November 6, 2024 • 25 mins
John McGrath shares his firsthand experience as a buyer, providing insight into what customers appreciate and expect.
Learn how concise advertising can capture attention more effectively than a 'hard sell'.
With the end of the year providing a prime opportunity for transactions, now is the time to stay active in the market and make the most of the holiday rush.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Tom Panos (00:03):
million dollar agent.
The podcast on the home stretchwith six weeks to go to
christmas tom panos, johnmcgrath, troy, malcolm, how are
you?
John McGrath (00:13):
gentlemen, g'day tommy.
Very well, did you call that abroadcast.
Tom Panos (00:17):
Yeah yeah, halfway through the sentence I thought
to myself oh, I start again,because I sometimes do that with
videos, with the videographers,but no, we don't do that here.
This is live, authentic, andit's never really been anything
but very average, hasn't it John?
John McGrath (00:34):
That's right.
We don't clean up our screw-ups.
They're here for everyone tosee.
No, it's good, I love it, it'sauthentic and live.
You know, guys, I know we'regoing to talk a bit.
I know, tommy, you want to talkabout how to be finished a year
strong, which is a good time,because there's still plenty of
time, days and weeks, to have astrong finish to the year.
And if you have a strong finishto the year, troy, what's going
(00:56):
to happen?
Yeah, you have a great start tothe ready to go for next year
and you've just done 12 sales inthe last 12 weeks.
But one thing before we start,guys, being an agent, you get to
end up, no matter howconsumer-centric you are,
(01:16):
invariably you end up thinkinglike an agent until you go and
buy or sell which, by the way,anyone's listening whatever you
can do to buy and sell aproperty in the not-too-distant
future, I've got to tell youit's a fabulous experience to
actually realise how buyers andsellers really feel.
Anyway, I've been looking for alittle bit of an investment
property.
You know we're looking to buildsomething, tommy.
(01:38):
As you know, in the inner westwe still can't find the right
thing and we figured out by thetime we find the right thing.
It'll be 18 months to constructand get approved.
So we thought let's find a niceinvestment property that we can
probably hang out in for 12months and then rent it out, you
know, for the long term.
So Kelly and I started lookingand I'd love just to share with
you some of the good and not sogood or frustrating, but I've
(02:01):
had some really good experience.
Good or frustrating, but I'vehad some really good experience.
But I thought it'd beinteresting to share my insights
because I've been in the game40 years and I thought I think
like buyers and sellers.
But being a buyer of late,here's some of the things, in no
particular order, tommy.
First thing is we bang on aboutprices on the website all the
(02:22):
time price guides or prices andI've got to tell you there's so
many properties I just wouldn'tbe bothered looking at because I
didn't want to ring around, Ididn't want to waste time, I
didn't want to leave voicemailmessages If it looked like it
might be possible but the agentdidn't have a price on it.
I'm a statistic on REA, I thinkthe last one.
They said about 72% of peoplebuy part and I can tell I'm a
(02:45):
living 70.
Part of that, 72%, it's justit's too hard when you can't
find price, when you're busy andlike you guys, I'm working six
days a week and fairly longhours and you think, man, I'll
just find one that's got a priceguide.
So price guide is reallyimportant, which is the part of
it.
Troy, accessibility you know theagents that you could get hold
(03:06):
of.
Or if you couldn't get a holdof them, they rang back promptly
.
Um, you, you took a shine tothem and you wanted to deal with
them, because what you don'twant is to ring someone at three
o'clock this afternoon and thenget a call back at midday
tomorrow.
By then you know you've movedon mentally.
So I found agents that hadprice guides was hugely
beneficial.
Agents that would pick up theirphone and answer it in a
(03:29):
positive tone or call you backquickly, because I don't expect
everyone to answer every timewas really good.
And this is another one which Idealt with Roger Wardy, tommy,
I think you know.
Troy Malcolm (03:40):
Roger he's a very good agent from Ray.
John McGrath (03:42):
White.
He focuses on Kensington andKelly and I found it.
We woke up, had breakfast on aSunday morning.
We found something.
We thought, oh, that could be agood little long-term
investment.
It was open at 11 o'clock on aSunday and I said look at this,
how good is this?
So we got in the car, poppedacross, met him.
He had a great team of youngfellows around there, made it
(04:04):
very easy and I thought Sundayopens.
I talk about it all the time toour team.
And now, by the way, roger isone of the hardest workers I
think there is in the industry.
But I'm not expecting everyonethat hears this message to work
Sundays, certainly not sevendays a week.
But you can find a good team.
I mean, you know there's somegood young fellows working with
Roger.
I'm sure they're probablyfull-timers, but you could find
(04:25):
some part-timers that want toget some real estate experience,
that are polished andwell-presented and articulate,
that would probably love to get30 bucks an hour or whatever is
the going rate and get someexperience in real estate.
So I mean just a point ofdifference.
He was the only agent that I'vecome across yet in my searches
and we're looking from sort ofinner west, right around to sort
(04:49):
of you know, kensington andthat way inner east, and he was
the so far he's the only agentthat opens stuff on a Sunday and
I've got to tell you that'svery attractive, very, very
attractive.
Tom Panos (05:02):
So, troy, I don't know if you've ever done any
auctions on a Sunday.
I've done a few and I can tellyou if you work, say, 10 o'clock
to 1 o'clock on a Sunday, youknow you could have three homes
open.
I still think you've stillgot've still got the rest of the
(05:26):
day.
I think people feel like inreal estate or sometimes people
think, oh, I'm going to workseven days.
Ultimately, you've got to makea decision.
Will you get a better day foryour community on a Sunday than
a day during the week?
And I'm convinced that ifyou're at a listing presentation
(05:48):
and you're sitting there andyou're fighting for that listing
against two other agents, Ithink that can be a defining
thing to say listen, mr and MrsVendor, I will have your home
open on Saturday and Sunday tomake sure we're getting everyone
the school, sport, parents, thelocal businesses, everyone.
Well, tommy, that's 100%, tommy.
John McGrath (06:08):
Imagine, troy, how many people now that have got
two or three kids, maybe betweenthe ages of 10 and 15, and
they've got to take them toballet and sport and AFL and
soccer, and then they've gotsocial events and some of them
are working themselves six days.
