Latest / Massive Agent Podcast / Why "Marry the House, Date the Rate" is GREAT Advice

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Why "Marry the House, Date the Rate" is GREAT Advice · Massive Agent Podcast

• 0:00
  SPEAKER_01: On this episode, we're talking about why I believe Marry the House Date the Rate is actually fantastic advice, yet, so many agents are fucking it up.
• 0:10
  SPEAKER_00: The massive agent podcast.
• 0:12
  SPEAKER_00: We need generation tips and strategies to give you more leads and sell more homes.
• 0:18
  SPEAKER_01: I love to buy houses, I like to sell houses.
• 0:20
  SPEAKER_00: It takes brass balls to sell it.
• 0:23
  SPEAKER_01: Wait a minute.
• 0:24
  SPEAKER_00: Leads a week.
• 0:26
  SPEAKER_00: You're a week.
• 0:27
  SPEAKER_00: I've had better, better.
• 0:29
  SPEAKER_00: Oh have I got your attention now?
• 0:32
  SPEAKER_00: Here's your host, Dustin Broome.
• 0:36
  SPEAKER_01: What's up, guys?
• 0:37
  SPEAKER_01: Welcome back to the Massive Agent Podcast.
• 0:40
  SPEAKER_01: This is episode 254.
• 0:43
  SPEAKER_01: And I am glad to be finally back, not back, for the first time in my new office, in my new house, the house we bought back in early May, and I've been in an Airbnb for four and a half months with my family.
• 0:56
  SPEAKER_01: And uh crazy.
• 0:58
  SPEAKER_01: Finally here.
• 0:59
  SPEAKER_01: The office is in total disarray.
• 1:00
  SPEAKER_01: And if you saw my Instagram story earlier this week, you saw this makeshift desk that I'm on right now.
• 1:06
  SPEAKER_01: If you're watching on YouTube, it looks great.
• 1:08
  SPEAKER_01: It looks professional.
• 1:09
  SPEAKER_01: I've got the color behind me.
• 1:10
  SPEAKER_01: I've got the the New York City black and white photo deal right here.
• 1:15
  SPEAKER_01: Yet my desk is on a wobbly frickin' uh sideways IKEA bookshelf.
• 1:21
  SPEAKER_01: It's so if I touch it, if I breathe on it, it wobbles.
• 1:24
  SPEAKER_01: Anyways, you got to make do with what you've got.
• 1:26
  SPEAKER_01: And what I've got is a new studio.
• 1:29
  SPEAKER_01: So, first episode.
• 1:30
  SPEAKER_01: Super excited about that.
• 1:31
  SPEAKER_01: Welcome, guys, Massive Agent Podcast.
• 1:33
  SPEAKER_01: If you are new to the show, my name is Dustin Brohm.
• 1:36
  SPEAKER_01: I'm an agent in Salt Lake City, Utah, and I am here today to talk about this concept of marry the house, date the rate, that so many agents and so many loan officers have been putting out there on social media, as they should.
• 1:49
  SPEAKER_01: There's also been a huge debate among agents, uh, these factions, if you will, where a bunch of people would jump out there with videos and say, hey guys, interest rates are going up, but don't worry, just you're marrying the house, but you're only dating the rate.
• 2:04
  SPEAKER_01: And a lot of agents have taken issue with that, saying that's that's the worst advice.
• 2:09
  SPEAKER_01: Glenda Baker from TikTok, she has said, worst advice ever.
• 2:13
  SPEAKER_01: I completely disagree.
• 2:15
  SPEAKER_01: Where I will absolutely agree is in the execution of it, in the communication of it.
• 2:21
  SPEAKER_01: Here's the thing, guys, with this concept of marry the house, date the rate, what is so damn controversial?
• 2:28
  SPEAKER_01: What is so hard to understand about teaching people that while the house stays the same, same neighborhood, like you same foundation, like the house stays, you own the house, what you don't have to stick with is the mortgage, the terms of the mortgage, the monthly payment.
• 2:44
  SPEAKER_01: You can change those.
• 2:45
  SPEAKER_01: The problem is in the communication of that concept, and why there's people saying that's great advice, there's people saying that's the worst advice ever.
• 2:54
  SPEAKER_01: Um, we're gonna talk about that today.
• 2:56
  SPEAKER_01: So this is good.
• 2:58
  SPEAKER_01: If you have been out there doing videos talking to consumers about marrying the house, dating the rate, I applaud you because you're actually doing something.
• 3:07
  SPEAKER_01: You're actually doing shit.
• 3:08
  SPEAKER_01: And if you feel like you maybe you fucked up or you did something wrong because some influencer that you follow said worst advice ever, um, I disagree.
