Latest / Mortgage Marketing Radio / Ep #100: How to Prepare and Profit in the Real Estate Market Shift

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Ep #100: How to Prepare and Profit in the Real Estate Market Shift · Mortgage Marketing Radio

0:00
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Hey listeners, Jeff Zimper, welcome to this edition of the mortgage marketing radio podcast.
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This edition is not like other episodes you've listened to, oh no, certainly not.
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Why is that?
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Two reasons.
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Number one, you're listening to the 100th episode of mortgage marketing radio podcast.
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That's right, the 100th episode.
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So before I talk about my special guest, I wanted to make sure that I take a moment to
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acknowledge you guys, you, the listeners, my tribe, followers, people that are letting
2:11
me know how much the podcast is making a difference for you, wherever you're leaving
2:15
those comments and reviews, whether it's on iTunes or Stitcher or Google Play, Apple
2:19
podcasts, you know, the Facebook page at mortgage marketing radio, mortgage marketing
2:24
institute.
2:25
Hey guys, listen, when I started this in 2016, January 2016, that was my very first podcast
2:31
episode and I wasn't sure where it would go, where I'd take it from here, but here's
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what I did know.
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I knew that I had a vision.
2:39
I had a message and a purpose that I wanted to bring to you, my fellow mortgage loan
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originators.
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I wanted to bring to you guys what I call truth and mortgage marketing, real truth, what's
2:49
working, what are the best practices and principles of those consistently producing and achieving
2:56
their results.
2:58
And I do that by a way of bringing you special guests and topics that hopefully deliver
3:03
on that vision.
3:05
And if you think we're achieving that goal and you haven't yet let us know with a comment
3:09
or shout out somewhere on the inner webs, you know, I'd appreciate very much you just
3:13
taking a moment to share that your information, link it up, let us know and I appreciate
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you guys very, very much because if we're going to get to episode 200, right, I need you guys
3:22
along for the ride.
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I need you to tell me what content you want, special guests, topics that are most relevant
3:28
and important for you, but know that I will always run the podcast through the filter
3:33
of truth, no BS, truth and no fluff because if you want fluff, go pet a bunny, right, that's
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what I always say.
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So this is a very special episode, as you know, episode 100, a long road getting here
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at sometimes, you know, this hasn't been easy, right, there's challenges in producing
3:51
content consistently.
3:52
I know that you guys know that that are out there doing content, but I want you to know
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it's worth it.
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It moves the needle in your life and in your business and just the impact that we've
4:02
been able to be blessed by having in the market industry, I'm so grateful for that.
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We are reaching over 10,000 low officers every single month and that is because of you,
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the listener.
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So if you have a colleague, you want to share it up with, appreciate that, love to do
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that.
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If you want to reach out to me anytime, email me podcast at mortgagemarketingradio.com and
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if you are looking to go to the next level in your business and you want more interaction
4:27
and engagement, well, number one, make sure you join the Facebook group for the podcast
4:31
community, just go to Facebook and type in mortgagemarketing radio, that group will come
4:34
up.
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And then secondly, if you're looking for more structured training, coaching, done for you
4:40
agent classes to drive agent engagement and referrals, you're looking for tools and resources
4:45
to help train you up in the way of becoming a modern originator, whether that's video
4:49
marketing or Facebook ads or, you know, YouTube, Instagram, you know, things like that.
4:54
If you're looking for, you know, quick wins, checklists, templates, shareable resources
4:57
to help put you on the map, help you add value to your referral partners, you're looking
5:02
for some scripting and dialogues to help reduce rate shoppers, mortgagemarketing.pro, check
5:07
it out.
5:08
So my special guest, it's an honor to have him on.
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It's only been a year in the making.
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It was a year ago we met at the Todd Duncan event and we went up to each other in the
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hall, big circle that Tom was talking everybody in and I said, hey, Tom, let's get you on
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the podcast and grabs my name badge and turns it around, looks at my name, looks at my
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face and he's like, yeah, let's do it.
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Well, that was a year ago.
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So persistence pays off, guys, you're chasing a realtor, you want to get an audience with
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somebody, you want to land that big account, persistence pays off, okay?
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Here we are just a little bit over a year since I originally engaged with Tom at that
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Todd Duncan event and he is my 100th guest.
