Latest / Mortgage Marketing Radio / Ep #67: The Journey to Closing 400 Loans

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Ep #67: The Journey to Closing 400 Loans · Mortgage Marketing Radio

0:00
In today's highly competitive mortgage industry, building profitable relationships with
0:04
the real estate agents is essential for success.
0:06
However, finding effective ways to secure agent relationships can be a challenge.
0:11
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0:15
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Our new case study featuring loan officer Chris Cogill is a must-read.
0:25
Chris has closed a remarkable 36 million in funded loans from agent referrals.
0:31
And in this case study, he shares his proven strategies for building strong relationships
0:34
with real estate agents and leveraging those relationships to drive more business.
0:39
To get your hands on this resource, head over to LOKestudy.com and download your free copy
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of the case study today.
0:47
You'll find actionable insights and practical tips that Chris used to close 36 million
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in funded loans from agent referrals and how you can too.
0:56
Don't miss out.
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Go check it out right now, visit LOKestudy.com and download your free copy today.
1:17
Hey listeners, Jeff Zimper, welcome to this episode of Mortgage Marketing Radio.
1:39
How are you doing here we are at the time I'm recording this.
1:44
It is Friday February 9th, so we're in full swing into 2018, how's it going, are you
1:51
on track, are you on pace, do you have the systems in place that you wanted to, do you have
1:56
the activities prioritized and scheduled on your calendar, are you out and about meeting
2:01
and greeting, talking to people who can actually send you referrals, I hope so.
2:08
That's the hallmark of a highly productive successful loan officer spending the bulk
2:12
of your time talking to the people who actually are interested in borrowing money or sending
2:17
you referrals to those people.
2:19
So with that in mind, hopefully you're getting value out of these episodes at Mortgage Marketing
2:23
Radio.
2:24
If so, I'd love your feedback and by now, if you've been listening for some time, you know
2:29
how to share your feedback, you do it in today's world, what's the currency of trust online
2:34
reviews?
2:35
That's right.
2:36
So I'd love your online review.
2:37
You can share it on the blog here.
2:39
If you're listening on the blog at Mortgage Marketing Institute.com, you can share it
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on iTunes.
2:46
If you're an iTunes listener with your iPhone, you can share it over on Stitcher, if you're
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listening on your Android phone, leave us a review, leave us a rating, leave us some
2:54
positive comments.
2:55
And as a thank you, guess what you get for that?
2:58
That's right.
2:59
A nice mortgage marketing radio t-shirt.
3:01
Man, these things have been grown like hotcakes and I ordered a new shipment and they are arriving
3:06
next week.
3:08
So for those of you that are waiting, be patient, it'll be on its way.
3:12
And for those of you that want your shirt, well, you know how to do it, leave me a review
3:15
and email me info at Mortgage Marketing Institute.com.
3:19
Let me know you left a review, some of your mailing address and your preferred shirt size,
3:23
preferably larger XL, most of the people in America today, not many people that are
3:28
fitting into the small size, those adults or the mediums.
3:31
So the bulk of my t-shirt options is large and extra large.
3:35
So that's that.
3:36
Next week, we've got an amazing guest, somebody who I'm honored, who I didn't know was even
3:40
a listener of the podcast until somebody introduced me to him and said, hey, have you heard
3:45
of this guy Jeremy Engle up in, you know, the, how would you say, San Luis, a bisbo
3:52
area of California, right?
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Fresno, Visalia, you know, kind of that central valley, central coast area of California,
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what they call it.
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And Jeremy is a guy who, it's got a very unique and different approach to business.
4:04
But give you some stats.
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I mean, what did he do in 2016, 400 units, 92 million, 2017, 99 million was just a little
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shy of that magic, $100 million mark, and the guy's just a rock star.
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And so what we do is we just, you know, we've got a hot seat session where I just have,
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you know, I walk through Jeremy's process for, you know, how he partners and works with
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realtors.
4:30
And by the way, Jeremy will point out to you that his approach may not be appropriate
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for all.
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But I think there's some really key lessons in here that you'll get from the mindset
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on, you know, working with agents and really what he spends most of his time doing, which
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is what I said at the beginning is talking to people who want to borrow money or talking
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to people who can send him referrals of those people who want to borrow money.
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And by the way, out of those 400 units that Jeremy does 35 of them are refinances, 35
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out of 400.
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And so you hear Jeremy, of course, talk about his team, right?
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Whenever I interview a top producer like this, mega producer, I want to break down in
5:11
a structure of the team.
5:12
So what you'll hear again is that Jeremy is the rainmaker does not have junior L.O.'s
5:17
out there producing units and volume for him.
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So we're going to get into his process, his team.
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He does to attract, capture and convert real estate agents.
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And the real key takeaway from this one is his cross-selling of listing agents.
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You hear how Jeremy actually gets written in on the MLS to be a cross-qualifying loan
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officer on many, many different transactions.
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It's got about four or five agents that are doing this for him.
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And it's really producing a lot of business for him on a regular basis.
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So that is one definite takeaway strategy you should apply from this week's episode
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of mortgage marketing radio.
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So I hope you enjoy it.
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I appreciate you as a listener, as always.
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Thanks for being here.
5:56
And a reminder, stay tuned coming soon.
6:00
An announcement.
6:01
New and exciting news for any of you that are interested in in growing your business
6:06
by way of teaching agent classes, which is the number one fastest, most efficient way
6:12
to attract, capture and convert real estate agents to referral partners.
6:16
Stay tuned.
6:17
More good news coming your way very soon.
6:20
All right.
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So let's get into this week's episode with Jeremy Engel.
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Jeremy, welcome to the show.
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Thanks for having me.
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Appreciate it.
6:30
No, it is my pleasure.
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You're extremely busy.
