Latest / Mortgage Marketing Radio / Building Scale Into Your Mortgage Business

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Building Scale Into Your Mortgage Business · 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
With so many mortgage loan originators vying for the attention of real estate agents, it
0:15
can be difficult to stand out and establish meaningful connections.
0:20
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
0:45
of the case study today.
0:47
You'll find actionable insights and practical tips that Chris used to close 36 million
0:52
in funded loans from agent referrals and how you can, too.
0:56
Don't miss out.
0:57
Go check it out right now, visit LOKestudy.com and download your free copy today.
1:03
And this is the time now to be calling those agents and just basically, here's another
1:07
sample script, top of my head, what's up PJ, long time no talk, blah, blah, blah, blah,
1:11
hey, man, I'm just curious, right?
1:13
Mark has shifted.
1:14
You feeling it?
1:15
Yeah, I'm just curious.
1:16
Like, what has changed for you in planning for the rest of the year?
1:20
Start doing what are you going to stop doing?
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And I'm asking PJ because I'd like to find out how I can help that's incredible.
1:28
That's all you did, man, to the next 10 agents.
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You're going to get seven appointments.
1:32
Hey, listeners, Jeff, and for your host of the Morgan's Market Radio podcast, so glad
1:37
you're tuning in today, man, we've got a great show for you.
1:41
And that's going to begin in just a moment, but I thought I'd give you a quick update
1:44
from our world of mortgage professionals that are you in a situation where refires have
1:50
obviously dropped off and you're looking to step up your purchase business, but you're
1:54
struggling with how do I attract attention from?
1:57
How do I get engagement from real estate agents?
2:00
And you don't want to do it in the way that everyone else seems to do, right?
2:03
The same as lame marketing.
2:04
You want to actually provide value and differentiate yourself and build a preeminent brand in your
2:08
local business.
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Well, look, you know by now that I believe one of the premier, most effective, efficient
2:14
ways to do that is by leading with education, building an educational platform in your local
2:18
area that attracts agents to you instead of you chasing agents.
2:22
Therefore, you get to be in control.
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It's reverse prospecting.
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You get to shift and sort and decide who you work with, who you don't.
2:29
And most importantly, when you follow a system, you build predictability and reliability into
2:34
your processes because it is a process for identifying prospecting and converting real estate
2:40
agents to referral partners.
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Therefore, I'd like to remind you of a special opportunity you have to learn more about my
2:46
agent classes and the mortgage marketing pro membership.
2:50
I'm going to read you a brief little text from a couple of our members that went back
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and forth this week.
2:55
One of our members was asking, this is Nick asking how often is everyone doing their classes?
3:01
And this is one of the 15 different answers that we got back.
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But Chris expanded on the answer and essentially said that he's following the system, right?
3:11
Whether you're doing an in-person or virtual, right?
3:14
Use the feedback forms, promote the classes, follow the process, right?
3:18
And promote your next class in the existing class that you're at and you will consistently
3:22
have a full room of real estate agents.
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For example, Chris got 30 realtor signed up for his Instagram class and 40 realtor signed
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up for his Google business class after teaching two sessions on database marketing.
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If you're wondering, where does he get all those classes from?
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He gets them from the my agent classes platform as a mortgage marketing pro member.
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Furthermore, Chris went on to say that he's been doing this now one to two a month for
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about a year and that he pulls around a million dollars from each class.
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Let me say it again, he pulls around a million dollars in originations from each class.
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Do the math on that.
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What your commission rate is on that.
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You tell me if that activity, if there's a higher ROI and ROE return on effort, if there's
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a higher, more effective, better use of that for generating purchase money referrals,
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let me know what it is.
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Do you want to learn more about my agent classes and how you can participate?
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Go to mortgagemarketing.pro, watch the brief video I put up there and you decide if it's
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for you or not.
4:30
Okay.
4:31
With that said, let's get into this week's show.
4:37
PJ, welcome to the show.
4:48
Thanks for having me, brother.
4:49
Appreciate it.
4:50
And I really appreciate you reaching out because as you're now we're talking before, some
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of the best podcast episodes happen completely organically like this, which I think you
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just pinged me on Instagram, you're like, what's up and then you're going, hey, man,
5:03
whatever you said, I was asking you, hey, what are your numbers and all that kind of jazz
5:09
and here we are.
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For those of you who don't know who PJ is, quick backgrounder, how long you've been in
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the biz and then the unit's volume last year and year today.
5:19
Yeah, absolutely.
5:20
So, been around the business my entire life, I was playing PlayStation 1 in my father's
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office in Center City, Philly under a desk.
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So I've been around the loan estimates and pre-CDs my entire time on earth, but I've been
5:33
full time in the business, feeling the plane and pressure personally for three years.
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So when COVID happened, my father fills with this smaller company based out of New Jersey
5:43
Correspondent Lender.
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And if the opportunity to go with a larger national company and he said, hey, if we're going
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to do this thing, big great opportunity for you to get into business because a lot of
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my interest is in scale, operations, infrastructure, things in addition to just, you know, basic
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loans.
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So it was a cool opportunity to just come up with this branch and really get into the
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trenches.
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That was April of 2020.
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At the time, he was always the top producing loan officer, always the 50 to 60 million
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himself for the processor and a loan officer assistant.
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So we always crushed it, but in 18 months, we were able to double that.
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So we went from 20 units a month to 40 units a month.
