn has done in the
(21:28):
north that you spoke about, andthat is very early giving
feedback from the market to helpmake sure that the price is
meeting buyer expectations andensuring that also some of those
other activities I've got there.
One that I particularly want totalk about is and I can't
(21:51):
remember who told me thisactivity, but it's every time
you sold a house if you showedup and made sure you capitalised
on that final inspection beforesettlement.
It's called the peak end effect.
That's what the buyer will takeinto the street and talk to the
other neighbours about.
What was it like that lastexperience?
(22:12):
Now, john and Troy, I've seen alot of great agents do
everything right, but they seethe final inspection before
settlement as some thing thatneeds to get done.
It's a low priority.
You might have done everythingperfectly.
You go there, you get therelate.
You know thing that needs toget done.
It's a low priority.
You might have done everythingperfectly.
You go there, you get therelate.
You make the buyers feeluncomfortable, that you know.
Can you please get it donequickly?
You're on the phone during theinspection talking to other
(22:35):
people.
The buyer then moves into thearea and they think that was the
last experience.
What if you showed up, gavethem a gift I don't't know, a
voucher to hungry grasshoppercafe in haberfield or wherever
you're working and then turnaround and say, as of tomorrow,
when this property settles,you're going to be a vip client
(22:57):
for life and as part of it, Iwill make sure that I'm
providing you with a healthupdate on your asset, everything
you need to know.
In fact, let's lock it in now15-minute pop-in this time next
year.
Troy John, I've seen agents dothis If they sell 50 properties,
they got 50 locked-in pop-insthe following year and if they
(23:18):
do another 50 the year after,that's 100.
By year five, if you do thisright, you're not going to be
doing cold door knocking You'llhave, you know, 200 pop-ins that
you're popping in and seeingraving fans.
Yeah, it's true, tom?
John McGrath (23:31):
No, it's true.
I think you know that lastimpression impact is critical
and a lot of agents they sort ofyou know they start detaching
themselves once the sold signgoes up and I've always had the
view that the real relationshipbegins the minute the sold sign
goes up and I think that'sreally, really, really critical.
And I love this concept of thenow core because it reminds me
(23:53):
of the late great Ron Pillinger,father of Brad Pillinger, who's
a great agent, and Ron passedaway many years ago but he was
the guru when I was comingthrough the ranks as a youngster
and he used to say to me hisnumber one strategy was every
morning he'd go into the officewhich property do I have is
closest to getting an offer orgetting an offer accepted or
(24:13):
exchanging, and which of mypotential listings is closest to
me getting a signature on thebottom line so I can get it
signed up.
And he was just like reallyprioritising the energy that he
put into each day and that youknow that philosophy got him to
number one Really incredible.
So I think this Now Phone Calla lot of the Now Phone Calls
(24:34):
that need to be done today inmany parts of Australia because
the values have shifted isgiving vendors a call.
And I'll give you a quick littleexample.
I did a coaching session acouple of days ago with another
one of our top young guys fromthe Central Coast not Gus,
another one and he was tellingme that you know he's got a few
that are a little bit overpricedand he's really not sure what
(24:55):
to do.
And I said pick up the phoneand just have a business
conversation with the owners.
And we went through.
I said pick out one exactly,specifically, and let's do a
role play, which we did.
And you know, in rough terms,the owner was wanting, you know,
1.5 and the market was saying1.2 or thereabouts, for example.
And at the end of the phonecall, you know we role played it
(25:15):
a few times and he went awaywith more confidence.
Got on, the phone rang up,vendor had a half-hour phone
call, rang me back.
He said I'm so energised.
He said I know more about thevendor now.
The vendor's opened up to me.
They really respected me,bringing forward my
recommendations.
They've agreed on a 1.3 to 1.4price range.
So I was much closer to comedown, much more aligned to where
(25:38):
the market was.
And the vendor thanked him andhe says I'm now re-energised
about the property.
So again, the calls you've gotto make priority calls are
making sure everything isaligned to where the market is,
troy, making sure the topprospects that are on the verge
of making a decision they hearfrom you this morning and the
buyers that are thinking aboutmaking an offer or in
(26:00):
negotiation on any of yourlistings.
If you do nothing more for thefirst couple of hours in a day
than make those important phonecalls, your day is going to be a
terrific win.
So I think it's really criticalto focus on the things that are
going to yield the strongestoutcomes straight away.
That doesn't mean you ignorethe longer term pipeline.
People are going to list inthree, six, nine months, but
(26:21):
your priority on a daily basismust be the business that's
there to be had today, troy.
Troy Malcolm (26:28):
I was going to say John and Tom and to just
reiterate to all the listenersthey're not hard phone calls to
make.
They're not difficult calls tomake.
They should be upbeat, theyshould be energized, they should
be positive, but they're notdifficult calls.
The core reluctance around thatis the fear of what the other
person may say.
But as soon as you make one,two, three of those in each
session of each day, you'regoing to get momentum.
John McGrath (26:51):
And the energy that gets unlocked.
Troy, as he was telling metoday and I said exactly that
you ring up and say look, I'mreally concerned.
