November 3, 2025 • 29 mins
In this episode, we unpack some of the most crucial themes shaping the real estate landscape right now. We talk about the importance of professionalism on social media and why the way you show up online directly influences how the market sees you. Reputation matters — and in this game, perception is reality.
We also cut through the noise around misinformation in real estate, particularly when it comes to over-quoting and misleading price guidance. Our message is simple: clarity and honesty win. Agents who have the skill and confidence to deliver the truth — even when it’s uncomfortable — build stronger trust, deeper relationships and long-term success.
We break down the current market conditions, the power of the November selling season, and how to finish the year with momentum. Despite the headlines and volatility, real estate continues to be one of the best industries for those who stay focused, sharpen their skills and remain committed to serving clients at the highest level.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Tom Panos (00:00):
John Panhouse, John McGrath, Troy Malcolm, the band
is back together on anotherbeautiful Monday podcast.
You'll be listening to this onTuesday.
We turn it around in a day.
Troy, good to see you.
John, good to see you.
And also, a big uh big bigshout out, Troy Z.
(00:20):
Well done.
You're now uh the franchisee ofthree McGrath officers.
This has got Konstathopolis allover.
Troy Malcolm (00:30):
Um thank you, thank you.
Which officers, Troy?
Um, Manley, Forestville, andSt.
Ives.
John McGrath (00:40):
He's handpicked them.
Troy Malcolm (00:41):
Hand picked them.
Um, obviously, um, as you know,my family's been uh in and
around the northern beaches, inparticular Manley and the BDA
for the best part of 110 yearsor so.
So to come back has got a realnostalgic feeling.
It's pretty amazing.
Um, so feet are under the desknow, and it's a huge amount of
work.
We've got some great teammembers and partners in the
(01:03):
business, and I'm just superexcited about uh what the
journey looks like.
John McGrath (01:07):
And they bring young uh Mr.
James Baker and Adrian Venturiand Jill.
Uh we've got a whole heap ofgreat franchisees up there.
Before we start, Tommy, and I'mnot going to go into the in
detail, but you you did flickme, uh, which I hadn't seen at
that moment in time, uh, asocial media post.
It was about an agent who'dmade a terrible, a terrible
(01:29):
comment about um, you know,about a minority group.
And and I've seen this startingto crop up a bit.
You know, agents, they get abit of success in real estate,
and all of a sudden they allseem to be becoming world
experts on, you know, Americanpolitics and uh Middle Eastern
issues and so forth.
And I just thought thisparticular person who I might
(01:53):
mention, but I I don't knowwhether they're just totally
tone-deaf or whatever, but youknow, every member of the
community is important.
And you might you're well andtruly um allowed to have your
own perspectives on things.
And if you want to have aprivate conversation around a
dinner table with some friends,that's fine.
But please, people, justrealize that, you know, social
(02:15):
media is actually accessible byeveryone on the planet, and
it'll be picked up as this onewas, and and uh I'm sure this
person will be dealt with fairlyfairly strictly, and from what
I've heard, quite a successfulagent, by the way, but not a
successful commentator on socialmedia.
And I just think, guys, youknow, like you you're all very
near and dear to our hearts.
(02:35):
Most people that have beenlistening have been listening to
us for five or ten years andhave been a part of the the time
panel stume and so forth.
Um, just just be very careful,you know, stay in your swim
lane, make great commentaryabout what's happening in the
real estate market or your localcommunity.
Don't go out there as some someso-called experts are now doing
and and try and be God's giftto everything.
(02:57):
It's just it's unnecessary.
Tom Panos (02:59):
Johnny, I've got to say to you, like people under,
and this is not me in any waytrying to say, do what I do,
because I'm not an agent.
But John, today I receivedanother three.
I get every week at least fivepeople that say, This is what
(03:21):
I'm thinking of doing.
Um, Tom, really like youradvice because you seem to tell
the truth, right?
I get these all the time.
The first thing I say is, I'mnot an agent.
I'm letting you know.
They say, Yeah, I know, butwhat do you think, right?
And I'm convinced that if youtake an angle where you're not
showing how many propertiesyou're selling or how quickly
(03:43):
you're selling them, right?
Because they don't want that.
They're, you know, or anythingto do talking about how
successful you are, right?
The whole thing they all comeunder one umbrella, and that is
not being connected to thecommunity that we serve, right?
But being connected to our ownheads, you know?
John McGrath (04:01):
Yeah, that's that's right.
And yeah, and every andeverybody counts.
And if you are, if you're apolitical commentator by by
trade, well, you should becommentating on political
things.
And Tom, you know, I maybe somepeople see you, and you're
you're in some ways, you know,your opinion is well known and
in some ways quite outspoken.
And I think it's it's it'senlightening and interesting,
but you're not an agent focusingon a community.
(04:22):
You're out there and you canspeak, and you know, your your
personal brand is very mucharound speaking your mind, and
it's made you very successful.
But an agent out there servinga community um that might
comment on on the Middle Easternissue, which by the way, there
isn't you can't win in that thatdebate, commentary, or
whatever, because it's verysplit and it's very divided and
(04:44):
it's it's it's very uh volatile.
You're gonna piss off a lot ofpeople, no matter whether
you're, you know, pro or anti,you know, one one group or
regime or country or religion.
It's just tone-deaf guys.
And but I think agents, aswe've said it before, they get a
modicum of success.
They you know seven figures,well done, million dollar good
(05:05):
on you.
Uh two million dollars, uh, youknow, okay, you must be bloody
good at what you do.
But it please don't be stupidto think, and we've seen some
you know, real estate coachesseem to be diving into this
territory too, that all of asudden that you know you you're
gonna prove how smart you are bybecoming a political
commentator and an expert on USpolitics or Middle Eastern wars.
(05:27):
Just just silly the way.
And you know, we've seen someagents falling by the wayside
over the last 12 months for awhole number of issues.
Um, and that's just seems to bethe latest one, that
particular.
And I don't know the person,I'm sure he's probably a good
fella, and and I hear he's agood agent, but man, tone deaf,
just don't do it.
Just stick to your swim lane.
Tom Panos (05:48):
Yeah, I think I think everyone needs to go and replay
the Reese Witherspoon video.
Uh Barek, she actually said oneprofound line before you press
the post button, pause, think,and then ask yourself, how will
that make people feel?
Right?
Just pause, right?
(06:09):
So uh I think that a lot of thethe other one, Tommy.
John McGrath (06:14):
I don't know whether you've got kind of heard
this, but I've heard sort ofquestions coming from the
public.
And I can understand wherethey're coming from, you know,
and it's kind of sounds likewhen you hear them, why does
your bloody industry lie somuch?
Well, why is it that realestate agents are all liars?
Tom Panos (06:30):
Well Well, then John, they're not they're not all I
mean they do lie, but they'renot all liars.
John McGrath (06:34):
Well, no, and I was about to say, first comment
back is is well, it's not truethey're all, but sadly too many
are.
And sadly, I'd even go as faras say the majority are
somewhere between tellinghalf-truths or conceal some of
the truth, or or some of themare liars.
And and I think there's areally simple answer is that
listings are tight, it's acompetitive industry, people
(06:57):
don't want to miss a listing.