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We went from 50 million a year to last year, we closed 115 million with Cardinal.
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March was our biggest month together.
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We closed 55 units and there's only the two of us, just over 16 million in South Carolina.
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And then an opportunity presented itself with American Pacific Mortgage.
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We transitioned, just finished out our first 90 days and have done about 20 million and
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two and a half months since we've been with APM.
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Wow.
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Congratulations, man.
6:47
What do you think?
6:48
I mentioned a couple words, scale and growth and stuff that seemed like something got
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lit.
6:53
There was something lit while you were still at Cardinal, like that, that growth.
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What was it?
6:57
There's a couple of things there.
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I think honestly, it was recognition, like it sounds like maybe a little self-serving,
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but it's just a massive company with a lot of different, like they have wholesale, they
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have consumer direct, they have retail branches.
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So we were having a conversation like, hey, what do we need to do to get put on the
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map number one?
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What do we need to do to stand out from the back and what do those numbers look like?
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That was number one.
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And the number two was just being in the trenches every day, which anybody that's in this business
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knows.
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There's a certain grind that comes with being in mortgages.
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How do we do that to where we can yield good results and good rewards?
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How do we just get above the grind and actually put up numbers that maybe mean something, I guess?
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So those were just some break points then.
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Well, so make sure I want to stand the dots here.
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So you said it was your dad who's been in the business in Philly?
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Yeah, so he started, he spent 10 years in the North and then came down to Charleston
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in 2011 and now he's spent 11 years in South.
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Got it.
7:57
Okay.
7:59
So like the jump in volume, part of that was just like standards, like dude, we're not
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doing enough and let's erase the bar.
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I think the jump in volume was he always operated within his own capacity, like he's the type
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of guy that never opens up like cell, but can remember 20 bars off the top of his head.
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And there's everybody's cash to close as supposed to be and knows exactly when he's supposed
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to respond to realtors.
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That reached a certain ceiling and I said, Dad, we got to open up Microsoft.
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We got to start incorporating some different strategies here.
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So I think really it was just duplicating the groundwork that he already laid out, you
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got 20 years and being able to help expand that.
8:39
So what I'm hearing, right?
8:40
Tell me if this is someone accurate is I'm hearing.
8:42
So he's to use the term old school, right?
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Real safe.
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The fun I'm all right.
8:47
Let's say you respect, right?
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But then he's got, you know, you, right, younger coming in and used to use the word scale
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and you're probably seeing systems tools.
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I like to do it this way, people process technology and you're probably looking at like,
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okay, Dad, what you could do is like we could do use this tech, this process, maybe bring
9:04
on a purse, right?
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Am I on the right track?
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100%.
9:08
And how did you get him to agree was there resistance?
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You know, honestly, no.
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So like that's probably one of the greatest blessings of things I'm grateful for working
9:18
together because a lot of times, you know, we're here together 12, sometimes 14 hours
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a day and people wonder the father, some dynamic family working with family.
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But we're so committed to doing a good job and our goals are very much alignment that
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he's just been hands off since we started and is either says, hey, it's a good idea
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or hey, it's not.
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And if it's not a good idea, we talk through why it's not a good idea.
9:39
Sure.
9:40
So what any particular tools or systems or anything like that that stand out that you
9:44
did introduce?
9:45
Yeah.
9:46
So I would say that's evolved a lot from my first month of working with him when it was
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as simple as a spreadsheet.
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Like that's really where it started.
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It was just, hey, we got to get names on paper.
9:55
We got to get names into the computer because it was seriously.
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Maybe.
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Yes, CRM, like maybe some drip campaign.
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Let's get crazy and follow up when it's somebody's birthday.
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Like anything other than how many missed calls do I have?
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And let me call them back.
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That's where it started.
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So that's really evolved from where we started.
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So we destroyed the spreadsheet.
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We started there and evolved that to where we got it as automated as it could.
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But when we left Cardinal Kimmelborg with APM, I said there has to be a better way
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than spreadsheets because of how much manual time at work.
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So it's technology has been really cool for us as we use Trello.
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So I just basically built an automated pipeline in Trello for under contract and not
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under contract.
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So our Eloise and processors can just fly in there.
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And that's been like lightning compared to what we used to do in Google Cheats and
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Excel.
10:46
Yeah.
10:47
Wow.
10:48
So big times over there using Trello.
10:49
Yeah.
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We use Trello for everything.
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Everybody's in the loop and updated and milestones and all that kind of jobs.
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Yep.
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So Trello mirrors in Compass, which is our LOS and you can use it mobile.
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So if I'm on the road with my wife Saturday afternoon and somebody says, hey, how does Mr.
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Johnson look?
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I can pull up Trello and go to prospects and say, okay, he's been pre approved for a
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blank.
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Here's where he wants his payment to be.
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Shoot him and text right from Trello.
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And why was it Trello?
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Why was it Trello?
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Did you already have experience with that because I mentioned CRM.
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There's other tools, but any reason why Trello?
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I was just trying to find something that didn't require so much manual data entry.
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And we actually during the transition, like we were almost at a stalemate for two weeks
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because we were so used to be using the Google Sheets model and we had all this volume
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and deals the transition over it, but I didn't want to start because once you start, it's
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really hard to stop.
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Once I start putting in everything into a spreadsheet, it's just constantly going.
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So we actually sat at a standstill for two weeks with this massive back wall, we're
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growing, searching and Googling and looking for all these different platforms that are
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out there.