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So I can't say enough thanks and gratitude to Tom for making time from his incredibly
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busy schedule to share some of what Tom sees and hears and for those of you guys don't
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know, I know some of you know the name Tom ferry, but you know, he's been in this game,
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this real estate industry for 30 years, right?
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And Tom has access to information and relationships that would blow your hair back, okay?
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And so just so thrilled that he's able to make time to be here with us.
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He trained some of the most highly successful top income earners and mortgage and real estate
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across the country.
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He speaks in front of thousands of real estate agents every year and he's got his pulse
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on truth in mortgage and real estate marketing, what's really working.
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And so if you're an agent listening to this and this podcast was shared to you by one
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of your loan officers, I want you to take a moment and thank them because you hear a lot
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of hype and noise and there's a lot of talk, you know, on the inner webs and media about
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you need to be here, you need to do this and yes, you need to, you know, always adjust
6:43
and deliver a better consumer experience.
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Yes, you need to be a modern agent and modern originator, but know that the real key is
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for you to make sure that you're aligned with who you are at your best and you'll hear
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Tom talk about what does that really mean?
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As a matter of fact, the first topic we talk about on this podcast is number one, knowing
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and understanding your mindset.
7:04
Number two, getting clear on who is your ideal customer and where do you need to adjust
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and change your style, your approach based on the market you're in and the customers
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you serve.
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And then we have a whole conversation impacting the Z word, Zillow, and Zillow really trying
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to disrupt agents or not.
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And anyway, it is just a crash course in how to prepare and profit in the brand new year
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of 2019.
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So thank you for tuning in.
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Let's get into this week's show with my very special guest, Tom Ferry.
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Tom, welcome to the show.
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Hey Jeff, thank you so much for having me and hello to everybody out there listening.
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Yeah, yeah, yeah.
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Thank you.
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All right.
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So let's get into it.
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I took a lot of questions from loan officers and asked them to get some questions from
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their agents.
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So I want to start kind of like with the big headline or theme for the talk.
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And then we'll kind of drill down and do some rapid fire questions, all right?
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Okay.
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Sounds great.
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So this is going live here in December about middle December and as we're entering 2019,
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what's coming?
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The market shift, right?
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Talk the buzz.
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What do you see as the biggest shift or shifts and then how do we prepare?
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So you know, a couple of things to consider, first of all, your mindset matters, right?
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Are you are you looking at this from a growth mindset or a fixed mindset?
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If you're listening to this and if you've not read the extraordinary book by Dr. Carol
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Deweck, she really helps us synthesize and analyze and then ultimately decide how we
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want to go from having a fixed mindset, Jeff, afraid of change, fearful of something
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new and instead get into a growth mindset where we embrace it, where we understand that
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failure is a gift.
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So I tell everybody, let's just start with the obvious, right?
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What is your mindset around this market?
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Is this market, this shift a gift or is this something that's really scary for you?
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A lot of people, I was talking with my buddy Steve Harnie from KCM, Keeping Current Matters.
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He and I were chatting about six months ago about the spike in inventory and he said,
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you know, that great, you know, New York, Heavy Long Island accent, you know, Tom, you
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know, for years we prayed to the real estate gods for more inventory and now we're screaming
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at him for giving us what we wanted, right?
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So, you know, look, if you're a lender today, different from an agent, right?
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The reality is this, you got to talk to more people, right?
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The four, five, six agents that were your model match might not be the agents that go
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through this new market, this new normalized real estate economy.
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You might need to expand your base.
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You might need to do something different or better or more efficient to connect with your
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past clients and the people inside your sphere, your personal word of mouth, right?
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Jeff, just like you're doing with this podcast, you've got to try things differently
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in an environment like this or you're going to fail.
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Okay, so mindset, definitely key, are you fear based or are you opportunity based?
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I think I agree with that and the people that succeed in any market have that right mindset,
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I think.
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But at the same time, right?
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Isn't there this kind of this theme, this thread of like, you know, disruption, right?
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The big boys are coming up, the real estate disruptors, Amazon tech, right?
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So, I've been doing this for 30 years and I can remember, you know, when century 21,
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when Bob, the CEO at the time, oh my goodness, he came from like Magic Mountain and MTV and
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he was changing the game because he was selling franchise to top producing real estate agents
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and getting them to be, you know, productive C21 owners.
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And reality is, there's always disruption.
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There's always disintermediate ears.
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There's always most importantly or unfortunately, distractions.