The and and what do they liemost about?
Sadly, it's about price to avendor and sometimes then price
to a buyer.
So as the stakes get higher,and we're starting to hear about
real estate agents ironicallybecoming some of the highest
paid people on the planet,literally, um, and and the
market's tight, and everyoneknows that you know, if you get
(07:18):
the listing, you'll likely sellit.
So people seem to be adoptingthe approach of, well, look, if
you tell them the truth, you'renot gonna get it.
And if you tell them buyers thetruth, they're not gonna come
to the auction.
And and I refute both thoseprinciples.
Um you if if you have to tell alie to get a piece of business,
you shouldn't want that pieceof business, or you shouldn't
chase that piece of business.
(07:39):
Um, but as we've often saidhere, and I know Tom, you talk
to your members about this aswell.
Just because you want to havean honest conversation backed up
with real facts around pricedoesn't mean you have to take
away someone's hope.
So I, you know, and you knowhow do we deal with it?
As Troy well knows, you know,we try and find out as early as
possible what someone's lookingfor, and we honor and
(08:00):
acknowledge that.
And it's great that you likeTom to get six million for your
home.
It's a beautiful home and itdeserves a great outcome.
Um, my job is to get you thehighest possible price.
Let's look at the comparables.
The last three in the streethave gone from five to five
point four.
So that's a benchmark that alot of buyers will will point to
when they're trying to rereview value.
So it's my job to create a lotof competition and get people
(08:22):
emotionally connected in acompetitive spirit, and that's
where we and you just have thatconversation with people and it
resonates.
And does that mean you're everyou're never going to lose one?
No, of course you will, butyou're gonna lose deals for a
whole range.
Sometimes you lose a dealbecause they want you to do it
for one percent and pay formarketing, and you can't
convince them otherwise.
(08:42):
Other times it'll be becauseyou know they want to hear a
high, high price that can't besubstantiated.
Um, there's a whole range ofreasons, and you don't need to
get every piece of business, norshould you actually want to,
because some business is notgreat business.
But just you know, as the asthe answer to that question, I
think just have honestconversations with with owners,
have a strategy, acknowledge ifthey are looking for a bit more
(09:05):
than the market hastraditionally paid for
properties like theirs, becauseguess what?
That's almost every vendoryou're going to meet until you
retire out of the industry isgoing to want that, you know,
that super 10, 15% above market,perhaps.
And and sometimes you get itand and sometimes you don't.
Tom Panos (09:21):
I'd I'd never thought about it until then, John, when
you actually said, you know,what the lie is.
I actually think that 80% ofthe lie, if they are lying, is
on price to the buyer and priceto the seller.
That's that's where it seems tobe the main thing, right?
So so let's let's just just doa deep analysis and deep dive.
(09:44):
Why why do they lie to thevendor?
They lie to the vendor becausethey don't feel that they've got
the ability to articulate whatyou just actually said there,
which is somehow to give thebenefit of the doubt that there
is a possibility that if it'sout there, I'm gonna get it.
But let's talk more about theprocess, they feel a lot more
(10:05):
comfortable being able to say,we'll get that number.
And to the buyer, they feellike they don't have the ability
to get a buyer interested in aproperty unless they, you know,
clickbait them or price baitthem, right?
So if you can turn around andsay if you become best in the
world at handling theconversation about price to a
vendor and buyer, you're gettingrid of most of your problems.
(10:27):
That's that's a skills issue.
I mean, don't get me wrong,John.
I'm sure, I'm sure there's asmall group of people that are
just there's a small group ofpeople, and it's easy to get
into real estate that are justbad people.
But we're talking about thegeneral ones, is I think it's a
skills issue.
John McGrath (10:41):
Yeah, and it's it's this people feeling they
have to put a number down that'suh A is they have to put a
number down, and B is it has tobe something that's gonna excite
a vendor so they'll sign up thelisting.
I always say to people, do youknow, Tom Monsula, there's one
thing I can't guarantee today,that's price.
Um let me take you on a journeyon the process, let me show you
(11:02):
some recent sales we've made,let me show you some others that
have been similar homes toyours that have been selling in
Haverfield, that are probablygonna be the sort of properties
that buyers refer to whenthey're trying to predict where
your house may land.
But the one thing I do know isI don't know what it's worth,
and neither do you guys.
Um let's have a look at therecent sales and you can tell me
(11:22):
how do you compare them.
But someone that feels likeI've got to say six because I
heard they're looking for sixand I know they'll want to get
six, and if I don't say six,even though bracket, I really
think it's worth five and a bit,um, and that's that's you know,
that's why passing rates havegone up.
That's why the industry's got abad reputation, because people
are not having these and I'mgonna say uncomfortable
(11:46):
conversations, but to be frank,once you're comfortable, once
you're good at doing them,they're no longer uncomfortable.
You just have that I have thatconversation in an in an almost
identical manner to the one thatI've just reflected then, you
know, on a on a daily basis withpeople.
And people get it.
Yeah, yeah, I know, I know.
But you know, do you reckon wemight be able to get six?
Well, let's see what what wecan do.
(12:07):
Let's let's bound together andlet's put together an incredible
plan and a strong marketing,and I do know that we'll get the
highest possible outcome foryou, irrespective of what that
might be.
And I don't think I've missedmany listings in a long, long
time based on value, because Idon't bullshit, but I also don't
ridicule or take anyone's youknow hope of getting a great
(12:29):
price away.
And sometimes we do deliverthat and more.
So I I just think you've got toget but as someone said the
other day, you know, the rewardsin this industry are
extraordinary.
Like seriously, the bestbarrister in the country
probably earns a million bucks.
And I could I could name, youknow, a hundred off the top of
our joint heads, who are 23being two years in the industry
and are earning that.
(12:50):
So I mean it is quite anextraordinary return on
investment.
So what I'm saying, or thereason I'm saying that is go to
the effort of practicing, youknow, get a coach, join a
coaching program, you know, goto events, listen to tapes,
listen to podcasts, and go tothe effort.
And we talked the other day,Troy, you weren't at that
(13:10):
meeting, it was it was kind ofthe first company sales one
where I took it over again.
But we were just talking about,you know, like Djokovic, he
practices every day, right?
Best in the world, when he wasnumber one in the world, I'm not
sure where he is now, but hepracticed, if he wasn't playing
a tournament, he'd be practicingsix hours a day.
And here is a guy who isextraordinarily talented, and
yet if he's not in front of thevendor or in his instance, not
(13:32):
opposite a player in a in aproper competitive match, he's
on the practice court hitting,hitting forehands, hitting
backhands, hitting volleys,practice serving, and that's the
best in the world.
So why wouldn't a real estateagent that has the ability to
earn seven figures or multipleseven figures why wouldn't you
put the effort into perfectingand mastering that conversation
(13:55):
and work out every awkwardquestion you could be asked?
Go with a peer in your officeor your sales manager or
whoever, with your kids, withyour spouse, just find someone
who can role-play with you andask you the tough questions and
and just learn to master that.
Because once you've done it,and by the way, it'll take all
of two weeks for you to ifyou're practicing every day and
(14:16):
you've got the right material orthe right coach to help you,
it'll take all of two weeks toget it.
