Al N. Filippone brings his real estate leadership insight to a new book

Al N. Filippone, the real estate veteran who leads a highly successful, $350 million-a-year, 50-person team at William Raveis in Fairfield County, has published his first book “Boom! There Goes Your Resolve.”

The new book is being promoted as a “must-read, informative guide to success for aspiring or current residential real estate agents, as well as homebuyers and sellers.” Filippone recently spoke with the Business Journals regarding the creation and contents of his book.

Congratulations on the new book. What made you decide to become an author?

It was funny. A few years back, I kind of felt like things kept happening to me in my real estate business. And with the advent of blogging, I decided to write a daily blog.

It was a daily tonic, and it was 365 days. So, every day for a year, I would write out something that happened to me that day and write two, three or four paragraphs about how that was. And the people that were seeing it thought it was really well done and that I should turn it into a book.

One of the more intriguing observations included in the book is data from the National Association of Realtors that 87% of real estate agents quit after five years. Why is it such a high percentage of people leaving after a relatively short period of time?

Well, it”™s not brain surgery and it’s not rocket science. It’s very simple, but it’s not easy and it takes time. It could be kind of boring for some people, as far as how to prospect for business. And for those people, if doesn’t work in two or three months, they give up.

Really, after two or three months?

If it doesn’t happen right away, they get discouraged. And eventually, they get to maybe another two or three months of not making any money and they get discouraged.

One of the lessons you have in your book is titled “How Owning Your Failures Leads to Success.” A lot of people don’t like to admit failure, so how does one go about owning a failure without becoming depressed over it?

I think that’s a great question. I think you”™ve just got to put it out of your mind.

Some people will come to the office and sit at the desk. But they’re really not working. They’re thinking about the last thing that fell through. So, really, it’s just bouncing back up and putting it on your mind, knowing that understanding that all the no”™s don’t mean anything. It’s just the next yes that does.

And another lesson is “Why Sometimes Losing is the Winning Move.” How is that possible? It seems like a contradiction, at least from somebody who doesn’t like to admit to lose.

That’s a funny thing. I will give you like a specific example ”“ as a realtor, obviously the golden globe is getting the listings because then you have all the realtors working for you. Sometimes you’re going be talking to clients or potential clients getting ready to sell their home and you want to price it ”“ you’re suggesting the price of X and they want X plus Y. You feel like it’s going to take a long time to get it sold, so you want a minimum of six months listing ”“ but they want to stay for less than six months.

So, you compromise, compromise, compromise. Sellers are not nearly as motivated as they indicated they were, so they don’t get the house properly prepared to sell. You spin the wheels for six months and it never sells and it goes to the next realtor.

We’re in a very good market, but in a down market there’s a saying: the perfect situation in life is to be the firstborn son, the second wife and the third realtor.

Your book gives advice for real estate agents on how to was succeed in business. Are there some people who are just not right for this type of line of work? And are there people who just seem to be born for it?

Yes. The people who don’t make it are the engineering types who have to think things through nine ways to Sunday. Because while they’re thinking, the others are picking up the phone and getting the business.

For the people who make, it’s through determination, consistency, hard work. And then there’s a certain effect with the top producers that you can’t put your finger on it. They’re just great salespeople.

Recent economic data includes reports about people struggling to make ends meet, not being able to save money and running up credit card delinquencies. In your opinion, do you think people continue to afford housing today or homeownership in view of the struggles people have with inflation and the cost of things going up and wages not going up with it?

It’s so confounding and nobody can figure it out. We don’t even have close to a lack of buyers ”“ in fact, it’s just the opposite.

There is a lack of inventory ”“ in Connecticut and the Northeast, the inventory continues to be down. But there are multiple buyers for almost every listing, there continues to be bidding wars, market contingencies dropped, inspection contingencies dropped, closings are above asking price ”“ it”™s still a buying frenzy.

What is the state of Connecticut’s housing market today?

Through January, we were the only state in the country where inventory was actually down a little bit. In other states, it was either up a little bit or a little bit more significantly ”“ even 10%, Connecticut was, year-over-year, down like 3%.

But in Connecticut, prices are up. They’re certainly not coming down yet.

What kind of reaction have you gotten to the book since it’s come out?

It is getting excellent feedback. The number of people who told me they can’t put it down is very encouraging.

What’s next in your agenda? Do you have any additional books planned?

Not at the current moment. When I was writing, there was no question in my mind this would be the only one. I guess I”™ve been bitten by the bug. And now I’m thinking about what should I do a follow-up?

It’s a lot of work, and I want to see how this one sells first.