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Question is, what are your goals?
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What's your strategy?
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What are your unique factors?
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How are you going to stand out in a sea of a very crowded space?
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Like I tell Lenders and Agents, you know, walk through the grocery store, look at the potato
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chip aisle and find yourself, you can't, right?
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If you can't articulate your unique factors, then you're going to get lost in discounts,
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disruptors, disintermediators, et cetera, right?
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Look, this is an exciting time to be in business.
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And there is a state of potential chaos when people are nervous and fearful.
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Go back to every one of Buffett's strategies.
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This is the time to grow, right?
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This is the time to say, how can I touch more people?
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How can I connect with more people?
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How can I bring more people value and ultimately build my business?
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If you look at the study of business to you, Jeff, I'm fascinated by, you know, the Disney
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company, Microsoft, GE, Ford, even Apple, right?
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The resurgence of Apple started in 75, but really the resurgence in 2001.
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Facebook, all these huge companies, they were started during rough waters.
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They were all started during rough waters, all the great businesses and these brands that
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were so enamored by started during rough waters.
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So I say to the listeners, congratulations, the waters are rough.
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Now what are you going to do?
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And that is the big question.
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And I think you obviously deal with thousands of ages a year.
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What do they need to do differently?
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How do they need to?
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One of the words I'm talking about is friction.
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Remove the friction.
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And I know you've heard the thread before about who's setting the standard for the consumer
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experience.
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Amazon, Uber, Lyft, right, Apple, right?
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So what do you advising agents need or loan officers need to pivot to be relevant, right,
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to remove the friction?
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So you know, I think it's different for every agent in every lender, depending upon
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where they are in the world, in the country, in their marketplace.
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I'm old school.
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I don't want to know your customer, right?
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So if I'm in New York City, it's different from Manhattan, Kansas.
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Now there's some fundamental things that apply, right?
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Every consumer essentially wants things free, perfect, and right now.
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It's made like that's kind of the mindset of the consumer now.
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It's wrong with that.
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Yeah.
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They're probably not going to get a free loan.
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They're probably not going to get a free real estate transaction.
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So what you can focus on is providing that perfect experience, perfect, it's different
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for everybody.
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I mean, Jeff, for some people, it's speed and efficiency.
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For some people, it's heartfelt and emotional and guiding me, grabbing my hand and walking
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me through the journey.
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I just think that right now agents and lenders need to have far more tools in their toolbox.
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And probably the two great books or three great books I'd ask them to go back to, how
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to win friends and influence people, soft selling in a hard world.
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And Chris Voss's book never split the difference.
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I think those three, along with everything else on content marketing and relationship
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based marketing is going to cause them to win in this market.
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All right.
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Well, I'll make sure I put those links in the show notes.
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I like what you said, though, know your customer and that's such a great point that it is
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different in New York City than in Kansas somewhere.
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I think the obvious point there is like if people in Kansas probably don't have the same
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level of expectation for you to be tech friendly as somebody in a major city, right?
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No, I wouldn't necessarily say that.
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I mean, you know, the world is pretty tech savvy today, I mean, you know, that's every
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place I go, right?
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I mean, every, every event, I was just in Iowa doing a gig recently and, you know, everyone
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else have their cell phone out.
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They wanted to take selfies.
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They're dealing with the same speed, delayed situation that consumers are demanding
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that instant, you know, gratification experience.
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So that's happening everywhere.
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I think it's more about understanding personality types and in like the environment, right?
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What's the DNA of people that are living in Manhattan, Kansas versus, you know, uptown
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Georgia or, you know, or Highland Park in Dallas, right?
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Like there's just a different vibe to the culture and understanding that.
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So you're saying then we as professionals, we need to adapt based on the individual we're
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dealing with.
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100%.
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It reminds me that old saying it's like anybody can always be who they are, but it's
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the true professional who can go in and out of personality types, you know, the mirroring
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and matching thing, right?
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That's the true professional.
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Yeah.
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And again, we're not talking about you're not changing, you know, you're not breaking
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your integrity, you're not, you know, not telling the truth, but you're, you're honoring
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where people are at today, right?
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And trying to help them figure out what are their problems and how you can solve them
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to move things forward to create the income that you want.
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That's what we do.
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We solve problems for a profit, but you can't be a one trick pony in an environment like
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this because all those ponies out there are a little bit different.