And man, that's just gonnaunlock it and it takes away so
much stress out of this industrybecause the pass in rate is big
because people are tellingvendors the wrong price.
That's the reason.
Tom Panos (14:32):
Yeah, I think Thomas McGlynn I had on uh on a Zoom
two weeks ago or three weeksago, and he actually said one of
the things that clearance ratedoesn't take into account is
operator error.
So you could actually have a aclearance rate that is around,
you know, a city, but it doesn'ttake into account that some
(14:55):
agents know how to actually runthe process from A to Z
properly, and some don't.
And that that is affected inthe clearance rate.
Um, whilst we're talking aboutthat, I just want to ask.
I mean, we hear the media.
In fact, I did a thing on seventhis morning where the whole
focus was the lower price point,it's pretty red hot.
(15:16):
But the reality is there's afair bit of stock on the market.
Troy, now that you're anoperator out there, you'll be
seeing it firsthand.
And whilst there are some pricepoints that are far more
attractive than others, realestate agents uh have to be deal
makers in this marketplace.
It's not as, you know, likethis excess stock means that
(15:37):
prices aren't running crazily aswhat people think.
I'd love to get your views,Troy.
Troy Malcolm (15:43):
Yeah, Tom and John, every conversation is
crucial right now.
Um, really understanding thebuyer's needs and really digging
deep on why a property suitstheir requirements and why it
doesn't, and the reasons forjustifying their price that
they're coming forward with isincredibly important.
The better you can arm yourselfwith that information, the
(16:05):
better quality conversationsyou're having with your clients
that are sellers.
Um, you can't just think I'mgonna give out a few contracts
and turn up to auction day, andthere's gonna be bidders that
are proactively bidding rightfrom the word of, you know,
opening bidder offer.
You must do the work throughoutthe course of the campaign to
really understand whether it's adeal or whether it's a not, and
then go back and reset thoseexpectations.
(16:26):
John mentioned earlier aboutthe pricing conversation and
handling that as an objection.
That actually flows throughduring the campaign.
And two things that JM did inthat uh last little bit was
around tonality and language.
And Tom, I think that both ofthose are incredibly important
right now in the market becausethe language you use with both
sides, purchaser and alsovendor, but also the tonality
(16:50):
you deliver the message can makeor break a campaign.
Tom Panos (16:54):
Let's talk about buyers.
Well, Central.
I had Constanthopolis on lastweek and I've I played, I can't
believe it.
I don't know how it came intomy head on Saturday as I was
leaving one of the propertiesthat hadn't been come together.
The the buyer said to me, Oh,listen, he goes, I'm gonna, I'm
gonna, I'm gonna leave itbecause all of a sudden there's
a big question mark on what'sgonna happen with interest
(17:16):
rates.
Um, because no longer are theysaying rates are coming down.
And Constathoppos had raised athing when I had him on the real
estate gym the uh last weekwith I had him and David Walker
on.
They like hanging out together,so I had them both on together.
Um comment around and said, youknow, like, would you not buy a
house because rates were gonnago up in 2037?
(17:39):
Right?
So the bottom line is the theconcept there is you're gonna
have a mortgage that's gonna bea long-term thing.
It's not a temporary thing.
So you don't make a permanentdecision on a temporary thing.
I mean, reality, I know itsounds a little bit cliched, but
you're dating interest rates,but you're marrying a house, and
(18:00):
rates are gonna be going up anddown over the term of your
loan.
Um, so sometimes I think, youknow, buyers need to be spoken
to because sometimes they also,whether you call it faulty
thinking, but it's it's notthinking that I think serves and
leads them well.
Can I ask Troy, John, what isthe kind of tone, language, the
(18:23):
things that you think we've gotto be talking to help buyers who
are hesitant in moving forwardat the moment?
John McGrath (18:33):
Um I think always be focused on what's in the best
interest of the customer and orthe client, client being the
vendor, customer being thebuyer.
If someone is is genuinely notready um to transact, just work
with them until they are.
You know, people often say tome, how do I get a buyer to make
an offer and they're they'renervous or hesitant?
(18:54):
I said, Well, find out whythey're nervous and hesitant,
and either you can give themcomfort or you can't.
But but we're not about puttingsquare pegs into round holes.
This is such an incrediblyimportant decision in one's life
and the biggest financialtransaction for everyone on the
planet.
You know, I'm not about to pushanyone in.
Having said that, I am abouttrying to help someone come to a
(19:14):
decision if they've found thehome they love and they're in a
position and ready to buy.
And that's the thing.
Even someone that is ready tobuy, they do love the home,
they're probably gonna have alittle bit of hesitation because
of the magnitude of thedecision.
So I think, you know, firstlyyou know, dig into their their
nervousness if they have it ortheir hesitation, listen to it,
(19:36):
acknowledge it, and then workout whether or not that you know
you you you should be movingthem into this home or not.
And and that's my view that ifyou deal with integrity, and I
just do it, you know, as Troysaid before, tonality is
important, it's not pushing,it's not hustling, it's not
urging, it's you know, Tom toknow, you know, where your
(19:56):
hesitation's coming from,because we know a lot of buyers
are buying at the moment.
We know some people are on thefence.
What's what's of concern to youat the moment?
And he might just say, Oh,well, interest rates, you know,
they might not go up tomorrow.
And I said, Well, the expertsare saying you're right, they
probably won't.
They may not go up until nextMay next year.
That's you know what I've heardfrom a few different people is
experts who are saying May couldbe.
(20:17):
But let's just talk throughthat and then you unpack it, and
we know that as rates comedown, prices generally have a
surge up, and so therefore, itwould make sense if they're in a
position to buy and they founda home they love to secure it
before the next rate reduction,and they've got a window.
If you take Christmas out,they've got a window of about
two months to find something.
(20:38):
So um I think it's just amatter of talking logically and
calmly with people and nottrying to push someone into a
decision.
And ironically, Troy, as youknow, you know, one of my
favorite negotiation sayings isyou know, care but not that
much, uh which which shouldn'tbe seen as Machiavellian or not
genuinely caring.
It's just the more you pushsomeone, the less likely they
(20:59):
are to go in a direction thatyou want them to go in.
So just say if this is notright timing for you, Troy, or
the right home.
If it's not the right home,let's keep looking.
If you're not sure if it's theright timing, go home, sleep on
it, think about it, talk to youradvisors, and then come back to
me because if this is not theright time for you, you just let
me know when is.
And taking that pressure offoften attracts someone to want
(21:20):
to deal with you because you'renot being an urger or a hustler,
I think.
Tom Panos (21:25):
You know, you know what I'm think uh Troy, John,
and but I've never, I'm thinkingabout it.
Have I ever had I I'm trying toremember, have I ever had a
buyer that's come to me in allthese years, and look, obviously
the last few decades it's beenmore as an auctioneer than
anything else with consumers.
I've never had a I've never hada buyer say to me, I've
(21:47):
regretted.
I regret uh you you sold me ahouse and I I regretted it.
I I you know hasn't come up,right?
Hasn't come up.
I was just thinking about thatbefore.
