While you’ll hear endless market forecasts from media commentators with hidden agendas or data crunchers making predictions from their desks, there’s nothing like hearing real, unbiased feedback from specialists who actually work on the frontline of the property market. Property Portfolio Magazine Editor In Chief, Debra Beck-Mewing, had the exclusive opportunity to discuss the property market with real estate industry super-star Tom Panos.
There’s not too many property owners who wouldn’t recognise Tom – either through his extensive print and television work, inspirational podcast series, highly coveted training or his entertaining and successful auctioneering services. Tom has earned his reputation as a skilled and trustworthy specialist during his 30+ year career in the real estate industry, commencing with a fill in job while at university. Loving the work, he decided to stay in the industry and opened his own agency at the age of 22.
With the agency breaking sales records, it wasn’t long before Tom was asked to share his knowledge through speaking / training events for real estate agents and he now runs one of the most successful training and professional development businesses in Australia.
From a property perspective, Tom walks his talk having built up a significant portfolio over the years. In addition, his auctioneering services are in demand from property owners Australia-wide. Drawing from this knowledge base, outlined below are Tom’s views on the property market and tips for how buyers can be successful in the months ahead.
HOW CAN BUYERS MAKE THE MOST OF THE CURRENT MARKET?
• Understand there is strong competition and factor that into your planning.
• Look at suburbs next to others that have taken off and buy ahead of the upswing.
• Get clarity on what you’re looking for – is it yield, capital growth or a home? Understand that it’s fairly impossible for one property to deliver on multiple aspects so be prepared to be flexible. This means you need to be prepared to accept lower growth if you’re looking for yield or limited yield if looking for good capital growth.
• Match your strategy to your targets and preferences. “For example, when I started out I was really focussed on capital growth. I loved the idea of buying for a lower price and enjoying the growth but I’m now more focused on yield and transitioning my portfolio,” Tom said.
• Don’t try and ‘time’ the market particularly if buying your home – remember property is a long game and a few extra thousand dollars will be irrelevant if it means you can live in your ideal location for many years to come.
• When setting budgets remember to factor in the cost of being out of the market – there’s quite a few buyers now who are regretting sitting on the sidelines during the recent downturn.
TIPS ON DEALING WITH AGENTS
• Understand that agents are increasingly turning to different methods other than just listing properties on the main property portals. Buyers will need to develop a relationship with agents in their area of focus as they may not be seeing 100% of the properties available if they’re relying on the portals alone.
• Buyers should be candid with their targeted agents – this includes providing your budget and property requirements as well as advising that you’re ready and a hot buyer otherwise you’ll be shown the wrong properties.
• Be mindful that in an upward trending market guide prices may be low, so factor this in when assessing whether properties are within your price range.
• Understand that the agent is ultimately working for the vendor and while they will help where they can, you also need to be clear on your market position.
• Be so educated on the market that you can be confident in your pricing, assessing value and opinions of market influences.
• When negotiating, the absolute best strategy is to have a plan B and remember that walking away can be part of the negotiation.
For more information: www.tompanos.com.au and https://realestategym.com.au/ for training and professional development services targeted towards people who believe they can improve all areas of their life.
For more information about Tom and what he does go to https://tompanos.com.au/
About the author
Debra Beck-Mewing is the Editor of the Property Portfolio Magazine and CEO of The Property Frontline. She has more than 20 years’ experience in property investing Australia-wide and has used a range of strategies to build her property portfolio including renovating, granny flats, sub-division and development. Debra is a skilled property strategist, and a master in sourcing properties that have multiple uses and multiple exit strategies. She is a Qualified Property Investment Advisor, licensed real estate agent and also holds a Bachelor of Commerce and Master of Business. As a passionate advocate for increasing transparency in the property and wealth industries, Debra is a popular speaker on these topics. She is also an author, podcast host, and participates on numerous committees including the Property Owners’ Association.