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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?

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We connect a surprise sporting turnaround to what strong agents are doing right now: building belief, staying competitive, and handling both wins and losses with class. Then we get practical about why the real estate professional is back, and which skills are now non-negotiable in a tougher market.

• competitiveness showing up as urgency, preparation and consistency
• being a gracious loser after missing a listing and playing the long game
• why the last five years hid weak skills for many agents
• proactive buyer management beyond callbacks and open homes
• private inspections as the fastest path to rapport and conversion
• creating opportunities by matching buyers to streets and likely sellers
• layered pricing conversations using comps, feedback and real offers
• rates, borrowing capacity and helping buyers act at the right time
• controlling the controllables and using daily volume to build pipeline

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We unpack why some homes are still attracting fierce competition while other listings stall, and why borrowing capacity is shaping buyer urgency more than the headlines. We lay out a practical plan for turning stale listings into sold listings by telling the truth on price, resetting the method of sale, and using campaign data to guide decisions.

• daylight saving chat and why spring changes buyer energy
• strong auction competition when the guide matches today’s market
• the acceptance economy and why affordability beats headline price drops
• why 60 to 90 days on market creates a stigma and a digital fingerprint
• vendor management that starts with an updated CMA and specific buyer feedback
• why price is the main lever and small reductions often don’t shift demand
• when a deadline campaign or re-auction can re-energise a stale listing
• presentation upgrades that help once price is aligned, including styling and new photography
• tracking online views, enquiries, inspections and downloads in the first 7 to 10 days

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We break down how top agents grow market share even when the market contracts and headlines turn gloomy. We focus on controllables, sharper buyer work, firmer pricing advice, and better deal-making so you can build momentum heading into spring.

• cutting out negative media and adopting useful beliefs
• doubling down on buyer calls, follow-up, and buyer creation
• targeting investors focused on yield and long-term holds
• pushing early price alignment instead of chasing reductions
• over-communicating with buyers and vendors like a newsroom
• leveraging results and proof of activity to build confidence
• nurturing past clients because recency beats loyalty
• using creative terms like bridging, settlement flexibility, and structures
• tightening negotiation language so buyers stop spectating

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We pay tribute to Dr Fred Gross and unpack the coaching principles that shaped how we think about purpose, performance, and real estate success.

We share the practical rules we still use to build a bigger business without losing the life we are working for.

• Dr Fred’s impact on Australian and New Zealand real estate coaching and training
• Designing a magnificent life and treating business as the vehicle
• Building daily “tens” that keep energy and purpose alive
• Doubling results by getting better rather than just doing more hours
• Finding mooring lines that hold us back and changing the story we tell ourselves
• Focusing on the inner market we control rather than the external market we cannot
• Using better dialogue with vendors and buyers because words change lives
• Prioritising dollar-productive activities and tracking time to cut wasted effort
• Mastermind groups, vulnerability, and being the person you are proud to be
• Accountability partners plus rewards and non-rewards to lock in commitment

Dr Fred taught people how to make more money. His greatest lesson was what to do with the life that money gave you.

Our deepest condolences go to his beautiful wife Victoria, his family, and to everyone who loved him.

Rest in peace, Dr Fred Grosse.

Thank you for helping so many of us design a magnificent life!

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Recorded live at the Black Belt Retreat on 4–5 August, this Q&A session features Tom Panos, John McGrath, and Troy Malcolm answering real questions from attendees. Covering market conditions, pricing conversations, leadership, recruitment and high-performance strategies, this episode delivers practical insights and actionable advice for real estate professionals.