Illionois 4-2-17 by Top Agent Magazine

ILLINOIS EDITION

5 Steps to Achieve LONG TERM SUCCESS AS A REAL ESTATE AGENT Donâ&#x20AC;&#x2122;t Forget YOUR CLOTHES Honey, I Shrunk THE NICHE FEATURED AGENT

MELANIE GIGLIO-VAKOS COVER STORY

LINE MULLINS

Developing Your PRICING PHILOSOPHY

and Dunescape Construction Services, Inc. areILLINOIS proud toEDITION congratulate

Line Mullins

on being featured in Top Agent Magazine! 7

LINE MULLINS

MELANIE GIGLIO-VAKOS

CONTENTS

On the shores of Lake Michigan Dunescape Construction Services, 708-822-4204 4) HONEY, I SHRUNK 20)Inc. 5 |STEPS TO www.dunescape.com THE NICHE ACHIEVE LONG TERM SUCCESS AS A REAL ESTATE AGENT 14) DEVELOPING YOUR PRICING PHILOSOPHY 22) DONâ&#x20AC;&#x2122;T FORGET YOUR CLOTHES

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Honey, I Shrunk the Niche by Rob Flitton

“Space” is what one tries to occupy when they promote a product or service, and in an industry like real estate, there is usually a ton of traffic in that space. We’re fortunate, though, to live in a culture that has virtually unlimited capacity for “specialization.” There are three things to begin with: • Your industry • Your marketplace • Your product and/or service The “industry” you have chosen is “real estate,” and that won’t change or innovate much, if at all.

in Seattle, or offer commercial real estate in Manhattan, etc. But where the vast majority of agents fail to gain traction is through: • Identifying their product/service in accordance to need; and • Niching The “space” of the marketplace you have chosen is massive, and the space of the real estate industry is even more massive—almost impossible to calculate—yet, most agents seek broad appeal as, say, a “real estate agent.”

It may seem counter-intuitive, but The “marketplace” you choose within the trick to becoming a bigger that industry can vary—it can be occupier of the space is to first determined or segmented by geo- become much smaller. For any graphy, socio-economics, product “product or service” you offer, you pricing. Under the broad industry of want to come up with an extreme “real estate,” you can choose from niche—i.e., niche, and then niche hundreds of marketplaces. Perhaps again, and perhaps then again. You you are targeting residential first-time can have multiple niches, or “storebuyers in Tacoma, are a property fronts,” but they should never manager in Sacramento, handle luxury intermingle and these brands should condos in Las Vegas, lease houseboats remain distinctly separate. 4

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Johnson’s Baby Shampoo is one of the biggest occupiers of the shampoo space because it purposefully became very small and niched to concerned parents of babies—“no more tears.” It grew from there after being perceived as very valuable to that small niche, and when others outside of the niche “self-included” in that niche. Moms, Dads and older children don’t like tears either.

In that same line of thought, our Las Vegas real estate group had good success appealing to Mormon and Catholic women contemplating divorce by advertising to “become happily unmarried in Las Vegas.”

The narrative of Neutrogena soap was to suggest that women use it every couple of weeks “to remove soap film and excess oil.” When women came to their own conclusion Johnson’s never tried to create that they could use Neutrogena to not “shampoo for all people.” get soap film or oils on their skin in the first place, it became huge. An amazingly popular divorce law firm in Las Vegas will only hire men Neutrogena never tried to create for clients—their advertising is “soap for everyone.” brazenly pro-husband, and accordingly very appealing to husbands Under Armour, currently a hugely popular clothing and shoe company needing a divorce. Top Agent Magazine

for men and women, started out when a frustrated young entrepreneur offered a very small market of football and hockey players, moisture-wicking athletic shirts.

Many very pretty real estate websites are invisible—like billboards on a deserted highway. I would rather have an ugly website on a busy highway.

And now, as Under Armour is constantly adding products to appeal to everyone, it will be interesting to see if they will lose that powerful niche value.

What makes your business and website (your planet) become noticed and chose by search users is to grow in size within the solar system or “space” you choose—i.e., to become a highly valued authority on a certain niche. This is done by creating content to build onsite SEO value, offsite SEO links from more powerfully valued websites (links to your website from Facebook and LinkedIn are pretty darn powerful planet-growers), and a variety of other ways to gain or become a domain authority.

When you are looking at how to strategize your real estate business, these lessons ought to provide powerful motivation to not only find a smaller space, but to become smaller within that space. Every business today relies on, or would like to rely on, market growth through internet search (predominantly through Google). Using our “space” analogy, every website in the world wants to grow through “PageRank”, the algorithm Google uses to rank websites (and what makes them show up first on search results).

