To honor and celebrate Asian American Pacific Islander Heritage Month, MGIC interviewed Sean Phalon, AREAA Vice Chair, to shed some light on diversity in both his personal life and professional life. Tune in to gain better insight on what matters when working with the Asian community.
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To honor and celebrate Asian American Pacific Islander Heritage Month, MGIC interviewed Sean Phalon, AREAA Vice Chair, to shed some light on diversity in both his personal life and professional life. Tune in to gain better insight on what matters when working with the Asian community.
Thanks for listening to Mortgage Connects, an MGIC podcast. If you have questions, comments, or want to get involved, send an email to mortgageconnects@mgic.com.
Looking for even more expert insights? Check out our mortgage industry content portal, Mortgage Connects knowledge hub. Subscribe today so you don't miss out on the latest! Subscribe
Stephanie Budnik (00:02):
Welcome to Mortgage Connects by M G I C, bringing you the latest insights from top mortgage professionals around the industry. I'm your host, Stephanie Budnick. Today we'll be talking to Sean Fallon. Sean started in the finance world at the age of 19, and since then, has built up a diverse and strong background in the industry. This includes experience in structuring business growth, private equity financing, and mortgage lending. Since then, he is grown several teams in both the private equity and traditional lending markets. As a serial entrepreneur, Sean has also started and managed several holding groups that focus on real estate acquisition and development. Sean's focus on real estate has launched the founding of several real estate based ventures with the mission of streamlining the real estate process. He currently resides in the Gold Coast of New Jersey and enjoys traveling and continuing to invest in various business ventures. Welcome Sean.
Sean Fallon (00:55):
Thank you, Stephanie.
Stephanie Budnik (00:57):
Yes. Now, when I was talking to you previously, I kind of heard that you are a part of the Asian Real Estate Association for America. Can you tell me a little bit about that? Tell me about your role in the organization and your involvement with that.
Sean Fallon (01:11):
Sure. Yes. So I've been involved with, uh, with Aria for, uh, a little over five years now, I guess it's been. And, uh, I was just introduced, um, from a friend who was in the real estate world and he said, Listen, everybody on the board, you know, anyway, and you already do business with, why don't you join for 99 bucks a year? You know, it, it doesn't hurt. You can just, you know, see everybody you're used to seeing anyway. Um, which I quickly found out was a ploy that even I use now to, to lure prospective board members on. Um, but, but no, in all seriousness, I I, I joined the board and, uh, started helping out with the marketing aspect, uh, for our events. And then, um, was voted in as vp, uh, about a year later, and, um, was vice president for about two years. And then, um, in 2020, which of course is an interesting year, was, uh, my year as, uh, president of, uh, Aria, Northern New Jersey chapter.
Stephanie Budnik (02:05):
Okay, great. Do you find that you're using that in parallel with your current role as well at US Bank?
Sean Fallon (02:12):
Yeah, definitely. Um, it's grown my business quite a bit. Um, our chapter has a very large, uh, large core of its membership on Hudson and Bergen County, which is really the Gold Coast of New Jersey is what they call it. And then in 20, uh, 20, uh, 18, or I'm sorry, 2019 and 2020, I got the opportunity to become the, uh, mortgage committee chair for Aria National too. Um, which really kind of got my, uh, my mortgage name out there, so to speak, and has helped me grow business, uh, well outside of New Jersey as well. So that's, uh, it's been, been good.
Stephanie Budnik (02:49):
Spinning off of that a little bit. In your opinion, thinking about diversity and diversity in the workplace, um, how has that become so important to you and what has US Bank done to incorporate that on a day to day basis to support diversity and inclusion?
Sean Fallon (03:07):
Right. Um, so it's, I mean, obviously it's important. It's important to have different backgrounds and perspectives, um, different levels of experience, right? As, as our industry's constantly change, right? The real estate industry as a whole, um, is a very regulated one and one that the regulations are constantly changing. And so it's very important to have that in any kind of organization. Um, uh, any of the banks I've worked for, uh, US Bank and re itself right, are of course for that, um, for, uh, not only just, um, not only for the benefits of obviously having, uh, a diverse segment of of workers, um, but also, again, it's, it's, it's good for, it's good for the company overall, right? It's good to have different perspectives around you. Um, it helps you grow as a person. It helps you grow as, uh, as a business person, as a manager, right? And I think it's very invaluable to have a lot of different cultures and understanding, especially in the world that we live in today, right? I'm, I'm in the New York metro area, right? It doesn't really get any more diverse than that. Uh, so it, it's funny when you talk about diversity in my area, we kind of really don't know anything but diversity because that's just the area we live in. Um, but it, it is definitely helped sharpen, uh, myself as even just a salesperson on different cultures and understanding where people are coming from.