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Well, isn't the market though also demanding that because of the competitiveness and the
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noise that we just get better, our skills have to be leveled up that much more?
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You know, if you look at the most recent Zelo consumer survey and, you know, some people
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love Zelo, some people are, you know, gray about Zelo and some people don't like Zelo,
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which by the way, I think that's a good thing.
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If you build a business that everybody likes you, probably not going to last for a while.
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So here's the reality.
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When you look at what was most important to them in selecting a real estate agent, it was
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trustworthiness and responsive and number 14 on the list, right, which really Jeff did
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not show up at a, you know, like a sizeable percentage was the fees, right?
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So they're like, hey, look, if I can trust you and I know that you have my best interest
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in mind, right?
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And you're not just going to sell me your product like we used to deal with like life
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insurance and insurance companies and also some people in the mortgage space, but instead
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you're going to sort through the myriad of products and make sure that I get what I want,
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right?
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And I trust the fact you have my best interest in mind and your responsive because, you
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know, we live in this world today with our iPhone where, you know, we expect 95% of
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our text messages to be responded to in under five minutes, right?
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That's the world today.
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We're going to slack because it's even faster and more efficient than email, like speed
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matters today.
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So it's understanding that as well.
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All right.
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Well, you mentioned Zillow, the Z word.
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And that was on our list here of topics and looking at my list of questions.
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So I got to be selective based on our time.
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But all right.
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So let's talk about Zillow because as you said, there's usually one of two react, well,
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three really people are middle, but a lot of LOs, like the questions I put out there,
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do you think Zillow is trying to replace real estate agents?
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So that Jeff, that question has been asked.
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I know.
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And I'm going to give you guys the most analytical answer on this.
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And if you're a reasonably intelligent human being, this will end that debate.
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You ready?
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Look at what Zillow's stock trades at, look at what Rilogy and Remax and EXP and other
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publicly companies trade at, right?
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They're multiples.
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Why?
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First of all, it would be so irresponsible for Zillow to go to their board and say,
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we intentionally want to drive down the value of our company.
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Right.
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I mean, look at Rilogy's market cap and look at Zillow's market cap.
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Rilogy has 300,000 agents, right?
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So like, people got to get out of their head on that.
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Now, where do they want to spend their time?
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They want to be as close as possible to the consumer.
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And if you look at their most, you know, and I would even, I would just just call for
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what it was, their debacle of Zillow PA4 and now recovering from that, what they want
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is the highest quality real estate professionals, right?
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But they don't want them to wear Jeff a badge of, you know, of their real estate brand.
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But they are now allowing those agents to say, I am recognized as one of Zillow's best
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in class agents based on their new CRX model, which I think that is, I think that's
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a brilliant next move for them, right?
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To position the best agents in every marketplace for consumers to have a better quality experience.
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Explain CRX real quick.
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So look, I was a huge advocate when Rilogy.com first launched reviews, what now feels like
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a thousand years ago.
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And agents backlash so much that they stop doing it because, you know, how dare we left
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these consumers right a review on us, when Zillow adopted that, I said to him, flat out,
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like God, the consumer needs to be able to find out from experience who I should be working
19:14
with.
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And we went into, and I think we're still in this review based economy two years ago sitting
19:21
with the president and CEO of Zillow, they said to us, we are going to go to the next level
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of that.
19:27
And it's CSAT, right?
19:28
It's customer satisfaction, right?
19:31
It's at the end of every, you know, time they are on a website, every engagement they
19:35
had with a real estate agent, you know, scale for one to five, how satisfied were you with
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the experience?
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Well, now they're sitting on, I don't know what the exact number is, 18 months of 175,
19:47
you know, 175,000 people a month go into their websites.
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And it percentage them, Jeff, taking the time to answer the question, how satisfied was
19:55
I with the experience?
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They put all that data on all their real estate agents.
20:00
And before they just deploy it, they're now telling their 90, 80, 100,000 agents, hey,
20:07
this is where you stand in the eyes of the consumer.
20:10
And even though you might sell 80, 90, 100 homes a year, right?
20:14
Your customer satisfaction rating isn't where it should be.
20:18
So here's the things you can do to raise the bar and then ultimately win this new badge
20:23
of CRX, which is their next level of reviews.
20:27
I see.
20:28
Okay.
20:29
Yeah, it's interesting.