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And then one of our contacts who runs a really successful team in Florida shared this training
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that a guy in Oregon did using Trello for his, you know, small branch.
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And I watched the video four or five times and overnight stayed up all night and just
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built our version of what he recorded himself doing and then just took off and never looked
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back.
12:15
That's amazing.
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I love to hear that.
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You just dug in and learned what you needed to learn and now this is a hard question
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for you to answer, but I'm really curious and I tend to do these types of things.
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But I'm trying to equate an ROI or an ROE, right, return on effort because Trello is
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not very expensive, first of all, right?
12:34
No, it's a joke.
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I mean, it's like $7 per user, so maybe like $120 bucks for the branch.
12:41
Exactly.
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And that's for like multiple people.
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But can you assign, I know there's like, oh, my God, the efficiencies, and again, it's
12:48
not a fair question.
12:49
I know you know where I'm going.
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But I'm like, like, are you 20% more efficient or like, is this enabled you to your processes
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or that it's just less stress?
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Like, how would you articulate that?
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It's really tough to put a number to it.
13:03
As I said, I know the bad question, but no, no, it's a great question.
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Like, I guess the way I would rephrase that to answer it in a better way would just
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be how much is Trello impacted our business versus Google Sheets, and I would say night
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and day, because there's less, especially when you have multiple people working sometimes
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on the same file, there's less opportunity for somebody to duplicate the same task because
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everything's so visible in the card.
13:29
You know, like, if somebody just puts a note hat called this guy, I don't need to call
13:32
him again because I confused the X in the spreadsheet for the green highlighted cell.
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Or like, there's just more transparency, there's more visibility.
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And it's a living breathing document unlike Excel, unless it competes in all that I get
13:45
it, but still.
13:46
But still, even Google Sheets, I mean, there's a lot of manual work required to get it quote
13:52
unquote, sexy.
13:53
If that's the word you want to use.
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Well, and I think it all comes back to the word you, but I'm hanging on here.
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Scale is, you know, again, people process technology, but this is one example of technology
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that has allowed you to scale and handle more volume.
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Yep.
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100%.
14:07
And quality of life.
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So we went, like, we went through a couple of different rough boxes, but I love the
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word scale because that's been our goal since we started.
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So like 20 units to 30 units, 30 units to 40 units, 40 units to 50 units, 50 units back
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to 20.
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Like when we transition, because we said, we're, there's no way we're going to do this.
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And now we're back, gearing, you know, over 30.
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So are you originating?
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Correct.
14:31
Yep.
14:32
You are.
14:33
Okay.
14:34
So you and your dad are the primary originators?
14:35
Yeah.
14:36
We're the only two originators.
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It's just the two of us.
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And then we have three L.O.A.'s, three processors in an admin.
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Nice.
14:43
Okay.
14:44
So next question then is what is the primary source of your business?
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100% relationships and referrals, which is, you know, probably pretty standard across
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the board.
14:54
Primarily, national home builders is where we probably differentiate ourselves from a lot
15:00
of other branches.
15:02
Phil, my father, about seven or eight years ago, made it a mission to really focus and
15:07
roll up his sleeves in the trouble bucket.
15:09
If that's what you want to call it, you know, financing backlog where deals are very
15:13
questionable, where they've been, you know, under contract on a lot for five, six, seven
15:17
months and outside lender after outside lender is trying to get it done.
15:21
He prided himself on being able to get those deals closed.
15:24
So seven years later, we have, you know, direct relationships with national home builders
15:29
where we're sitting in the sales meetings, we're sitting in the lending meetings with
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their in-house banks, but it's all local, right?
15:36
You're not doing deals out of your state.
15:38
Nope.
15:39
All local.
15:40
South Carolina coast.
15:41
So from Merdle Beach down to Buford and then with our hub in Charleston is our market.
15:44
Well, you, you, one of your, our DMs back and forth on Instagram, I'm reading it right here.
15:49
The focus is self-employed, five, eight, eight, six, twenty, FICO, reloads, et cetera,
15:54
right?
15:55
Yep.
15:57
So I said on the fly in a presentation a couple of weeks ago, when most lenders shut
16:01
the laptop, is when we open it and that really is a way to, I mean, it's the truth.
16:06
Like most times, if I'm another one officer and I see something in the file and I'm like,
16:10
wow, this is an issue, that's where we get excited.
16:13
Like please send me a DTI that's at 65 or 70 because we know there's a way to get it
16:18
to 56 or to 50 and run approved.
16:21
Okay.
16:22
So all right.
16:23
What's challenging on that?
16:24
How do you do that, man?
16:25
I mean, is it just like paying off certain debts or whatever?
16:28
Yeah.
16:29
So I would say a lot of times it's communication to the client because we could communicate
16:33
the same message, but somebody can absorb it and act on it in a much different fashion.
16:38
Yeah.
16:39
So I mean, there's been situations all day long where somebody needs a co-bar and it
16:41
doesn't matter what you do on the file, they need somebody else to go on, but it's
16:44
the way you present that to the client that determines if they're going to call grandma
16:47
who's getting social security and put her on the deal.
16:50
If I ask and I make her uncomfortable and she's, she went to grandma's to get cookies
16:54
and soup because she was so traumatized from the lender she talked to.
16:56
But when we talk to her grandma had an app in 10 minutes and the deal's approved.
17:01
So how do you do that differently, man?
