ILLINOIS 1-24-22

ILLINOIS EDITION

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WAYS TO TRANSFORM RENTERS INTO OWNERS TURN OPEN HOUSES INTO

DESTINATIONS

COVER STORY

DEVELOPING YOUR PRICING PHILOSOPHY THESE 7 HABITS ARE THE

REAL SECRET TO SUCCESS

CRAIG & NICK FALLICO

ILLINOIS EDITION

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CRAIG & NICK FALLICO

CRAIG & CONTENTS NICK FALLICO 4) THESE 7 HABITS ARE THE REAL SECRET TO SUCCESS

16) 5 WAYS TO TRANSFORM RENTERS INTO OWNERS

14) TURN OPEN HOUSES INTO DESTINATIONS

20) DEVELOPING YOUR PRICING PHILOSOPHY

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Success– These 7 Habits Are the Real Secret to Success What is it that makes some people so successful and others not? Is there a secret recipe one can follow, as easy as baking a cake, which will give them the strength to achieve their ultimate goals and have it all?

The answer is that, in a manner, there is. The trick is in how you think about success and what it means for you. Many people define success as achieving their personal goals, but could this be leading them to look at the world a little too narrowly? The people that are truly successful in every aspect of 4

their lives don’t stop at simply achieving their personal goals. They succeed in many avenues of their life, including their job, relationships, health, and family just to name a few.

It turns out that ultra-successful people tend to have quite a number of things in common. One main skill many seem to possess is high emotional intelligence, or the ability to manage your emotions so that you can stay calm and focused even in high

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stress situations. Luckily, it seems not all of them are simply born with this ability, but have many strategies they use to help them achieve higher emotional intelligence. Here are seven strategies and habits that will help you achieve success in every area of your life.

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BE COMPOSED The first thing successful people always seem to have under control is their composure. Successful people stay calm and composed when the going gets tough and fingers start pointing. They don’t panic. The secret? They understand that in life things are always changing. It doesn’t matter if something is bad at the moment because that will change soon enough. In this topsy turvy life all you can really do is adapt in order to stay happy and remain in control of how you react.

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BE KNOWLEDGEABLE Have you ever noticed how successful people always seem to have such a wide range of knowledge and interests?

Successful people do know more because they are always working to grow and learn. They strive to constantly increase their self-awareness. If a spare moment exists, then they will fill it with some kind of self-education. They do this because they are passionate about learning new things and ways to improve their life.

Ignore the fear of being judged and ask questions, because that is the only way you can learn. Successful people don’t

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fear asking questions. They fear not asking those questions and growing stagnant.

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BE DELIBERATE It is important to think and reason before you come to a decision. Successful people don’t rush. They seek out advice from other, they think of all the aspects, and sleep on their thoughts before finally making their decision. Your gut instinct can be misleading, and lead you to make a rash decision that you will come to regret later.

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BE CERTAIN, AND SPEAK WITH CONVICTION Successful people speak with certainty.

Unless you communicate your ideas with conviction and certainty, then you will have a hard time getting people to listen to them.

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BE POSITIVE Successful people use positive body language when they are talking to other people. Their tone is enthusiastic, they maintain eye contact, leaning in towards the person speaking to show interest.

Successful people use it to draw those other people in. How you say something can be just as if not more important that what you say to people. Positive body language can completely alter how your speech is perceived by others, and helps to keep attention on you and what you are saying.

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BE MEMORABLE BY LEAVING A STRONG FIRST IMPRESSION You only have once to make a first impression, and they are incredibly important, as they are closely ties to positive body language. You have around 7 seconds to convince a person to like you after you initially meet them. That is how long it takes them to decide when they meet you. After that a person is simply spending the rest of the conversation justifying that initial reaction they had. You can make sure you make a good first impression by having strong posture, a firm handshake, a warm smile, and open shoulders.

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BE FEARLESS Successful people know that to give in to fear is a choice. They don’t let the fear take over, instead focusing on the rush of euphoria that comes with conquering fears.

All of this adds up to having a high emotional intelligence. What helps you to succeed is the ability to control those whirlwind emotions so you can stay calm and focused on actually succeeding. These habits can help you gain a higher emotional intelligence, but as you probably already know, anything involving dealing with your emotions in a healthy manner takes serious work. So, don’t give up if you fail the first time. You must always try and try again.

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CRAIG & NICK FALLICO Top Agent Magazine

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CRAIG & NICK FALLICO “Helping others has been the driving force of my life,” says Craig. “Real estate has complimented my teaching perfectly because I’m constantly educating, motivating, and inspiring people as we go through that process together.”