20:30
The long debate and discussion we don't have time to go deep on, but I want to be clear.
20:35
Listen, those guys are friends, but I'm Geneva, man, I work with everybody.
20:39
Yeah.
20:40
I'm just a fan of, hey, like if all the consumers are going to this site, get the way,
20:46
right?
20:47
Like a buddy of mine is on the lending tree.
20:49
And look, I watched lending tree go through multiple, you know, pivots and adjustments
20:54
before they finally sort of found their way.
20:57
And you know, when my mortgage transfer called me and say, oh, lending tree, man, they're
21:00
like, they're selling me these leads.
21:01
I'm like, hey, get in the way.
21:03
Yeah.
21:04
Yeah.
21:05
Don't just, just don't have it be all of your business, right?
21:07
Right?
21:08
Like, don't have Facebook ads be all of your business.
21:09
Don't have Zillow be all of your business.
21:11
Don't have lending tree or other arbitrage sites be all of your business, but you better
21:15
be on there if consumers are going there.
21:18
And that's, that's the point I'm trying to make to, to people that are willing to listen.
21:21
It's like you said, I mean, Zillow gets 180 million unique some months.
21:24
Yeah.
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It is the place they go to find real estate.
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It's real estate online, period.
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So the question is then, well, it goes back to your original comment about, you know,
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do you need to be there personally, perhaps, I guess that's an individual choice, huh?
21:39
Look, I mean, I remember these knuckleheads, social media, you know, the RE.net they call
21:46
themselves.
21:47
Like, I literally got a phone call one day, this is like in 2007, Jeff, and they're like,
21:51
we just want to introduce ourselves.
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We are the.
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We're not net.
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Like they're the illuminati, right, of real estate tech way back in the day, and they're
22:00
like, look, very, you're treading into our space, you know, you need it.
22:04
We need to give you a heads up.
22:05
We need to warn you.
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This is our world.
22:08
We might accept you.
22:09
Such bullshit.
22:10
You with me on this?
22:11
Yeah.
22:12
The reality is, like, I knew back then when those guys and gals were saying, if you're
22:17
known on social media, you're going to be out of business.
22:19
And I was like, no, they're not.
22:23
I mean, just get like, if you don't, if you don't send it for a Facebook account, it's
22:25
okay.
22:26
You can still sell real estate.
22:27
Now, it's that same mindset, Zillow and Rilator and Zerple and Purple and Ding Ding and,
22:33
you know, everything, boom, town, commission, zang, conversion, Facebook ads, curator.
22:38
Look, they're all good for someone and they're all bad for someone.
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People will find their way.
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Interesting.
22:46
You with me on this?
22:47
Like, everyone listening?
22:48
Like, you got to know your DNA, where are you at your best, right?
22:52
I'm meeting on Thursday with my mentor, I got him Jay Abraham.
22:57
Oh, sure.
22:58
Jay coined the phrase, working by referral only, that Joe stump and then Brian Bafini turned
23:04
into their entire business, right?
23:06
Right.
23:07
You know, we're working on a project right now called the 37 modern strategies for generating,
23:12
you know, like a by referral only business.
23:14
Look, I mean, not everybody's going to use that.
23:19
Some people want to call it call, some people want to expired, some people want to
23:21
do door knocking, some people only want to email, some people want to do Craigslist.
23:25
Like, you got to find your flavor and make sure you maximize it.
23:29
But be clear, as the market ships and adjust, my oldest strategy is you better have lots
23:34
of flavors that you're toying with and playing with to get your business, because you put
23:38
all your eggs in one basket in the world shifts, you're screwed.
23:41
Okay.
23:42
So know your strengths, stay kind of in your lane, but also be willing to experiment a little
23:46
bit and see where else you can play because you don't want to, like, for instance, you
23:49
don't want to be relying solely on co-calling.
23:52
For sure.
23:53
Correct.
23:54
By the way, like, nobody's co-calling, right?
23:56
I mean, I guess people still are, but like, let's be clear, Patrick, what's the name
24:00
of that company, the guy that does the voice broadcasting, my head of marketing is standing
24:04
across to me, Lida, right, or slight broadcasts?
24:08
Like, why would I co-call when I could just like record one message on my phone and send
24:13
it out to 5,000 people instantaneously?
24:16
What's about modernizing the old and doing it in a new and relevant way?
24:21
Hmm.