17:06
So recently we've been trying to, and this goes on the scale bucket, but try to really
17:11
think about what we do differently because a lot of times it's just the same words that
17:15
definitely, like we close fast, we have low rates, like it's all the same stuff.
17:20
So we try to brand ourselves on the three Cs where team Chris ends up, team say number
17:25
one is we care.
17:27
And I think that's really how you connect with the clients and get them to sometimes have
17:32
this tough conversation just really care, like if you slow it down and just try to talk
17:38
to them and let them know, hey, this might not work, but this is really what you need to
17:43
do if you want to make it happen.
17:45
You know what I mean?
17:46
I don't know.
17:47
There's probably more than that, but beyond the numbers, I don't see it gains your tone.
17:52
And that's the important thing to do if you're actually caring is you're going to change
17:56
your tone.
17:57
You're going to bring it down a little.
17:58
Yeah.
17:59
So first one is we care.
18:00
Number one.
18:01
See.
18:02
Number one is we care.
18:03
Number two is we communicate, which is probably where we see the greatest inconsistency
18:09
in the business is sporadic communication.
18:12
You respond to the first text in two minutes and then you don't call the listing agent back
18:16
for a week or, you know, you send out an email flurry and then nobody hears from you
18:21
from our mom.
18:22
Right.
18:23
Or you hit your quota and you hit five million and then you disappeared for a quarter.
18:27
Like, so we really try to provide ourselves on communication.
18:29
That means communication to all parties involved.
18:31
You know, that's title, attorneys, listing agents, buyers agent.
18:35
If you reach out to us, we'll respond instantly.
18:38
And then that's the client.
18:39
And that's if there's an issue, if there's not an issue, we just want to be at the forefront
18:44
of transparency, which is also one of APM's core values as a company, transparency.
18:50
And then the last is we close because, you know, in this market, how many deals can you
18:55
afford to lose?
18:56
Yeah.
18:57
Wow.
18:58
That's good, man.
18:59
I like that.
19:00
That's impactful.
19:01
Appreciate it.
19:02
And then even more is like, you actually take a moment to clarify or define what that means.
19:08
Because like you said, it's, it's the old cliche.
19:10
It's not what you say, but how you say it.
19:12
Yep.
19:13
100%.
19:14
Care, communicating, close.
19:15
Love that, man.
19:16
If you worked on, I'm curious what you did prior to this because you've been in originating
19:21
essentially teamed up with you to add through over three years.
19:24
What were you doing before?
19:26
Before I came aboard, I was doing commercial property management.
19:28
So it was a mixed-use redevelopment project.
19:31
They were taking a massive industrial building and just slicing it up into, you know, little
19:35
office spaces with industrial space for subcontractors.
19:41
And then I got my degree in commercial real estate.
19:44
So I was in the commercial real estate bucket before I got into residential to long time
19:47
very short.
19:48
It's a different animal.
19:49
Yes.
19:50
No, but you have a, you have a really good, I don't know if it's innate or just being
19:53
around it.
19:54
You've got a really great, that's the word, like, people skills.
19:57
With this kind of self-awareness, you know what I mean?
20:00
I appreciate that.
20:01
So yeah, just hats off to you there, man.
20:03
Thanks, Mother.
20:04
Okay, so I have MMI open, you know MMI?
20:07
Yeah, for sure.
20:08
Right?
20:09
And I always am curious when I can do this.
20:10
I'm looking at your agent relationships because when I asked about the number one source
20:14
of business, right, you talked about the builder relationships and all that.
20:17
But what looks like you've, if you could articulate like the percentage of deals from builders
20:23
versus agents or are these agents at builders?
20:26
Yes.
20:27
I'll say it's probably 40%.
20:28
I mean, there's still a lot of pre-owned business, so I'd say it's probably 40% builders
20:33
and 60% pre-owned, just existing real estate, right?
20:37
Sure.
20:38
Okay.
20:39
Cool.
20:40
Yep.
20:41
And so this is very interesting to me when I unpack MMI because what I'm really curious
20:46
about is percentage of capture.
20:48
It looks like you're crushing it with Carolina one.
20:51
You know, it's interesting too about MMI on the flip side of recruiting.
20:55
I would say not at all.
20:57
So there's like a discrepancy between, I mean, there's some really good statistics and
21:02
information and it definitely paints a great trend.
21:05
Yeah.
21:06
But like when you say that to me, I'm like, who do we work with at Carolina one?
21:08
I don't even know.
21:09
All right.
21:10
You don't think your capture rate is that good?
21:12
No.
21:13
Like, but that's if we didn't have the statistics, I would say no.
21:16
Now, like, we work with the number one agent at Jeff Cook Real Estate, he's a huge broker
21:20
chair.
21:21
You know, we do a lot with Keller Williams.
21:24
Like, I would say some different things that might not even show up on there, but that's
21:27
what comes in my mind initially.
21:29
Interesting.
21:30
Well, I'm saying that only because it shows that you got 34 deals out of that one brokerage.
21:34
Hmm.
21:35
Well, I need to circle back with Carolina one when we get off this call and I might write
21:41
that down.
21:42
This is awesome.
21:43
And it actually just logged me out.
21:44
So I got to log back in here, but, um, okay.
21:48
So thank you for sharing.
21:50
Yeah.
21:51
Yeah.
21:52
No, man.
21:53
Yeah.
21:54
So people love about this, this podcast is, it's just like, it's just real.
21:57
It's in the moment.