Stephanie Budnik (04:25):
Sure. I can see that definitely being true. You know, there's a lot of different things that even being, you know, a woman doing different types of things. For me, I feel like that diversity is really important to bring into a variety of groups and, and things. So, um, talking about the diversity aspect and maybe you a little bit more personally, can you tell me about your cultural background and how that's played a role in addition to your personal and professional life?
Sean Fallon (04:53):
Sure. Um, so I was originally born in Korea. I was born in Seoul, um, in South Korea. And, uh, my sister and I were actually adopted from Korea into an American family here. So, uh, my last name, um, used to actually be Oh-Fallon, two generations ago when, uh, my family, the Irish side of our family migrated from Ireland. So you have myself, um, born in Korea, my sister, uh, in an Irish family, Irish American family, and my wife is from South America, and my father-in-law's from Puerto Rico. So, you know, that's kind of been my journey as far as, uh, being in diversity. Um, and it's neat, uh, again, I, I have daughters and I think, uh, understanding different cultures is huge. Um, and I think understanding, um, you know, especially as this world continues to get more diverse, it's, it's really, really important to understand that.
Sean Fallon (05:49):
And, um, it's, it's helped through Aria actually. You know, I grew up in, you know, pretty American household. So Aria allowed me the chance, chance to kind of reconnect with some Asian roots and Asian cultures that I previously just didn't have the opportunity to understand. Um, you know, uh, never really spoke, uh, any bit of Korean, uh, never ate much Korean food, all of those different things. And so now that is actually a big part of my life. And that organization really helped that, especially over the past five years to where now my wife and my daughters are learning Korean, right? Because they see it so much more. So it's, it's just been kind of a neat progression
Stephanie Budnik (06:25):
That's really exciting. That is really cool that you can do that. I know that May is Asian Heritage month, um, and, or, sorry, Asian American Pacific Islander Heritage Month. I don want you discount that at all. Um, and in light of that, and speaking a little bit more about what you just referenced with learning more and being more into the cultural, what does being Asian mean to you? I mean, in, in different capacities, probably since you originated from Korea, but then moved and were adopted.
Sean Fallon (06:56):
Sure. I mean, there's a lot of labels that go along with it as, as there is every culture. Um, some stereotypes are are annoying, some are humorous. Um, some are very true. Uh, it, it, you know, and, but again, I, I think, I think that those, um, those stereotypes are, are, are unique, right? And I don't think they're anything that as an Asian American we should shy away from, right? Um, if, uh, if, if a culture is known for something, right? I think that culture should embrace that, right? I think that they should, uh, uh, obviously as long as it's not harmful to others, right? They should enjoy that culture. Um, whether it's the food, whether it's the family aspect, right? Some of the family structure in Asian American, uh, communities is very different, different than in, uh, the average American culture, right? Uh, and I think it's really neat to take some of those values and to incorporate them, you know? So I think for me, you know, just being an Asian American, I don't necessarily identify myself as just, you know, Asian first. Um, you know, I'm, I'm an American, right? I was adopted here. I'm very thankful for the opportunity that, uh, that this country has created, right? Especially for me and my story. And so I just enjoy learning about the culture as any culture is and, uh, and taking those values from it and, and adding that in my life.
Stephanie Budnik (08:16):
When you speak about the power of family and different things that come along with the agent culture, we have customers and lenders that are really looking to take on and try to embrace the, the culture and help meet the needs and be more aware and mindful of things that matter. Can you speak to some of those things that matter or how connecting with this demographic, what kind of, kind of powerful tools could you use or have conversations about?