But I also do think I thinkmost I I get the the I get the
hesitancy because I think themajority of people left to their
own devices are not proactive.
(22:09):
It's safer not to be proactive.
And I think we've got to takeinto account, as salespeople,
we've got to have a look at thereasons as to what is stopping
that person being proactive, asyou said, you know, peel the
onion and look at it.
Um often I find that them justhaving certainty that they're
(22:31):
buying a good property at a fairprice is enough.
I don't think I think theaverage person doesn't want to,
you know, go off and steal aproperty.
And I think it's simple.
One agent I know, what he doesis he plays a game called Guess
the Price is Right.
He goes, whenever he gets intoa negotiation with uh with a
buyer, he says, listen, it'sgonna help us all if we just get
(22:52):
good context.
Hop in the car, let's do aquick five-minute spin.
I'm just gonna do a quickdrive-by on four properties that
have sold in the last week soyou can get a real good
understanding at what is in themoment.
So what do you reckon that'ssold for?
They drive by, oh, that's soldfor that.
No, sold a little bit more.
So they do a bit of a you know,five-minute education piece,
(23:14):
and then they can actually speakwith evidence, a bit like a
barrister.
Here's the data, here's thefacts.
John McGrath (23:20):
Yeah.
And you're right, Tom.
You know, I I can't think ofanyone who I looked, I there
probably has been some in theirlong career that's kind of
you've not regretted buying it,but changed their mind
afterwards.
Or, you know, sometimes peoplego through very, very fast
marital or or relationshipsplit-ups.
But I I I think, you know, outof the thousands of transactions
that I've been involved with,you count, you couldn't even
(23:43):
count on one hand.
There might be one or two wherepeople have said, oh, maybe I
would have been better off notdoing that.
People, people when they moveforward and make a decision are
normally very happy as long asthey're not bustled in and as
long as they have theinformation available to make
the right decision.
Which is why, back to theoriginal comment, we have to be
transparent.
We have to deal with integrity,we have to give people
(24:04):
everything they need, bothbuyers and sellers, to make the
right decision for them at wherethey are in their life and
their business cycle.
Um we're talking about uh Troyuh Glenn Mills, you know, David
Mills' uncle.
And uh, you know, uh the numberof times that I've heard the
story of Glenn trying to talk aseller out of selling a
(24:24):
property, they've called him into list their property, and it's
a great property, and well, youknow, they're under some duress
or whatever, and he just says,let's find a way, let's just sit
down and find a way where youdon't have to sell this.
And if we can do that, I'd muchrather you stay here because I
know you love it.
And and often he does help themfind out a way, it could be
some alternate funding orselling an another property.
(24:45):
And yeah, that's why the guy'sa legend, and he's been the
number.
Tom Panos (24:50):
That's got to be the ultimate flex in real estate is
that you actually are puttingall their needs way ahead of
yours and your real estatecompany's needs.
That is the ultimate flex inreal estate.
And I'm and I'm convinced, I'mconvinced the karmic loop that
actually happens um pays off.
But then again, a lot of peoplethat their nature's like that,
(25:13):
they want to they they actuallyget a really big kick out of
doing that for people,regardless of the karmic loop.
They just think it's the rightthing to do.
John McGrath (25:22):
Yeah, yeah, totally.
And and that's the only place,to be honest, to live, is that
as Ray Dalio calls it, radicalintegrity and radical
transparency.
Just go hard on the truth.
Um and I think the market'sfine, to be honest.
You know, Tom, you you you andTroy and I have had the luxury
of being exposed to markets allaround the world through our
network and our friends in inEurope and um UK, which is part
(25:47):
of Europe, but um Middle Eastand America and the number of
markets that it takes two years,at least a year, often two, to
sell a property.
Um and and if they get twobuyers through a four-hour open
for inspection on a Saturdaythere celebrating that night,
you know, this is still anextraordinary market.
Sure, it may not quite have thesting in it that it had twelve
(26:09):
months ago.
That doesn't mean it's not agreat market.
It just means it doesn't quitehave the sting.
I think twelve months ago, tobe frank, was order taking.
Troy Malcolm (26:16):
Yeah.
John McGrath (26:16):
It was like just turn up, open the door, turn up
at the auction, and you probablyget a pretty damn good result.
Tom Panos (26:21):
So, John, I did th I did, I literally conducted 14
auctions on Saturday, 13 sold.
They weren't crazy prices.
They were with one or twobuyers.
There was a few that had fouror five, but the majority was
one or two buyers.
Yep.
And these people were on themarket for four to five weeks.
That is a great real estatemarket.
(26:42):
People are putting theirproperties on the market for
four to five weeks, they'regetting them sold.
Yes, they're getting them soldat around reserve, maybe under
reserve, maybe just overreserve.
And that is normal real estate.
And one final thing before weleave, we should touch on this.
There's a lot of nine-monthagents out there, right?
(27:05):
And a big the what the reasonthis came up is someone said to
me, We've got Melbourne Cuptomorrow, it's all come on us.
Then we've got our Christmascelebrations.
He goes, So uh what a year.
And I said to the guy, he was aMelbourne guy, um, he wasn't a
McGrath guy.
He was actually we worked foran independent.
I said, Listen, you've got tobe careful because you've just
(27:25):
told me you'd you've got most ofJanuary off.
And I said, if you think aboutit, you could easily have
November, December, and thenpretty much say, we're coming
back after Australia Day.
I said, when I do that, that'sa nine-month year, and I haven't
even taken into account Easterand school holidays.
I said, November's actually anincredibly important month in
(27:47):
real estate.
Hugely.
John McGrath (27:49):
Yeah, no, it's it's very true.
Yeah, some I think the the thenthe Melbourne Cup through to
Christmas things, uh, you know,maybe a little bit more of a
Victorian thing from what Ihear, because I know certainly
in in um in uh Queensland and uhand uh New South Wales that
most of our agents are goingthrough to at very least
mid-December.
Um Victoria, hey, uh this isthe capital of the world when it
(28:12):
comes to auctions and greatreal estate.
I think the smart agents arenot clocking off next week.
Um they're clocking off middleof December, having a
well-earned break and comingback and hitting it hard middle
of January when there's plentyof people who want to want to
sell them.
We've seen through Con youmentioned last week, you had on
last week, um, and SuperSaturday.
(28:32):
I mean, there's plenty ofbusiness to be done in the month
of January.
And I'm not saying everyoneshould work that.
Some people have got you knowlots of kids and or kids and
they they want to take the monthoff well done, you know, and
well deserved rest.
But don't think there's nobusiness to be done.
You know, plan your timing.
Uh if you're if you're a poorplanner of holidays in real
(28:54):
estate, it's very expensive.
So plan your timing and takeyour time off, turn your phone
off, have an amazing holiday.
But when you're back, go hardbecause there's going to be
plenty of business.
And as I think we've all beenalluding to and whispering, you
know, next next 2026 seems tohave all the hallmarks of of you
know having quite a lot ofenergy attached to the year.
(29:14):
So I think uh you want to beabsolutely starting the year
early and strong.
Tom Panos (29:20):
Well said.
Well, on that point, it is ascorcher of a day in Sydney.
