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Michael Yardney Podcast

Insightful, educational and always interesting

Listen and learn from Michael Yardney, Australia’s most trusted property commentator and a group of experts as they discuss Property Investment, Success, Money and Finance to help you multiply your wealth.
While Michael is best known as a property expert, he is also Australia’s leading authority in the psychology of success and wealth creation. You’ll enjoy the way he challenges traditional finance advice with innovative ideas on real estate investing, personal finance and wealth creation. 
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  2. 014: Do real estate agents tell white lies to make a sale? | This is the best predictors of future success

Nov 6, 2017

Do real estate agents tell little white lies?

And would you like to know how to predict the chance of your future success?

Well...in today's Podcast I chat with George Raptis, Director of Metropole in Sydney and ask whether real estate agents tell white lies to make help make sales.

We discuss whether agents bend the truth or are they just trying to do their job without being sued.

I deal with real estate agents all the time and most are just regular people doing their very best in a very competitive market.

I also discuss a really fascinating study that revolves around whether you can predict a child’s future success.

Interestingly this study proves that you can predict future success, but it may not be in the way that you think.

Today’s discussion points:

Do real estate agents tell white lies to make a sale?

  1. Playing on your fear of losing out by saying that there are other interested buyers. Never feel pressured. Ask if the other party has signed a contract.
  2. “We don’t need to include that because the vendor will be fine with that.” There is no guarantee you’ll get the condition you want without a signed contract. “He told me so” is not a legal argument.
  3. Applying deadlines or time pressure. Maybe the agent has somewhere to go but more likely they are trying to rush you. Take all the time you need to make a reasonable decision.
  4. What if the agent says: “My client hasn’t told me what they want for their home.” Don’t believe them - agents know the price their clients want. Change your approach to get the information you want.
  5. “We are happy to present any offer prior to the auction.” Agents will entice you to test buyer interest. Experienced agents could use this information to set a higher reserve.
  6. “You don’t need to look over the contract.” Buyer beware of any financial agreement they sign. Have a solicitor look over all contracts.

Mindset Message: This is the best predictor of future success:

  1. Grit is the passion and perseverance for long term goals. This is what set the “A” students apart from the other students.
  2. Grit is something that you can develop even if you haven’t shown it in the past.
  3. In order to succeed, you have to get up one more time and push past your boundaries.


Links and resources:

Quotes:

“Many estate agents just bend the truth a little bit to get you more excited about the property.” Michael Yardney

“Sometimes you are going to fail and things are going to go wrong. You need to be one of those that gets out of your comfort zone and pushes yourself foreword.” Michael Yardney

“You don’t need to be inherently intelligent or talented to succeed, you just need to have grit.” Michael Yardney

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