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The Hardest Real Estate Market in 20 Years. Just How Much Are Agents Hurting?

Sales volumes are collapsing. Commissions are shrinking. Some agents are earning 30–50% less than they were just a year ago. And the pressure is mounting.

In this episode of Million Dollar Agent, Tom Panos, John McGrath and Troy Malcolm unpack the brutal reality of today's property market and what it means for agents heading into 2027.

We discuss:

• Just how much income real estate agents have lost.
• Why this could be the toughest market in two decades.
• The growing gap between agents who are surviving and those who are struggling.
• Why unrealistic vendors are costing agents time and money.
• Whether agencies should cut costs, reduce staff or double down.
• Why the next 6–12 months could create enormous opportunities.
• How to position yourself to win when the market eventually recovers.

The reality? Some agents are fighting for survival. Others are quietly building market share.

This market is testing everyone. But it could also reshape the real estate industry for years to come.

If you're a real estate agent, principal or business owner, this is an episode you can't afford to miss.

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25% of agents are gone. Sales volumes are down. Buyers are cautious. So why are some agents still growing?

In this episode of Million Dollar Agent, Tom Panos, John McGrath and Troy Malcolm unpack what it takes to win in a market that is exposing the difference between skill and luck.

John explains why this is a mental toughness competition, why agents need to stop blaming the market, and what he learned building a business through some of the toughest property markets Australia has seen.

The conversation covers getting back to the fundamentals, working buyers harder, managing vendors, growing market share while competitors retreat, and why fewer transactions could actually represent one of the biggest opportunities for ambitious agents.

The market isn’t dead. It’s selective.

And the agents who sharpen their skills now could be perfectly positioned when volume eventually returns.

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What can a real estate agent learn from one of the world’s best restaurants? A lot more than you might think.

In this episode of Million Dollar Agent, Tom Panos, John McGrath and Troy Malcolm unpack the extraordinary standards behind a Michelin-star dining experience and translate them into practical lessons for real estate.

• Know exactly who you are: The best businesses don’t try to be everything to everyone. They know what they stand for and deliver it relentlessly.
• Location is no excuse: If your service is extraordinary enough, people will seek you out. This restaurant proves it, with guests travelling hours for the experience.
• Own every touchpoint: From the moment a customer arrives to the moment they leave, every detail is deliberately designed. What would that look like at your open homes, auctions, listing presentations and settlements?
• Systemise the magic: Great customer experiences shouldn’t happen by accident. Build memorable moments into your process so they happen every single time.
• Make the small things matter: Sometimes it’s not an expensive gift that gets remembered. It’s noticing something about a client that proves you were actually listening.
• Stop giving clients too many choices: Great professionals make clear recommendations. Instead of overwhelming vendors with marketing options, confidently recommend the campaign you believe will deliver the best result.
• Create an experience people talk about: The transaction might finish at settlement, but the way you make people feel can keep generating referrals for years.
• Build a culture of extraordinary standards: Premium service isn’t the work of one superstar. The entire team has to buy into the standard.

Plus, the team discusses signs of changing buyer activity, whether we could be getting closer to the property market bottom, and why agents need to finish 2026 strongly if they want to hit 2027 with momentum.

The big question for every agent: Are you simply providing a real estate service, or are you creating an experience people remember?