Troy's lucky he's got hissurfboard manly there.
In the suit there.
So uh John, Troy, we'll talk toyou for a week.
We're gonna make an effort tosee you guys right towards the
last one or two weeks ofChristmas.
(29:42):
We'll do we'll do our bit here.
Um, and um, yeah, see you nextweek.
John McGrath (29:48):
Thanks, Tom.
Bye everyone.
John Panhouse, John McGrath, Troy Malcolm, the band
is back together on anotherbeautiful Monday podcast.
You'll be listening to this onTuesday.
We turn it around in a day.
Troy, good to see you.
John, good to see you.
And also, a big uh big bigshout out, Troy Z.
(00:20):
Well done.
You're now uh the franchisee ofthree McGrath officers.
This has got Konstathopolis allover.
Troy Malcolm (00:30):
Um thank you, thank you.
Which officers, Troy?
Um, Manley, Forestville, andSt.
Ives.
John McGrath (00:40):
He's handpicked them.
Troy Malcolm (00:41):
Hand picked them.
Um, obviously, um, as you know,my family's been uh in and
around the northern beaches, inparticular Manley and the BDA
for the best part of 110 yearsor so.
So to come back has got a realnostalgic feeling.
It's pretty amazing.
Um, so feet are under the desknow, and it's a huge amount of
work.
We've got some great teammembers and partners in the
(01:03):
business, and I'm just superexcited about uh what the
journey looks like.
John McGrath (01:07):
And they bring young uh Mr.
James Baker and Adrian Venturiand Jill.
Uh we've got a whole heap ofgreat franchisees up there.
Before we start, Tommy, and I'mnot going to go into the in
detail, but you you did flickme, uh, which I hadn't seen at
that moment in time, uh, asocial media post.
It was about an agent who'dmade a terrible, a terrible
(01:29):
comment about um, you know,about a minority group.
And and I've seen this startingto crop up a bit.
You know, agents, they get abit of success in real estate,
and all of a sudden they allseem to be becoming world
experts on, you know, Americanpolitics and uh Middle Eastern
issues and so forth.
And I just thought thisparticular person who I might
(01:53):
mention, but I I don't knowwhether they're just totally
tone-deaf or whatever, but youknow, every member of the
community is important.
And you might you're well andtruly um allowed to have your
own perspectives on things.
And if you want to have aprivate conversation around a
dinner table with some friends,that's fine.
But please, people, justrealize that, you know, social
(02:15):
media is actually accessible byeveryone on the planet, and
it'll be picked up as this onewas, and and uh I'm sure this
person will be dealt with fairlyfairly strictly, and from what
I've heard, quite a successfulagent, by the way, but not a
successful commentator on socialmedia.
And I just think, guys, youknow, like you you're all very
near and dear to our hearts.
(02:35):
Most people that have beenlistening have been listening to
us for five or ten years andhave been a part of the the time
panel stume and so forth.
Um, just just be very careful,you know, stay in your swim
lane, make great commentaryabout what's happening in the
real estate market or your localcommunity.
Don't go out there as some someso-called experts are now doing
and and try and be God's giftto everything.
(02:57):
It's just it's unnecessary.
Tom Panos (02:59):
Johnny, I've got to say to you, like people under,
and this is not me in any waytrying to say, do what I do,
because I'm not an agent.
But John, today I receivedanother three.
I get every week at least fivepeople that say, This is what
(03:21):
I'm thinking of doing.
Um, Tom, really like youradvice because you seem to tell
the truth, right?
I get these all the time.
The first thing I say is, I'mnot an agent.
I'm letting you know.
They say, Yeah, I know, butwhat do you think, right?
And I'm convinced that if youtake an angle where you're not
showing how many propertiesyou're selling or how quickly
(03:43):
you're selling them, right?
Because they don't want that.
They're, you know, or anythingto do talking about how
successful you are, right?
The whole thing they all comeunder one umbrella, and that is
not being connected to thecommunity that we serve, right?
But being connected to our ownheads, you know?
John McGrath (04:01):
Yeah, that's that's right.
And yeah, and every andeverybody counts.
And if you are, if you're apolitical commentator by by
trade, well, you should becommentating on political
things.
And Tom, you know, I maybe somepeople see you, and you're
you're in some ways, you know,your opinion is well known and
in some ways quite outspoken.
And I think it's it's it'senlightening and interesting,
but you're not an agent focusingon a community.
(04:22):
You're out there and you canspeak, and you know, your your
personal brand is very mucharound speaking your mind, and
it's made you very successful.
But an agent out there servinga community um that might
comment on on the Middle Easternissue, which by the way, there
isn't you can't win in that thatdebate, commentary, or
whatever, because it's verysplit and it's very divided and
(04:44):
it's it's it's very uh volatile.
You're gonna piss off a lot ofpeople, no matter whether
you're, you know, pro or anti,you know, one one group or
regime or country or religion.
It's just tone-deaf guys.
And but I think agents, aswe've said it before, they get a
modicum of success.
They you know seven figures,well done, million dollar good
(05:05):
on you.
Uh two million dollars, uh, youknow, okay, you must be bloody
good at what you do.
But it please don't be stupidto think, and we've seen some
you know, real estate coachesseem to be diving into this
territory too, that all of asudden that you know you you're
gonna prove how smart you are bybecoming a political
commentator and an expert on USpolitics or Middle Eastern wars.
(05:27):
Just just silly the way.
And you know, we've seen someagents falling by the wayside
over the last 12 months for awhole number of issues.
Um, and that's just seems to bethe latest one, that
particular.
And I don't know the person,I'm sure he's probably a good
fella, and and I hear he's agood agent, but man, tone deaf,
just don't do it.
Just stick to your swim lane.
Tom Panos (05:48):
Yeah, I think I think everyone needs to go and replay
the Reese Witherspoon video.
Uh Barek, she actually said oneprofound line before you press
the post button, pause, think,and then ask yourself, how will
that make people feel?
Right?
Just pause, right?
(06:09):
So uh I think that a lot of thethe other one, Tommy.
John McGrath (06:14):
I don't know whether you've got kind of heard
this, but I've heard sort ofquestions coming from the
public.
And I can understand wherethey're coming from, you know,
and it's kind of sounds likewhen you hear them, why does
your bloody industry lie somuch?
Well, why is it that realestate agents are all liars?
Tom Panos (06:30):
Well Well, then John, they're not they're not all I
mean they do lie, but they'renot all liars.
John McGrath (06:34):
Well, no, and I was about to say, first comment
back is is well, it's not truethey're all, but sadly too many
are.
And sadly, I'd even go as faras say the majority are
somewhere between tellinghalf-truths or conceal some of
the truth, or or some of themare liars.
And and I think there's areally simple answer is that
listings are tight, it's acompetitive industry, people
(06:57):
don't want to miss a listing.
The and and what do they liemost about?
Sadly, it's about price to avendor and sometimes then price
to a buyer.
So as the stakes get higher,and we're starting to hear about
real estate agents ironicallybecoming some of the highest
paid people on the planet,literally, um, and and the
market's tight, and everyoneknows that you know, if you get
(07:18):
the listing, you'll likely sellit.