21:58
I want to put in your name though here again.
21:59
I got to type it back in CRES, spell it for me, too, don't mind.
22:03
CRES, C-E, N-Z-O, all right, and South Carolina.
22:09
Here we go.
22:10
Uh, so when you, when you started working with your dad, did he have a bunch of agent relationships
22:15
established?
22:16
Yes.
22:17
And we're still uncovering those because there's zero social media.
22:22
Like we said, zero systems, zero social media.
22:23
So if he didn't personally reach out to you or you didn't personally reach out to him,
22:27
and he had a home run deal on the other side, if you're listening to the buyer's agent,
22:31
you heard the name and you never saw it again.
22:33
So we still today is we're trying to expand the brand and do more social and get out to
22:37
events like, oh, wow, you're Phil Kersenzo.
22:39
You saved that deal six years ago that nobody said could get done, right?
22:43
Right.
22:44
And that really is probably our greatest value.
22:47
And it falls under the we care is, I'm extremely and eternally, you can use the word in both
22:52
ways grateful because he did the right thing for so long in his business with so many
22:59
people dead in it.
23:00
So reputation.
23:02
Yeah.
23:03
And then I get, and I'm very grateful because I step into that with the same name.
23:06
So I'm Phil Jr.
23:07
Yeah.
23:08
So yeah.
23:09
So eventually he wants to hand over the business to you, I assume?
23:12
Yeah.
23:13
And that's we're constantly talking about what the next 90 days and what the next nine
23:16
years look like, but that's that's the long term goal.
23:20
How do you while we're on the topic of realtors, let's say, let's say non builder realtors,
23:24
how do you create brand awareness?
23:27
That's a great question.
23:31
I would say probably two ways inside and outside the transaction, brand awareness and the
23:35
transactions is doing what you say you're going to do and doing a good job.
23:38
Close on time, make sure the client's happy, respond when somebody reaches out to you and
23:42
they'll say, wow, that was a good experience, which falls under the brand.
23:45
Outside of the transaction is all the fun, frilly carrots that probably people spend more
23:50
time on than the actual transaction, which is, hey, can we find the sky on social to this
23:54
guy of a website?
23:55
What's his like on Zillow?
23:56
Mm-hmm.
23:57
And the marketing material look like.
24:00
Yeah.
24:01
Who's doing that on your team?
24:02
Are you doing that?
24:03
Are you kind of prospecting, right?
24:04
Patients?
24:05
Yep.
24:06
Yeah.
24:07
So I'm doing all of the marketing and then really taking the lead on sales.
24:12
His primary role is issues arise.
24:16
We got a qualifying issue.
24:17
It's been under contract.
24:18
Something popped up.
24:19
How do we get it fixed?
24:20
How do we get it closed?
24:21
Mm-hmm.
24:22
Really just all things in the trouble bucket and then big branch picture, relationship
24:26
with corporate, branch strategy is more so on our fills bucket and then meetings with
24:30
our builders.
24:31
And then I'm more so new apps to under contract.
24:35
How do we take this file from?
24:36
He just did an app to, he just went under contract and that's out of the experience.
24:41
So what are some of the tactics you use to get in front of agents?
24:45
Is it social media following engaging?
24:47
Is it classes?
24:48
Is it video stuff?
24:49
What are you doing?
24:50
Yeah.
24:51
So getting in front of agents, I guess in person is evolved a little bit.
24:54
We had the COVID and that was like 18 months of which everyone experienced, right?
24:58
So for a long time, getting in front of agents wasn't even an option.
25:02
So now post COVID and post APM, it's just been lunch and learns.
25:07
I've probably been the most successful way to get together.
25:11
Hey, what are some questions you have on the lending side?
25:13
What are some things you've run across?
25:15
You know, on your side of the field, let's get together and talk about it over lunch.
25:18
We had some really successful lunch and learns.
25:22
And then, gradually, just really responded to people and just stand on top of communication.
25:28
Well, I imagine you get, let me ask you this way, do you do anything proactively on the
25:33
listing side, listing agents on transactions?
25:36
No, and there's a ton of opportunity there.
25:38
We don't, and I would love to.
25:40
Busy.
25:41
You're busy enough.
25:42
Yeah.
25:43
I'll let you get that one haul pass today.
25:44
Yeah.
25:45
But I will write it down and lose sleep over for the next six nights about the opportunity
25:49
we do have to reach out the listing agents.
25:51
Thank you very much.
25:52
Jeff.
25:53
Appreciate that.
25:54
Well, look, let me give you one idea.
25:55
And this is for everybody listening, too.
25:56
I was talking about this this morning on our little small group coaching call.
25:59
And that is, you know, in your market, I'm sure like most others, we're seeing cancellations
26:03
and price reductions, right?
26:04
So of course, what's back in Vogue is the seller buy down, right?
26:09
And so I've had a number of my mortgage people that are in my community reach out, be
26:14
a phone call, be a posting on social media about seller buy downs, right?
26:19
And one example this morning was this gal, she posted an image or something like that
26:24
about, you know, seller buy down and how it can, as I said, the key takeaway from this
26:29
everybody listening is, if you're talking to an agent by the way, this would be, so
26:32
let me give you the real tactic.
26:34
So my coaching tip to my people was, hey, why don't you call the listing agents you
26:38
did transactions with and just call small talk, hey, hey, what's up?
26:42
This is Jeff.
26:43
How are you doing?