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Guy, so who's Jeremy Engel?
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What's he all about?
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Tell me about, you know, your 10 year in the mortgage business, you know, for the listeners
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who want to know, right?
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I'm looking at your website.
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It's like, oh, top originator, 2013, 2014, 15th, you know, for the last 50 years.
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What does that mean?
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Well, I'm not quite old enough to be around for 50 years, but the last couple years,
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you know, I've been producing really high for probably last eight years, I guess.
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The last two years I've done just right at 400 loans, like 402 and 16 and this just
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finishing up 17 was like 407, I think.
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I got 92 million in the, in 16 and I'm like 99 something, I almost hit 100 million this
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year, you know, I used to care way more about that kind of stuff, but, uh, but yeah, like
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one more loan would have put me over, I think.
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The magic number.
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Yeah, you got, well, it's like you set these goals and you're like, seriously, you know,
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and then you start thinking about like the one that you let go in the middle of the
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year, you're like, oh, God, that would have put me over, I should have just done it for
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free.
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It's like those missed field goals in the Super Bowl, you know, exactly.
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They're kind of important sometimes, you know, so you set a goal.
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Did you have a goal of those kind of numbers?
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You know, um, my goal was like to hit 300, um, a few years back and I accomplished that
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a few years in a row.
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In the last few years, I was worried the market was going to change.
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So I, I kind of, my goal was just to like maintain what I had and just do a better job.
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And what happened is, you know, I, I've actually bumped it up about, you know, 20 to 25%
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for these last two years.
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But yeah, no, like, you know, I set more, more than like a number of goals, I'm setting
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how can I, how can I make this experience better for not only the borrower and, or, or the
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realtor as well, just because I mean, most of my business, um, I'm like 90 out of 400 loans
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I did 35 refines.
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So I mean, I'm, I'm a lot of purchase business.
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So realtor's are, are my bread and butter and I'm trying to make it as good as it can
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be for them.
9:03
Yeah.
9:04
Yeah.
9:05
Yeah.
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First question I have then is, um, how many realtors make up that, you know, that, that
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number of 400?
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Oh, God, um, that's a good question.
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I market to tons of realtors, hundreds of realtors, um, how do you, how do you market
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to them?
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But, uh, getting out to the offices, um, whether it be Facebook, um, I go, um, you know,
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try to be, be active in, um, on their Facebook, uh, get to know them a little bit.
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It's hard to be, because I work, uh, my, my business is a little bit different than most.
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I'm not just in one little area, you know, I'm covering like four counties.
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So it's about a two to two and a half drive from one end to the other.
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So I got to be in front of them, but not physically, you know, I mean, obviously, physically
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as much as possible, but it's not really, um, well, it's not really possible, actually,
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I just can't be in 20 places at one time.
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You need to have the, uh, perception that you are in front of them.
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Yeah.
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So I mean, I, I have my CRM, um, so I'm using that, uh, you know, and I'm not using it
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good.
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There definitely could be doing it a lot better.
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I feel like I'm, I'm somewhat tech savvy, but I feel like you have to be almost a computer
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programmer to do those things right and, and do it good.
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Do you have a person?
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I'm, by the way, I'm going to keep interrupting you, but, uh, do you have a person, yeah,
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no problem.
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A person who is with the CRM?
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No.
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And I've been looking for that person, but I, um, yeah, so if anyone's listening,
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yeah, right.
10:51
Um, please call me and I'll hire you to help me.
10:54
I, I use a, uh, a jungle, um, and, and it's, it'll do everything you want if you know
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how to do it.
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But it is a very robust and to your point, you do, there's a learning curve, yeah?
11:07
Absolutely.
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And I've been using it.
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I'm, I'm just in it about a year.
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Okay.
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So, um, the other thing I try to do is go to, um, one of the counties I work in has,
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um, a pretty good, um, I call it MLS.
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It's the meeting that all the realtors go to once a week.
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Right.
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Um, however, like some of the counties I work in, there's like 15 people that show up
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in 25, um, loan officers.
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So obviously I'm not trying to go to those very much because it, like, I'm shaking hands
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with all the loan officers and then I've just wasted all my time.
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Granted, I, you know, I'm friends with all of them, so it's cool to talk shop, but I'd
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rather be hanging out with my family at that point, you know, rather than I'm trying
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to get in front of these realtors.
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So one county I do go to has probably about 150 to 200 realtors there.
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So that's amazing.
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Yeah.
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So getting in there, um, you know, in, in the beginning when I started, it was, you
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know, overwhelming and, and nerve-racking, but, you know, over the years, I've really
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got to know most of them.
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So what do you do?
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Do you have a chance to, you know, speak at any of those meetings?
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You know, um, normally, I mean, occasionally I do, but I don't feel like that.
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It's just going in, talking to them and seeing how, you know, just being in front of them.
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You got it, buddy.
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Shaking hands, kissing babies, right now.
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And then you do that consistently.
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And over time, they're like, oh, yeah, that's true to me.
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Yeah.
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And, and the more that you're not there, you know, the more that you got to be in front
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of their exactly top of mind, you know?
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Right.
12:48
Okay.
12:49
So, all right.
12:50
So that's one way you're, I mean, that's a good leverage activity because you're getting
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in front of lots of agents.
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How do you, how do you then, well, go, let's go back to the thing of, you know, um, you're
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reaching people online agents specifically, um, I mean, you mentioned Facebook.
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What I'm curious about is, are you just like, friending random realtors on Facebook that
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you've never done a transaction or, no, I, I mean, I have done that in the past, uh, you
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know, I've tried everything because there's not someone in, in my area that really does
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the volume I do.
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So I can't just like, oh, I'll just do everything they're doing and that'll be easy, you know?