If you’ve been a resident of Park Ridge, Illinois for long, there’s a good chance a Fallico has touched your life. Craig Fallico taught Spanish 8

in the school system there for 36 years, coaching for 31 of those years.

He also helped people buy and sell homes. “Contrary to popular belief, Top Agent Magazine

teachers don’t make millions of dollars,” Craig laughs. “I was supporting 5 kids and my wife was a homemaker taking care of us all. Teaching alone wasn’t going to pay the bills.”

Craig got his Realtor®’s license in 1981 and supplemented his income helping his father, who had been in the industry with Fallico Real Top Agent Magazine

Estate since 1969. Now entering his fifth decade in the business, Craig has helped 7000 people throughout his career. Ninety-five percent of his business comes from repeat clients or referrals, proof of their faith in his “Count-on-Me” promise.

“Helping others has been the driving force of my life,” says Craig.

“Real estate has complimented my 9

teaching perfectly because I’m con- a hard way, my Dad’s already doing stantly educating, motivating, and it,” Nick jokes. inspiring people as we go through that process together.”

Craig taught Nick the wisdom of thinking in terms of people helped Craig’s son Nick joined Team Fallico over volume, while Nick has inas a licensed agent at Dream Town novated the team’s marketing Realty in 2013, bringing a marketing strategies. Those strategies include degree and a wealth of experience professional photography and vidfrom the corporate world. He im- eography of clients’ homes, along mediately took advantage of Dream with exposure to millions of potenTown’s incredible technological re- tial buyers across every marketing sources to build on the success his platform and medium. The team father had created, upgrading and works hard to stay in front of their streamlining the process. “If there’s community too, running promotion-

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al videos at the front of films at Park Ridge’s Pickwick Theatre, sending out monthly market updates and quarterly gifts to clients, and Craig’s handwritten cards sent to over a thousand clients each holiday season.

Craig and Nick stay involved in their community, both volunteering as coaches for the Maine Eagles Wrestling Club. They donate to the city’s Park District, and Nick is a board member for the Park Ridge Chamber of Commerce. They also donate to a scholarship fund each year to assist an eligible student to Top Agent Magazine

attend community college. Every year they sponsor a Food Drive to help needy families.

Going forward, Craig and Nick want to continue positively impacting as many lives as possible, assisting new agents who are trying to break into the business, maintaining the caring and professional service that has been the Fallico calling card since 1969. At no time was that dedication more important than during the past two years of the pandemic, when they reassured clients: “We help. We care. It’s that simple.” Not 11

surprisingly, Craig views that mission through the lens of a teacher.

“We had an old saying—‘Kids don’t care how much you know, but they know how much you care.’ The same

goes for clients. They can immediately feel whether you care about them or not. We do, and we consider ourselves responsible for their well being when it comes to real estate.”

Contact Craig & Nick at 847.226.0834 or email them at teamfallico@dreamtown.com

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Turn Open Houses into Destinations People are busy. Even those who are actively looking to buy a house or want to learn about the market for a future purpose have busy schedules.

But with bit of added time, creativity and investment in making open house into destinations, you’ll see greater turnout. And we all know that greater turnout increases the likelihood of offers.

There are several creative ways to hold an open house with a mindset of hospitality and with the goal of providing something of value to each person who attends.

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The neighbors-only open house Some agents embrace the “nosy neighbor” concept as a benefit, not an eye-rolling challenge.

With his client’s permission, Wesley Peters, a Keller Williams broker in the Baltimore Metro Area, often gets the neighbors together before a home hits the market. “We invite other brokers, too, but we include as many neighbors as we can,” he says, explaining that he schedules these events for a Thursday or Friday evening, happy hour-style, rather than midday on a Sunday. They get a better turnout at 5:00 pm than

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midday on a weekend when the neighbors are busy with their lives. In a relaxed setting, conversations flow, neighbors can mingle and catch up, and the buzz begins before the home is listed.

In advance, prepare invitations and hand-deliver them to homes on the streets you and your client agree are best to include. The destination is the event; the value each attendee receives is the social interaction and the removal of any awkwardness over visiting their neighbor’s house.

Your client’s benefit is the buzz.

