“Get real, real estate agents don’t make as much as what people think they do,” NSW auctioneer Tom Panos said, attempting to dispel common misconceptions about the industry.
Panos’ 14-minute video was prompted by a comment from Stephanie Marshall, a real estate agent and former Married at First Sight participant, who claimed she earned $600,000 in commission in a single year. Panos responded bluntly, “I want to make it very, very clear, she doesn’t get $600,000.”
In the video, Panos broke down the typical earnings of a real estate agent, factoring in office fees, assistant costs, taxes and other business expenses. He estimated that Marshall would realistically take home around $130,000-$140,000.
“Guess what, that’s not that much a different salary than what everyone else is getting in the world these days, man, like it’s lower than what an Uber driver gets,” he said.
According to a 2024 Finder analysis, a Sydney Uber driver working 38 hours per week earns approximately $82,435.42 annually.
Panos suggested that the public’s perception of real estate agents’ wealth is skewed by their appearance, such as luxury cars and designer clothes. “A lot of real estate agents around Australia [are] leasing cars… Some own a property, some don’t, some are renting — so it’s not as flashy as what people think it is.”
After comparing agent salaries to those of Uber drivers, Panos turned his attention to Australia’s housing and political landscape, criticising NSW Premier Chris Minns and the housing supply shortfall.
Panos also noted that recent inflation and rising interest rates, fuelled by the Middle East conflict, have added pressure to the housing market. “It’s getting hard. And I’m letting you know every real estate agent now is on notice,” he said.
He revealed that nearly 70 per cent of the properties he was scheduled to auction last week never went to auction, either being cancelled or sold prior.
“This, my friends, is the leading indicator that we have a marketplace that is changing, at least in Sydney,” Panos said. “That is a clear indicator that buyer depth is actually diminishing.”
Source: Real Estate