So people seem to be adoptingthe approach of, well, look, if
you tell them the truth, you'renot gonna get it.
And if you tell them buyers thetruth, they're not gonna come
to the auction.
And and I refute both thoseprinciples.
Um you if if you have to tell alie to get a piece of business,
you shouldn't want that pieceof business, or you shouldn't
chase that piece of business.
(07:39):
Um, but as we've often saidhere, and I know Tom, you talk
to your members about this aswell.
Just because you want to havean honest conversation backed up
with real facts around pricedoesn't mean you have to take
away someone's hope.
So I, you know, and you knowhow do we deal with it?
As Troy well knows, you know,we try and find out as early as
possible what someone's lookingfor, and we honor and
(08:00):
acknowledge that.
And it's great that you likeTom to get six million for your
home.
It's a beautiful home and itdeserves a great outcome.
Um, my job is to get you thehighest possible price.
Let's look at the comparables.
The last three in the streethave gone from five to five
point four.
So that's a benchmark that alot of buyers will will point to
when they're trying to rereview value.
So it's my job to create a lotof competition and get people
(08:22):
emotionally connected in acompetitive spirit, and that's
where we and you just have thatconversation with people and it
resonates.
And does that mean you're everyou're never going to lose one?
No, of course you will, butyou're gonna lose deals for a
whole range.
Sometimes you lose a dealbecause they want you to do it
for one percent and pay formarketing, and you can't
convince them otherwise.
(08:42):
Other times it'll be becauseyou know they want to hear a
high, high price that can't besubstantiated.
Um, there's a whole range ofreasons, and you don't need to
get every piece of business, norshould you actually want to,
because some business is notgreat business.
But just you know, as the asthe answer to that question, I
think just have honestconversations with with owners,
have a strategy, acknowledge ifthey are looking for a bit more
(09:05):
than the market hastraditionally paid for
properties like theirs, becauseguess what?
That's almost every vendoryou're going to meet until you
retire out of the industry isgoing to want that, you know,
that super 10, 15% above market,perhaps.
And and sometimes you get itand and sometimes you don't.
Tom Panos (09:21):
I'd I'd never thought about it until then, John, when
you actually said, you know,what the lie is.
I actually think that 80% ofthe lie, if they are lying, is
on price to the buyer and priceto the seller.
That's that's where it seems tobe the main thing, right?
So so let's let's just just doa deep analysis and deep dive.
(09:44):
Why why do they lie to thevendor?
They lie to the vendor becausethey don't feel that they've got
the ability to articulate whatyou just actually said there,
which is somehow to give thebenefit of the doubt that there
is a possibility that if it'sout there, I'm gonna get it.
But let's talk more about theprocess, they feel a lot more
(10:05):
comfortable being able to say,we'll get that number.
And to the buyer, they feellike they don't have the ability
to get a buyer interested in aproperty unless they, you know,
clickbait them or price baitthem, right?
So if you can turn around andsay if you become best in the
world at handling theconversation about price to a
vendor and buyer, you're gettingrid of most of your problems.
(10:27):
That's that's a skills issue.
I mean, don't get me wrong,John.
I'm sure, I'm sure there's asmall group of people that are
just there's a small group ofpeople, and it's easy to get
into real estate that are justbad people.
But we're talking about thegeneral ones, is I think it's a
skills issue.
John McGrath (10:41):
Yeah, and it's it's this people feeling they
have to put a number down that'suh A is they have to put a
number down, and B is it has tobe something that's gonna excite
a vendor so they'll sign up thelisting.
I always say to people, do youknow, Tom Monsula, there's one
thing I can't guarantee today,that's price.
Um let me take you on a journeyon the process, let me show you
(11:02):
some recent sales we've made,let me show you some others that
have been similar homes toyours that have been selling in
Haverfield, that are probablygonna be the sort of properties
that buyers refer to whenthey're trying to predict where
your house may land.
But the one thing I do know isI don't know what it's worth,
and neither do you guys.
Um let's have a look at therecent sales and you can tell me
(11:22):
how do you compare them.
But someone that feels likeI've got to say six because I
heard they're looking for sixand I know they'll want to get
six, and if I don't say six,even though bracket, I really
think it's worth five and a bit,um, and that's that's you know,
that's why passing rates havegone up.
That's why the industry's got abad reputation, because people
are not having these and I'mgonna say uncomfortable
(11:46):
conversations, but to be frank,once you're comfortable, once
you're good at doing them,they're no longer uncomfortable.
You just have that I have thatconversation in an in an almost
identical manner to the one thatI've just reflected then, you
know, on a on a daily basis withpeople.
And people get it.
Yeah, yeah, I know, I know.
But you know, do you reckon wemight be able to get six?
Well, let's see what what wecan do.
(12:07):
Let's let's bound together andlet's put together an incredible
plan and a strong marketing,and I do know that we'll get the
highest possible outcome foryou, irrespective of what that
might be.
And I don't think I've missedmany listings in a long, long
time based on value, because Idon't bullshit, but I also don't
ridicule or take anyone's youknow hope of getting a great
(12:29):
price away.
And sometimes we do deliverthat and more.
So I I just think you've got toget but as someone said the
other day, you know, the rewardsin this industry are
extraordinary.
Like seriously, the bestbarrister in the country
probably earns a million bucks.
And I could I could name, youknow, a hundred off the top of
our joint heads, who are 23being two years in the industry
and are earning that.
(12:50):
So I mean it is quite anextraordinary return on
investment.
So what I'm saying, or thereason I'm saying that is go to
the effort of practicing, youknow, get a coach, join a
coaching program, you know, goto events, listen to tapes,
listen to podcasts, and go tothe effort.
And we talked the other day,Troy, you weren't at that
(13:10):
meeting, it was it was kind ofthe first company sales one
where I took it over again.
But we were just talking about,you know, like Djokovic, he
practices every day, right?
Best in the world, when he wasnumber one in the world, I'm not
sure where he is now, but hepracticed, if he wasn't playing
a tournament, he'd be practicingsix hours a day.
And here is a guy who isextraordinarily talented, and
yet if he's not in front of thevendor or in his instance, not
(13:32):
opposite a player in a in aproper competitive match, he's
on the practice court hitting,hitting forehands, hitting
backhands, hitting volleys,practice serving, and that's the
best in the world.
So why wouldn't a real estateagent that has the ability to
earn seven figures or multipleseven figures why wouldn't you
put the effort into perfectingand mastering that conversation
(13:55):
and work out every awkwardquestion you could be asked?
Go with a peer in your officeor your sales manager or
whoever, with your kids, withyour spouse, just find someone
who can role-play with you andask you the tough questions and
and just learn to master that.
Because once you've done it,and by the way, it'll take all
of two weeks for you to ifyou're practicing every day and
(14:16):
you've got the right material orthe right coach to help you,
it'll take all of two weeks toget it.
And man, that's just gonnaunlock it and it takes away so
much stress out of this industrybecause the pass in rate is big
because people are tellingvendors the wrong price.
That's the reason.
Tom Panos (14:32):
Yeah, I think Thomas McGlynn I had on uh on a Zoom
two weeks ago or three weeksago, and he actually said one of
the things that clearance ratedoesn't take into account is
operator error.