A turnkey block party any time of year Once a property is listed, some agents take on the role of party planners. Certain streets or neighborhoods, they find, are perfect for lowkey social occasions. In some place, such as neighborhoods with many young families, a bounce-house or games may even ramp up the fun factor. But the idea of a seemingly spontaneous block party during an open house can be easy to pull off, whether you’re serving lemonade and cookies or coffee and pastries. The chance to meet prospective neighbors turns the event into a destination for both buyers and the neighbors; the value comes in buyers’ ability to see how the neighbors interact. Your seller’s benefit is that the grapevine will be filled with happy stories about their home. Tips: By keeping basic supplies in storage, you’ll be ready for a pop-up block party any time. Promote this type of event with targeted social media marketing and fliers or postcards to communities within a short distance of your listing.

Invite other professionals It’s common mortgage lenders to attend open houses. But why not provide even more value to people who attend? Chances are, you have more than a handful of professional partners who welcome an opportunity to join you at your open house. Consider inviting an interior designer, a contractor, a gardener, even a gardener or a painter. Invite them to your broker’s open in advance or give them time to view the property Top Agent Magazine

before the open house begins. Then encourage them to stroll the property during the open house or to sit with you. When visitors ask about needs or concerns they may have about the house – such as loan questions, the cost of improvements or upgrades or even remodeling – you’ll be able to introduce them to an expert on the spot. For that matter, your invited pros don’t even necessarily have to be in home-related businesses!

Prospective buyers always want to know about the community when visiting open houses.

Consider inviting representatives of community

organizations, like youth sports group or owners of mom-and-pop retailers to help your visitors get a feel for the neighborhood or town. For this type of open-house, prepare a flyer or card with your community contacts on it so visitors can leave with resources as well as information.

Open house should be about the buzz. They’re about creating a conversation about your listing and making the home memorable to visitors. By giving people a unique experience they won’t forget, you’ll show your sellers how creative you are in meeting their needs.

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5 Ways to Transform

Renters into Owners Perhaps the largest demographic of untapped business lies in the rental market. From major cities and suburbs to rural communities—renters across generations are opting to rent rather than own. The question is: why? For starters, many Americans are undereducated about the inventory and financing options available that might suit their budget and lifestyle. Secondly, many would-be homeowners have difficulty 16

visualizing the potential investment of purchasing property, and how homeownership can build wealth and security in the long-term.

As an agent, you’re always on the lookout for potential clientele. Now, to guide renters toward the real estate market, keep a few of these strategies in mind as you meet and greet this untapped demographic.

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Show renters that purchasing a home isn’t impossible

Possibly the biggest hurdle for renters is believing homeownership is possible. Beyond saving for a down payment and boosting credit scores, there are dozen more factors to consider: affording utilities, homeowner’s insurance, renovations, property taxes, and more. Besides that, assembling pay stubs, finding an agent, arranging house tours, negotiating a price, and timing the transition are all major considerations to surmount.

One way to combat this thinking is to make the process transparent and demystified. Find examples of past clients who made the leap successfully, or profile the average buyer in your marketplace and see how that renter compares. Provide evidence that it’s been done before and can be done again, then build a game plan from there.

into play. Consider making a checklist, or step-by-step road-map, that guides clients through the process from start to finish. This way, you’ll manage expectations and create a path to ownership that’s specific, instead of abstract. They won’t have to wonder what goes into buying a home when they can look at an interactive site or read a document and see the steps outlined before them, with you there to guide the way.

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Collaborate with mortgage professionals to find the right financing opportunities

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Help would-be homebuyers create a road-map to ownership

It’s no secret that buying a home can feel overwhelming. Compared to signing a yearlong lease on an apartment, taking on the house-hunting process is a daunting affair.

That’s where your expertise as an agent comes Top Agent Magazine

Many renters aren’t aware of the variety of mortgage financing options out there that cater to first-timers, offer low down payments, or down payment assistance. Most buyers believe that the standard 20% down is a hard and fast rule, when in reality, there’s far more flexibility out there to cater to renters where they are. There are even loan options catering to freelance workers, renovation options, and other unconventional routes to ownership.

Work with a mortgage pro and find the route that suits your renter best.

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pay monthly in a mortgage—while building a lasting asset.

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Compare and contrast rental rates with monthly mortgage payments One way to convince renters to make the shift is to demonstrate the savings potential of paying into a monthly mortgage, rather than throwing away rent on a property they don’t own. To do this, draw up the average rental rates in your area, then find some potential listings that would demand a similar amount in monthly mortgage payments. Sometimes placing these numbers and images sideby-side can prove to renters that what they manage to pay monthly in rent, they can

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Paint the big picture

For most, renting isn’t the most sustainable financial option when it comes to housing.