• 3:18
  SPEAKER_01: Your execution may, maybe it could be improved on.
• 3:22
  SPEAKER_01: Maybe the way you said things possibly could have misled some people, but your intentions were pure, the spirit of what you were doing was pure, I assume.
• 3:32
  SPEAKER_01: So I applaud you for that because what we need now is more voices.
• 3:37
  SPEAKER_01: We need more agents teaching people and advising and being a lighthouse in the storm, so to s lighthouse in the storm, so to speak, on social.
• 3:47
  SPEAKER_01: We need more of that.
• 3:49
  SPEAKER_01: So don't feel that like don't feel gun shy, don't feel like, oh my god, I can't do it videos ever again, or uh my favorite TikTok star is gonna you know berate me.
• 3:59
  SPEAKER_01: We're gonna talk about what why this has become a big thing and and what and the lesson you're gonna learn from it will help you in your communication of everything moving forward, which is a good thing.
• 4:11
  SPEAKER_01: Before we get started, guys, this market is changing so dramatically fast.
• 4:15
  SPEAKER_01: There's new stats every day showing, oh my god, this is slowing down, uh, fewer homes are being sold, new data points all the time.
• 4:22
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• 4:28
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• 4:30
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• 4:32
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• 4:39
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• 4:40
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• 4:43
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• 4:53
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• 4:55
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• 5:10
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• 7:21
  SPEAKER_01: All right, let's jump into the goods.
• 7:24
  SPEAKER_01: All right.
• 7:25
  SPEAKER_01: So a week or so ago, I say a week or so ago because I I've lost all sense of time between moving over the last uh this last weekend, Halloween, all the stuff, all good stuff, but I have no sense of time left.
• 7:40
  SPEAKER_01: So recently I was on the walkthrough, one of Broke Agent Media's biggest, most popular shows, and it episode 28.
• 7:49
  SPEAKER_01: If you want to go to their YouTube or any podcast platform and catch up on what I'm about to tell you, but we had a robust discussion about this concept of marry the house, state the rate.
• 7:59
  SPEAKER_01: And it started out as a joke.
• 8:00
  SPEAKER_01: Okay, Eric, the broke agent, and Byron Lazine, they're like, you know, don't give this advice, it's horrible.
• 8:05
  SPEAKER_01: And I I couldn't help myself.
• 8:06
  SPEAKER_01: I'm like, guys, I actually think that's great advice if it's done correctly.
• 8:10
  SPEAKER_01: Well, let's talk about how to do it correctly, because what everyone has an issue with is when it's communicated poorly.
• 8:17
  SPEAKER_01: The problem is when ages, well, first off, let me back up.
• 8:20
  SPEAKER_01: Marry the house, date the rate is a is an amazing concept.
• 8:24
  SPEAKER_01: It's not controversial.
• 8:26
  SPEAKER_01: It's it's telling people you are married to the house, like you are stuck with the house.
• 8:30
  SPEAKER_01: You cannot change the house, but you are not stuck with the mortgage.
• 8:35
  SPEAKER_01: You can date the mortgage for a period of time and then get rid of it and date a new one, right?
• 8:40
  SPEAKER_01: You can refinance.
• 8:41
  SPEAKER_01: The problem is when you when you're telling consumers you can refinance.
• 8:47
  SPEAKER_01: When interest rates go down, you can refinance.
• 8:50
  SPEAKER_01: We need to change that to if interest rates go down and if you still qualify, you can refinance.
• 8:57
  SPEAKER_01: Yes, if you're able to, you can absolutely refinance.
• 9:02
  SPEAKER_01: Consumers need to understand this.
• 9:03
  SPEAKER_01: Get the damn house now, ifer, if interest rates go down and you still qualify and everything's still good, then yeah, refinance and you can reduce your mortgage payment dramatically.
• 9:14
  SPEAKER_01: That's an that's an amazing concept we need to be teaching people.
• 9:17
  SPEAKER_01: The problem is when you lead them on to think that refinancing is a sure thing.
• 9:23
  SPEAKER_01: I see this more with loan officers, if I'm being totally honest.
• 9:26
  SPEAKER_01: I see more loan officers saying when interest rates go down, they absolutely will.
• 9:31
  SPEAKER_01: And look, I think they probably will.
• 9:33
  SPEAKER_01: But what if they don't?
• 9:34
  SPEAKER_01: See that there's the problem.
• 9:36
  SPEAKER_01: What if they don't come down?
• 9:37
  SPEAKER_01: So if interest rates come down, then you can refinance as long as the rates are actually lower at that time and you can still qualify.
• 9:46
  SPEAKER_01: Sometimes people go to refinance and because of it they lost their job or they're between jobs or they're they've changed careers and changed industries or whatever, they can't qualify for a refinance because a refinance is a mortgage.