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Um, so I've kind of had to create the wheel, if you will, um, and I used to just kind of,
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oh, wow, they work at Century 21 or, uh, you know, Keller Williams, I should have
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to friend them.
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But then I'd see him out there and I wouldn't even realize it and they're like, oh, yeah,
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we're friends on Facebook and then I feel stupid, you know, um, make it after a while and
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be like, of course we are.
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Oh, yeah.
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No, I trust me.
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I'm great at that.
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But, you know, I kind of wanted to, so what I do now is like, um, so a lot of agents
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have me on there for a cross call on the purchase contract on the, actually on the
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MLS.
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So they will, um, yeah, so you have to be approved with me or basically before the seller
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will accept your offer.
14:10
Yep.
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So then, you know, I'll meet agents that way and sometimes I'll just talk to them and
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we click and if they're not just dead set on their lender, then, you know, I'll add them
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on Facebook and try to start that relationship there.
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Absolutely.
14:24
I want to pause there for a while.
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You know, a lot of times.
14:26
Yeah, go ahead.
14:27
That's a, that's a great strategy when I've, I used to use as well.
14:30
I was actually introduced to me by a mega, mega agent up in Long Beach, California area,
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Walter Sanford, shout out to Wally.
14:37
Um, nice.
14:38
And so whenever I bring that up to loan officers, you know, I get a various, various responses
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like either agents will do that or my agent wouldn't do that or, you know, whatever.
14:48
So was that a difficult process or are they doing it because, you know, your Jeremy
14:52
angle or what?
14:53
Well, I mean, in the beginning, I was always Jeremy Engel, but I wasn't Jeremy Engel,
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the guy that's doing this many deals, you know, um, what happened.
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How that all originated was years ago, the banks started, uh, when all the foreclosures
15:09
were going on, the banks started saying, oh, you got to get this prequel with B of A or
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whoever it was.
15:15
Right.
15:16
And, are you exactly, but it took like four days to get one and all these, uh, are you
15:22
agents?
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Their deals were falling apart because they weren't even doing a real prequel.
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So I started, I said, well, why don't you have me do them?
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And then you'll know if the deal's good or not.
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And then basically took their, you know, 40% fallout to, to hardly anything, you know.
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And then I started working with a flipper who at the time was really new into it and, um,
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he was doing just one or two houses and needed the money to move to the next house, right?
15:53
So I closed a couple deals for him and other lenders would fall out and then the deal would
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come to me.
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I'd fix it.
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So then he got to the point where after about five of those where like it's that Nesco
16:05
for 60 days and these guys just didn't know what the heck to do.
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And then it took me, you know, back then we didn't have all this tread waiting times and
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all that.
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So I was knocking these things out in like nine days, you know.
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So obviously he's super impressed in getting his money fast.
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So he just started saying, must be prequalled by me.
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And then after that for a while there, he was just like, you know, multiple offers on
16:30
the house.
16:31
You want the deal?
16:32
Use my guy, you know?
16:33
Yeah.
16:34
Yeah.
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It was a little cutthroat there for a little while.
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Do you get pushback ever from agents on that?
16:40
Um, yeah.
16:41
So obviously the ones that are pushing back, like obviously I know they have a great relationship
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with their lender.
16:48
So I just say, and I don't ever try to swoop in on the buyer.
16:52
That's just not my style.
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Um, you know, I mean, I do probably, even today I probably do 10 cross calls a week.
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I mean, back in the day I was doing probably five a day, you know, when, when the flips were
17:05
huge.
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So a lot of times like the agent will call me, I mean, not a lot of times, occasionally
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now they'll call me and say, you know, they came to me with this out of town lender.
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I'd rather them use you, I'd like to get this offer accepted.
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And obviously I have a good relationship with these agents that are, you know, having
17:25
me in the MLS anyway.
17:26
Right.
17:27
So I call them and I go, Hey, just so you know, they said they're going to use me.
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So, you know, and they're solid.
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So, so gets their, helps get their deal accepted.
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Then I've worn that relationship with that agent and sometimes they just tell me that
17:41
because they're trying to, you know, they're trying to get their foot in the door and they
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never call me back after that.
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So it is what it is, but, but other times when I do get pushed back, I just drop it,
17:51
you know, like, Hey, have the lender send me over 10 or 3 DU income and assets.
17:55
I'll send out the pre-qual and I move on.
17:58
I'm not trying to jump down, you know, there's a lot of good lenders out there.
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So I'm not trying to, you know, steal anyone's business.
18:03
Right.
18:04
But I do think it's a smart strategy for LOs that are listening and they're like, well,
18:07
how do I grow my business and, you know, the whole listing agent, oh, I'm a listing
18:10
agent not, you know, buyers agent that excuse.
18:13
And I always advise them, you know, with the listing agents that they can, right, get
18:17
that setup that you just talked about because you're going to get, yeah, it's a great
18:22
way to add value to that listing agent number one.
18:24
You'll get some wins out of that.
18:25
Yeah.
18:26
And the other thing is, is like, you know, the agents or what they always say, like, hey,
18:30
man, I haven't, haven't seen you in a while.
18:33
All I had is listings and cash buyers, well, put me on your listings.
18:36
I guess that would be a way to keep pushing when they're, you know, when they give you
18:41
that.
18:42
Yeah.
18:43
If you will.
18:44
Right.
18:45
And I would say to them, well, do you ever have listing, you know, if you'll fall out because
18:47
of financing in most of the time, say, yeah, right?
18:50
Yeah.
18:51
And you're like, wait, I thought you had all cash buyers.
18:53
There you go.
18:54
Just caught you.
18:55
Yeah.
18:56
Liar.
18:57
All right.
18:58
So listeners, look at that's an advanced strategy.
19:00
We're not going to hang out there too long.
