YOUR LOCAL REAL ESTATE COMPANYWITH

ADVERTORIAL
LOCAL REAL ESTATE COMPANY
GLOBAL REACH
YOUR
WITH
C
entral Illinois has a fair
share of companies that
maintain a global reach. Those
include Caterpillar Inc., Komatsu
America Corp., Archer Daniels Midland, Enercon Engineering Inc., and
Jim Maloof/Realtor.
That’s correct; by belonging to the
worldwide, invitationonly network called
Leading Real Estate
Companies of the
World (LeadingRE),
Peoria’s largest independent real estate
company can boast
that it is global as well
as local.
It’s a distinction
that serves it well as
the leading relocation
real estate company. Whether our
global giants are sending employees
out or bringing them home. “We are
a Preferred Vendor and our system
would work with any company,”
said Michael Maloof, president of
the company founded by his father,
Jim Maloof, in 1969.
But that certainly is not all this
company is about. It’s the local aspect that sets it apart from other
agencies in central Illinois and that
isn’t by accident. It is because of a
strategy and business model set in
place many years ago, Michael said.
“The biggest agencies in many cities around the country are independent agencies rather than franchise
agencies such as Re/Max or Keller
Williams. It’s because buyers and
sellers prefer to work with agents
they know in local, independent
agencies. We recognize that; that
is why we are ‘local’ in 17 different
communities in central Illinois,” he
said.
“The business model we use
provides each of our offices with
agents who live in those communities, care deeply for their community and know those communities and their residents very
well. Sure, that is our preference
that we do it that way, but it is
more than a preference. It’s what
we do. We are local people with
local agents, who build
social
relationships,” Michael said.
He said being able to “sell the entire area” puts another spin on the
word global. “Carol Urish (executive
vice president of residential sales)
once said, ‘knowing one Maloof
agent is knowing all of them.’ That
is very true because all of our agents
and offices are so intrinsically tied
together. That is why Maloof agents
sell more than half of all Maloof
listings. I think that’s fairly unique;
that’s why I track it. It’s like the old
axiom, ‘You show what you know.’
Our agents know our listings well
and that is important
to sellers. It’s something we talk about
when they want to
know what we bring to
the table.”
Recognizing
the
importance of building relationships that
last well into the future is one reason Jim
Maloof/Realtor established an internship program for
students interested in making real
estate a career. The company currently has three interns.
“They are learning this business
from the inside, which will be invaluable to them as they pursue a
career in real estate. I know of no
other real estate company that has
such a program. We wanted to do it
because these young adults are millennials and they understand how
other millennials think. They are
going to start off building relationships that will carry well into their
future,” Michael said.
The interns are learning now
what Jim Maloof/Realtor agents live
by, which is the company’s vision:
Profitability
Growth
Respect
Knowledge
Integrity
Career Opportunities
Michael said he believes following this vision is why his company
and its agents are successful. “The
numbers show it. We’re the number
one home sales leaders in central Illinois, both in units sold and in dollars,” he said.
He cited statistics from Peoria
Area Association of Realtors Multiple Listing Service.
As the busy selling season gets
started, Michael said the central Illinois market is loaded with buyers
out looking at homes. That is why
there are 115 Maloof listings open
today. That’s not surprising, he
added, given the pent-up demand of
the last few years when loans were
tougher to get and the economy was
down. Also, mortgages rates still
are low.
“The problem is we are lacking in
supply for that pent-up demand. The
Photo provided by Jim Maloof Realty
Michael Maloof, President of Jim Maloof/Realtor poses in this recent
photograph.
pressure of demand is real. There
especially isn’t enough new construction in all price ranges, so it
bodes well for the future in Central
Illinois,” he said.
He explained that the ideal situation would be a five-month supply of
houses on the market, which means
prices would not be unduly pressured to rise and they would not fall
from lack of buyers. “That’s predictability and central Illinois people
like predictability,” he said.
When it comes to listing a house,
Jim Maloof/Realtor employs its
strategy that includes Market
Placement when deciding how to
price a home. Maloof agents assemble “comparables” (prices of similar homes sold near the area of the
listing) and advise the seller where
to price their home within those
choices. The higher up the scale the
— Submitted by Michael Maloof, President of Jim Maloof/Realtor —
price is set will likely mean a longer
time on the market and vice-versa.
“The price the seller decides on can
often mean the difference between a
quick sale or a long time on the market,” Michael said.
Setting a price means little if the
home itself isn’t prepared for sale,
he said. And regardless of the house,
the neighborhood or the city, “It all
starts with the first impression.”
Preening the house and property,
including updating or at least tidying landscaping, makes a difference
in perception, he added.
“Look, feel, smell… When a buyer
looks at a property, especially once
he gets inside, all of the senses are
at work. Emotion plays a part, as
well. Buying a house is not always
logical. It has to do with finding a
match, and very often, a match is as
emotional as logical.”