32yo reveals why he is sick of real estate agents getting a bad rap

Agent Corey Adamson is fed up with people in his industry getting a bad rap and says he is over it as a “sensitive” person

Real estate agent Corey Adamson is fed up with people in his industry getting a bad rap and said he is over it as a “sensitive” person.

Mr Adamson, 32, said it was tough to work in an industry that is so heavily disliked. In 2023, the Governance Institute of Australia Ethics Index found that real estate agents are the least trusted professionals in Australia.

The housing crisis hasn’t done agents any favours.

The national median vacancy rate of 1.3 per cent has led to a fiercely competitive rental market, and high interest rates are hurting homeowners.

So, if you’re in a profession that profits off such a competitive market, it is a tough time to be liked.

“Genuinely I hate it. It hurts me on a deeper level. I know the clients I work with, and they trust me, and you don’t survive in this industry without trust,” Mr Adamson told news.com.au.

“When I hear people say things about agents. I don’t like it.”

Corey is a successful Perth Agent. Picture: Instagram/coreyadamsonproperty

He said there’s been some “disconnect” in his beloved industry. Picture: Instagram/coreyadamsonproperty

The Perth-based agent understands where some of that distrust stems from.

He reckons there’s been a “disconnect” in his industry with the rise of some real estate agents using social media to show off their expensive cars and affluent lifestyles.

“The branding of a real estate agent has gone away from being the trusted adviser, and it has become more who can show off their Range Rover and Rolex,” he said.

Mr Adamson said there’s no right or wrong way to market yourself as an agent, but people should check the temperature.

It is a tough time for lots of people right now, and he doesn’t think buyers or renters “want to see” agents living large.

He said there aren’t that many properties to sell right now. Picture: Instagram/coreyadamsonproperty

Corey said lots of agents are quitting. Picture: Instagram/coreyadamsonproperty

The 32-year-old said he doesn’t think people realise that it is also tough to be an agent, and most aren’t making heaps of cash.

“Right now, there’s 3000 properties on the market in Western Australia, but when I started, there were 17,000,” he said.

In January, REIWA, an online marketplace for property in Western Australia, found listings for sale across Perth fell to a record of 3648 at the end of December 2023.

Mr Adamson said has noticed a trend of people “walking out of the industry because there’s not enough business.”

The market is competitive but also tight. Real estate might be going for record prices but there’s less available for agents to sell.

Mr Adamson is also one of those modern agents who doesn’t just open homes – he also opens himself up online, with more than 1.7 million likes on TikTok, where he shares real estate advice online.

He’ll advise if he thinks buying off a property plan is a good idea or always tackle questions such as: “Do you think agents should be making $200k a year, easily making more than teachers and nurses?”

Mr Adamson doesn’t think it is a fair comparison.

“I’m a big advocate. They should be paid more. In saying that, I don’t think it needs to come at real estate being paid less,” he said.

“I do think agents should be able to make as much money as they possibly can.”

Mr Adamson is working hard for his salary and has noticed people in Perth are keen to buy.

He said there’s been “overwhelming local demand” when selling homes and he is seeing young people getting “crafty” so they can crack the market.

“Lots of parents are going as guarantors, a lot of people are buying properties with their parents, and lots of people are buying properties with early inheritance,” he said.

He said locals are keen to get into the market. Picture: Instagram/coreyadamsonproperty

He has noticed parents are helping their kids. Picture: Instagram/coreyadamsonproperty

He has seen parents gift more than $700,000 to their children, and while he is not always sure where it comes from, he has noticed there’s “a lot of money around.”

There needs to be, though. The market doesn’t seem to be slowing down, and Mr Adamson is in awe of prices.

The best example he can give is that he bought a home in 2015 for $645,000 and sold it for more than $800,000 in 2022. He has now sold it again on behalf of the buyer for more than a million dollars to a first-time buyer.

“I’m not sure where exactly the money is coming from. I don’t know if it’s out of desperation, but people have an appetite,” he said.

It isn’t uncommon for more than 100 potential buyers to show up for one housing inspection, and Mr Adamson said it is an “obscene” amount of people, especially because they’ve found the majority turn out to be serious buyers, not just sticky beaks.

Even though the market is sizzling,

Mr Adamson isn’t interested in buying an investment property. He has owned one in the past but sold it to buy a bigger home for his family and didn’t think it was worth the stress.

“I’m not the biggest advocate for investment properties. It isn’t a financial measure; I’ve just had a bad time with my last investment property, and its stresses weren’t worth the capital growth.” he said.

“It felt like a full-time job and I’ve been tainted.”