19:01
You need to start asking, yeah, listing agents, take, add me as a cross-qual.
19:05
I can help you save more deals besides that the seller's going to love it.
19:08
The value-added service for you, the agents, as long as you do a damn good job.
19:12
All right.
19:13
So back to this, you're covering four counties.
19:15
How many realtors are you marketing to like database-wise, you know, email, etc.?
19:20
Um, I'm not really good at it, to be honest with you.
19:25
I mean, I might be dead of it.
19:26
It's any admits he's not dead.
19:28
Well, I mean, you can always be a lot better.
19:31
I mean, I'm, I'm better than most probably, but I'm sure there's guys that have, uh, that
19:36
do a lot better job at their marketing database, however their database is not as big as mine.
19:42
No, really, you know, you have a margin of error, um, or yeah, I can really do it half
19:46
a dozen and do okay, but, you know, on the number of agents, roughly, that you're marketing
19:52
to email.
19:53
Oh, a thousand, a thousand, okay, got it, a thousand.
19:58
What kind of stuff do you send them?
20:00
Happy birthdays, you know, is it all just really just right, just templated content?
20:05
Okay.
20:06
Yeah.
20:07
So it's pretty much.
20:08
Yeah.
20:09
All right.
20:10
So it's nothing real personal.
20:11
You're not sending videos and all that.
20:12
No, that's, uh, that's in my goals.
20:14
Definitely.
20:15
Yeah.
20:16
And why is it in your goals?
20:18
Because it's been in my goals for two years, and I've accomplished all my other goals,
20:22
but getting in front of the camera.
20:24
Mm-hmm.
20:25
What's the, what's the roadblock there, um, being, um, what's a nice when it's in this.
20:32
Dr.
20:33
If you will, yeah, like, uh, well, like every time I go to do it, I make excuses.
20:39
Like, oh, I need to get my background looking better.
20:42
Um, I didn't come to my hair today.
20:45
I'm working from home.
20:46
I'm in short, it's in a t-shirt.
20:47
Like, dude, I've, I've rolled through the excuses for two years, you know, and, all right,
20:53
here's a better question.
20:54
Let's just say you, let's just say you were ramped up in with video.
20:57
What would you be sending them?
21:00
So what I'd like to do, one of the things I really like to do with my CRM is send the
21:08
milestone updates and I'd like to do a video from me on each one of those milestones.
21:15
So like I mean, do it once good and then, you know, the girls are just sending it out from
21:20
me anyway.
21:21
Yep.
21:22
And then that way, I'm going to update.
21:24
So you just report.
21:25
Exactly.
21:26
I'd like to do a congratulations.
21:29
You got your offer accepted.
21:31
Here's what we need you to do and here's what we need you not to do.
21:35
You know, I'd like to have that in a video because, you know, we always send them something.
21:40
It'd be an email or an attachment like, don't buy a car.
21:44
Don't do this.
21:45
Don't do that.
21:46
Well, you never told me.
21:47
I'm like, well, it was in an email, but if you got a video of that, like, I'm just trying
21:53
to protect myself.
21:54
I guess if you will, but just save more deals from falling out from stupid stuff like
21:58
that.
21:59
And with that video, I don't know if you thought it this far, but with that video be like
22:03
a, you know, a bomb bomb type thing where it's a video email or just a link to a video
22:07
somewhere on a page.
22:08
Yeah, I'm thinking probably a link unless I can incorporate bomb bomb into my CRM, which
22:15
I think it does.
22:16
I was actually doing some research on it yesterday.
22:19
I just need you to show me how to do that.
22:22
Okay.
22:23
I'll be what I owe you for sure.
22:25
That's awesome.
22:27
Okay.
22:28
So for those listening, dude, first of all, that was like some really great ideas right
22:31
there.
22:32
I mean, you know, just get after it.
22:34
Those more and more today, people are expecting video and to your point, right?
22:38
If you want to stand out, differentiate yourself, video key.
22:41
Yeah.
22:42
Okay.
22:43
So then do you, so you've got this, this huge base of realtors.
22:47
What I want to better understand is you and I talked about this before is you are not
22:51
a go deep, right?
22:53
Keep it narrow and go deep with realtors.
22:55
You're more of a go wide and stay shallow.
22:58
Yeah.
22:59
Yeah.
23:00
Like a lot of people will call it the shotgun approach.
23:02
Uh huh.
23:03
And that's your.
23:04
Now, did you like consciously make a choice to do that because you just don't dig realtors
23:07
that much or it is just a.
23:09
No, no, it just kind of evolved to that.
23:12
I think because I started working with so many.
23:16
And I think it's kind of a tough time right now, at least in some of the counties I'm working
23:22
in, I'm 39 and I have young kids and I feel like most of the realtors are either on the
23:31
older spectrum or like the millennial super young spectrum.
23:35
So I don't have a ton of common with them right now, you know, so I feel like, I mean,
23:42
there's definitely ones that, you know, I'll go have lunch with and hang out with, but,
23:47
you know, and a lot of times they're busy too, you know, with whatever they're doing.
23:52
So I just, uh, and being in so many areas, it's hard to, to do that, uh, but do you have
23:59
a ability to approach?
24:00
How some coaching out there, you know, suggest we categorize agents into like ABC buckets
24:06
based on level of referrals.
24:08
Do you do any of that?
24:09
Is it just, I don't, I don't, I mean, I try to treat everyone the same, um, believe it
24:16
or not, like obviously if one calls me on the weekend and they never send me a deal and
24:21
they need a cross-qual, like I'm like, yeah, whatever, dude, um, but if one sends me, you
24:28
know, 50% of their business or a deal here and there and they need something on the weekend,
24:32
yeah, I'm going to do it for them, you know, but yeah, I mean, obviously there's a handful
24:37
of them that, I guess I'd never have thought about it like a categorized, but yeah, like,
24:43
I mean, some agents are putting me in their MLS, they're doing that kind of stuff.
