Home World Mistake this year’s losers on The Block made behind the scenes

Mistake this year’s losers on The Block made behind the scenes


The Block Tree Change auctions

Many of the teams failed to account for the changing market in their preparation for auction, veteran agent Tom Panos said.

Most of this year’s contestants on The Block failed to get strong prices because they misunderstood the “psychology” required to succeed at auction, the Grand Final’s winning auctioneer has revealed.

Real estate trainer and veteran auctioneer Tom Panos called the first auction that saw buyer Danny Wallis pay close to $5.66m for Oz and Omar’s property.


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Winning Block auctioneer: ‘most teams were doomed to fail’

Full Block 2022 winners, auction results revealed

The rest of the teams struggled to achieve strong results, with two passing in at auction.

But Mr Panos revealed that not all was smooth sailing behind the scenes at the recent auctions, with some of the losing teams making big mistakes prior to bidding time.

The auctioneer explained that in a strong market sellers often relied on the “fear of loss” to propel bidders to make strong offers.

There was a pre-auction meeting for the bidders vying for Omar and Oz’s property.

“When someone else bids, it’s someone trying to take your house away from you. It’s a strong emotion,” Mr Panos said, adding that the problem was that some sales relied only on this fear.

He noted it was always going to be a challenge selling rural properties in a market of rising interest rates, but many teams failed to prepare their sales adequately for auction.

“Since the market changed nine months ago, I’ve been saying in the real estate industry, you need to stop relying only on the fear of loss to make sales because in this market people are paranoid about overpaying. You need to be doing more.”

Mr Panos said the auction for Oz and Omar’s property succeeded because the necessary legwork was done before the auction to attract the most cashed up buyer – in this case, Danny Wallis.

“You have to work very closely with buyers. I tell all agents they need to have a pre-auction buyer meeting. Sit down, talk about the property.

Auctioneer Tom Panos with the winning team of Oz and Omar on the 2022 season of The Block.

“With this property, I was involved in the pre-auction buyer meeting. I told the buyers that if you want this you are going to need to make a high bid to scare everyone else away. It set the tone.

“With the other auctions, there was a lot of antagonism between the buyers and the auctioneers.

“What was happening was that these low bids were coming in and many of the agents and auctioneers were getting emotional. One of the bidders turned around and said, ‘if you don’t respect my bid, I am not going to bid’.

“One thing I have learned is that in this kind of market you need to make the buyer the hero, no matter how uncomfortable their behaviour makes you.

“If there is mild heckling, even if they are disruptive, you can’t be emotional. As an auctioneer, that’s when you make mistakes. It is so hard to find buyers at the moment, you should be grateful.”

Mr Panos said a lot of “momentum” was lost in the unsuccessful auctions.

“One of the keys in an auction is momentum. You don’t want stalls and pauses. You want tension.”

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