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It’s no secret that most agents want to earn more commission — but what might be less obvious is how other agents do it. One agent says he has increased his commission six-fold by being lazy.
A self-described “really lazy” agent who hates going to open for inspections and “wanted to make more money doing less work”, says he has worked out how to do just that.
Jason Xi, of Ray White Oakleigh in Victoria, ranked 56 in this year’s REB Top 100 Agents, says when he sells one block of land, his aim is to always get the property back and list it again with three to six townhouses replacing the land or existing property.
“I came up with a theory where if I sell a block of land, say 1,000 square metres, to a client, I want him to give that property back to me … I want to get four or five townhouses back and resell them again to make five times the commission,” Mr Xi explained at the Melbourne Secrets of the Top 100 Agents event.
Mr Xi said the first time he tried this tactic, the vendor wasn’t initially sold.
“So I booked an architect appointment with him and I took him to an architect. I took him to a second and third architect for another opinion. And then eventually it got around to him getting the deal with an architect and developing five townhouses. Admittedly, after that I took him to five different builders to get five different quotes at the same time. Now, fortunately, he went with one of those builders, he developed those properties and I got five townhouses back, which made me six times the commission of what I would have originally made on selling one block of land,” he explained.
“And I used that idea on every single block of land. So every time I sold a mum and dad home, I would get minimum of three to six properties back which means triple or six-times my commission with one simple concept … So one property becomes multiple transactions.”
Mr Xi, who also wasn’t much of a fan of open for inspections, explained he has nailed down the process and partners so effectively, he can now get deals across the line without ever visiting the property or land.
At the Secrets of the Top 100 Agents event, Mr Xi said despite the time-saving tactics he has developed, his approach is very high-touch and he is calling every vendor every day. Jason said he deals with 50 vendors per year, but every sale turns into three to six additional properties.
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