This is a point of differenceand in real estate you have to
come up with not gimmicks buttangible points of difference.
(06:29):
When you're in the lounge roomwith a vendor and I reckon that
is one I mean obviously floorplans, anyone that didn't have a
floor plan, I couldn't bebothered that that becomes so
important and I expect them.
But if you're not using floorplans, just make sure every
single marketing plan, everysingle listings, has a floor
plan.
Videos I really liked videos andI got annoyed when agents spent
(06:51):
a lot of time self-promotion.
I mean a couple I looked at andthe agent, I reckon, spent the
first one minute of a two-minutevideo talking about themselves
and the cameras not talkingabout themselves, to be frank,
but the camera was on them, noton the property, and they're
sitting there, you know, in agarden or something, talking
about, talking about, talkingabout.
And I'm thinking show me theproperty man.
(07:12):
Like I'm not interested in that.
Show me the property.
So I think a quick little introand a quick tale is fine, is
good, is professional, but justshow.
The other thing is get rid ofthese crazy effects off videos
like sped up video, and it goeszoom, zoom up and down, yeah,
and then there's disco music inthe back or, you know, like ACD
(07:35):
Some of them just have got youknow it's really disorientating.
So that was it.
Next thing is, I found when welooked at stuff, sometimes you
go hot and cold, tommy, onsomething.
You look at it and you say thiscould really work, and then you
go home and think about it.
Or you look at the floor planand you say, oh, I'm not sure
this is right.
But then the next day you wakeup and you think, well, maybe I
(07:56):
could fix it.
A lot of agents, I think, theythink you're either on it or
you're off it.
You really like it or youreally don't like it, whereas my
experience has definitely been.
Sometimes you like somethingand then you go a bit warmer and
you get a bit cooler.
So stay in touch with thepeople you're dealing with.
Ring them the next day, even ifthey said look, I don't think
(08:18):
it's for me ring them next day.
Did you have a chance, tom, toreflect on that property?
Tom Panos (08:22):
How many homes, john?
Did you inspect any properties?
John McGrath (08:25):
or was it all online?
We've looked at so far, lookedat about 10.
Tom Panos (08:29):
Can I ask when you went to the Opens, did you
receive something after you leftthe Open, like an email or a
text?
Not once.
At what point did you get acall?
John McGrath (08:39):
Not once, not once , not once.
I might have got a couple ofcalls on a Monday but I didn't
have them in my phone so I maynot have answered them, because
I don't usually answer numbersthat I don't know.
But you know, if I connect withthe agent I put their number in
, yes, then there's aconversation and I've had a few
of those.
I'm having a few conversations,but I've got to say I was
(09:00):
thinking exactly the same thingSaturday afternoon if someone
had rung me back and said oh,you saw that property swarming,
john, at 10 o'clock.
Have you had a chance to have athink about it?
I mean, what are your thoughts?
I'd love feedback to take to myvendor and I'd love to know if
it's something you might want tohave a look at.
By the way, we're going to bethere tomorrow if you want to
come back and bring your partneror whatever.
So I think that sort ofdialogue the other thing I was
(09:23):
saying to Troy earlier, tom, was, I think asking really good
questions is key, like tounderstand.
So, john, tell me, are yougoing to live here or rent?
I mean, what's important to you?
You know, I've noticed or I'veseen on social media, you've got
a couple of dogs.
(09:43):
You know, is that important andthis and that?
And you know something?
Ask me some qualifyingquestions and most didn't, most
just.
You know what do you think?
Are you interested?
No, okay, well, have a good dayand I'm thinking, my God, like
I could have something to sell.
I might want to buy this forinvestment or to live in you
don't know because you haven'tasked me yet or to live in?
(10:03):
You don't know because youhaven't asked me yet.
So I think it's just, I thinkit's important that you really
connect with the buyers andyou're genuinely interested and
you ask them genuine questionsthat unveil what are they and
what's most important.
So, jm, you're looking atproperty.
You said you're an investor.
What are the two or three mostimportant things for you in the
investment?
(10:23):
Is it capital growth?
Is it this?
Is it low strata?
Um, so, yeah, they were just.
You know, I was talking to Troythis morning and I spoke to our
team a little bit in our littleweekly webinar this morning
about it, cause I thought youknow it's if you can follow what
the best people are doing, tom,and then you unpack it and you
(10:44):
now make a list of things andthen you create a system around
that list.
So when you're in the loungeroom you say we get a video on
everything, we get a floor plandone for everything I want to do
.
Saturday and Sunday opens both.
I want to use a price guide, solet's discuss what that might
sound like.
If you have a playbook that isbest practice around all the key
(11:07):
things that matter to buyersand also matter to sellers, you
know you can absolutely dominateand you know we hear numbers
thrown around, especially.
You know in the people that youand I work with Troy and Tom
coaches.
You know top people.
Seven figures is not uncommonand multiple seven figures is
getting more and more common aswell.
(11:28):
I mean, if you walk downtomorrow to St Vincent's
Hospital and you checked in,what is the number one heart
surgeon earned, it's probably$400,000.
And that's a lot of money.
But they're saving lives andthey've had to study for 30
years to get there and in thisindustry, if you unpack best
(11:49):
practice and if you have a goodcoach and be held accountable
and you create a good salesplaybook, you could be earning
more than anyone on the planet.
It's really quite extraordinary.
So yeah, I just wanted to sharethat before we talked about how
do you finish the year strong,because it is interesting to be
an agent and a buyer at the sametime, or a seller and see how
(12:11):
that feels.
Tom Panos (12:12):
I'm going to add a comment about Taney Jane.
He's actually the McGrathWerribee in Melbourne there and,
by the way, before I forget abig shout, he won the REIV Agent
of the Year on the other night.
So congratulations to him.
And one of the reasons he wonit is his whole team.
(12:34):
On a Saturday afternoon theycome back and they call every
person that came through theproperty on Saturday.
Arvo, they ring every personand the reason he does it?
He says we don't have lunch.
We buy Nando's chicken in theafternoon.