So you could actually have a aclearance rate that is around,
you know, a city, but it doesn'ttake into account that some
(14:55):
agents know how to actually runthe process from A to Z
properly, and some don't.
And that that is affected inthe clearance rate.
Um, whilst we're talking aboutthat, I just want to ask.
I mean, we hear the media.
In fact, I did a thing on seventhis morning where the whole
focus was the lower price point,it's pretty red hot.
(15:16):
But the reality is there's afair bit of stock on the market.
Troy, now that you're anoperator out there, you'll be
seeing it firsthand.
And whilst there are some pricepoints that are far more
attractive than others, realestate agents uh have to be deal
makers in this marketplace.
It's not as, you know, likethis excess stock means that
(15:37):
prices aren't running crazily aswhat people think.
I'd love to get your views,Troy.
Troy Malcolm (15:43):
Yeah, Tom and John, every conversation is
crucial right now.
Um, really understanding thebuyer's needs and really digging
deep on why a property suitstheir requirements and why it
doesn't, and the reasons forjustifying their price that
they're coming forward with isincredibly important.
The better you can arm yourselfwith that information, the
(16:05):
better quality conversationsyou're having with your clients
that are sellers.
Um, you can't just think I'mgonna give out a few contracts
and turn up to auction day, andthere's gonna be bidders that
are proactively bidding rightfrom the word of, you know,
opening bidder offer.
You must do the work throughoutthe course of the campaign to
really understand whether it's adeal or whether it's a not, and
then go back and reset thoseexpectations.
(16:26):
John mentioned earlier aboutthe pricing conversation and
handling that as an objection.
That actually flows throughduring the campaign.
And two things that JM did inthat uh last little bit was
around tonality and language.
And Tom, I think that both ofthose are incredibly important
right now in the market becausethe language you use with both
sides, purchaser and alsovendor, but also the tonality
(16:50):
you deliver the message can makeor break a campaign.
Tom Panos (16:54):
Let's talk about buyers.
Well, Central.
I had Constanthopolis on lastweek and I've I played, I can't
believe it.
I don't know how it came intomy head on Saturday as I was
leaving one of the propertiesthat hadn't been come together.
The the buyer said to me, Oh,listen, he goes, I'm gonna, I'm
gonna, I'm gonna leave itbecause all of a sudden there's
a big question mark on what'sgonna happen with interest
(17:16):
rates.
Um, because no longer are theysaying rates are coming down.
And Constathoppos had raised athing when I had him on the real
estate gym the uh last weekwith I had him and David Walker
on.
They like hanging out together,so I had them both on together.
Um comment around and said, youknow, like, would you not buy a
house because rates were gonnago up in 2037?
(17:39):
Right?
So the bottom line is the theconcept there is you're gonna
have a mortgage that's gonna bea long-term thing.
It's not a temporary thing.
So you don't make a permanentdecision on a temporary thing.
I mean, reality, I know itsounds a little bit cliched, but
you're dating interest rates,but you're marrying a house, and
(18:00):
rates are gonna be going up anddown over the term of your
loan.
Um, so sometimes I think, youknow, buyers need to be spoken
to because sometimes they also,whether you call it faulty
thinking, but it's it's notthinking that I think serves and
leads them well.
Can I ask Troy, John, what isthe kind of tone, language, the
(18:23):
things that you think we've gotto be talking to help buyers who
are hesitant in moving forwardat the moment?
John McGrath (18:33):
Um I think always be focused on what's in the best
interest of the customer and orthe client, client being the
vendor, customer being thebuyer.
If someone is is genuinely notready um to transact, just work
with them until they are.
You know, people often say tome, how do I get a buyer to make
an offer and they're they'renervous or hesitant?
(18:54):
I said, Well, find out whythey're nervous and hesitant,
and either you can give themcomfort or you can't.
But but we're not about puttingsquare pegs into round holes.
This is such an incrediblyimportant decision in one's life
and the biggest financialtransaction for everyone on the
planet.
You know, I'm not about to pushanyone in.
Having said that, I am abouttrying to help someone come to a
(19:14):
decision if they've found thehome they love and they're in a
position and ready to buy.
And that's the thing.
Even someone that is ready tobuy, they do love the home,
they're probably gonna have alittle bit of hesitation because
of the magnitude of thedecision.
So I think, you know, firstlyyou know, dig into their their
nervousness if they have it ortheir hesitation, listen to it,
(19:36):
acknowledge it, and then workout whether or not that you know
you you you should be movingthem into this home or not.
And and that's my view that ifyou deal with integrity, and I
just do it, you know, as Troysaid before, tonality is
important, it's not pushing,it's not hustling, it's not
urging, it's you know, Tom toknow, you know, where your
(19:56):
hesitation's coming from,because we know a lot of buyers
are buying at the moment.
We know some people are on thefence.
What's what's of concern to youat the moment?
And he might just say, Oh,well, interest rates, you know,
they might not go up tomorrow.
And I said, Well, the expertsare saying you're right, they
probably won't.
They may not go up until nextMay next year.
That's you know what I've heardfrom a few different people is
experts who are saying May couldbe.
(20:17):
But let's just talk throughthat and then you unpack it, and
we know that as rates comedown, prices generally have a
surge up, and so therefore, itwould make sense if they're in a
position to buy and they founda home they love to secure it
before the next rate reduction,and they've got a window.
If you take Christmas out,they've got a window of about
two months to find something.
(20:38):
So um I think it's just amatter of talking logically and
calmly with people and nottrying to push someone into a
decision.
And ironically, Troy, as youknow, you know, one of my
favorite negotiation sayings isyou know, care but not that
much, uh which which shouldn'tbe seen as Machiavellian or not
genuinely caring.
It's just the more you pushsomeone, the less likely they
(20:59):
are to go in a direction thatyou want them to go in.
So just say if this is notright timing for you, Troy, or
the right home.
If it's not the right home,let's keep looking.
If you're not sure if it's theright timing, go home, sleep on
it, think about it, talk to youradvisors, and then come back to
me because if this is not theright time for you, you just let
me know when is.
And taking that pressure offoften attracts someone to want
(21:20):
to deal with you because you'renot being an urger or a hustler,
I think.
Tom Panos (21:25):
You know, you know what I'm think uh Troy, John,
and but I've never, I'm thinkingabout it.
Have I ever had I I'm trying toremember, have I ever had a
buyer that's come to me in allthese years, and look, obviously
the last few decades it's beenmore as an auctioneer than
anything else with consumers.
I've never had a I've never hada buyer say to me, I've
(21:47):
regretted.
I regret uh you you sold me ahouse and I I regretted it.
I I you know hasn't come up,right?
Hasn't come up.
I was just thinking about thatbefore.
But I also do think I thinkmost I I get the the I get the
hesitancy because I think themajority of people left to their
own devices are not proactive.
(22:09):
It's safer not to be proactive.
And I think we've got to takeinto account, as salespeople,
we've got to have a look at thereasons as to what is stopping
that person being proactive, asyou said, you know, peel the
onion and look at it.
Um often I find that them justhaving certainty that they're
(22:31):
buying a good property at a fairprice is enough.