24:46
I'm going to jump high and how high they ever want me to for those people.
24:50
Sure.
24:51
Well, how many agents, uh, I don't know if you said that earlier, but roughly just, you
24:54
know, ballpark, are you, how many agents are you in the MLS on a cross-qual?
24:59
Um, one, two, three, four, probably like four or five.
25:06
So, and what's happened with that?
25:09
Well, I mean, one of them was huge for a while.
25:11
They were flipping like 400 houses a year.
25:14
And then what happened is everyone wanted to be like that person.
25:18
So then they started calling me and asking me if I could do it for them too, because they're
25:21
getting into the flipping business or whatever.
25:23
So that just kind of spiraled to be bigger as well.
25:26
And I was like, sure, you know, but you're, you're flipping business.
25:30
What percentage of of your business now is that flipping?
25:34
Oh, um, low, like, yeah, yeah, yeah.
25:39
I mean, at one point, it was probably 25 or 35%.
25:44
Maybe more, yeah, I want to stay for a while there.
25:47
Everything was flipped, you know, right.
25:49
Oh, yeah, during the crazy times, yeah.
25:51
Uh, and what I, why I ask you guys, because I just want to establish for the listeners
25:54
that, um, you know, who are thinking, oh, 400 units.
25:57
Yeah, like 80% of that is just people flipping, you know, massive quantity.
26:00
You know, absolutely not.
26:02
Um, I do have a builder now that has like six subdivisions, but like last year,
26:07
I closed like 50 houses for them.
26:09
So, so I mean, take 350 and spread it across all the rest of the edges.
26:15
I think the most one agent gave me might be like low 20s, you know, the rest of
26:21
them are, it's all, so you've got a, yeah, you'll get a random assortment.
26:27
Like you, you probably have a handful of agents where it's like, oh,
26:29
they flip me a deal every three, six months, whatever.
26:32
Sure.
26:33
And then like when I get one from them or, or I like, uh, you know, working with that
26:38
person, I'm, I'm trying to follow up with them, you know, uh, do you look into
26:43
the best job I can?
26:45
You know, I'm starting to do that.
26:47
Um, actually, since I've been listening to your, uh, podcast on my drive,
26:51
yeah, I, I've actually learned a lot to be honest with you.
26:54
Awesome.
26:56
Um, yeah, like, uh, I didn't even know about that MTA thing, um, figuring,
27:01
figuring that out because, you know, there's nothing worse than like the agents
27:05
like, oh, yeah, uh, co-market with me.
27:08
I'm going to send you everything.
27:09
I'm like, all right.
27:11
And then you feel like they are, but you're, you don't really know, but well,
27:14
now I can know.
27:15
Yeah.
27:15
Great.
27:16
Right.
27:17
And I can be like, you're full of it, dude.
27:19
I'm declined.
27:20
You know, I'll send you everything, uh, everything of what?
27:25
Yeah, everything under, uh, 200,000 sweet thing.
27:28
Good.
27:29
Um, so speaking of that co-marketing, do you have any co-marketing, you know,
27:34
joint spend?
27:36
I do.
27:37
Um, and mainly just, I hate it, honestly.
27:42
Like none of it is, I, I do have one, um, realtor that I, it's like
27:49
their CRM grabbing machine.
27:52
I, you know, I think it's called the sink.
27:55
Uh-huh.
27:56
Well, yeah, it is called sink because that's where my 750 goes every month.
27:59
Um, but, uh, right.
28:03
But I mean, they were giving me everything.
28:05
And I go to like a meeting with them.
28:09
It's like a, a person in like five buyers agents.
28:13
Yeah.
28:13
So, you know, it's worth it because I'm getting like two or three deals from
28:18
a month already.
28:20
There you go.
28:20
So yeah, they're like, Hey, would you coastline or co-market with me?
28:24
I'm like, Heck yeah, all day long, you know?
28:27
Um, it's the agents that come to you that aren't working like giving you
28:32
everything and they're like, Hey, do you want to spend a thousand dollars with
28:35
me?
28:35
And I'm like, who are you?
28:36
I mean, I, obviously I know them.
28:38
They're, they're not coming to me.
28:39
But and then I, and, and I've tried this and, and I would say this is my
28:45
biggest thing with this for everyone's listening out there.
28:48
Um, it's easier to say no than it is to try to get out of it later.
28:55
Yeah, yeah.
28:56
Yeah.
28:56
If you say no upfront, like, you know, I just can't afford to do that right now.
29:00
They're like, all right, cool.
29:02
You know, we'll probably still do some business together.
29:05
But then if it doesn't work out and you end that relationship, it's a bad feeling.
29:10
Like I've done it.
29:11
And I get zero from those people now that I, that I ended it from.
29:16
Right.
29:16
So, so the fear you were going to ask the fear of the agent going on to the next
29:23
person.
29:23
Yes.
29:24
Yeah.
29:26
I mean, it sucks.
29:27
That is a fear.
29:29
And you kind of have to evaluate the situation like the problem with these, uh,
29:35
these people think that once they start paying Zillow, they're going to do,
29:40
you know, 10 more transactions a month or whatever that number may be, but they don't.
29:47
So you got to look at it.
29:49
Like what are they giving you now?
29:51
And would you pay that for what they're giving you now?
29:54
And that's how I would evaluate that situation in the future.
29:57
Does that make sense?
29:58
Yeah, totally, totally.
29:59
And you may have heard on the past podcast where, you know, my preference to that is,
30:04
let's not start our relationship off, right?
30:06
Like, like that because you got to have something more valuable to bring to the table.