Mr Smith, you've entrusted meto sell your property.
We've now had it on the marketfor eight weeks.
It was actually five weeks, tobe frank, five weeks.
This is a pivotal point.
If we're on the market inanother five weeks it's going to
be impossible to get thehighest price.
(27:13):
It starts looking stale.
People track the digitalfootprint.
They know it's been on themarket for 10 weeks at that
point and all of a sudden peopleassume there's a problem.
And I said so if we adjust theprice now, create some
competitive tension, and we'regoing to get a new market
through it, we're going to getpeople that had maybe looked
elsewhere back on it, and if wecan get competitive tension,
(27:33):
that still gives us theopportunity to kind of get close
to what you're after.
But we need to start fishingwhere the fish are.
And he said that.
He used basically that dialogueand he said the vendor said I'm
so appreciative.
He said I was kind of thinkingthe same thing, but you know the
way you've articulated it.
Yeah, let's drop the price,let's get the energy back into
it.
So, yeah, it's really, reallyexciting when you sort of are
(27:57):
able to get some immediatepositive response.
So, wordsmiths, you know, it'swhat you say, it's how you say
it.
Not many vendors are sittingthere saying I think I might
give Troy a call this morning.
I'll just suggest to him thatwe reduce the price by 10% 20%.
People are going to wait untilyou say it, even though they
might be thinking about it.
Troy Malcolm (28:18):
Yep, and they might even know it.
Tom Panos (28:20):
Yeah, Troy and John, and I think when I look at
agents with these pricealignment discussions, I notice
the best of the best.
They're not that 80s, 90s, andI know that there are some
people that have got this.
I'll go in there, I'll tellthem 2 million and then I'll
pull out my sledgehammer overthe next few weeks and hit them.
(28:41):
The best agents that do pricealignment do it with data and
what they do is they preparepeople.
They'll say something along thelines of this this weekend,
your kind of property in yourprice point in this area should
have 15 to 20 groups comethrough.
(29:02):
We should also have X amount ofpeople inquire on Ignite, on
REA.
If we don't, it means themarket is not seeing value and
we'll have to have aconversation on that.
If it is, it means we're ontrack.
So they prepare them a bit.
Like the Stoics say, it's theunexpected that lands heaviest
in life.
(29:22):
If you prepare them for it,they'll see you as actually
being an advisor and not, youknow, a commissioned breath
cruncher.
John McGrath (29:31):
Yeah, no spot on.
That's absolutely right.
So you know, just remember thecalls you do make or you don't
make.
Today you're going to have amassive impact on the next 30
days success.
So if you've been avoiding acall role, play it with your
sales manager role, play it withyour team role, play it with
anyone else in your business andget on the phone and you've got
to make those price alignmentconversations Now if they're
(29:52):
required.
Sometimes everything's goingswimmingly.
You don't have to.
But a lot of the reason, infact 90% of the reason listings
aren't selling today is thebuyer and the seller are 10%
apart.
So really, really critical.
So go on and get on and makethose now calls Interesting.
You said that, tom, because NickDunn from Willoughby on the
panel said the other day that hesays that exactly to the vendor
(30:13):
.
He says, look, if we don't getat least 10 to 15 groups minimum
through our pre-VIP open, we'veprobably overpriced it, because
this is going to go to 2,000people and if they look at it
and they look at the lovelyphotos that we've taken with you
and they don't actually want tocome to it, it probably means
he said so that's.
And if he gets three, four orfive people turning up.
(30:34):
Yeah, he's kind of talking tothe vendor about I think we're
going to need to realign theprice.
So very important, troy, it'sall out there.
You've just got to get betterand better at the skills and
then you're going to openyourself up to some incredible
results in 2025.
Tom Panos (30:50):
Okay, 25th and 26th of May on the Gold Coast they're
the dates of ARIC.
That's the venue of ARIC.
I have had so many people, I'mnot joking, it's in the hundreds
, it's not in the tens ortwenties.
Ring me up.
What are the dates?
Because there's obviously somepeople that are a lot more
prepared than what I am.
I seem to book flights threedays before and pay $40, $80 for
(31:13):
a flight.
There's a lot of smart peopleout there that go on to Virgin.
They'll say I'll take 4pm, flyout of Melbourne, be on the Gold
Coast by 5.35, go check in.
So that's your sign to go inand get ready for ARIC.
Block the date 25th and 26th ofMay we're working away quietly
(31:36):
to deliver a product that isgoing to be even better than
last year, though last year wasamazing 5,000 people.
I think that we're going tosell it out again, john Troy.
Look, last year was amazing5,000 people.
I think that we're going tosell it out again, john Troy,
look, can't wait.
You know 25th, 26th of May, canyou please diarise those dates
and be smart and get onto yourairline tickets?
(31:58):
And Troy John, I look forwardto working with you both on
Million Dollar Agent again forthe 12th year in a row and to
all our listeners the market isback.
Are you back?
See you.
Thanks, tommy.
John McGrath (32:17):
See you guys.
Thank you Bye.
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