Why million dollar agents in Australia are 'broke' as first home buyers ... trends now
A veteran real estate agent and entrepreneur has criticised flashy 'million dollar agents' for complaining about being broke as first home buyers face an ever harder battle to get into the housing market.
Podcaster and author Tom Panos, who runs the Real Estate Gym, said in a video shared this week that property agents raking in a million dollars of commissions a year were wasting their money on extravagances.
'You want to be renting a nice plush apartment and you want a nice Maserati with a $4,000 a month lease,' Mr Panos said.
'You're eating at flash restaurants three or four times a week and you're flying business class, now travel is allowed.'
'The reason why you're broke is because you've got a small d***,' he said.
Author and podcaster Tom Panos (pictured) who runs the Real Estate Gym and is a veteran of the industry said 'million-dollar agents' were wasting their money to look flashy
Mr Panos said a million dollars doesn't go as far as many would expect and that wiser real estate agents were more frugal and were not trying to appear flashy.
'When you write a million bucks (in commissions), you give a percentage to your office,' he explained.
'Let's say 40 per cent and that leaves you with 60 per cent, so that's $600,000.
'You've probably got two staff members working for you so that's $75,000 each and you're left with $450,000.
'And you haven't even started (paying bills) yet. You haven't had something to drink or eat.'
Mr Panos said the property agents were still confident, however, because they had made so much in commissions and were throwing around money until, suddenly, the cash is gone.
He advised the agents to think in terms of