• 9:58
  SPEAKER_01: It's just another one.
• 9:59
  SPEAKER_01: You're just redoing it.
• 10:01
  SPEAKER_01: So you still have to be able to qualify.
• 10:03
  SPEAKER_01: It's not a sure thing.
• 10:04
  SPEAKER_01: As long as you're communicating the concept, which is amazing, like the house stays the same, but the mortgage doesn't have to.
• 10:10
  SPEAKER_01: If you if the rates go down, you can absolutely refinance if you still are able to get that out there, but just let people know it's an if, not an absolute guarantee.
• 10:21
  SPEAKER_01: That's the problem.
• 10:22
  SPEAKER_01: And there's there's far too many people flippantly just saying, Oh, well, just refinance, no worries.
• 10:28
  SPEAKER_01: Yeah, just buy the house now and refinance later.
• 10:31
  SPEAKER_01: It's simple, but it's also not that simple because it's not a sure thing.
• 10:35
  SPEAKER_01: We don't know what interest rates are gonna do.
• 10:37
  SPEAKER_01: They will eventually go down, but I don't know.
• 10:41
  SPEAKER_01: Is that next year?
• 10:42
  SPEAKER_01: Is that next decade?
• 10:43
  SPEAKER_01: I don't freaking know.
• 10:44
  SPEAKER_01: Like there's so many factors to it.
• 10:46
  SPEAKER_01: This is what you need to teach people.
• 10:49
  SPEAKER_01: If mortgage rates go down, if they still qualify, then absolutely uh re re I just lost it, refinancing.
• 10:59
  SPEAKER_01: Then absolutely refinancing is an option, of course.
• 11:03
  SPEAKER_01: And and that's important that they know.
• 11:05
  SPEAKER_01: So don't not teach people that.
• 11:07
  SPEAKER_01: Make sure you just tell them if rates go down and you still qualify, then you refinance and you can reduce your payment that you have now, but at least you've got the house.
• 11:18
  SPEAKER_01: You've got the house, you've married that sucker.
• 11:20
  SPEAKER_01: You s you've got the house, you can change the terms of you know how you're paying it paying it off.
• 11:26
  SPEAKER_01: Absolutely.
• 11:27
  SPEAKER_01: So there's not there's nothing controversial, controversial about that topic.
• 11:32
  SPEAKER_01: It's just the execution.
• 11:34
  SPEAKER_01: So if you were one of those people that were just a little bit too flippantly, a little bit too casually, uh too confidently saying, Oh yeah, just refinance next year, that's if if it makes sense, if you still can.
• 11:48
  SPEAKER_01: So just change change a couple words around so that the spirit of it is the same, but then they also understand that it's an if.
• 11:56
  SPEAKER_01: And if you haven't done any videos about this, if you haven't been teaching consumers about this, uh you probably should start.
• 12:03
  SPEAKER_01: Because how many times do you run across a consumer who is waiting until interest rates come down?
• 12:10
  SPEAKER_01: They're waiting to buy a house.
• 12:11
  SPEAKER_01: Well, what if that takes two years and home prices go up?
• 12:17
  SPEAKER_01: Right?
• 12:17
  SPEAKER_01: What if home prices go up?
• 12:19
  SPEAKER_01: What if the rates don't go down?
• 12:21
  SPEAKER_01: What if they what if they need to buy within the next two years and rates don't go down, they actually go up.
• 12:26
  SPEAKER_01: Home prices go down a smidge, but rates go up and the home becomes more expensive.
• 12:32
  SPEAKER_01: That sucks.
• 12:33
  SPEAKER_01: So they need to understand that they can get the house now.
• 12:36
  SPEAKER_01: If they're if they're able to make the payments, if the if they can afford the payments, if that's okay, if they're stuck with these payments forever, are they gonna be okay?
• 12:45
  SPEAKER_01: Then get the damn house.
• 12:46
  SPEAKER_01: If not, then wait.
• 12:49
  SPEAKER_01: But get the damn house.
• 12:51
  SPEAKER_01: If rates come down, then refinance and you can make it even less expensive.
• 12:56
  SPEAKER_01: Make the payment even less.
• 12:57
  SPEAKER_01: That fantastic.
• 12:59
  SPEAKER_01: That is great advice.
• 13:01
  SPEAKER_01: Make sure that you're executing it properly.
• 13:04
  SPEAKER_01: If you want to see that robust debate, go to the broke agent media walkthrough number 28.
• 13:10
  SPEAKER_01: You can find it on YouTube, on the Broke Agent Media uh YouTube channel.