We come back as a team and wecall everyone because we are
(12:55):
intercepting decisions.
We're intercepting the Saturday, sunday.
On a Monday morning.
They might have lots of peoplecalling them at the one time.
Plus it's a Monday morning,hectic and things are fresh and
they're recent in people's mind.
And he says that he picks up alot of listing presentations by
calling people on a Saturday andsaying you came through today,
(13:19):
did well the good agents Johnand Troy.
There's six or seven questionsI'll ask at every open.
You're buying a browsing.
Did you travel far to get heretoday?
That's a great question.
How is the sale of your placecoming along?
Even if you just ask that,assume you'll be shocked at how
many people say, oh, we haven'tput it on the market yet, so you
(13:41):
do qualifying there.
Yeah, so, john, that'sinteresting, and I think
everyone, whether you're aseller or a buyer as an agent,
going through the experience isprobably one of the most
educational things that you canactually do, because it helps
you understand what you're doingand how it impacts the buyers
and sellers that you deal withTotally, Tommy, I'm just going
(14:02):
to because I just took somenotes.
John McGrath (14:03):
On the weekend I had a couple of little things.
Number one is don't oversell theminute an agent starts to try
and make it look like Palace ofVersailles and it's perfect.
And just be honest about it.
You know like kind of wouldhave been better, tom, if this,
but it doesn't offer that.
But these are three or fourthings that I personally really
like about it that I've hadgreat feedback from the market
(14:25):
about.
You know, what do you think?
Just, you don't have tooversell, just present it in a
good light.
That was really important, Ithink.
Second, it's funny on ads.
A lot of people spend a lot oftime and probably money.
Getting copyright is to writevery long ads.
I found that I hardly even readthe ads.
I looked at the images, Ilooked at the video and the
(14:47):
floor plan and I generally sortof that was enough.
I knew the address andhopefully there was a price
attached, and then I look at afew bullet points.
But yeah, I think that you know, keep text a little bit shorter
.
It's a bit more customerfriendly.
The last thing, troy, maybe is Imentioned to you this morning
there's something funny aboutyou want to deal with a likable
(15:10):
agent.
I had no doubt that the agentsthat you came across that were
pleasant and not sleazy and notoverselling and not pushy, just
nice people to deal with.
You kind of almost hope thatyou find a property with them
because they're just nice people.
So I think there's a biglikability factor that, and I
think it was Cialdini in hisbook Influence that says you
(15:33):
know, one of the six influencingfactors is liking.
People want to do business withpeople they like.
So just make sure that yourpersonality and your character
are likable and you know you'renot sort of angry with a chip on
your shoulder or jealous oroverselling or gushing.
I think you've just got to findthat sweet spot where you have
(15:54):
a character that is, you know, agood personality, troy,
anything else, because I knowyou looked fairly recent when
you bought a great product.
Troy Malcolm (16:03):
Yeah, I think it's a really interesting I mean
concept to you know, so often weget caught in the trap of not
actually going out andexperiencing it from the
customer's lens.
And you know we talk about theagent jargon and using words
that buyers and sellers don'treally understand, but we use
them internally and we thinkthat they should understand them
.
I think it stems maybe fromthat.
(16:24):
Because we do it so often,Sometimes we get complacent
about being on the other sideand understanding and you know
even my experience recentlyabout purchasing and selling I
did both recently it really doesgive you an insight into what
are the pressure points and whatare the things that annoy
people.
And I think you know one of theobvious ones is not responding
to emails or inquiries aboutprice or inspections.
(16:46):
Second one is not having aprice displayed.
And then you start to reallydig deep on and I think you hit
the nail on the head with theoverselling of agents at the
open for inspections.
I don't know how many timesyou'd walk into an open for
inspection and just want to geta sense of the property without
someone following you andfeeling like they're watching
your every move.
And if you looked in thecupboard they'd talk about the
(17:07):
cupboard, and if you opened adoor they'd talk about that room
.
You really want to get to thatGive people space.
Give people space, give them theopportunity to ask questions,
but also, you know, ask theright questions back to them.
Don't just go.
Oh, it's a three bed, two bathand one parking.
Is that to suit yourrequirements or I don't know?
It doesn't have a good aspectand good light.
That's probably a big impact,but I think you know we've
(17:28):
covered off a lot, but I thinkbeing genuine and real is
probably the biggest thing thatI noticed on both sides being,
you know, a buyer and a seller.
You want to deal with peoplelike you said that you like.
You want to deal with peoplethat seem to know the market and
know what's happening and whattype of property suits your
requirements by asking thosetechnical questions Product
knowledge right.
John McGrath (17:46):
No doubt product knowledge.
You could tell there was achasm between the best product
knowledge and those that didn'treally have a clue other than
how many bedrooms it was.
You're right.
The other thing a pet hate ofmine, tommy, is when people
quote square metres forapartments and they talk about
the overall size Like, oh, it's250 square metres, I say, okay,
(18:07):
that's a good size.
You get there, it's actually150 and there's 50 square metres
of garaging and there's 50square metres of terrace.
I mean, you should be savvyenough nowadays to realise that
when you're quoting square metreeach for strata properties,
people are looking for internalliveable space.
Yeah, that's really, reallycritical.
(18:28):
And just things like who are theneighbours?
You know, john, just might giveyou a sense of the flavour of
the building or the street orwhatever.
You know, there's a lovelyfamily who lives next door.
They've been here for 50 years.
The kids grew up here.
Just these little bits ofcolour that you want to use and
these things that peopleremember.
(18:50):
So, anyway, look, that was a bitof a summary, but I know we're
going to try and you know, givena few minutes to go, we want to
try and just give people a bitof a reminder on what are some
of the things that you can bedoing in the last six weeks, and
I'll kick the ball off Troisy,I reckon.
Remember six weeks, there's 42days.
(19:10):
There's plenty of selling time.
Don't turn off too early.
I know a lot of people theminute it hits December they're
off every day to a Christmasfunction and they're starting to
leave work at four o'clock andyou know like you can sell
property right up until you knowChristmas Eve or New Year's Eve
or whatever you want to, beforeyour planned holiday kicks in.