Sean Fallon (08:45):
Yeah. With connecting with Asian Americans, I mean, that's really what a lot of Aria is about, right? We are, um, one of our, our core values is education. And I think, um, understanding, um, different cultures, even within Asian American culture is very, very important. Um, you know, Chinese culture and some of their business practices may be different than Koreans. Uh, very different than what, you know, southeast Asian, right? Yeah. Vietnamese and so on and so forth. So, uh, and there's so many different subcultures within that. Um, but I think, uh, understanding, um, where they're coming from, understanding that, you know, for instance, you could have a family who has fought tooth and nail to make their way here to America, the land of opportunity. So when they're moving forward to buy a house, when they are getting a mortgage, right? This is, this is not just what's supposed to happen.
Sean Fallon (09:35):
This has been maybe a lifelong goal for them and their family. This is a huge milestone. So it may mean so much more culturally and emotionally to them than we as practitioners in the real estate industry. Realtors and mortgage reps and, uh, you know, and mortgage insurance reps and so on and so forth, we just think of as another transaction. But for them, it's so much more, right? Because, um, I think sometimes in certain countries, especially in America, we, we get spoiled with things, right? We don't understand that certain cultures have, have really had a very difficult time and a very series of very strong series of challenges to get here. So I think that one aspect is very, very important to keep in mind. Um, I can't tell you how many, uh, Asian American clients that we've had that we've sat across the table from that, you know, this is, this is huge for them, right?
Sean Fallon (10:22):
So they handle every aspect of the, of the transaction as if their life depends on it, right? Because the concept of owning a home, the concept of having their own home, their own business, the freedom to do so is so foreign to some of them, especially in some of the more old school world, right? And so understanding where they're coming from and kind of appreciating that is huge. And then you have the millennial, uh, agents coming down with, you know, buying up some very expensive properties on the waterfront and getting $500,000 gifts from a mom and dad overseas, right? So it's a very different culture, but understanding then how to link and how to kind of translate the process from them to their parents is really important. So understanding where these two segments of the Asian American community are coming from and their home buying mentality is really, really important for the younger generation. It's their parents pushing them to invest into real estate and teaching them that they need to park their money there and it's wise. And then for some of, you know, more of an old school generation, maybe just getting their first home or just starting, right? And they're, and they've been, you know, scraping together the money for 10, 15, 20 years to do so, right? This is more like their life goal. So understanding those two ends of the spectrum is really, really important with doing business.
Stephanie Budnik (11:38):
Do you find that it is an equal part between millennials and the older generation that are trying to find a home at this point? Or is the focus more shifting towards the millennials?
Sean Fallon (11:49):
Um, well, the millennial generation will continue, uh, to be the driving force for just about everything economically. Um, as far as upward growth, I believe over the next, and it is currently and will continue to be the largest generation in history. Um, it depends upon what area of the country you're in, obviously. Um, where I'm at here in the Northeast and all along the east coast, you have, generally speaking, a younger professional crowd coming to play, very well educated, very financially savvy, uh, very financially strong, uh, much stronger than than other parts of the country. So, um, here I do see that a lot, right? It's the vast majority of my clientele are millennials. Uh, they're well off, uh, their net worth is high, uh, and, and on the list goes. Um, but I think, again, understanding even the millennial mindset, they're changing too, because now a millennial can have two or three kids, right?
Sean Fallon (12:42):
They can be on their second or their third home, even they own, may own multiple properties. So their mindset as a, as to what they're doing with their money and real estate is changing. You know, they're leaving the 2 million condo behind and moving into the burbs, right? And maybe looking at rental properties and that. And I think it's important to also understand that millennials are the most financially conscious generation in history, meaning that they're very, very conscious, they're very, very careful about where they put their money and what happens to it. Um, and most Asian American households are, are really, uh, uh, trained in that and pushed, uh, in that to, to be very, very careful with their money that is just, uh, you know, one of the cultural highlights here. And so I think it's very important to understand that they're gonna want to know, uh, what their money's going, what's happening, understanding the process, and not just blindly, you know, uh, taking, taking people's word for
Stephanie Budnik (13:35):
It. Yeah. It sounds similar to what you were speaking to reference, where even the older generation, how valuable each step of the way is, what they're doing with their money, How big, like wanting to know each step of the way, it sounds like that aspect doesn't necessarily disappear regardless of the amount of homes that it is for them, or if it's the first home and it's even even that process. Would you say that that's true?