26:44
Yeah, we closed that deal on Smith Street.
26:45
Hey, just curious.
26:46
I'm checking in and you could even look up and see if they have any listings if you have
26:48
access to that.
26:49
I just need to be like, hey, I'm curious.
26:52
How's it going with you?
26:53
Are you seeing any price reductions or cancellations or like is buyer or affordability
26:56
and issue?
26:57
Yeah, certainly is.
26:58
I'm seeing this and this.
26:59
And then here's the key phrase.
27:00
Would you be open to a program that can help reduce cancellations, eliminate price reductions
27:07
and get more people qualified to purchase homes, like the deal nine and a half out of ten
27:13
agents are going to say yes to that.
27:15
Yep.
27:16
And what's interesting is that sometimes we don't realize, first of all, there's a lot
27:23
of agents who've come into the business in the last five years.
27:26
Another buy down has not been talked about for five years.
27:28
Has it hasn't been a need?
27:30
Yeah.
27:31
And now it's a need again, but it's a great tool.
27:33
Any for you to establish now, it's funny back to that story.
27:36
Guess what?
27:37
This lender posted that on her Facebook and agent was following her that she did not
27:42
even know what's following her, but she knew who the agent was, right?
27:45
And then he reaches out to her and says, hey, I saw your post about the seller buy down.
27:50
Can I talk to you about that?
27:51
Fast forward.
27:52
She gets the deal and that agent is like, my lender didn't even bring that up.
27:57
Let's talk.
27:58
That's awesome.
27:59
And they're under contract.
28:01
Yeah.
28:02
And that's just being proactive.
28:03
I mean, that just shows somebody who wants to put their best foot forward and cares about
28:08
what they're doing and wants to provide all of the best options possible is going to
28:11
attract people that want to win.
28:13
Well, look, I mean, this is why I like to go down this road is because, you know, everybody
28:17
was so distracted by the refives, right?
28:18
And now you pay the price of that whole thing and they're like, well, what do I say?
28:21
Most of the law officers aren't thinking, you know, what to say other than a handout,
28:26
right?
28:27
I say, don't say that.
28:28
Don't say that.
28:29
Whatever you're saying, whatever you're thinking.
28:34
But yeah, it's like it's about solving, you know, solve problems and what are the problems
28:39
ages are facing is they're facing exactly what we just said, price reductions, cancellations
28:42
by affordability.
28:43
Three biggest thing now than ever, they couldn't leverage their lender, you, right, to help
28:48
overcome that.
28:49
If you're not showing holding with pitching that idea, you're missing that.
28:53
Yeah.
28:54
And I don't know if that was and this could be my opportunity to talk about how great the
28:57
book was, but I don't know if it was in the book or reflecting on the book, but how important
29:01
strategic relationships are, like just during this time in general, I mean, in just business
29:07
in general, you're working on important things with a lot of emotions and a lot of these
29:10
involved, the partnerships really going to make an impact.
29:14
But if it wasn't in the book, this is an opportunity to talk about how great the book
29:16
was.
29:17
So loved and I'll practice for the audience.
29:22
I'm going to huge reader over the last four years, I mean, prior to 300 books.
29:29
Wow.
29:30
Don't have a massive library.
29:31
One day I have this vision in my mind with his and hers of my wife and we just got this
29:35
long row of books up in the wall in the home office.
29:38
Right now it's more of like an unorganized pile of books in a guest bedroom, but we're going
29:41
to get there.
29:43
But anyway, disrupted, I probably did the best job of presenting industry facts and just
29:49
factual information in general in a way that was digestible, like I was constantly highlighting
29:54
and writing down on like, wow, this is a really good job of presenting information.
29:57
We're also doing it in a narrative fashion.
30:00
I'm enjoying reading this and I'm not like falling asleep on it and it's like, yeah,
30:02
right.
30:03
Like a statistics class.
30:05
Yes.
30:06
Yes.
30:07
It's not algebra.
30:08
And I'm not like texting my mom in high school and you can pick me up.
30:11
It was good.
30:12
Thank you.
30:14
I appreciate that, man.
30:15
That's a disruptor died, by the way, for those that are listening, you can get your free
30:18
copy over at getdestruptordie.com or Amazon, I don't know where the link is, but go
30:23
click it.
30:24
There's my.
30:25
Yes.
30:26
There we go.
30:27
No, you said something a moment ago about relationships and I'm going to steal a quote
30:30
from my friends over at mortgage coach, software, Dave Savage, and I actually just had
30:36
Todd Duncan on the podcast a couple of weeks ago.
30:38
This is a quote directly from him.
30:39
We talked about this says right here, from the interviews that they did, 93% of real estate
30:44
agents right now have told us they would like to meet with the lender and figure out
30:48
the next 18 months of their career.
30:50
Wow.
30:51
That's incredible.
30:52
Yeah.
30:53
So, well, and there's so much to take away from that industry and non-industry.
30:58
That's just the entrepreneurial connection of real estate as an agent, as a loan officer
31:05
and how important vision and intentionality is to what you're doing.
31:10
100%.
31:11
And this is the time now to be calling those agents and just basically here's another
31:15
sample script, top of my head, what's up PJ, long time no talk, blah, blah, blah, blah,
31:19
blah, blah, blah.
31:20
Hey, man, I'm just curious, right?
31:21
Market shifted.
31:22
You feeling it?
31:23
Yeah.
31:24
I'm just curious.