But I just think it's reallyimportant that if you're going
(19:32):
to go on holidays, man, just go,leave the office.
If you're going to leave on the10th of December, go.
But if you're going to stay inthe office until the 20th, work
until the 20th 6pm and you'll beamazed how many people want to
buy a property right throughuntil Christmas Eve.
So I think you know, just bevery careful, you don't buy into
that.
You know it's the end of theyear, it's the silly season.
(19:53):
No one wants to buy anymore, noone wants to sell anymore.
I reckon there's time now tolist a property, sell it and
then the buyer that buys it selltheirs, and you might even get
a third one off the back of it,troy.
But there's certainly time tohave two cycles list a home,
sell it and then sell thatbuyer's property well before
Christmas.
Troy Malcolm (20:18):
I love this period of time, tom and John, because
you get this really nice momentwhere there is a deadline on
everyone that wants to make adecision before Christmas, both
buyers and sellers.
Equally, they want to be at theChristmas table with their
friends and family over thefestive season celebrating that
they've sold their house andthey've bought a new one and
they're ready to go in 2025.
I think there's a really nicemoment.
So there's a level of urgencyfor people making decisions.
I also think it's a really niceone to actually re-engage with
(20:39):
a lot of those buyers that youmight have missed throughout the
last couple of months, thatmaybe haven't found something.
Their motivation will alsoincrease over the next six weeks
.
So, john, you're right, there'sa lot of opportunity out there
to get two, three, four, five,six deals done before the end of
the year.
Tom Panos (20:55):
Yeah, Well said guys.
I'm looking at the calendarhere.
When we're recording this, it'sWednesday, the 6th of November.
I know that Susan will havethis uploaded by tomorrow, so
I'm having a look at this.
You could still list propertieson the 21st and you could still
(21:20):
be auctioning it, so you'vepretty much got still a few more
weeks to list properties to beauctioned in December.
Private treaty, of course youcould do that.
You could be listing them inDecember and selling them in
December.
But 100%.
Just because the sun's out andMelbourne Cup's finished does
not mean Christmas is inNovember.
John McGrath (21:40):
I heard someone say that the other day, tommy
and I'm not being critical ofthem, but that was their mindset
they said from Melbourne Cuponwards you can't do business in
Australia from, you know, theMelbourne Cup week through to
Christmas, and I'm thinking, myGod like I'll sell 12 properties
typically in that period, ifnot more.
(22:01):
So anyway, I think that's oneof them.
The other thing is just areminder.
There's a lot of distractionsaround at any point.
You know, there's the Americanelection, there's an upcoming
Australian election we've justmentioned, there's Christmas.
There's always going to be somedistraction or some
imperfection in the economy orthe social calendar.
The only thing that's stoppingyour property is not selling
today is none of the above.
(22:21):
It's got nothing to do withDonald Trump.
Assuming he gets in, which itlooks like is going to happen.
We haven't heard the resultsyet, but he's way ahead.
Whatever it is, it's aboutevery single property you list.
If it was priced at fair marketvalue, you'd sell it tomorrow,
literally, because fair marketvalue is the price at which you
will sell, by definition.
(22:42):
So I just think you've got toremember don't blame anything,
don't get distracted by externalfactors.
If your property's not selling,you need to have a conversation
with the vendors regarding wherethe buyers are at and make a
recommendation, because mostvendors are waiting for you to
make a recommendation.
It's unlikely they're going topick up the phone and say hey,
(23:02):
tom, I've been thinking aboutour property.
I reckon you should knock 10%off.
That doesn't not the way itworks.
They're kind of hoping maybeit's more, but really starting
to realise hang on, we've beenon the market eight weeks.
We've had 50 groups through it,haven't had an offer.
My neighbours have sold theirs.
So you've got to be looking tomake recommendations on every
(23:24):
listing you have.
And, by the way, this applies tothe other side.
Troy buyers you're dealing with, say, troy, I know you really
love that place.
Why don't we pop an offer intomorrow to get the ball rolling
?
I know you're keen and you'refiguring out the price, but I
know there's a price at whichyou'd be very comfortable paying
.
Why don't we start the dialogueand let's get a response from
(23:44):
our seller as to where they'reat?
So it's always about askingpeople questions that require
them to give you a decisionwhich progresses the sale,
whether it's a buyer or seller.
So don't worry about Trump,don't worry about the election,
don't worry about interest rates, don't worry about Albanese.
None of that is going to.
I know Matt Steinway.
(24:04):
Years ago, tom and I knowyou've done a lot of coaching
and got a deep friendship withMatt he said I want to get to a
point, john, where nothingexternal in my life has any sway
or impact on my results.
And he's got there.
He's a living example ofsomeone that, because he's
reached such a high vibrationand excellence and master at
what he does and he's sowell-respected, things just
(24:27):
happen despite any externalevents.
He's just all about in themarket.
Tom Panos (24:33):
Yeah, yeah, yeah, and that's why he's the GOAT and
one of the real standout realestate performers not in this
year, but the last 40 years.
Listen, we're going to staywith you right till Christmas
time.
We'll keep going.
We're going to stay with youand we'll be talking to you next
week where we'll start talkinga little bit about some of the
(24:53):
important activities you've gotto be doing in these last six
weeks Six weeks.
It's a great time actuallybeing real estate.
I think real estate agents arehappy at the moment and, by the
way, I realise you've bothtransacted.
I actually am telling everybuyer I meet I actually think
it's a great time to buy rightat the moment.
It is a really good time to buy.
(25:15):
There's a lot to choose from.
I think it's inevitable thatwhen rates do go up, there's
going to be more buyers there.
I think vendors have beeneducated by the media and I
think they're open to acceptoffers.
I think it's a great time tobuy.
And everyone that feels badabout Melbourne I think
Melbourne's a great place to buyat the moment.
(25:36):
It just doesn't stack up thatit's become cheaper than
Brisbane and Adelaide.
So yeah, I agree, I agree, allrighty team, good to see you.
And we will talk to you nextweek.
See you, boys.
John McGrath (25:51):
See you everybody.
Thanks, tom.
million dollar agent.
