Try something new and different whenever you can. Always keep learning and never think that you know enough. Never get comfortable.
Peter Racco is a licensed real estate agent in Ontario who sells and services clients in Burlington, Oakville, Milton, Mississauga, Waterdown, Flamborough, Hamilton, Ancaster, and surrounding areas.
With over three decades’ worth of experience in the real estate industry, Peter uses his knowledge and devotion to ensure that his clients are left feeling happy and confident after buying or selling their home. As choosing to buy or sell your home can often be a stressful experience, Peter strives to make the process as easy and as stress-free as possible.
Peter graduated from Mohawk College in 1982, soon after finding a position as a shift supervisor with a large computer company in Ottawa. He then pursued another job opportunity and promotion with another major competitor in Toronto. After spending a few years in the technology industry, Peter decided to change career and take things in a new direction. Looking to meet new people, experience new challenges, and work flexible hours, Peter completed the real estate sales courses at Sheridan College in 1986. Immediately after graduating, Peter began working full time with Royal LePage Real Estate Services.
Just a few years later, while still working successfully in sales, Peter Racco earned his Real Estate Broker’s license and went to work for a smaller independent real estate brokerage. This new venture facilitated his further growth and development in new areas of real estate and allowed him to gain experience managing and assisting other sales representatives. Peter Racco eventually found himself back with Royal LePage, and then a short while after, he worked as a Branch Manager for Royal LePage in the Toronto area, where he was able to fully utilize his wealth of experience and unique set of skills. Although rewarding, Peter found himself drawn back to the sales side of things, where today he continues to please his clients and create happy home buying and selling experiences.
When not working, Peter enjoys spending time with his family, golfing, and going to the gym. Exercise is incorporated into Peter’s life as much as possible as he finds that it reduces stress, increases energy, and clears the mind. Peter regularly participates in volunteer work including a local grocery store to raise money for charitable causes close to his heart. Peter also has, over the years, has contributed and sponsored many of the local recreational sports teams of all ages.
Where did the idea for PeterRaccoHomes come from?
I originally started the brand name ‘RaccoHomes’ with my former wife, but after the divorce a few years ago, I decided that I needed to re-brand. Through discussions with CEO’s and owners of highly successful companies, my past clients, business colleagues, and family, I realized that I couldn’t give up the name that I had built up over the last 30 years that everyone easily identified with. I needed to show and bring awareness back to my clients as well as to the communities I work in, that I’m still the main and sole component of the Racco team. Too many times when a company changes its name entirely, people assume the original owners and business name is gone, when in fact it’s just merged under another new company name. I wanted to work under my own full brand name, “peterraccohomes.com”, and to continue connecting with all my new and past clients.
What does your typical day look like and how do you make it productive?
I check on the MLS system and see what new listing and sales that have come up since the previous day. I will look for updates on anything as far as changes to forms or mandatory legislation through our provincial licensing membership, real estate boards, and webinars. I go out to view available homes for sale, go to public open houses, or those of other brokerages. I always make time to contact and update my clients about things of interest to them.
How do you bring ideas to life?
It’s important that there’s some sharing of valuable information. There are a lot of conversations that happen during the buying or selling process and I want to be sure my clients are ready and that they clearly understand everything. I am constantly brainstorming, using lessons learned from past experiences, and networking to ensure our clients are receiving the best possible service.
What’s one trend that excites you?
The use of social media has become more evident an increasing in the real estate business. At first, I really wasn’t sure how-to best deal with this new source of business. Branding my name and integrating in into social media is going to be a great plus! With technology, you just have to learn to embrace it and use it to your advantage.
What is one habit of yours that makes you more productive as an entrepreneur?
Definitely my people skills. I am honest, genuine, and approachable. I’m compassionate and understanding when dealing with my client’s needs, regardless of whether it’s their first home or their multiple purchase. It’s important to believe that anything is possible and constantly work to improve towards a positive outcome.
What advice would you give your younger self?
I think I would tell a younger Peter Racco to step out of your comfort zone. Try something new and different whenever you can. Always keep learning and never think that you know enough. Never get comfortable.
Tell us something that’s true that almost nobody agrees with you on.
That real estate, owning some type of property, whether it is a condo, apartment or a house, it is always a good investment. The housing market may have its ups and downs, but historically it has been proven, over the long term, real estate properties do appreciate in value.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
I ask my clients to make up a list of all their needs and wants and prioritize them in order of importance with regards to what they really want in a home. I also suggest that they keep some extra funds on the side for whatever else may come, such as unexpected repairs or for any additional household items needed.
What is one strategy that has helped you grow your business?
Staying in touch with past clients, I invite them to different events and other things going on and keep that personal attention there. I extend offering and connecting my clients to other related professional services in the buying or selling process.
What is one failure you had as an entrepreneur, and how did you overcome it?
Having a large sales team, but I don’t really know if I would consider that a failure. Trying to implement my hard work ethic and values that I have built up and to instill them onto the team members was not an easy task. Getting more service and the type of dedication from the team that I was accustomed to was something that I found to be average at times. It was a good learning experience for me.
What is one business idea that you’re willing to give away to our readers?
Setting up a separate savings account for your home as soon as possible, such as a TFSA (Tax-Free Savings Account), or RRSP. As parents, they can help participate in their children’s own savings, such as a TFSA and to make a matching contribution into these accounts. It gives the children something to work towards and forces the children to save for potential use as a down payment, and it gives peace of mind and relieves financial stress to the parents and as well to the children when it comes time to buy their first home.
What is the best $100 you recently spent? What and why?
We were invited to a grand opening of a new corporate chain restaurant where my first cousin’s son had just been promoted to general manager. I hadn’t seen these relatives in a while because we have a large family, and so it was a bit of a reunion. That dinner was the best money I spent because we had the opportunity to rekindle some family relationships. We had a really great time and the food and atmosphere were great too!
What is one piece of software or a web service that helps you be productive?
Realtor.ca is the largest and one of the most recognized real estate websites, especially for the public, and realtors also have access to it. There is always a learning curve on how to deal with the different types of social media apps as they would be related to my business, hopefully, this will become more of a common practise for me to use going forward.
What is the one book that you recommend our community should read and why?
“Your Life! Your Terms!” by Nick and Tom Karadza, who are also two brothers working in the real estate business together. I like the title as it encourages you to just do what is best for you and your family needs. It’s an easy book to read and I would highly recommend it.
What is your favorite quote?
I don’t think I have only one specific quote, but these are 3 of my favourite quotes.
- “Never give up on what you truly believe in and love to do. Hold on to your dreams and aspirations and never stop working towards them.”
2. “God grant me the courage not to give up on what I think is right, even though I think it’s hopeless.”
3. “Do anything that drives you to pursue your dream and whatever excites your heart!”
- It’s important to be a good listener.
- Have empathy and compassion toward others.
- Maintain integrity and trust with everyone.
- Believe that you can make a difference for someone
- You can wake up every day and still be excited about your JOB.
- Smile and say “Hello” to everyone you see and meet.
- Remember to say “Please” and “Thank you”.
- Be grateful for everything you have in your life.
Carlyn runs the day-to-day publishing operation here at ideamensch and interacts with our awesome customers and entrepreneurs. She is likely editing this with a cat on her lap.