Real estate figure Tom Panos blasts ‘ego’ in the industry

An agent and auctioneer known for his appearances on The Block has claimed some colleagues in the industry are acting like bankers before the global financial crisis.

A well-known real estate figure and auctioneer has called out the egotistical culture within the industry, saying he thinks clients were no longer seen as “the hero” by some colleagues.

Sydney-based Tom Panos posted a self-described “rant” to his social media pages, in which he lashed a new breed of agent who spent more time marketing themselves than the properties they sell.

Mr Panos, a podcaster who runs a real estate coaching business, asked “when did agents have such big egos?”.

”I don’t know when it happened,” he began.

“But at some point in the last two decades we moved away from making the hero be the client and all of a sudden the real estate agent decides to be the hero in the transaction.”

Mr Panos, who has featured as an auctioneer on The Block, stressed that he did not believe all agents put themselves before clients.

But he stated a “small cohort” of agents were acting like bankers did before the global financial crisis of 2008.

“It was a money trail; do what you want, sell what you want, make money, don’t worry about the client,” he said. “This is going to be a party that’s never gonna end.

“But at some point the hero moved from being the vendor, the client, and the real estate agent decides to become the hero.

“Including the way they acted, the way they behave, even the way they market it.

“In some properties, the way they market it, the agent is more marketed than the actual home. And it’s being funded by the vendor.”

Tom Panos delivered a passionate spray.

The auctioneer on the 2023 season of The Block.

He went on to ask if there was real estate school or trainer out there telling new agents “do what you want to do, look good, screw everyone else”

Mr Panos said those in the industry should be aiming to create a sustainable and lucrative business.

In Sydney, where the median house price rose to almost $1.6 million this year, some agents have gained minor fame thanks to viral social media videos and TV programs.

Earlier this year, one western Sydney agent defended himself for using a hired Rolls Royce in a video promoting a humble townhouse he was listing.

One Sydney agent has defended the use of ritzy videos for marketing.

He said he regularly sold properties through social media.

“I started the sale process about five months ago and my goal from the day I started was that I wanted to do stuff in a different way,” Amir Jahan said.

“Nine out of ten people love cars and so I start the video with the car and then the property to get (the listing) promoted.”

He said he regularly sold properties through social media thanks to his approach, and that he did not spend clients’ money on cars and cameras for his videos.

While Mr Jahan conducts his business legally, the activities of other real estate agents has also been under the microscope of authorities in recent months.

NSW Fair Trading has fined 78 agents for the outlawed practice of underquoting since early 2023, and issued another 74 warnings.