TRANSCRIPT

Tom Panos 00:00

There’s no prize for being the second best lister at a presentation, right? So there is a prize In certain things in life, liam, you do get a reward, like in the Olympic Games you get silver. There’s a bronze as well. In real estate, if you get the listing, you get the fee. You get the sold by, you get the just solds. You get a new listing in the street. If you’re the second best lister, you don’t get a listing. You get no sign board. You get no sold by. You get no further listings. You get nothing. And listings are not one 48 to nil. They won 2018. They’re such a fine line and, liam, the three questions that often get people rattled at a presentation and take their presentation from being brilliant to being average are what we’re going to talk about. So, firstly, let everyone know again where you’re from.

Liam Cromarty 01:06

Yep, so from Love Property Group in Lake Macquarie, newcastle.

Tom Panos 01:11

And his father, stephen Stab, also half Greek, is the owner of the office. An incredible business that has learnt divisions of labour where certain people list, certain people show properties, so it uses a lot of the Henry Ford principle, where we have specialists that are efficient at getting the job done. Now one of your main jobs is to go to listing presentations. How many appraisals do you reckon you go to on a week?

Liam Cromarty 01:42

About 20 a week. Would be 20 a week, yeah.

Tom Panos 01:45

Okay, so that’s 80 a month. Yep, okay, if they’re selling, if they’re coming on the market, if they’re not a price update but they are a seller, what’s your success rate?

Liam Cromarty 01:59

So if they’re 100% going in the market, yeah, they’re 100%. That’s what I’m talking about 100%, 85%, 85%, list-to-lose ratio.

Tom Panos 02:07

So one in three if it’s all listings, appraisals and price updates and listing presentations and immediate sellers, all in the one bucket, one third, and that is an important number, because if you want to work out how much money you’re going to make, all you’ve got to work out is how many appraisals to go to right. Yeah, 100%. The second one is that you’ve got an 85% success rate if they’re selling yeah, correct, under competition. Okay, here’s the case study. You’re at someone’s house, you’re not the first in, you’re either the second or last, doesn’t matter.

Liam Cromarty 02:43

Yep.

Tom Panos 02:45

You’ve really hit it off with them and you’re getting on. And then, as you’re sitting down at the table, you ask for the business and I say to you Liam, yeah, I just wanted to. You know this thing about the commission, right? What did you say? Your fee is?

Liam Cromarty 03:07

again 2.95% plus GST. All that much, yeah, yeah, I guess. Look, I appreciate you raising that. Is there anything that you know I appreciate you raising that?

Tom Panos 03:22

Is there anything that you know? Liam, obviously, with the moves expenses you know, and I’ve got to pay stamp duty on the next home we buy, which is really really quite expensive. Every dollar matters. I’ve had a couple of others out there. You are on the higher end. Like I’ve had someone come in at you know about closer to 2%, just over 2%, nearly a percent difference.

Liam Cromarty 03:56

Yeah, I’m sure you have. And look, I guess it’s funny that they come in at that level because everyone sort of knows what each other charges. I mean, I appreciate you raising it, though If I guess I could have you feeling more comfortable about the fee, would you be prepared to give me the go-ahead tonight?

Tom Panos 04:16

Okay, stop there, susan, that’s gold. You’ve got such a nice conversational, non-salesy approach in saying things. Say it one more time, because I don’t reckon I could say it the way you said it. Say it one more time.

Liam Cromarty 04:32

Look, I appreciate you raising that and I guess you know it’s funny that they did come in at that amount, because every agent sort of knows in the local area what each other charges. I guess every agent sort of knows in the local area what each other charges. I guess, look, if I could have you feeling more comfortable with my fee, would you feel comfortable giving me the go-ahead on your property tonight? Okay?

Tom Panos 04:54

If I could get you to feel comfortable about the fee, would you be able to give me the go-ahead tonight? I think that’s an important conversation because, um, if you actually say the first bit but not the second bit, um, it’s got you nothing. All you’re saying is oh, I’ll get comfortable and drop my fee, but you don’t have to get uncomfortable, and okay, an agency agreement.

Liam Cromarty 05:24

For sure. And look, there’s a few different things I actually would say to that question. It’s just pending the kind of people that you’re in front of. So another thing I’ve said before that seems to work is look, do you think that’s fair, that I would drop my fee to be like everyone else?

Tom Panos 05:44

Do you think that’s fair that I would drop my fee to be like everyone else? Do you think that’s fair that I should drop my fee just to be like everyone else? I like that. I mean. I know Like there’s very few services or products in the world that are the same price. Like you know, newcastle I’m picking Newcastle because that’s where you’re at Newcastle NRL team does not have every player on the same salary.

Liam Cromarty 06:15

No, and when you’re with, like someone who’s in a trade or in the building industry but most people get this I would say look, if we look, I guess if we were discussing today, if I was a builder and we were discussing building this home today, that’s given you a test ride of the real estate gym.

Tom Panos 06:34

In the real estate gym, we’ve got all the information you need to succeed, whether it’s prospecting, listing, presentations, scripts, dialogues, how to actually have the best templates and have a process-driven business. You can join the real estate gym. The doors are open now and it is less than one coffee a day as an investment.