Again, though, just like strategic product niching, you must first start out small in order to become large. By trying to compete against majorsized planets, you will spend a fortune in time and money and likely come up empty-handed.

Think of websites as “planets within the Google solar system.” Some are So niche … and then niche again … large, or considered by Google to be and then niche again … an authority on their chosen market niche or “content and keywords.” Rob Flitton is a Seattle Real Estate MarSome are small or perhaps not even keting specialist helping independent agents to increase their income. Email Rob noticed by Google—which, is the case robflitton@gmail.com at any time or call/ with almost every real estate website. text him at 206-612-2314. 6

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LINE MULLINS

2060 Lake Shore Drive, Long Beach, IN Listed for $3,850,0000

She may have only been in the industry for a few years, but Top Agent Line Mullins of Coldwell Banker in Oak Brook, Illinois and New Buffalo, Michigan is already making a name for herself as an agent who can be trusted to go the extra mile for each and every one of her many satisfied clients. Line, who is dual-licensed in both Illinois and adjacent Indiana, originally began working in real estate as a response to a negative experience she had with another realtor. “I just felt that I’d been misrepresented,” she says. “I started working in the business with the idea that I wanted to do better for people, that I could go in and do the right thing for my clients.” Copyright Top Agent Magazine 8

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3415 Lake Shore Dr. Duneland, IN Listed for $3,950,000

Despite her limited time in the business, Line has already achieved a level of success many other agents can only dream of. A recent recipient of Coldwell Banker’s International President’s Circle Award, she is already reaping the benefits of her excellent customer service through a large percentage of referral business from satisfied clients. These clients are more than willing to refer Line, citing her dedication and commitment to helping them achieve their real estate goals. “I’m very dedicated, and I put my heart and soul into helping people,” she says. “I truly have a huge emotional attachment to my clients and Top Agent Magazine

helping them, and I think that’s the reason I always give a little extra of myself. I give my all, I really do.” Staying in touch with these clients post-transaction is not just a play for future business to Line, and she is grateful that many of her customers have become good friends. In addition to the tried and true methods of contact like emails and phone calls, Line is gratified to be able to see her clients out and about in her small community, whether that’s when she’s out running, walking the dogs, or in other social settings. Copyright Top Agent Magazine 9

20602060 LakeLake Shore Shore Drive, Drive, LongLong Beach, Beach, IN Listed IN Listed for $3,850,0000 for $3,850,0000

“Line did a wonderful job marketing and getting our house ready to show; she sold it within 5 days of it going on the market. She also helped us tremendously when we were buying our new house.” Line’s commitment to client service has earned her a solid five-star rating on Zillow, and numerous raves from past customers. One of these stands out as an example of her skill working with both buyers and sellers: 10Copyright Top Agent Magazine

For Line, it’s much more about the human aspect than it is any financial compensation. “For me it’s a big thrill to help people and help them find that perfect home. I don’t care if it’s an expensive home or an inexpensive home, as long as they’ve found their dream, it’s just fun to be a part of that.” When she’s not working, Line enjoys spending time with her family and her three dogs. She’s also an avid tennis player and a runner. Dedicated to giving back to her community, Line is committed to donating ten percent of Top Agent Magazine

all her income to different charities. She also currently serves as Recording Secretary for the Oak Brook Chapter of the Infant Wellness Society. As Line’s business continues to grow, her plan is to make sure she always remembers why she got into the business in the first place, and to never outgrow her desire to help others in a responsible, ethical manner. “I’m not doing this for money,” says Line, “I take pride in what I’m doing, and I love the feeling of enjoying what I’m doing. I want to keep it that way.” Copyright Top Agent Magazine11

For more information about LINE MULLINS, please call 708-790-3676 or email Line.Mullins@CBExchange.com

12Copyright Top Agent Magazine

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and Dunescape Construction Services, Inc. are proud to congratulate

Line Mullins

on being featured in Top Agent Magazine!

On the shores of Lake Michigan Dunescape Construction Services, Inc. | 708-822-4204 www.dunescape.com Top Agent Magazine

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 14

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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

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. 16

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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© 2014, Dirk Zeller. All rights reserved.