• 13:13
  SPEAKER_01: You can find it on Apple Podcasts and Spotify or wherever you're listening to this podcast, the walkthrough is on there as well.
• 13:19
  SPEAKER_01: It's number 28 from a week or two ago.
• 13:22
  SPEAKER_01: So there you go, guys.
• 13:24
  SPEAKER_01: We need more agents preaching and teaching and advising and educating us when things are changing quickly.
• 13:33
  SPEAKER_01: Consumers need us.
• 13:35
  SPEAKER_01: They but they need it, they need an educated realtor, they need an educated advisor, they need someone who can who can dive into the nuance of it.
• 13:44
  SPEAKER_01: That's important because if if you're missing some of the nuance, if you're missing some of the details, and it's just oh next year when rates come down, just refinance, they're they're missing from that.
• 13:55
  SPEAKER_01: That could be misleading people, right?
• 13:56
  SPEAKER_01: They could be like, hey, that guy on the internet told me just refinance next year, but rates are actually more.
• 14:01
  SPEAKER_01: Oh shit, I'm screwed.
• 14:03
  SPEAKER_01: That's a problem, right?
• 14:06
  SPEAKER_01: Just be careful.
• 14:07
  SPEAKER_01: Be careful, but do more content.
• 14:10
  SPEAKER_01: Teach more people.
• 14:12
  SPEAKER_01: Like say more words.
• 14:13
  SPEAKER_01: Teach.
• 14:14
  SPEAKER_01: You have to educate.
• 14:15
  SPEAKER_01: That is what people need from us now more than ever.
• 14:19
  SPEAKER_01: That's it.
• 14:20
  SPEAKER_01: Guys, I appreciate you listening to this episode.
• 14:23
  SPEAKER_01: I appreciate you if you are doing content.
• 14:25
  SPEAKER_01: I appreciate you doing that.
• 14:26
  SPEAKER_01: Good for you.
• 14:27
  SPEAKER_01: That's amazing.
• 14:28
  SPEAKER_01: Continue, please.
• 14:29
  SPEAKER_01: And if you found value in this episode, um, I urge you to share it with somebody, share it with an agent who you're friends with, share it in a Facebook group, share it with uh some agents in your office, share it with your broker.
• 14:42
  SPEAKER_01: You know, whoever whoever you think would find this valuable, please share it with them if you found it valuable.
• 14:48
  SPEAKER_01: That's how we grow our episode how we grow our episodes.
• 14:51
  SPEAKER_01: That's how we grow our audience, and that's why we keep doing the show is to make an impact on as many agents as possible.
• 14:57
  SPEAKER_01: I want that number of agents to grow, not shrink.
• 15:01
  SPEAKER_01: And I need your help to do it.
• 15:03
  SPEAKER_01: I'll provide the content, I'll keep coming back every Thursday with a new episode.
• 15:06
  SPEAKER_01: I just need you to share it and help us reach new agents.
• 15:10
  SPEAKER_01: That's it.
• 15:10
  SPEAKER_01: Only if you found it valuable, though.
• 15:12
  SPEAKER_01: If you found it valuable also, if you have not yet, I would really appreciate it.
• 15:17
  SPEAKER_01: I would actually love the shit out of it and love the shit out of you if you would leave us a positive review on Apple and or Spotify.
• 15:26
  SPEAKER_01: If you are an Apple user, that's where you listen to your shows, just go to massive agentpodcast.com slash review and you can quickly and easily rate the show and leave a review.
• 15:37
  SPEAKER_01: You don't have to write a three-paragraph deal unless you want to.
• 15:40
  SPEAKER_01: I actually love reading those when they come in, so feel free to.
• 15:43
  SPEAKER_01: But if you only have 30 seconds, don't not do it just because you have 30 seconds.
• 15:48
  SPEAKER_01: So go do that.
• 15:48
  SPEAKER_01: If you're on Spotify, um Spotify reviews are actually fairly new, so I don't even know if we have any.
• 15:54
  SPEAKER_01: I'm sure we have a few.
• 15:55
  SPEAKER_01: We need more.
• 15:56
  SPEAKER_01: So if you if you listen on Spotify, please, you, I'm begging.
• 16:00
  SPEAKER_01: I'm begging you, the Spotify listener, please go give us a positive rating if you enjoy this show, if you find it valuable, and I'm touching the desk and my computer is shaking like a motherfucker.
• 16:09
  SPEAKER_01: I should stop doing that and I should go shop for a desk.
• 16:12
  SPEAKER_01: So next week I'll be back with a desk and a slightly different office arrangement, and it's gonna be awesome.
• 16:18
  SPEAKER_01: Appreciate the shit out of you guys.
• 16:20
  SPEAKER_01: Have a great weekend.