PHOTO: Ex-Eagle Corey Adamson
Real estate agent Corey Adamson is frustrated with the negative perception of his industry and feels the impact deeply as a “sensitive” individual.
At 32, Mr. Adamson acknowledges the challenges of working in a field that is heavily criticized. In 2023, the Governance Institute of Australia Ethics Index found real estate agents to be the least trusted professionals in the country. The ongoing housing crisis hasn’t helped, with a national median vacancy rate of just 1.3 percent leading to a fiercely competitive rental market and high-interest rates impacting homeowners.
“It genuinely hurts me. I know the clients I work with trust me, and you can’t survive in this industry without trust,” Mr. Adamson shared with news.com.au. “When I hear people say negative things about agents, I don’t like it.”
The Perth-based agent understands where some of the distrust comes from. He believes there’s been a “disconnect” in the industry, with some agents using social media to flaunt their luxurious lifestyles, which can alienate potential clients. “The branding of a real estate agent has shifted from being a trusted advisor to who can show off their Range Rover and Rolex,” he said.
@coreytherealestateagent Replying to @whome selling properties through TikTok is a lot bigger than you may think! #realestate #realestateagent #property
Adamson stresses that while there’s no right or wrong way to market oneself, agents should be mindful of the current economic climate. “It’s a tough time for many people, and I don’t think buyers or renters want to see agents living extravagantly.”
The real estate market itself is also challenging for agents. “Right now, there are 3000 properties on the market in Western Australia, but when I started, there were 17,000,” he noted. In January, the Real Estate Institute of Western Australia reported a record low of 3648 listings in Perth at the end of December 2023.
Corey said lots of agents are quitting. Picture: Instagram/coreyadamsonproperty
Mr. Adamson has noticed many agents leaving the industry due to the lack of business. Despite the competitive market, the limited inventory means fewer opportunities for agents to make sales. However, Adamson has adapted by sharing real estate advice on TikTok, amassing over 1.7 million likes. He addresses common questions, such as the fairness of agents earning more than teachers and nurses. “I’m a big advocate for paying teachers and nurses more, but I don’t think real estate agents should be paid less,” he said. “Agents should be able to earn as much as they can.”
He said there aren’t that many properties to sell right now. Picture: Instagram/coreyadamsonproperty
Despite the difficulties, Adamson is working hard and seeing strong local demand. He has observed young people getting creative to enter the market, with many relying on parental support as guarantors or receiving early inheritance. “I’ve seen parents gift over $700,000 to their children. There seems to be a lot of money around,” he said. He is amazed by the rising prices, noting that a home he bought for $645,000 in 2015 sold for over $800,000 in 2022 and was recently resold for over a million dollars to a first-time buyer.
He said locals are keen to get into the market. Picture: Instagram/coreyadamsonproperty
Despite the market’s heat, Mr. Adamson isn’t interested in buying investment properties. He previously sold an investment property to purchase a larger home for his family and found the stress outweighed the capital growth. “It felt like a full-time job, and I’ve been tainted by the experience,” he said.
SOURCE: NEWS.COM.AU