The Power of Consistency in Real Estate Success

On Episode 339 of The No Limits Selling Podcast, we have John Papaloni. John is a real estate agent and the CEO of Papaloni Capital.

In 2015, John pursued his Real Estate License and is currently a Real Estate Agent servicing parts of the Greater Toronto Area and Niagara Region. His business has grown substantially each year helping 1st time home buyers, families, and investors buy and sell residential homes. 

John has created Papaloni Capital Inc. a fund that is designed to create opportunities for people to invest in the real estate market with him as a Joint Venture/Fund.

Find John Papaloni: LinkedIn, Website, Twitter

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Summary

John Papaloni on the Power of Consistency and Using the Right Tools

John appreciates the quality of Umar's studio, emphasizing the significance of having and effectively using the right tools for success.

He stresses the importance of consistency in using these tools.

Audio quality, especially in podcasting, is highlighted as being critical. People might tolerate poor video quality but won't compromise on audio clarity. Visual appeal also plays a role in retaining the audience's attention.

John Papaloni's Background and Entrepreneurial Journey

John describes himself as a serial entrepreneur, with a journey that has seen ups and downs.

He holds dual licenses, being both a realtor and a mortgage agent. The latter is a more recent addition in 2023.

His primary business is under the name "Papaloni Capital", which focuses on capital investment. Here, he collaborates with investors for multi-residential and private equity mortgages.

John uses both his realtor and mortgage licenses to help clients and grow his business. He also assists investors looking to invest more in real estate.

Interplay between Mortgage Brokers and Realtors

Umar probes into the relationship between mortgage brokers and realtors.

John believes that while there's potential for collaboration, it's not realized to its fullest. Having experience in both fields, he suggests that if both parties grow together, it benefits everyone.

He shares a personal experience of investing in a mortgage without doing proper due diligence, leading to a significant loss.

John's Career Path and Choices

After experiencing business shutdowns and personal challenges, including his dad going into a home, John tried the conventional nine-to-five job but realized it wasn't for him.

Reflecting on his interests and strengths, he remembered his fondness for real estate, leading him to get his Realtor's license. Eight years later, he expanded his services by acquiring a mortgage license and developed "Papaloni Capital" for investment purposes.

The Evolution of John Papaloni's Real Estate Business

Umar asks John about the growth of his business, to which John responds that he's in the early stages of team-building.

John has delegated some responsibilities, like showing houses, to others while retaining tasks like handling listings himself.

He also has administrative and graphic design teams assisting him.

John's Perspective on Sharing Numbers

Umar notes John's habit of providing a range when discussing financial figures and inquires about the rationale behind it.

John believes that bracketing numbers offers context, allowing listeners to gauge the scale of the business or the significance of a financial event. By giving ranges, he also accounts for the changing value of money over time.

Mindset in Real Estate

Umar highlights the importance of mindset in real estate and other endeavors. He asks John about challenges with his mindset and ways he maintains a positive and productive mental state.

John emphasizes delegation and utilizing the collective hours of a team for maximum efficiency. He believes in trusting team members and allowing them to operate autonomously.

If there's a need to exert control over a team member's tasks, John sees it as a reflection of either a hiring mistake or inadequate training.

Managing Ego

Umar brings up the topic of ego, noting its dual nature: it can drive success but also lead to downfall.

John shares that life experiences, especially failures, have taught him humility. Encountering setbacks and nearly facing bankruptcy twice has made him more grounded.

Surrounding oneself with the right people, according to John, can also help manage ego. When inspired by others, the focus shifts to growth, improvement, and elevation, leaving little room for ego to dominate.

Details of John's Real Estate Operations:

John has one agent on his team.

He is affiliated with "Royal LePage", which has 1,500 agents.

"Royal LePage" has three offices located in Mississauga, downtown Toronto, and the Don Mills area. John personally operates from Niagara Falls, Ontario, to Etobicoke.

Advice for Realtors Looking to Grow:

Niche Down

John emphasizes the importance of finding a specific niche rather than trying to cater to everyone. He shares his own experience, mentioning that 70% of his business came from agent-to-agent referrals. However, post-pandemic and with rising interest rates, he shifted his focus to being an investment-focused realtor. Adapting to changing circumstances is crucial.

Staying True to Your Niche

Umar inquires about the challenge of resisting the temptation to diversify too much and staying true to a chosen niche.

John believes in adopting an abundance mindset rather than one of scarcity. He provides statistics about the number of transactions and realtors in Ontario, emphasizing that it's about capturing a slice of the pie rather than trying to get everything. By niching down and focusing on a specific target group, conversions become easier.

Three Pieces of Advice (continued)

1. Know Your Value Proposition: John advises realtors to understand their unique value proposition and focus on serving clients rather than just making money. By genuinely helping others, reciprocity often results in increased business.
2. Personal Value proposition: When asked about his personal value proposition, John mentions that he's a one-stop-shop for both mortgages and real estate. He emphasizes building generational wealth for clients over just selling homes.
3. Power of Consistency: The third piece of advice John emphasizes is consistency. Being consistent in efforts, approaches, and services can make a significant difference in success.

Hard Work in Real Estate

Umar reflects on his interactions with successful realtors and emphasizes the importance of hard work. He notes that many high-achieving realtors stress the value of continuous effort and not letting off the gas pedal, even when reaching a certain level of success.

Umar's Aha Moment:

In a role reversal, John asks Umar about his "aha moment" when he realized he was in the right professional space.

Umar shares a touching story about helping a young girl overcome trauma from a dog bite incident. Through this experience, he realized his expertise in changing human behavior and the joy he felt in genuinely helping someone affirmed his career choice.

Umar concludes by stressing the importance of always learning and growing, a sentiment echoed by John who believes in the principle of either growing or dying.