24:22
It's interesting.
24:23
Now, one of the questions I had down was, I still see agents, I interviewed Lida Velasquez,
24:27
and, you know, her, she's one of the video influencers.
24:30
Her main source of business is co-calling expires in Fisbus, so both still work.
24:35
For sure.
24:36
I mean, let's be really clear.
24:39
If this podcast was being done anywhere in Europe, the only thing we would be talking
24:44
about is for sale by owners, because on the country that you're in, it could be as high
24:48
as 75 to 80% of all the listings are for sale by owner.
24:52
There's no I'm a less, right?
24:54
You have to address the market that's there.
24:56
If you're in New York City, right, I would be like, man, you better be working in Fisbus
24:59
because it's 10% of the market.
25:01
So, you know, God bless that, Galfa, doing it, expires in 2019 and 2020 and 2021 are going
25:08
to be a huge opportunity, GF.
25:10
They weren't an opportunity in 2002, 3, 4, 5, they certainly weren't really an opportunity
25:19
in, you know, like, 14, 15, 16, part of 17, right, because the address of the market went
25:25
away.
25:26
Every doggy house was selling.
25:27
I don't think of those as co-calling.
25:32
I think of that as a multi-channel approach to building my business, that there is a percentage
25:36
of DIYers, I want to go after them.
25:39
By the way, little heads up, there's a site called Fisber, F-I-Z-B-E-R, the two founders,
25:45
super great guys from Salt Lake, now living in Orange County, California.
25:48
When they came to me two and a half years ago, they're like, hey, we want you to endorse
25:51
our site.
25:52
I'm like, why in the world would I endorse a site?
25:54
You're the devil, right?
25:55
Like, you're the Fisbus site, like, screw you guys, and I said, you know, like, what's
26:00
the problem?
26:01
Well, on the 61st day of the 4,000 people that go to our site and sign up with crappy photos
26:08
and bad property descriptions, on the 61st day, Jeff, they email and they text us and they
26:13
call us and say, can you recommend a real estate agent?
26:16
So we know there's an opportunity there, but I would tell you that we survey our, you
26:22
know, thousands and thousands of our coaching members, and we ask them where your listings
26:27
coming from, the expires are moving back up the ranks because of the market, their database
26:32
is still dominating, open house is still dominating, agent agent referrals is still dominating,
26:38
online, online buyer who needs to sell first, geographic farm, you know, everything is
26:43
on the list and everything for an agent needs to be looked at for 2019.
26:48
Interesting.
26:49
Okay.
26:50
Very cool.
26:51
Well, then I'm curious what your thought is on these, you know, to use the word disruptors
26:56
if you, but you know, the eye buyers, right, the open doors, the Zillow, instant offers
26:59
and things like that.
27:00
They are, they're chipping away at the market share, the total addressable market share,
27:03
right?
27:04
Yeah.
27:05
Yeah.
27:06
You look at where they're doing it though.
27:07
It's kind of middle of the country.
27:08
Right.
27:09
Right.
27:10
Right.
27:11
It's, it's very, it's points.
27:12
Right.
27:13
Right.
27:14
Right.
27:15
Right.
27:16
Right.
27:17
Right.
27:18
Right.
27:19
Right.
27:20
Right.
27:21
Right.
27:22
Right.
27:23
Right.
27:24
Right.
27:25
So many of our clients, Jeff, that we've asked, hey, let's track if open doors in your marketplace,
27:31
let's track what they're buying the properties at compared to the comps and then seeing once
27:36
they decide to flip it and they decide to flip it, how long it takes them and do the properties
27:41
expire.
27:42
I mean, it's, the, the reality is what's the warm Buffet Line?
27:46
Like, you know, when the top street.
27:48
Right.
27:49
When the tide goes out, we see the swim and naked.
27:52
Right.
27:53
There's gonna be a whole bunch of companies in 2019.
27:55
2020 that we're going to discover having swimming naked, and you can only raise so much private
28:02
equity cash for every smart investor says, wait a minute, like the world is shifted,
28:10
we might want to change our strategy.
28:11
It'll be interesting to see how those all pan out.
28:13
I've been doing a little reading by Mike Del Prete, do you know him?
28:17
Mike Del Prete?
28:18
Yeah, yeah.