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MELANIE GIGLIO-VAKOS As leader of Jameson’s Sotheby’s MVP Team, Top Agent Melanie Giglio began her journey in the real estate industry as the result of a less-than-stellar performance by another realtor. “I remember when I bought my first condo, my realtor wasn’t very good,” she says. “I knew at that point I wanted to get into real estate and do the exact opposite of what was done with my transaction. I wanted to become a realtor who was going to provide a white-glove service and really educate my clients on the entire process.” Consistently ranked among the top one percent of all realtors in the Chicago area, Melanie has more than exceeded these goals. Her MVP Team works with buyers, sellers, and developers of new construction properties, as well as re-sales of condos, townhomes and single family homes in the city and its surrounding suburbs. Working with a dedicated team of seven, Melanie is quick to give credit where credit is due, and her appreciation and admiration for her team is evident. “No one can do it by themselves,” she says, “I’m able to best service my clients by having the support of my team members. I believe I have the dream team.” With almost 75% of her business based upon referrals and repeat clients, Melanie’s commitment to top-notch customer service has paid off handsomely. “My clients trust me and my team,” she says. “They know that what we tell them is the truth and that we always work towards their best interests, not just to close a deal. We truly look out for the best outcome for our clients. It’s not just about that one deal, it’s about forging long-term relationships.” Marketing is something Melanie takes very seriously, and she is grateful for Sotheby’s International Realty’s extensive and unparalleled global marketing prowess, which she considers to be the best in the industry. In addition, she is adamant about the importance of staging each of her listings. “I’m a big believer in staging,” she says. “I almost require it when I get a listing. I don’t believe you should be selling a vacant property; staging truly maximizes the appeal and almost always garners a better offer.” Melanie also places great emphasis on the importance of professional photography, and to that

end she works with “the best photographer in the city. I think photography is highly important because it’s the first thing people are going to see, even before they visit the property.” For Melanie, real estate is more than just a job. “I’m just very passionate about what I do,” she says. “I live, eat and breathe real estate. I think that comes through in my work ethic. I love helping families move onto the next chapter of their lives, whatever that may be.” Sensitive to the fact that there are occasionally negative reasons for client buying or selling, Melanie approaches these situations thoughtfully: “I try to look at these negative situations as an opportunity to help my clients through a rough time. I get a lot of gratitude from being able to do that.” Philanthropy is important to Melanie as well. As a cancer survivor, she is extremely passionate about her involvement with the nonprofit organization Imerman Angels, which provides one- on-one support for those fighting the disease. “It’s very near and dear to my heart, and I support it one hundred percent.” Looking to the future, Melanie plans to continue growing her team while sacrificing none of the superlative client service, which is her hallmark.

For more information about Melanie Giglio-Vakos and the MVP Team, please call 312-837-1111 or email Melanie@MelanieGiglio.com Top Agent Magazine

5 Steps to Achieve Long Term Success as a Real Estate Agent Real Estate can have a reputation as an industry with a high turnover as far as agents go. Being a ‘people person’ with an entrepreneurial spirit is a great start, but what some fail to realize when starting out is that this is a business. So if you’re in it for the long haul, you need to treat it that way. Here are some key steps you need to take to have your own successful real estate business.

FIND A MENTOR

Once you get your license and hang your sign at a Brokerage, you’ll find that you’re pretty much on your own. That’s why it’s a good idea for new agents to find a large Brokerage that offers in-house training and mentorship or a boutique brokerage that has more seasoned agents who are eager to take a new agent under their wing. Being able to shadow a more experienced agent is invaluable and allows you to mirror what you’ve seen and run through the numerous scenarios that will arise when you are representing a client.

CONTINUOUS TRAINING

This is a business that is constantly changing, so it’s smart to always stay ahead of the curve when it comes to new technological innovations and systems. There are even numerous online resources, where you can keep up on your trade, such as blogs by top producing agents that are a treasure trove of information. A confident agent with an in-depth knowledge of the business is one that easily earns the trust of their client, leading to repeat and referral business, which will be the bread and butter of your business.

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BUILD A STRONG ONLINE PRESENCE

Yes, referrals are the basis of your business, but building a strong online presence and marketing yourself to new clients is also important, especially before you’ve built up a strong referral base. Facebook, Snapchat, Instagram, and other social media tools are great way to get leads both for your listings and for yourself. It’s even a good idea to buy several domain names when you start, so that when you’re ready to build a website, you can ensure you have the names you want. Obviously the internet is also a great resource to find leads. Before you find a niche for yourself, it’s important to take advantage of every avenue there is. A lot of successful agents started off doing things no one else wanted to take on like foreclosures, expired listings or lower priced homes. But as you’ll find out, helping those who need it most is a great way to build a loyal client base, that will not only come back to you when they are ready to sell or buy again, but will be your biggest cheerleaders when it comes to referring you to friends and family.