The podcast on the home stretchwith six weeks to go to
christmas tom panos, johnmcgrath, troy, malcolm, how are
you?
John McGrath (00:13):
gentlemen, g'day tommy.
Very well, did you call that abroadcast.
Tom Panos (00:17):
Yeah yeah, halfway through the sentence I thought
to myself oh, I start again,because I sometimes do that with
videos, with the videographers,but no, we don't do that here.
This is live, authentic, andit's never really been anything
but very average, hasn't it John?
John McGrath (00:34):
That's right.
We don't clean up our screw-ups.
They're here for everyone tosee.
No, it's good, I love it, it'sauthentic and live.
You know, guys, I know we'regoing to talk a bit.
I know, tommy, you want to talkabout how to be finished a year
strong, which is a good time,because there's still plenty of
time, days and weeks, to have astrong finish to the year.
And if you have a strong finishto the year, troy, what's going
(00:56):
to happen?
Yeah, you have a great start tothe ready to go for next year
and you've just done 12 sales inthe last 12 weeks.
But one thing before we start,guys, being an agent, you get to
end up, no matter howconsumer-centric you are,
(01:16):
invariably you end up thinkinglike an agent until you go and
buy or sell which, by the way,anyone's listening whatever you
can do to buy and sell aproperty in the not-too-distant
future, I've got to tell youit's a fabulous experience to
actually realise how buyers andsellers really feel.
Anyway, I've been looking for alittle bit of an investment
property.
You know we're looking to buildsomething, tommy.
(01:38):
As you know, in the inner westwe still can't find the right
thing and we figured out by thetime we find the right thing.
It'll be 18 months to constructand get approved.
So we thought let's find a niceinvestment property that we can
probably hang out in for 12months and then rent it out, you
know, for the long term.
So Kelly and I started lookingand I'd love just to share with
you some of the good and not sogood or frustrating, but I've
(02:01):
had some really good experience.
Good or frustrating, but I'vehad some really good experience.
But I thought it'd beinteresting to share my insights
because I've been in the game40 years and I thought I think
like buyers and sellers.
But being a buyer of late,here's some of the things, in no
particular order, tommy.
First thing is we bang on aboutprices on the website all the
(02:22):
time price guides or prices andI've got to tell you there's so
many properties I just wouldn'tbe bothered looking at because I
didn't want to ring around, Ididn't want to waste time, I
didn't want to leave voicemailmessages If it looked like it
might be possible but the agentdidn't have a price on it.
I'm a statistic on REA, I thinkthe last one.
They said about 72% of peoplebuy part and I can tell I'm a
(02:45):
living 70.
Part of that, 72%, it's justit's too hard when you can't
find price, when you're busy andlike you guys, I'm working six
days a week and fairly longhours and you think, man, I'll
just find one that's got a priceguide.
So price guide is reallyimportant, which is the part of
it.
Troy, accessibility you know theagents that you could get hold
(03:06):
of.
Or if you couldn't get a holdof them, they rang back promptly
.
Um, you, you took a shine tothem and you wanted to deal with
them, because what you don'twant is to ring someone at three
o'clock this afternoon and thenget a call back at midday
tomorrow.
By then you know you've movedon mentally.
So I found agents that hadprice guides was hugely
beneficial.
Agents that would pick up theirphone and answer it in a
(03:29):
positive tone or call you backquickly, because I don't expect
everyone to answer every timewas really good.
And this is another one which Idealt with Roger Wardy, tommy,
I think you know.
Troy Malcolm (03:40):
Roger he's a very good agent from Ray.
John McGrath (03:42):
White.
He focuses on Kensington andKelly and I found it.
We woke up, had breakfast on aSunday morning.
We found something.
We thought, oh, that could be agood little long-term
investment.
It was open at 11 o'clock on aSunday and I said look at this,
how good is this?
So we got in the car, poppedacross, met him.
He had a great team of youngfellows around there, made it
(04:04):
very easy and I thought Sundayopens.
I talk about it all the time toour team.
And now, by the way, roger isone of the hardest workers I
think there is in the industry.
But I'm not expecting everyonethat hears this message to work
Sundays, certainly not sevendays a week.
But you can find a good team.
I mean, you know there's somegood young fellows working with
Roger.
I'm sure they're probablyfull-timers, but you could find
(04:25):
some part-timers that want toget some real estate experience,
that are polished andwell-presented and articulate,
that would probably love to get30 bucks an hour or whatever is
the going rate and get someexperience in real estate.
So I mean just a point ofdifference.
He was the only agent that I'vecome across yet in my searches
and we're looking from sort ofinner west, right around to sort
(04:49):
of you know, kensington andthat way inner east, and he was
the so far he's the only agentthat opens stuff on a Sunday and
I've got to tell you that'svery attractive, very, very
attractive.
Tom Panos (05:02):
So, troy, I don't know if you've ever done any
auctions on a Sunday.
I've done a few and I can tellyou if you work, say, 10 o'clock
to 1 o'clock on a Sunday, youknow you could have three homes
open.
I still think you've stillgot've still got the rest of the
(05:26):
day.
I think people feel like inreal estate or sometimes people
think, oh, I'm going to workseven days.
Ultimately, you've got to makea decision.
Will you get a better day foryour community on a Sunday than
a day during the week?
And I'm convinced that ifyou're at a listing presentation
(05:48):
and you're sitting there andyou're fighting for that listing
against two other agents, Ithink that can be a defining
thing to say listen, mr and MrsVendor, I will have your home
open on Saturday and Sunday tomake sure we're getting everyone
the school, sport, parents, thelocal businesses, everyone.
Well, tommy, that's 100%, tommy.
John McGrath (06:08):
Imagine, troy, how many people now that have got
two or three kids, maybe betweenthe ages of 10 and 15, and
they've got to take them toballet and sport and AFL and
soccer, and then they've gotsocial events and some of them
are working themselves six days.
This is a point of differenceand in real estate you have to
come up with not gimmicks buttangible points of difference.
(06:29):
When you're in the lounge roomwith a vendor and I reckon that
is one I mean obviously floorplans, anyone that didn't have a
floor plan, I couldn't bebothered that that becomes so
important and I expect them.