Sean Fallon (14:00):
Uh, definitely, definitely. Um, I, I can't tell you how many, uh, how many in that age group I've come across that, um, were on the phone and those phone calls last 10 minutes because they know what's needed, right? They remember the process, they're interested in understanding it. Um, very, very few and far between. Will, will you have a, uh, you know, a millennial buyer, especially a millennial Asian American buyer who just, um, does, isn't interested in understanding what's happening. They do wanna know every step of the process. And on their second or third home, uh, they're well familiar to where they, uh, you know, without asking, they'll send those documents in, they understand the process and so on. And so forth
Stephanie Budnik (14:38):
I felt like I fell into that category with my home buying and my background. I was like, Well, I asked all these extra questions, and they were like, What are you talking about <laugh>? So I feel like I can relate into some capacities there. Looking back at your professional trajectory, what advice could you possibly give your younger self, and why would you do that? Or why would you give that advice?
Sean Fallon (15:02):
That's a, that's a tough question.
Stephanie Budnik (15:04):
It's deep. I know. <laugh>,
Sean Fallon (15:06):
Yes. Digging in deep on the podcast, Stephanie. Um, I, I would say, um, I would say probably, probably the two pieces of advice I would say is to maybe go a mile deep rather than a mile wide on things. I, I think I, I preach that to just about everybody I talk to now. Um, and then, uh, the second thing is be a little bit more patient with certain things. Um, you know, I, I'm a pretty wound up A type personality. Um, I don't really like waiting for anything, uh, ever. So, and, and in business, especially in the real estate world, um, patience wins the day on certain things and going a mile deep and investing in what you have right next to, and what you have around you and in your marketplace, and not looking over the fence, uh, you know, that that can, it can send you leaps forward and sometimes it has, but other times it can cause a lot of waste of time. So I think those two, those two pieces of advice is what I would probably hammer into my head eight, 10 years ago.
Stephanie Budnik (16:06):
I like that I even have to use that of deep versus wide instead of casting that large net to try to get more things that's being more targeted and, and thoughtful on your processes. I like that. All right. I have one more deep question then for you, and I will, I will give you a break for the day. Um, the last one is, is just what keeps you up at night. There's a lot of stuff changing in the world today there, you know, we just had 20, 20 a year of a pandemic that no one could have really ever saw happening. What, what types of things keep you up at night today?
Sean Fallon (16:37):
Not, not much, I'll be honest with you, <laugh>. Um, I, I, um, I don't, I don't worry, uh, about things too much. Um, not like I, I used to, at, at the beginning of my career, I would say, What, what may bother me or what may, um, really get me up from just sitting back and relaxing and wanting to get going again. I, I think my biggest fear, if you want to call it that, is, is really not realizing my full potential and not, you know, doing all I can do, even, even after a great month or a great year, or if we get, you know, we, we do a great acquisition with our, with our property acquisition group or any of those types of things, right? You always wonder, okay, how can we do that better? How can we make that more streamlined? How can we refine that? Right? And, you know, that's really, um, falling in love with that process is I think, uh, you know, the key to a little bit of contentment in, in business even no matter what kind of success you have,
Stephanie Budnik (17:28):
I think that that great advice that you can provide and, and that's good insight to even think about, regardless of if it keeps you up at night, I think it's always good to be mindful of how you can do something better or more efficiently.
Sean Fallon (17:42):
Yeah. Sorry, I wish there was more that kept me up at night, but, uh, not a whole lot <laugh>.
Stephanie Budnik (17:47):
There is no golden answer for me. It's my two children that keep me up at night. So I wouldn't have had a really deep intuitive answer at this moment.
Sean Fallon (17:56):
None of mine keep me up at night anymore. If you, if we'd have done this interview a few years back maybe, but, uh, we're, we're past that stage. Thank God,
Stephanie Budnik (18:05):
<laugh>. Well, Sean, thank you so much for your time today. I really appreciate you being on here. It is great to hear about some of the aspects that you talked about today, and I hope that others learn a lot from
Sean Fallon (18:16):
Hearing it. Thanks so much, Stephanie, for having me, and, uh, good luck on the podcast.
Stephanie Budnik (18:20):
Thanks so much. Thanks for listening. For all the latest industry insights, subscribe to Mortgage Connects with M G I C on Apple, Stitcher, or Spotify, or check out mortgageconnects.com.