31:25
Like, what has changed for you in planning for the rest of the year?
31:27
Like, start doing what are you going to stop doing?
31:31
And I'm asking PJ because I'd like to find out how I can help.
31:35
That's incredible.
31:36
That's all you did, man, to the next 10 agents.
31:39
You're going to get seven appointments, and it's the curiosity, just asking and then
31:45
actually carrying.
31:46
Well, how can I help?
31:47
Yes.
31:48
That's awesome, man.
31:49
I love that.
31:50
Show up and solve problems.
31:51
Okay.
31:52
Good stuff.
31:53
Let me jump back into, let's see, we talked about realtor sources of business.
32:00
What about tech social, social media and things like that?
32:05
Are you using social at all?
32:06
Let me go back to your personal and we'll put a link in the show notes.
32:10
It's a PJ C Rez 3, and we'll put it in the show notes.
32:15
Anything happening around social for you regarding business?
32:19
A few things there, so we have two social pages, right?
32:23
I have my personal page and then I have a branch page.
32:25
The first thing was just creating a digital skeleton for the branch so that we had something
32:30
that was part one, part two is making it look pretty and getting it uniform.
32:35
So I don't even know if this has an impact or not, but we got like a local social team
32:40
and I said, I want, I love when I go on an Instagram page and all of the posts look like
32:45
a well-decorated decor bedroom.
32:47
I like everything to be in Unison, so whether that impacts the experience or not, that
32:51
was our first goal.
32:52
Like, can we get some uniformity and get some consistency in the post?
32:56
Right.
32:57
And then, personally, I have gotten a few transactions of social media just from posting
33:02
clients, testimonials, posting some industry updates.
33:06
I've probably, I mean, I said in the world on fire, but I've probably generated four
33:09
to five deals over the last two years that closed without attacking social media, but
33:15
just posting leisurely as an individual that, hey, I'm in the mortgage business and I'm
33:21
a loan officer and I run a small team and I've closed four or five deals just from a
33:25
DM.
33:26
So, if anything, you help, hey, my mom's trying to do this, hey, I'm relocating.
33:30
So, I mean, it's definitely been worth posting on social.
33:34
Yeah.
33:35
I mean, if I look at your, we're talking about your personal page right now, you're
33:38
pretty much just living your life on social.
33:40
Yeah.
33:41
I don't see a ton of business stuff on there.
33:44
Yup.
33:45
Which I'm not, not passing judgment either way.
33:47
I'm just noticing what's on there.
33:49
Yeah.
33:50
It's my wife and I, she's nine months pregnant and I'm a loan officer.
33:53
And that's like, and now if you want to help me, provide me.
33:56
Provide for my family, feel free to sign the DMs and I'll get you a quote.
33:59
But like, it's not, I'm not attacking mortgage content.
34:03
Yup.
34:04
Yup.
34:05
Yup.
34:06
But I want to be a good person and do good business.
34:07
Well, that's, that's clear that you are.
34:09
I'm going to try and Google you right now and see what comes up for Google Business
34:13
Profile.
34:14
Have you missed, looked into that at all?
34:17
I have not.
34:18
I'm giving you a little clinic here, my friend.
34:19
Wow, it's looking good.
34:20
You got 68 reviews on Google, Google Business Profile.
34:24
I'll take it.
34:25
Is somebody managing that for you internally in the company?
34:29
So we have a local web team.
34:32
We incorporated that about a year ago, the Google, my business.
34:36
Okay.
34:37
Right.
34:38
They're doing good.
34:39
I mean, for, you know, 68 reviews, it's just like, most I see are like, you know, a tenth
34:44
of that.
34:45
Awesome.
34:46
You know?
34:47
So great job there.
34:48
Sure.
34:49
I mean, there's a few other extra things you could be doing, but seriously, that's like
34:51
great job.
34:52
Just like checking the boxes, doing a lot of it here as I go around.
34:56
No, anything we could take, coach, we'll take it back to the practice field.
34:59
Exactly.
35:00
Yeah, what about with video, what are you doing or plan to do with video?
35:07
So just, that's definitely been our greatest opportunity for improvement in this video.
35:12
I just created a YouTube channel 48 hours ago and have our little social team creating
35:18
some graphics and content and I'm actually going to say this because I don't want
35:22
to be held accountable.
35:23
Anyway, watch this.
35:24
I'm going to start posting every Monday, a mortgage Monday post with Team Kersenzo and I'm
35:30
going to start with a 10 part series on choosing a mortgage lender and all of the different
35:35
things that can come about that.
35:38
Things different lenders can do differently.
35:39
So that's going to be my goal starting Monday.
35:41
Oh, boy.
35:42
The pressure's on now.
35:43
Yeah.
35:44
Now I got to do it.
35:45
I actually want to put it out there so I can have the internal and external accountability
35:49
to do this.
35:50
Is the channel under your name, PJ Cresenzo?
35:54
I just created it under the name.
35:56
Now this is pure creative.
35:58
So the name could change by the time the name actually comes out, but it was going to be
36:01
mindset matters with Team Kersenzo for a mortgage playlist and also some all things mindset.
36:07
Ah, I see.
36:08
So you're going to blend it.
36:09
Yeah.
36:10
Yeah.
36:11
Obviously into mindset.
36:12
Yes, sir.
36:13
I love it.
36:14
Yeah.
36:15
I don't know if you can see behind me, but I was trying to position the camera when the
36:17
call started.