Rents rise, families grow, and retirement looms.

Building a financial future and homeownership go hand-in-hand. When planned appropriately, buying a home can create a path toward retirement and position homeowners in a better place for further investment in the future. A rental has little security or investment returns to offer, while owning a home makes a renter king or queen of the castle.

Prospecting renters as potential homebuyers may seem like a time-intensive way to cultivate new clients, but logic is on your side.

Keep these tips in mind as you broach the conversation with renters in your hometown.

All it takes is clear-cut value proposition and a listening ear.

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Laughs!

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Developing Your Pricing Philosophy

By Dirk Zeller

Ask a dozen agents to explain their home pricing philosophy, and you’ll

hear a dozen different approaches. And if the talk reveals frank responses, you’ll also learn that the most common pricing strategy is no strategy at all.

Here’s my advice: Break out of the ranks by establishing and following a specific strategy for arriving at the ideal selling price for each home.

Adopt the philosophy that, in real estate sales, price is king. Price trumps all other factors—including marketing approaches, home condition, market competitiveness, and sales approach. I believe that, in the end, marketing and condition of the property are controlled by the price.

The alternative, advocated by many agents, most sellers, and even some sales trainers, is to emphasize marketing over pricing. Rather than working to set the ideal price, they believe success will come from optimizing the home’s condition and presentation and then marketing it with skill and savvy.

I take the opposite belief, based on years of experience working with sellers who wanted unrealistic prices for their homes and who experienced firsttime sales failures as a result.

Over my sales career, I resurrected and re-listed more than 600 expired listings—nearly 75 a year. Among all those transactions, I never met an owner with an expired listing who thought that an unreasonable price had anything to do with the home’s failure to sell. They all blamed the previous Copyright Top Agent Magazine 20

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agent and that person’s approach to marketing. Each sought some magic marketing strategy to change the reality of the law of supply and demand.

There is a magic strategy: Price the home correctly.

Price is the only factor that can overcome sales obstacles, compensate for a home’s deficiencies, and motivate a purchaser even if the condition of the property and your marketing approach is less than perfect.

Getting the listing at any cost Does this scenario sound familiar? An agent (usually a newer agent) is short on business or maybe even desperate for the chance to stake a sign in someone’s yard. The agent wants a listing at any price – even if the chance Top Agent Magazine

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to seal a deal erodes the likelihood of selling the property. To gain a seller’s nod of approval, the agent makes a flatteringly high pricing recommendation, throwing out a number the client wants to hear and then hoping something good will result from the bad situation.

I can think of few examples, if any, where this philosophy works. Hope isn’t a successful pricing strategy. Worse, the please-the-client mindset is a hard one to abandon. Agents who achieve listings with unrealistic prices find it hard to later counsel their clients honestly.

If you take and price a good listing competitively, it will sell. You can’t keep a good price a secret!

The pitfalls of a “please the buyer” approach are many and significant. By overpricing, you can practically count on a reduction in your productivity, profitability, and salability, and here’s why: It’s impossible to keep your productivity high when your time is spent in conversations with an unsuccessful seller who lacks motivation to take corrective action. The seller’s negativity, concerns, and phone calls will only increase with each week or month the house remains on the market.

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As time goes on, you’ll devote more and more time unsuccessfully trying to create a sale not only for your seller but also for yourself. This will pull you away from activities that are more likely to deliver income. The ensuing frustration will de-motivate you and stunt your ability to secure better appointments that create other income opportunities.

An unsold, overpriced listing negatively impacts your profitability because it costs you time and money to service while it delivers no revenue to your business. And the situation only gets worse the longer the listing languishes on the market. You’ll end up deducting the expenses of this in-limbo listing from the proceeds generated by any revenue-producing deals you manage to close in the meantime, reducing your net profit and business success.

Unsold homes that linger on the market seriously diminish your salability, which is the term that describes your sales success track. Your salability is based on such key statistics as your average ratio of listing price compared to sale price and the average number of days your listings are on the market.

Obviously, these statistics, which prospects rely on when choosing one agent over another, can be crushed by a “get the listings at any cost” philosophy. They’re also harmed by the “start high and reduce later” tactic.

If you take and price a good listing competitively, it will sell. You can’t keep a good price a secret!

Dirk Zeller is an Agent, an Investor, and the President and CEO of Real Estate Champions. Copyright©, Dirk Zeller. All rights reserved.

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