28:19
So he's got some interesting data on all that stuff, and I think for the agent that doesn't
28:22
want to do the heavy lifting of lead gen, right, where open door others can come say,
28:26
hey, getting away of our lead flow, because to your point, open door, I think it is only
28:31
list, or no, Zillow or open door, only actually list about one and a half percent of the properties
28:35
that they take in.
28:36
So that means they got all these leads.
28:38
I've heard that.
28:39
I've heard that about that number from Zillow, one of my clients, Becky Garcia in Phoenix,
28:43
which is kind of the mecca of open door, because she's a long time Zillow advocate.
28:51
She basically was given, hey, here's 300 seller leads of people that said, I would love
28:57
to sell my house if I can get that price, when they presented the price, which she was
29:01
a part of, you know, doing the CMA, et cetera, for broker price spending, that kind of thing.
29:06
And she ends up with 300 leads of which she had listed 15, and that was like in October
29:10
when I was with her in Boston.
29:11
So I don't know what that number is now, but become quite an interesting listing source.
29:15
No doubt.
29:16
Yeah, no doubt.
29:17
We got to keep on the market.
29:18
Okay.
29:19
Six minutes here.
29:20
We are going to go, let's address the loan officers listening at the common question
29:24
of you.
29:25
I'm sure you've heard many times.
29:26
I've got it in many different forms.
29:27
What's the role of loan officer to real estate agent moving forward?
29:31
Um, therapist, right?
29:36
Drug dealer, therapist, get him weed.
29:39
Right.
29:40
Listen, you know, I'm old school, like, you know, the day I was early on every tech, and
29:48
yet what I know is it's about T-O-M staying top of mind, right?
29:55
And bringing more value than anybody else, right?
29:58
Being more reliable than the guy or gal, you know, down the street or in your office.
30:03
So it's all relationship management, right?
30:05
It's, you know, how many agents are you going after?
30:09
It's me back up, ready?
30:10
Who is your model match agent?
30:12
Who are you good for?
30:14
Who are you not good for?
30:15
Right.
30:16
Who are you good for?
30:17
Why are you good for them?
30:18
Is it because they're just great agents or is it because you help them become better?
30:22
Right?
30:23
If I help them become better, and I'm just giving an example, ready?
30:26
The agent that's selling 10 homes a year, but their MLS trajectory the last two years
30:30
is doubled twice from five to 10, you know, two, five, 10, whatever it is.
30:35
And why I'm great for them is I bring them new tools, new approaches, better consistency,
30:41
a mastermind, you know, you know, I help them do open houses.
30:46
I offset some of their marketing costs, whatever that is, you start to package up your unique
30:51
factors and who you're right for.
30:53
Then it's just about marketing to those people and just like every lender I've ever coached
30:58
where I'm like, look, man, this is how it works.
31:01
You know, one of my clients, Elizabeth, I'm like, Elizabeth, it's about how many appointments
31:04
you can book, how many apps you can get, how big your pipeline gets, and how much we
31:08
can find every single month.
31:10
Right?
31:11
So the only two things that we can control are how many people we talk to and how many appointments
31:15
we get.
31:16
Right?
31:17
Like that said.
31:18
So I think the lender today, if you're not looking at the market data and recognizing
31:22
where your strengths are, everyone says, I want to work with all the top agents.
31:26
Yeah, we'll get in line and let's be really clear, what are you going to do differently
31:32
that that agent doesn't already have and have three other lenders behind them?
31:37
I believe you're much better off looking at the movable middle of the real estate market
31:42
and trying to figure out how to help them progress in their business, add an element of professionalism,
31:48
add a level of consistency, add a better level of technology, you know, just being able
31:53
to walk into every open house arm and arm with my lender because we know like the consumers
31:57
like, hey, my credit's great, then they've eaten the lender.
32:00
They're like, look, my Ficus score is 11 and I haven't made a mortgage payment in three
32:03
months.
32:04
Right?
32:05
There's just so much more truth.
32:06
So finding out those combined unique factors and exploiting that over and over again
32:11
is my advice for the lenders today.
32:13
I love it.
32:14
In terms of approaching real estate agents, you know, a lot of LLOs are calling agents every
32:18
Monday, Tuesday.
32:19
Hey, how was your weekend?
32:20
You know, hey, got any buyers for me?
32:21
Right?
32:22
Dead?
32:23
Don't do it.
32:24
No, there's nothing wrong with that.
