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Tom Panos, a real estate coach and auctioneer, has been appointed as brand ambassador for bridging finance lender Bridgit.
Panos, who has built a strong social following and is recognised as a leading property industry personality following his 30-year property career, opened his first real estate office at 22, founded the Real Estate Gym, co-hosts the Million Dollar Agent podcast with John McGrath, and has run more than 900 workshops for agents across Australia and New Zealand. He has also frequently appeared on Broker Daily podcasts.
In his new ambassadorial role, he will use his position to take Bridgit’s “Buy Now, Sell Later” message to home owners and the agents who advise them.
Bridgit noted that Panos “works at the exact point where that proposition matters: the buyer is ready to move, but the timing isn’t”.
Speaking of the appointment, Aaron Bassin, founder and CEO of Bridgit, said that Panos is closely aligned with Bridgit’s vision and mission of helping everyday Australians unlock, use and create wealth through their home equity.
“I’ve admired what Tom has built and have been a fan for a long time, so I am thrilled to have him join as one of Bridgit’s ambassadors,” he said.
“Tom has stood in more auction rooms and trained more agents than almost anyone in this country. He’s seen what happens when a buyer can’t move until they’ve sold. Nobody explains the problem better, and nobody is more trusted by the agents who see it first,” he said.
Speaking of his new role, Panos said: “Whenever I’m looking to partner with either a business or an individual, I need to be passionate about what they’re doing and how they’re making a difference. When I first met with Bridgit and Aaron, their CEO and founder, I realised quite quickly that they were the panadol for the headache that buyers are facing.
“Being able to buy now and sell later is a big thing for home owners and Bridgit can do it quickly, efficiently and for more Australians than what other traditional lenders can do,” he said.
“We’re getting more stock into the market, but buyers still have the confidence to say no. Don’t watch prices. Don’t watch listings. Watch the gap between what sellers want and what buyers are prepared to pay. More auctions don’t automatically mean more transactions,” Panos added.
Bridging finance has been growing in popularity in recent years, particularly as the property market is cooling but borrower serviceability increases amid a rising rate environment.
Indeed, the majority of property transactions being seen through the broker channel at the moment are for “upgraders”, existing home owners moving into a bigger house. Many of these borrowers have been turning to bridging finance to make the move.
The attraction of the loan product has been partly attributed to the risks of delayed sales. Indeed, according to Cotality, the median time to sell a capital city home has increased from 23 days to 39 days over the past year.
[Related: Market conditions spark upsizer surge]
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