30:11
Or else if it's always predicated on, you know, the spend, then when that goes away,
30:15
like you said, the relationship does.
30:17
So how about we, how about we establish some success together first by me demonstrating
30:22
how great of a job I do for you.
30:23
And then maybe we can approach that.
30:26
And that's one of the things that I said to one of the guys, you mean, he's huge.
30:31
He's like ranked in the United States.
30:33
And I started doing it with him.
30:36
But then there was like 10 other lenders he's using to do this.
30:39
And I'm like, well, zero value just happened.
30:42
Thanks. Here's my $2,000 month or whatever.
30:46
And so I got out of it.
30:48
And then, you know, he calls me back and he's like, I want you back on board.
30:52
I'm going to do this.
30:53
I'm going to do that.
30:53
And I'm like, that's cool, man.
30:55
I was with you for two years doing this and it just wasn't working out.
30:59
Here's the deal.
31:00
The sky's the limit on what I'll pay.
31:03
Show me the money.
31:06
Bustin out a little jerry McGuire on him.
31:09
I did.
31:10
I did.
31:10
And, and that's what I did.
31:12
I said, dude, I've been showing you the money for two years.
31:16
Yet the volume's not been there.
31:18
So you show me the money.
31:20
Show me what you can do.
31:21
You've told me like, oh, just give it a couple more months.
31:24
And I'm just done with that.
31:26
And now I've reversed the role.
31:28
And, you know, because I'm doing more volume than anyone else, I can pay more
31:33
than anyone else for this stuff.
31:36
But if it doesn't make sense, I'm not going to do it.
31:39
And you got to show me before I'm just going to put my wallet up, if you will.
31:44
Amen to that, like that.
31:45
Yeah.
31:46
Okay, good stuff.
31:47
Reverse the role on them because they're just trying to, they're getting sold
31:50
by the, the Zillow guy, the whoever it may be.
31:53
And, and they make it sound sweet, you know, oh, yeah, oh, just get your
31:59
lender to pay for everything, you know, that's the new whole motto there.
32:02
Oh, geez, I love it.
32:04
Okay, so I'm trying to figure out here, I'm looking at your Zillow page.
32:08
You got a hundred and thirty one reviews.
32:11
How do you get your Zillow reviews?
32:13
What's your process for that?
32:14
Actually, I, um, and one of my, my final milestone, um, update is actually
32:22
just sent a couple of them out right now.
32:24
Hang on, I can actually read it to you.
32:27
Um, well, I don't need to read it to you.
32:29
Basically what it says is, uh, congratulations.
32:32
We've funded your loan.
32:34
Um, it's been awesome working with you.
32:37
Um, if you have any friends or family that are, I mean, this is their happy
32:41
time, so you're going to take advantage of this.
32:42
Um, and if you know any friends or family that are looking to buy, I'd love to
32:47
help them.
32:48
Uh, you know, my business is a hundred percent referral blah, blah, blah.
32:52
If you don't mind taking a few minutes, I'm looking to build my, um, my
32:56
Zillow profile because a lot of shoppers are online these days.
33:00
Please, uh, please give me a five star review.
33:04
If it's less than five stars, please contact me directly so I can rectify
33:08
the, the issue during your loan time.
33:10
And I've yet to get a bad one.
33:13
Knock on wood.
33:14
Knock on.
33:15
I thought that was somebody at your door.
33:17
No, no.
33:19
Well, so, so wait a minute.
33:20
So it's an email that goes out with a link to your Zillow page, right?
33:23
Yep.
33:23
And what kind of, um, you know, conversion do you get on those?
33:27
Oh, I mean, not, you know, I might get like two or three reviews a month.
33:33
Yeah, out of like 40, 40 fundings.
33:36
Yeah.
33:37
Yeah, probably 35.
33:38
Okay.
33:39
You know, and so is it the one shot you don't ever like, you know, prod them follow
33:43
up again.
33:44
I don't, I don't, I, I think, I mean, I could, but there's other things I
33:49
want to be doing.
33:50
Um, I don't want to bug them to death on that, you know, um, and I have
33:55
131 reviews in my area.
33:58
I think the closest person behind me is probably like 40.
34:01
So do you think that helps for you to win deals?
34:05
No, I don't think Zillow rep listen up.
34:11
Yeah, I mean, organically, I might get like one call off Zillow, um, you
34:18
know, but they've changed all their stuff where like, it's really hard to find a
34:22
lender on there.
34:23
Like they want you to fill out their, their application, um, and then so they
34:29
can sell it to me.
34:30
You know what I mean?
34:33
They're not just letting you find the guy and call him up and get hooked up.
34:36
You know, got it.
34:37
Okay, they're not stupid, right?
34:40
Well, they just, did you see that?
34:41
They just reported what a billion dollars in revenue?
34:43
Yeah.
34:45
I had a little piece of that.
34:46
All right.
34:48
So in the closing moments we've got here, you know, always want to have kind of a
34:51
mega producer doing the units volume you are always like to get a, just a
34:56
quick look at what's your process look like?
34:58
Cause you had told me before you're obviously the scale, the size of business you
35:02
have.
35:03
You can't meet with your clients face to face really.
35:05
Um, sure.
35:06
So what does your process look like?
35:07
You get a lead in incoming and also like your team structure real quick.
35:12
Okay.
35:12
So I have one girl who's my, my right hand, who kind of, she basically, all
35:19
my email goes into, we share an inbox and then she replies to 90% of it and
35:26
then puts whatever I need to see in my box.
35:30
Um, so that just helps me throughout the day or else, I mean, before we were
35:35
doing that, I was spending, you know, my whole day just fighting email.
35:38
Right.
35:39
So, so she does that and then she'll help me with prequels as well.