BUILD A SOLID FOUNDATION

SET GOALS

One thing you’ll find in this business is that doing a lot of work up top, will lead to a more successful outcome down the road. That goes for marketing plans for your listings, as well as your business as a whole. It might not be the fun part, but it will allow you to one day focus on what you do best, dealing with your clients. Set up your CRM and the other systems you want to use from the get go. Getting these things established before you’re hopefully a busy agent is the best time to really learn them and decide what’s best for you.

Once you build a strong foundation and are establishing your client base, it’s important to continually set goals that help you implement your business strategy. You can even invest in a real estate coach if you need someone to hold you accountable. It’s also important to constantly reevaluate what you’re doing. Set up a monthly audit, where you go over what is and what isn’t working. As we mentioned above, this is a fluid business and things are constantly changing, the same can be said of your business. What worked a year ago, might be losing you money as your business grows.

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Don’t Forget Your Clothes We’re sure your goals are lofty, and to hit them, your marketing needs to be on point. But is your brand and position defined? If not, it’s like leaving the house each day without clothing. And while some would argue that this would certainly gain attention, we don’t believe it’s the kind of attention you had in mind when you set out to become #1 in your market. A common misconception is that if you are recognized, you are well branded. Almost a year ago we had a conversation with a Realtor about personal branding. She said, “I feel like I’m already well branded in my market. When I walk into a restaurant, they know that I’m Susan, the Realtor.” We replied, “That’s a great start, Susan. But what happens when other Realtors are in the restaurant, too? What sets you apart from them?” At that point, the light bulb came 22

on and she realized that she wasn’t truly positioned or branded. She was seen as just another Realtor. We explained to her, “Great branding isn’t about being known for your profession. It’s about being known for being DIFFERENT in your profession.” Another misconception is that you should begin marketing before your brand is defined. For instance, we’ve spoken with numerous Realtors who say they plan to finish their website, conduct a photo shoot, create their collateral materials or even launch a social media marketing campaign, then they will think about branding and positioning. But how do you know what types of photos to take? What will you put on your website to differentiate yourself from others? What will your business cards, brochures and even your social media

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platforms say that will encourage prospects to connect with you first? And finally, why on earth would you waste all the time and money on these very important marketing elements before you establish your brand? In order to develop an iron clad position and brand, here are some questions you should be asking yourself BEFORE you begin ANY kind of marketing.

What is my ultimate goal? Take a strong look at what you want in terms of both professional and personal achievement. What makes you most fulfilled? Where would you like to be financially? Define your path of intended growth.

Who is my ideal customer? Trust us when we say that you don’t want just any customer. You want a customer who appreciates your expertise and dedication, will take repeat advantage of your services and will recommend you enthusiastically to others. Define this person in detail so you have a clear understanding of who you’ll be marketing to and what your message should be.

What is my point of differentiation? This is the most critical question of all. It’s not about what makes you ‘better’. It’s what makes you different. Better is subjective. Different is inarguable.

What am I willing to be known for that is authentic to me and significant to my ideal customer? Find a position that you’re willing to put forth every day. We call this ‘breathing your brand’. It must also be a position that is meaningful to your ideal customer. We’re trying to create an image that makes your ideal customer immediately connect with you and feel as though they simply shouldn’t be working with anyone else. A well-defined brand will help you stand out among your competitors. It will serve as a magnet for your ideal customer. And if promoted consistently and passionately—and lived authentically—it will make you instantly recognizable among your community in an unforgettable way. And finally, a solid brand can give you the confidence you’ve likely never experienced at the same level. There’s such power in walking out the door every morning knowing who you are, what makes you unique, who you will be helping today and exactly how you’ll be helping them. And when all of your marketing materials are consistently branded with the same image and messaging, there is undeniable pride as well. So before you dive into more marketing, don’t go out the door without your branding clothes. You wouldn’t want to portray the wrong perception, now, would you?

Tonya Eberhart is the Branding Agent to Business Stars and founder of BrandFace®, LLC Michael Carr is America’s Top Selling Real Estate Auctioneer & BrandFace® partner. Together, they focus on personal branding and marketing designed to help real estate professionals become the face of their business & a star in their market. BrandFace® for Real Estate Professionals is a book, professional speaking series and an exclusive workshop for agents, and is currently active in 18 U.S. states, Canada and New Zealand. For more information, visit www.BrandFaceRealEstate.com. Top Agent Magazine

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