One of Australia’s biggest names in real estate believes many agents haven’t "done the math" and should treat every buyer as if they were purchasing 50 properties.
During his session at this year’s Australian Real Estate Conference (AREC) on the Gold Coast, CEO of McGrath Estate Agents and leading industry commentator John McGrath said the lesson was one that he wished he had learnt earlier.
“I was once asked if I would treat a buyer differently if they were going to buy 50 properties from me, and while I’d like to have said 'No, I always give every buyer my all', I said yes, embarrassingly.
“I would have cleared my diary and dedicated a lot more time and effort to that client because that one sale could change my life.
“But have you ever done the math?” he asked the 3,300 delegates.
According to Mr McGrath, one buyer can add up to 50 potential sales in a very short period of time through their circle of influence.
“That buyer will tell all their friends and family and if you get a couple of them, each of them will tell their friends and family. One sale can get you 50 sales, so start treating each person as if they’re going to get that for you,” he said.
And while the advice may seem simple, Mr McGrath claimed that real estate was simple.
“It is not complex, it’s not easy, but it’s not a complicated business.”