35:44
Um, but then I have a girl who hired, it's been about six months, maybe a year
35:51
now, um, that she, all she does is prequels.
35:55
Okay.
35:56
So we're real quick.
35:57
That's been a huge relief for me.
35:59
Oh, I can imagine.
36:00
So a lead comes in and she's the first point of contact.
36:03
Yep.
36:04
Okay.
36:04
So she gets on the phone with them.
36:05
She does.
36:06
She takes an app like over the phone or does it online out?
36:08
No, no, no, I'll back up a little bit.
36:10
So all my leads, uh, high percentage of them are online because they go to the
36:16
website.
36:16
They fill out the app.
36:18
Um, I rarely meet with someone without, uh, filling out an app, you know, unless
36:24
they're older, like, if they're young and they don't fill in an app, they don't
36:28
qualify typically.
36:29
I mean, it's mean to say that.
36:31
But they're vertically, I've seen it, you know, I meet with them.
36:36
I call you up for 70.
36:38
I'm glad I'm sitting in the office talking to you about it for an hour.
36:41
Right.
36:41
You know, good.
36:41
All right.
36:42
Um, yeah.
36:43
So it's like you, you, you want to get them, you know, get the ones that are going
36:47
to work.
36:48
And, and if not, just jump into a credit repair and move on, you know, and then on
36:52
the front end, I have two L OAs.
36:55
So the pipeline split, you know, close to 50, 50, um, those people are the ones
37:01
that are going to be sending out that first email.
37:04
Um, and then, um, updating with my CRM emails that go out and they're getting
37:11
everything from the borrowers, um, meeting, not really meeting with the
37:15
borrower.
37:16
I mean, meeting with them just to collect documents, but not really going over
37:19
fine details of the loan, um, in the first part in the prequel stage, we
37:24
kind of already established that.
37:26
And then there's two processors behind those two girls.
37:31
And I have one person that just orders appraisals and V O E's and that
37:35
custom stuff and interceptionist.
37:38
Yeah.
37:38
So there's, and why do you talk to the clients?
37:42
It just depends.
37:43
Like, you know, if there's a big problem, then I jump in or if I'm getting
37:47
pushed back from mainly when there's an issue because, you know, the girls
37:53
that are the, the document gathers, they don't really know how to deal with
37:58
those problems.
37:59
Like, like, I can, I can mellow something out and, you know, 10 seconds.
38:04
Or so when the lead comes in, like, I have one that just came in right
38:08
now, and obviously I'm not going to make the call because I'm on this phone
38:11
call, but between me, my right hand and my prequel girl, one of us is
38:17
calling him.
38:17
So we'll reply back like, I got it, you know, that way we're calm and sad.
38:21
It's not where you are talking to every single client.
38:26
No, there's, I've done loans for tons of people that I've never talked to you.
38:30
Wow.
38:31
That is cool.
38:32
And do you ever, it's funny whenever I, you know, so I get these questions
38:35
pop up in my head, like, I've had loan officers say, no, I got you.
38:38
I just thought of something too while you're, while you're asking this one.
38:41
Yeah.
38:41
So the realtors are like, well, you know, they're getting the feel that they're
38:45
not working with me personally and just with, yes.
38:48
And, and let me tell you how I fix that.
38:50
So I did everything as Jeremy, Ingol.com, Jeremy, Ingol.com, Jeremy,
38:56
Ingol, the loan officer, everything was like that.
38:59
And the feedback I was getting was exactly right.
39:03
Well, like, everything went pretty good, but I never even talked to Jeremy.
39:07
So then what I did is I changed it to the Ingol mortgage team.
39:11
And then just by changing that name and setting up the expectation in the
39:18
beginning, I don't ever get that feedback.
39:20
I mean, granted, you're going to get it.
39:22
Like I never even met that guy, you know, yeah, but my love was on time.
39:25
So big deal.
39:26
Yeah.
39:27
And I'm in my house and everything's great.
39:29
So, all right.
39:30
So that's good.
39:31
Good lesson, right?
39:31
Set that up from the, like you said, expectations during your communication,
39:35
you're onboarding.
39:36
Yeah, absolutely.
39:38
Very cool.
39:39
The more, the more you can information, you can give out.
39:42
And I don't think like too much to keep it short, you know, I don't
39:45
send novels to people because I personally don't have that personality to,
39:50
like I'm guilty of reading the first line of the email.
39:52
And I didn't, uh, I didn't see that you asked for five more things at the bottom, you know,
39:57
because I'm going through a lot.
39:59
Yeah.
39:59
Well, okay, real quick.
40:00
Then last question, uh, how do you, I dare I ask you this question,
40:06
pass client database, stay in touch, do any reviews, anything like that?
40:11
God, that's on my list.
40:13
It's horrible.
40:14
Obviously, I only do 35 refines in part of that is, uh, because I'm horrible at that
40:22
past client.
40:23
And, and the problem is that we sell loans to, you know, many different investors
40:27
and their client retention is amazing.
40:31
So, um, so that's, that's detrimental to us.
40:36
Um, that's part of this, like with my videos and all that stuff.
40:39
That's all part of my plan for this year.
40:42
One thing I wanted to, that we talked about before that we didn't talk about,
40:46
um, was my cross selling agents during the, during the process.
40:52
So that's one thing, um, that how do I get the volume I get is because when you
40:59
have the volume, your, I think I use this term, uh, when I told you this, um,
41:06
it's like making money when you have a lot of money, when you have a lot of deals
41:10
in process, you have a lot of opportunities, like getting that other agent on board.
41:16
And, and I do send milestone, uh, updates to the other agent.
41:21
You know, um, I let them know if there's conditions on the appraisal.
41:26
Well, basically I, I send an introduction letter, email, um, everything's automated.