But if you're not using floorplans, just make sure every
single marketing plan, everysingle listings, has a floor
plan.
Videos I really liked videos andI got annoyed when agents spent
(06:51):
a lot of time self-promotion.
I mean a couple I looked at andthe agent, I reckon, spent the
first one minute of a two-minutevideo talking about themselves
and the cameras not talkingabout themselves, to be frank,
but the camera was on them, noton the property, and they're
sitting there, you know, in agarden or something, talking
about, talking about, talkingabout.
And I'm thinking show me theproperty man.
(07:12):
Like I'm not interested in that.
Show me the property.
So I think a quick little introand a quick tale is fine, is
good, is professional, but justshow.
The other thing is get rid ofthese crazy effects off videos
like sped up video, and it goeszoom, zoom up and down, yeah,
and then there's disco music inthe back or, you know, like ACD
(07:35):
Some of them just have got youknow it's really disorientating.
So that was it.
Next thing is, I found when welooked at stuff, sometimes you
go hot and cold, tommy, onsomething.
You look at it and you say thiscould really work, and then you
go home and think about it.
Or you look at the floor planand you say, oh, I'm not sure
this is right.
But then the next day you wakeup and you think, well, maybe I
(07:56):
could fix it.
A lot of agents, I think, theythink you're either on it or
you're off it.
You really like it or youreally don't like it, whereas my
experience has definitely been.
Sometimes you like somethingand then you go a bit warmer and
you get a bit cooler.
So stay in touch with thepeople you're dealing with.
Ring them the next day, even ifthey said look, I don't think
(08:18):
it's for me ring them next day.
Did you have a chance, tom, toreflect on that property?
Tom Panos (08:22):
How many homes, john?
Did you inspect any properties?
John McGrath (08:25):
or was it all online?
We've looked at so far, lookedat about 10.
Tom Panos (08:29):
Can I ask when you went to the Opens, did you
receive something after you leftthe Open, like an email or a
text?
Not once.
At what point did you get acall?
John McGrath (08:39):
Not once, not once , not once.
I might have got a couple ofcalls on a Monday but I didn't
have them in my phone so I maynot have answered them, because
I don't usually answer numbersthat I don't know.
But you know, if I connect withthe agent I put their number in
, yes, then there's aconversation and I've had a few
of those.
I'm having a few conversations,but I've got to say I was
(09:00):
thinking exactly the same thingSaturday afternoon if someone
had rung me back and said oh,you saw that property swarming,
john, at 10 o'clock.
Have you had a chance to have athink about it?
I mean, what are your thoughts?
I'd love feedback to take to myvendor and I'd love to know if
it's something you might want tohave a look at.
By the way, we're going to bethere tomorrow if you want to
come back and bring your partneror whatever.
So I think that sort ofdialogue the other thing I was
(09:23):
saying to Troy earlier, tom, was, I think asking really good
questions is key, like tounderstand.
So, john, tell me, are yougoing to live here or rent?
I mean, what's important to you?
You know, I've noticed or I'veseen on social media, you've got
a couple of dogs.
(09:43):
You know, is that important andthis and that?
And you know something?
Ask me some qualifyingquestions and most didn't, most
just.
You know what do you think?
Are you interested?
No, okay, well, have a good dayand I'm thinking, my God, like
I could have something to sell.
I might want to buy this forinvestment or to live in you
don't know because you haven'tasked me yet or to live in?
(10:03):
You don't know because youhaven't asked me yet.
So I think it's just, I thinkit's important that you really
connect with the buyers andyou're genuinely interested and
you ask them genuine questionsthat unveil what are they and
what's most important.
So, jm, you're looking atproperty.
You said you're an investor.
What are the two or three mostimportant things for you in the
investment?
(10:23):
Is it capital growth?
Is it this?
Is it low strata?
Um, so, yeah, they were just.
You know, I was talking to Troythis morning and I spoke to our
team a little bit in our littleweekly webinar this morning
about it, cause I thought youknow it's if you can follow what
the best people are doing, tom,and then you unpack it and you
(10:44):
now make a list of things andthen you create a system around
that list.
So when you're in the loungeroom you say we get a video on
everything, we get a floor plandone for everything I want to do
.
Saturday and Sunday opens both.
I want to use a price guide, solet's discuss what that might
sound like.
If you have a playbook that isbest practice around all the key
(11:07):
things that matter to buyersand also matter to sellers, you
know you can absolutely dominateand you know we hear numbers
thrown around, especially.
You know in the people that youand I work with Troy and Tom
coaches.
You know top people.
Seven figures is not uncommonand multiple seven figures is
getting more and more common aswell.
(11:28):
I mean, if you walk downtomorrow to St Vincent's
Hospital and you checked in,what is the number one heart
surgeon earned, it's probably$400,000.
And that's a lot of money.
But they're saving lives andthey've had to study for 30
years to get there and in thisindustry, if you unpack best
(11:49):
practice and if you have a goodcoach and be held accountable
and you create a good salesplaybook, you could be earning
more than anyone on the planet.
It's really quite extraordinary.
So yeah, I just wanted to sharethat before we talked about how
do you finish the year strong,because it is interesting to be
an agent and a buyer at the sametime, or a seller and see how
(12:11):
that feels.
Tom Panos (12:12):
I'm going to add a comment about Taney Jane.
He's actually the McGrathWerribee in Melbourne there and,
by the way, before I forget abig shout, he won the REIV Agent
of the Year on the other night.
So congratulations to him.
And one of the reasons he wonit is his whole team.
(12:34):
On a Saturday afternoon theycome back and they call every
person that came through theproperty on Saturday.
Arvo, they ring every personand the reason he does it?
He says we don't have lunch.
We buy Nando's chicken in theafternoon.
We come back as a team and wecall everyone because we are
(12:55):
intercepting decisions.
We're intercepting the Saturday, sunday.
On a Monday morning.
They might have lots of peoplecalling them at the one time.
Plus it's a Monday morning,hectic and things are fresh and
they're recent in people's mind.
And he says that he picks up alot of listing presentations by
calling people on a Saturday andsaying you came through today,
(13:19):
did well the good agents Johnand Troy.