32:25
But in today's world, a bomb bomb video, hey, Jeff, thinking about you, we had a wonderful
32:29
weekend.
32:30
I had a productive one.
32:31
Was that three open houses met with seven buyers?
32:33
You know, if there's someone that you're working with that's new or needs some advice or
32:36
needs a second opinion, we'd love to reach out to them.
32:38
That video and bomb bomb, right?
32:40
We're dealing with the epidemic of facelessness.
32:43
Right.
32:44
We're all getting phone calls and texts and emails.
32:46
So when I get a video from you, it ends out now won't last forever.
32:51
So the person out there is watching needs to start now.
32:54
Yeah.
32:55
Yeah.
32:56
And that's something I struggle with the coaching of LLOs.
32:57
I do.
32:58
I was like, I'd be beating that hammer.
32:59
It's like you got to get on video.
33:00
Damn it.
33:01
And I'm tired of the excuses of I don't like how I look on video.
33:03
Yeah.
33:04
Yeah.
33:05
That's how you look.
33:06
Sorry.
33:07
Yeah.
33:08
Don't worry about it.
33:10
And they're still friends.
33:12
Awesome.
33:13
Very cool.
33:14
Very cool.
33:15
All right.
33:16
In the last two minutes, we got what you already talked about books.
33:18
We got a lot of those recommendations.
33:21
What's coming up exciting for you this year, events, things you want people to know
33:25
about?
33:26
Yeah.
33:27
I mean, I would say, you know, come to tomfairy.com and just explore the difference between
33:31
training and coaching, right?
33:33
There's a lot of people that are going to need more training.
33:36
What do I say to get the listing signed?
33:38
What do I say to get the appointment?
33:40
We provide a lot of that.
33:42
We provide a lot of training around marketing.
33:44
How do I create those specific and measurable degrees of separation?
33:48
So I stand out on that potato chip vial and consumers say, I pick her.
33:52
I pick him and we teach that at event called marketing edge.
33:57
Our big event is the summit.
33:58
That's kind of where we synthesize all the best ideas in 12 months and then present them
34:03
to the world, if you will.
34:05
All of that is very different from having a coach, right?
34:08
You know, it's about having somebody that's got your back.
34:12
It's about, I was, I was used to the example of, I've gone river rafting enough times to
34:16
know the value of a guide, definitely.
34:20
When you're, you know, when you're in, you know, Wyoming and the water is running really
34:25
high and really fast, you don't want any guide, right?
34:28
In the choppiest of waters, you want an experienced guide who can say to you, it's time to turn
34:33
left.
34:34
It's time to turn right.
34:35
It's time to row harder.
34:36
You got more and you row, row, row, row, row.
34:38
Because the alternative is metaphorically you or your business suffers and dies, right?
34:43
So coaching very different from training.
34:45
And I would say, you know, as a company, we're proud that the swample company is, as
34:49
basically said, we're number one, you know, five years in a row.
34:53
We'll see what happens in February.
34:54
If we got that six year, personally, I hope we don't.
34:57
I hope we go to number two because it'll make us get off our lazy butts and do even
35:01
more.
35:03
You'd be like, who is that hurts?
35:04
So whatever we're number two is we try to try harder.
35:06
That's exactly right.
35:07
My friend.
35:08
That's awesome.
35:09
We'll look.
35:10
I know you're up against a hard stop, man.
35:11
We're going to end right there.
35:12
I appreciate you being here.
35:14
Thank you for making time, man.
35:16
We love what you do.
35:17
Thanks, chef.
35:18
And I appreciate you and your whole community.
35:19
I wish all of you an insanely great 2019 set of themes, set of plans, set of goal, get
35:25
it up in visual, create a lot of accountability and structure and figure out what new disciplines
35:30
you need to have in place and start them now because the market doesn't care if you don't
35:36
do well.
35:37
The market doesn't care.
35:38
So you got to step up and do something extraordinary if you plan to win.
35:43
And that's what I wish for all of you.
35:45
Awesome.
35:46
And listeners, as always, we appreciate you.
35:48
Check the show notes for links to the books and everything we talked about.
35:50
And if you like this episode, that share up some love out on the inner webs.
35:54
Thanks so much.
35:55
And we'll see you on the next one.
35:57
Thanks for listening to Mortgage Marketing Radio.
36:00
For more truth in Mortgage Marketing, get more free training and resources at Mortgage
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