41:30
I don't even get on the phone with them unless it's an agent that I worked with
41:33
before and, you know, I wanted to just catch up with.
41:36
Um, but then we send out the, um,
41:39
the appraisal being ordered notification.
41:42
We actually send it to both agents and let them know who's the contact.
41:46
What number they're contacting.
41:48
That just prevents a lot of calls from us, but it also shows that other agent.
41:54
Wow, these guys are on top of it, you know, right.
41:57
And then, you know, the appraisals received.
41:59
We sent two separate one, one to the buyer and the, and the buyer's agent with the
42:03
appraisal and the other one goes to the selling agent.
42:06
And it says appraisal met value, um, here are the conditions or met value as is.
42:12
Obviously, if it came over, we don't tell them, but if it came under, we do tell, you
42:17
know, sorry guys.
42:19
And then there's CC down the, um, the docs and CD and, and the funding as well.
42:28
So they're, they're, they're definitely updated throughout the whole process,
42:31
which is making their life easier.
42:33
And one of the, if I do get on the phone with them, I say, did you see how easy
42:37
like you didn't have to check up on this loan?
42:40
That's what it is doing business with me.
42:43
So if it was that easy for you on a, on a seller's end, imagine how what we can do
42:47
for your buyers, you know, and what is that then do try and drive a meeting from that?
42:53
I don't, um, it just depends, you know, um, they've seen what I can do.
43:00
My, my name's out there.
43:01
I mean, yeah, should I probably, but it's just a freaking quantity game, you know,
43:07
I mean, that's 40 times in a month.
43:09
So if three of them reply, now I got three other agents sending me business next week.
43:14
Well, so the last point I want to make is, and I got to let you go, uh, because your
43:18
meters running, but, um, I know you and I talked about this the other day, which was,
43:22
so you have, you admitted some advantages that you have with scale and the volume.
43:27
You just talked about some of those, but, but you, you and I talked about how,
43:31
if you weren't doing this kind of volume, 35 units a month, right?
43:35
You know, you would be, you, let's say you're at the stage where some of our listeners are,
43:38
whether they're like they're trying to build and grow their business, they,
43:41
you would be doing the whole kind of high trust interview kind of thing,
43:44
wanting to get more face time with people, right?
43:47
Absolutely.
43:47
I, I absolutely would.
43:49
And I would go to their signings.
43:50
I would, I would go meet their agents.
43:52
I would call the listing agent when, uh, when we sent the offer,
43:57
I mean, I would be in, I, I used to do all this stuff.
43:59
You know what I mean?
44:00
I'm trying to be in front of everyone and I wouldn't, and if I'm doing under 10
44:05
loans a month, I'm meeting with all my buyers.
44:08
I don't need an, I don't need a loan officer assistant.
44:10
I want to be face to face with all the borrowers, talking to all the agents,
44:14
let it, you know, because I know where every single deal is at every second.
44:19
If it's under 10, you know, when you get to 35, it's, it's impossible to do that.
44:24
Right.
44:24
You know, absolutely.
44:25
Cool.
44:26
Well, what's, uh, what's, uh, on deck for you for 2018?
44:28
You mentioned video, you mentioned past database, anything else you want to achieve
44:33
this year?
44:34
You know, my goal is always to keep a balance with my family, but I've been doing
44:39
a really good job of that and, and, and, and using the CRM in the video will,
44:44
are things that I think can grow my business without me giving up that.
44:50
Yep.
44:51
So mastering my CRM for this year and, and adding video in there, um, are,
44:58
are my two biggest goals for this year.
45:00
And obviously using that to, to, uh, get a better social media presence as well.
45:07
There you go.
45:08
I like what you said with the video and all that stuff is, um, what did I hear?
45:13
Somebody say the other day is, you know, leveraging that technology to be able to
45:17
produce, um, and automate the very best version of yourself.
45:22
Sure.
45:22
Yeah.
45:23
That's cool.
45:23
So if we can do not scare the camera like me, well, you got to get over that.
45:27
Hey, let me give you the best advice I ever got, you know, about how you look at the camera.
45:31
Okay.
45:31
Here it is.
45:32
Hey, that's how you look.
45:35
Yeah.
45:36
Yeah.
45:37
I can't wait to listen to this and see how horrible I feel, right?
45:41
Great job.
45:41
Great job.
45:42
So, um, I'm going to let you go because I know you got money to make.
45:44
And, uh, so if anybody wants to check you out, follow you online, what's the best place?
45:49
Website Facebook?
45:50
What do you want to do?
45:51
Um, I have a, I don't know.
45:54
I have a personal Facebook just Jeremy Engle, uh, uh, Engle mortgage team at country club
45:59
mortgage, uh, for, for Facebook.
46:02
And then, um, just my website's just my name at Jeremy Engle.com.
46:06
Awesome.
46:06
Well, I can't thank you enough.
46:07
And, uh, what I'm doing now is I'm, I'm putting this out there.
46:10
I'm sending all my guests a free mortgage marketing radio t-shirt.
46:14
What size are you, man, LXL?
46:17
I'm a large.
46:18
There you go.
46:18
Nice.
46:19
Okay.
46:19
So thank you very much for being here and listeners.
46:21
Uh, this was obviously a crash course in how to succeed as a loan officer.
46:26
So, um, Hey, leave us a review.
46:28
If you like this one, I tune Stitcher and, uh, that's how you can get a free t-shirt for yourself as well as I pointed out in the intro.
46:35
So everybody, thank you for tuning in and we'll see you on the next one.
46:40
Bye for now.
46:41
Thanks for listening to mortgage marketing radio.
46:44
One more truth in mortgage marketing, get more free training and resources at mortgage marketing institute dot com.
47:07
Hey guys, what's up real quick?
47:08
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