I don't think I think theaverage person doesn't want to,
you know, go off and steal aproperty.
And I think it's simple.
One agent I know, what he doesis he plays a game called Guess
the Price is Right.
He goes, whenever he gets intoa negotiation with uh with a
buyer, he says, listen, it'sgonna help us all if we just get
(22:52):
good context.
Hop in the car, let's do aquick five-minute spin.
I'm just gonna do a quickdrive-by on four properties that
have sold in the last week soyou can get a real good
understanding at what is in themoment.
So what do you reckon that'ssold for?
They drive by, oh, that's soldfor that.
No, sold a little bit more.
So they do a bit of a you know,five-minute education piece,
(23:14):
and then they can actually speakwith evidence, a bit like a
barrister.
Here's the data, here's thefacts.
John McGrath (23:20):
Yeah.
And you're right, Tom.
You know, I I can't think ofanyone who I looked, I there
probably has been some in theirlong career that's kind of
you've not regretted buying it,but changed their mind
afterwards.
Or, you know, sometimes peoplego through very, very fast
marital or or relationshipsplit-ups.
But I I I think, you know, outof the thousands of transactions
that I've been involved with,you count, you couldn't even
(23:43):
count on one hand.
There might be one or two wherepeople have said, oh, maybe I
would have been better off notdoing that.
People, people when they moveforward and make a decision are
normally very happy as long asthey're not bustled in and as
long as they have theinformation available to make
the right decision.
Which is why, back to theoriginal comment, we have to be
transparent.
We have to deal with integrity,we have to give people
(24:04):
everything they need, bothbuyers and sellers, to make the
right decision for them at wherethey are in their life and
their business cycle.
Um we're talking about uh Troyuh Glenn Mills, you know, David
Mills' uncle.
And uh, you know, uh the numberof times that I've heard the
story of Glenn trying to talk aseller out of selling a
(24:24):
property, they've called him into list their property, and it's
a great property, and well, youknow, they're under some duress
or whatever, and he just says,let's find a way, let's just sit
down and find a way where youdon't have to sell this.
And if we can do that, I'd muchrather you stay here because I
know you love it.
And and often he does help themfind out a way, it could be
some alternate funding orselling an another property.
(24:45):
And yeah, that's why the guy'sa legend, and he's been the
number.
Tom Panos (24:50):
That's got to be the ultimate flex in real estate is
that you actually are puttingall their needs way ahead of
yours and your real estatecompany's needs.
That is the ultimate flex inreal estate.
And I'm and I'm convinced, I'mconvinced the karmic loop that
actually happens um pays off.
But then again, a lot of peoplethat their nature's like that,
(25:13):
they want to they they actuallyget a really big kick out of
doing that for people,regardless of the karmic loop.
They just think it's the rightthing to do.
John McGrath (25:22):
Yeah, yeah, totally.
And and that's the only place,to be honest, to live, is that
as Ray Dalio calls it, radicalintegrity and radical
transparency.
Just go hard on the truth.
Um and I think the market'sfine, to be honest.
You know, Tom, you you you andTroy and I have had the luxury
of being exposed to markets allaround the world through our
network and our friends in inEurope and um UK, which is part
(25:47):
of Europe, but um Middle Eastand America and the number of
markets that it takes two years,at least a year, often two, to
sell a property.
Um and and if they get twobuyers through a four-hour open
for inspection on a Saturdaythere celebrating that night,
you know, this is still anextraordinary market.
Sure, it may not quite have thesting in it that it had twelve
(26:09):
months ago.
That doesn't mean it's not agreat market.
It just means it doesn't quitehave the sting.
I think twelve months ago, tobe frank, was order taking.
Troy Malcolm (26:16):
Yeah.
John McGrath (26:16):
It was like just turn up, open the door, turn up
at the auction, and you probablyget a pretty damn good result.
Tom Panos (26:21):
So, John, I did th I did, I literally conducted 14
auctions on Saturday, 13 sold.
They weren't crazy prices.
They were with one or twobuyers.
There was a few that had fouror five, but the majority was
one or two buyers.
Yep.
And these people were on themarket for four to five weeks.
That is a great real estatemarket.
(26:42):
People are putting theirproperties on the market for
four to five weeks, they'regetting them sold.
Yes, they're getting them soldat around reserve, maybe under
reserve, maybe just overreserve.
And that is normal real estate.
And one final thing before weleave, we should touch on this.
There's a lot of nine-monthagents out there, right?
(27:05):
And a big the what the reasonthis came up is someone said to
me, We've got Melbourne Cuptomorrow, it's all come on us.
Then we've got our Christmascelebrations.
He goes, So uh what a year.
And I said to the guy, he was aMelbourne guy, um, he wasn't a
McGrath guy.
He was actually we worked foran independent.
I said, Listen, you've got tobe careful because you've just
(27:25):
told me you'd you've got most ofJanuary off.
And I said, if you think aboutit, you could easily have
November, December, and thenpretty much say, we're coming
back after Australia Day.
I said, when I do that, that'sa nine-month year, and I haven't
even taken into account Easterand school holidays.
I said, November's actually anincredibly important month in
(27:47):
real estate.
Hugely.
John McGrath (27:49):
Yeah, no, it's it's very true.
Yeah, some I think the the thenthe Melbourne Cup through to
Christmas things, uh, you know,maybe a little bit more of a
Victorian thing from what Ihear, because I know certainly
in in um in uh Queensland and uhand uh New South Wales that
most of our agents are goingthrough to at very least
mid-December.
Um Victoria, hey, uh this isthe capital of the world when it
(28:12):
comes to auctions and greatreal estate.
I think the smart agents arenot clocking off next week.
Um they're clocking off middleof December, having a
well-earned break and comingback and hitting it hard middle
of January when there's plentyof people who want to want to
sell them.
We've seen through Con youmentioned last week, you had on
last week, um, and SuperSaturday.
(28:32):
I mean, there's plenty ofbusiness to be done in the month
of January.
And I'm not saying everyoneshould work that.
Some people have got you knowlots of kids and or kids and
they they want to take the monthoff well done, you know, and
well deserved rest.
But don't think there's nobusiness to be done.
You know, plan your timing.
Uh if you're if you're a poorplanner of holidays in real
(28:54):
estate, it's very expensive.
So plan your timing and takeyour time off, turn your phone
off, have an amazing holiday.
But when you're back, go hardbecause there's going to be
plenty of business.
And as I think we've all beenalluding to and whispering, you
know, next next 2026 seems tohave all the hallmarks of of you
know having quite a lot ofenergy attached to the year.
(29:14):
So I think uh you want to beabsolutely starting the year
early and strong.
Tom Panos (29:20):
Well said.
Well, on that point, it is ascorcher of a day in Sydney.
Troy's lucky he's got hissurfboard manly there.
In the suit there.
So uh John, Troy, we'll talk toyou for a week.
We're gonna make an effort tosee you guys right towards the
last one or two weeks ofChristmas.
(29:42):
We'll do we'll do our bit here.
Um, and um, yeah, see you nextweek.
John McGrath (29:48):
Thanks, Tom.
Bye everyone.
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