From Mechanic to Sotheby's - Michael Pallier #101

Michael Pallier drove to a client's house to replace a cracked toilet seat three hours before a birthday party, because he still had his mechanic's tools in the boot. Years later the same clients gave him the listing on a house that sold for $70 million.

Michael Pallier is the managing director of Sydney Sotheby's International Realty. He spent 14 years selling Rolls Royce and Mercedes before he ever sold a house, and has now been in real estate for 27 years.

What you will learn:

- What the car industry taught him about closing that he says most agents never learn, including the puppy dog close and the cup of tea trick

- The exact question he asks on a callback instead of "are you interested in buying"

- How a $15 million buyer who criticised everything ended up in a $95 million transaction

- Why he vets tenants by asking to see where they currently live, and the one he turned down

- What his day actually looks like, from the 41 minutes on the treadmill to the esky of sushi

Chapters

00:00 Wollongong to the Rolls Royce workshop at 18

02:48 Up at 4:30, work at eight, TAFE until nine

04:11 Driving a Bentley Turbo to Geneva

07:00 You will never see them again

09:46 The puppy dog close

11:10 Neil Sutton, and the cup of tea too hot to drink

14:00 Two percent of a car against two percent of a house

16:46 Squeezing the last dollar for the owner

18:11 The open home, the Range Rover and the buyer

20:59 A handshake was his bond

23:44 The $70 million listing that came out of it

26:36 The daily routine, down to the treadmill and the esky

28:03 A team of five, and a call every morning

30:50 Holding your nerve on a two year negotiation

33:41 What he would do if he were starting today

35:06 Vetting a tenant by asking to see their current home

40:50 Advice for an agent still in someone else's team

44:00 How long it really takes to be competent

46:23 The $95 million sale, and the man who told him to get into real estate

49:13 What consistency actually costs

Michael Pallier's small favours keep paying him decades later. Property should work the same way.

Most properties only make money if the market does. The ones that pay for themselves from the day you settle are bought differently, and it comes down to four points.

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General information only. Not financial, tax, legal or credit advice. Bothsides is not a mortgage broker or credit provider.