There's six or seven questionsI'll ask at every open.
You're buying a browsing.
Did you travel far to get heretoday?
That's a great question.
How is the sale of your placecoming along?
Even if you just ask that,assume you'll be shocked at how
many people say, oh, we haven'tput it on the market yet, so you
(13:41):
do qualifying there.
Yeah, so, john, that'sinteresting, and I think
everyone, whether you're aseller or a buyer as an agent,
going through the experience isprobably one of the most
educational things that you canactually do, because it helps
you understand what you're doingand how it impacts the buyers
and sellers that you deal withTotally, Tommy, I'm just going
(14:02):
to because I just took somenotes.
John McGrath (14:03):
On the weekend I had a couple of little things.
Number one is don't oversell theminute an agent starts to try
and make it look like Palace ofVersailles and it's perfect.
And just be honest about it.
You know like kind of wouldhave been better, tom, if this,
but it doesn't offer that.
But these are three or fourthings that I personally really
like about it that I've hadgreat feedback from the market
(14:25):
about.
You know, what do you think?
Just, you don't have tooversell, just present it in a
good light.
That was really important, Ithink.
Second, it's funny on ads.
A lot of people spend a lot oftime and probably money.
Getting copyright is to writevery long ads.
I found that I hardly even readthe ads.
I looked at the images, Ilooked at the video and the
(14:47):
floor plan and I generally sortof that was enough.
I knew the address andhopefully there was a price
attached, and then I look at afew bullet points.
But yeah, I think that you know, keep text a little bit shorter
.
It's a bit more customerfriendly.
The last thing, troy, maybe is Imentioned to you this morning
there's something funny aboutyou want to deal with a likable
(15:10):
agent.
I had no doubt that the agentsthat you came across that were
pleasant and not sleazy and notoverselling and not pushy, just
nice people to deal with.
You kind of almost hope thatyou find a property with them
because they're just nice people.
So I think there's a biglikability factor that, and I
think it was Cialdini in hisbook Influence that says you
(15:33):
know, one of the six influencingfactors is liking.
People want to do business withpeople they like.
So just make sure that yourpersonality and your character
are likable and you know you'renot sort of angry with a chip on
your shoulder or jealous oroverselling or gushing.
I think you've just got to findthat sweet spot where you have
(15:54):
a character that is, you know, agood personality, troy,
anything else, because I knowyou looked fairly recent when
you bought a great product.
Troy Malcolm (16:03):
Yeah, I think it's a really interesting I mean
concept to you know, so often weget caught in the trap of not
actually going out andexperiencing it from the
customer's lens.
And you know we talk about theagent jargon and using words
that buyers and sellers don'treally understand, but we use
them internally and we thinkthat they should understand them
.
I think it stems maybe fromthat.
(16:24):
Because we do it so often,Sometimes we get complacent
about being on the other sideand understanding and you know
even my experience recentlyabout purchasing and selling I
did both recently it really doesgive you an insight into what
are the pressure points and whatare the things that annoy
people.
And I think you know one of theobvious ones is not responding
to emails or inquiries aboutprice or inspections.
(16:46):
Second one is not having aprice displayed.
And then you start to reallydig deep on and I think you hit
the nail on the head with theoverselling of agents at the
open for inspections.
I don't know how many timesyou'd walk into an open for
inspection and just want to geta sense of the property without
someone following you andfeeling like they're watching
your every move.
And if you looked in thecupboard they'd talk about the
(17:07):
cupboard, and if you opened adoor they'd talk about that room
.
You really want to get to thatGive people space.
Give people space, give them theopportunity to ask questions,
but also, you know, ask theright questions back to them.
Don't just go.
Oh, it's a three bed, two bathand one parking.
Is that to suit yourrequirements or I don't know?
It doesn't have a good aspectand good light.
That's probably a big impact,but I think you know we've
(17:28):
covered off a lot, but I thinkbeing genuine and real is
probably the biggest thing thatI noticed on both sides being,
you know, a buyer and a seller.
You want to deal with peoplelike you said that you like.
You want to deal with peoplethat seem to know the market and
know what's happening and whattype of property suits your
requirements by asking thosetechnical questions Product
knowledge right.
John McGrath (17:46):
No doubt product knowledge.
You could tell there was achasm between the best product
knowledge and those that didn'treally have a clue other than
how many bedrooms it was.
You're right.
The other thing a pet hate ofmine, tommy, is when people
quote square metres forapartments and they talk about
the overall size Like, oh, it's250 square metres, I say, okay,
(18:07):
that's a good size.
You get there, it's actually150 and there's 50 square metres
of garaging and there's 50square metres of terrace.
I mean, you should be savvyenough nowadays to realise that
when you're quoting square metreeach for strata properties,
people are looking for internalliveable space.
Yeah, that's really, reallycritical.
(18:28):
And just things like who are theneighbours?
You know, john, just might giveyou a sense of the flavour of
the building or the street orwhatever.
You know, there's a lovelyfamily who lives next door.
They've been here for 50 years.
The kids grew up here.
Just these little bits ofcolour that you want to use and
these things that peopleremember.
(18:50):
So, anyway, look, that was a bitof a summary, but I know we're
going to try and you know, givena few minutes to go, we want to
try and just give people a bitof a reminder on what are some
of the things that you can bedoing in the last six weeks, and
I'll kick the ball off Troisy,I reckon.
Remember six weeks, there's 42days.
(19:10):
There's plenty of selling time.
Don't turn off too early.
I know a lot of people theminute it hits December they're
off every day to a Christmasfunction and they're starting to
leave work at four o'clock andyou know like you can sell
property right up until you knowChristmas Eve or New Year's Eve
or whatever you want to, beforeyour planned holiday kicks in.
But I just think it's reallyimportant that if you're going
(19:32):
to go on holidays, man, just go,leave the office.
If you're going to leave on the10th of December, go.
But if you're going to stay inthe office until the 20th, work
until the 20th 6pm and you'll beamazed how many people want to
buy a property right throughuntil Christmas Eve.
So I think you know, just bevery careful, you don't buy into
that.
You know it's the end of theyear, it's the silly season.
(19:53):
No one wants to buy anymore, noone wants to sell anymore.
I reckon there's time now tolist a property, sell it and
then the buyer that buys it selltheirs, and you might even get
a third one off the back of it,troy.
But there's certainly time tohave two cycles list a home,
sell it and then sell thatbuyer's property well before
Christmas.
Troy Malcolm (20:18):
I love this period of time, tom and John, because
you get this really nice momentwhere there is a deadline on
everyone that wants to make adecision before Christmas, both
buyers and sellers.
Equally, they want to be at theChristmas table with their
friends and family over thefestive season celebrating that
they've sold their house andthey've bought a new one and
they're ready to go in 2025.
I think there's a really nicemoment.
So there's a level of urgencyfor people making decisions.
I also think it's a really niceone to actually re-engage with
(20:39):
a lot of those buyers that youmight have missed throughout the
last couple of months, thatmaybe haven't found something.
Their motivation will alsoincrease over the next six weeks
.
So, john, you're right, there'sa lot of opportunity out there
to get two, three, four, five,six deals done before the end of
the year.
Tom Panos (20:55):
Yeah, Well said guys.
I'm looking at the calendarhere.
When we're recording this, it'sWednesday, the 6th of November.
I know that Susan will havethis uploaded by tomorrow, so
I'm having a look at this.
You could still list propertieson the 21st and you could still
(21:20):
be auctioning it, so you'vepretty much got still a few more
weeks to list properties to beauctioned in December.
Private treaty, of course youcould do that.
You could be listing them inDecember and selling them in
December.
But 100%.
Just because the sun's out andMelbourne Cup's finished does
not mean Christmas is inNovember.
John McGrath (21:40):
I heard someone say that the other day, tommy
and I'm not being critical ofthem, but that was their mindset
they said from Melbourne Cuponwards you can't do business in
Australia from, you know, theMelbourne Cup week through to
Christmas, and I'm thinking, myGod like I'll sell 12 properties
typically in that period, ifnot more.
(22:01):
So anyway, I think that's oneof them.
The other thing is just areminder.
There's a lot of distractionsaround at any point.
You know, there's the Americanelection, there's an upcoming
Australian election we've justmentioned, there's Christmas.
There's always going to be somedistraction or some
imperfection in the economy orthe social calendar.
The only thing that's stoppingyour property is not selling
today is none of the above.
(22:21):
It's got nothing to do withDonald Trump.
Assuming he gets in, which itlooks like is going to happen.
We haven't heard the resultsyet, but he's way ahead.
Whatever it is, it's aboutevery single property you list.
If it was priced at fair marketvalue, you'd sell it tomorrow,
literally, because fair marketvalue is the price at which you
will sell, by definition.
(22:42):
So I just think you've got toremember don't blame anything,
don't get distracted by externalfactors.
If your property's not selling,you need to have a conversation
with the vendors regarding wherethe buyers are at and make a
recommendation, because mostvendors are waiting for you to
make a recommendation.
It's unlikely they're going topick up the phone and say hey,
(23:02):
tom, I've been thinking aboutour property.
I reckon you should knock 10%off.
That doesn't not the way itworks.
They're kind of hoping maybeit's more, but really starting
to realise hang on, we've beenon the market eight weeks.
We've had 50 groups through it,haven't had an offer.
My neighbours have sold theirs.
So you've got to be looking tomake recommendations on every
(23:24):
listing you have.
And, by the way, this applies tothe other side.
Troy buyers you're dealing with, say, troy, I know you really
love that place.
Why don't we pop an offer intomorrow to get the ball rolling
?
I know you're keen and you'refiguring out the price, but I
know there's a price at whichyou'd be very comfortable paying
.
Why don't we start the dialogueand let's get a response from
(23:44):
our seller as to where they'reat?
So it's always about askingpeople questions that require
them to give you a decisionwhich progresses the sale,
whether it's a buyer or seller.
So don't worry about Trump,don't worry about the election,
don't worry about interest rates, don't worry about Albanese.
None of that is going to.
I know Matt Steinway.
(24:04):
Years ago, tom and I knowyou've done a lot of coaching
and got a deep friendship withMatt he said I want to get to a
point, john, where nothingexternal in my life has any sway
or impact on my results.
And he's got there.
He's a living example ofsomeone that, because he's
reached such a high vibrationand excellence and master at
what he does and he's sowell-respected, things just
(24:27):
happen despite any externalevents.
He's just all about in themarket.
Tom Panos (24:33):
Yeah, yeah, yeah, and that's why he's the GOAT and
one of the real standout realestate performers not in this
year, but the last 40 years.
Listen, we're going to staywith you right till Christmas
time.
We'll keep going.
We're going to stay with youand we'll be talking to you next
week where we'll start talkinga little bit about some of the
(24:53):
important activities you've gotto be doing in these last six
weeks Six weeks.
It's a great time actuallybeing real estate.
I think real estate agents arehappy at the moment and, by the
way, I realise you've bothtransacted.
I actually am telling everybuyer I meet I actually think
it's a great time to buy rightat the moment.
It is a really good time to buy.
(25:15):
There's a lot to choose from.
I think it's inevitable thatwhen rates do go up, there's
going to be more buyers there.
I think vendors have beeneducated by the media and I
think they're open to acceptoffers.
I think it's a great time tobuy.
And everyone that feels badabout Melbourne I think
Melbourne's a great place to buyat the moment.
(25:36):
It just doesn't stack up thatit's become cheaper than
Brisbane and Adelaide.
So yeah, I agree, I agree, allrighty team, good to see you.
And we will talk to you nextweek.
See you, boys.
John McGrath (25:51):
See you everybody.
Thanks, tom.
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I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Cold Case Files: Miami
Joyce Sapp, 76; Bryan Herrera, 16; and Laurance Webb, 32—three Miami residents whose lives were stolen in brutal, unsolved homicides. Cold Case Files: Miami follows award‑winning radio host and City of Miami Police reserve officer Enrique Santos as he partners with the department’s Cold Case Homicide Unit, determined family members, and the advocates who spend their lives fighting for justice for the victims who can no longer fight for themselves.