36:18
I see mindset as everything behind me, but I don't know if it worked out.
36:21
I see the bottom half of it, but you're absolutely right.
36:23
It is.
36:24
And I saw that there was a list of favorite books in your favorite book is Mansurge
36:28
for Meaning.
36:29
Was that it?
36:30
Yep.
36:31
I love that.
36:32
I love that book.
36:33
That is a, I just bought two copies of that to try and give them to my teenage boys.
36:36
Nice.
36:37
Yeah.
36:38
Yeah.
36:39
I mean, it's a tough, like I have a really good friend of mine.
36:40
I tried to give the book to and we had a way different experience because it's a tough
36:45
read, but if you could take the message from that and like this guy lived through actual
36:50
hell.
36:51
I don't know if I'm allowed to say that, but live through actual hell.
36:54
And not only became a better man, but pulled such a powerful lesson that adversity provides
37:00
purpose.
37:01
If you allow it, I mean, it's just no matter where you're at, what your day is like,
37:06
whether you're walking into a puddle or there's a tsunami falling on your head, every
37:10
Victor Franco and you're like, okay, it could be worse.
37:13
Exactly.
37:14
So I remember reading that book many, many years ago and made a big impact on me as well.
37:19
Because it's all about meaning and what you attached to things.
37:21
And it's so funny.
37:22
Here's a quick sidebar.
37:24
I attended this seminar years ago called the Forum Landmark Education, the Forum.
37:29
I don't know if you've heard of that.
37:30
Yeah.
37:31
Yeah.
37:32
I've heard a landmark.
37:33
Okay.
37:34
So the very first day of the seminar is a two, two day weekend or the guy gets, guy gets
37:37
up there and keep in mind, like I have this whole background at Tony Robbins and all
37:41
this stuff.
37:42
So I'm kind of like.
37:43
That's awesome.
37:44
Yeah.
37:45
I saw his book was on yourself there.
37:46
It's like I made your Instagram.
37:47
Yeah.
37:48
Yeah.
37:49
And so the guy opens up the seminar and there's like picture of 100 people, whatever in
37:53
the room wasn't huge.
37:55
And anyway, he just opens it up very intentionally speaking, slow, like this.
38:01
Basically he says, no intro, nothing, he's like, life has no meaning.
38:12
Yeah.
38:13
All right.
38:14
Thanks, bro.
38:15
How much do we pay for this?
38:16
Once it's over.
38:17
Everybody just saw his reactions, like the neck jerk back like, what?
38:20
What do you talk?
38:21
And then he said it again, right, with these long, dramatic pauses and everybody's getting
38:26
uncomfortable.
38:27
They're like, what the fuck?
38:28
What is going on?
38:29
I'm getting a little riled up like, yes, it does for you.
38:31
Life has meeting, right?
38:32
Anybody read this guy's bio?
38:33
Who got him on the stage?
38:34
Exactly.
38:35
And then he goes, except that which we give it.
38:41
Oh, that's good.
38:45
Layed out.
38:46
I'm like, oh, it's bored me, man.
38:48
And your delivery of that was priceless.
38:50
I mean, that was a really good set off and drop down.
38:53
Oh, and that was like me.
38:56
Gift.
38:57
And you know, like these books, these little things, maybe this podcast once in a while, things
39:01
you listen to, you're like, all of a sudden it's a mindset shift.
39:04
You know, so that's what I'm trying to, you're about to have a baby soon.
39:10
First born, first son.
39:11
Like any day.
39:12
I can see you.
39:13
You're going to be starting to read from unlimited power out of that book or whatever.
39:16
Let's go.
39:17
I love it.
39:19
Or I love your quote here from Atomic Habits, which I have three of them up there.
39:24
I just got to say this again for listeners.
39:26
Rome wasn't built in the day, but they were laying bricks every hour.
39:29
Like, that's another great one.
39:31
Yeah, you could almost spend an entire episode on every single one of those nuggets.
39:36
Mindset is everything from being built.
39:39
I mean, it's just it's so powerful.
39:41
People can absorb that and apply it.
39:43
Nice collections.
39:44
For those of you again, I'll put a link in the show notes to your Instagram.
39:47
So you're going to get a bunch of followers.
39:49
But yeah, look at all these David Goggins.
39:51
I just listened to that audiobook.
39:52
That's just mind blowing.
39:54
I tried taking cold showers after I read that book.
39:57
I was like, I'm only taking cold showers.
39:59
And there's like after four days.
40:00
And I'm like, all right, Goggins, your beast.
40:02
Yes, that is something to work up to and train, which I did that.
40:06
So here in Vegas, believe it or not, it gets cold in the winter.
40:08
Okay.
40:09
And my pool gets down to the 30s.
40:11
Wow.
40:12
So that's like, I was like starting at 50 when it was 50.
40:15
And then it's just like, I had to bow out, man.
40:17
And did you make that a habit?
40:18
Where it was?
40:19
The longest I've ever did was five minutes at, I think it was 49 or 50 degrees.
40:24
Roughly.
40:25
It's hard.
40:26
Okay. That's pretty impressive.
40:27
It's dope.
40:28
Yeah.
40:29
But I want to get one of those plunge pools, plunge.
40:31
Yeah.
40:32
They're like, they're not cheap, but.
40:34
Yeah.
40:35
If it takes you to the next level, it's an investment on yourself.
40:38
No better place to put it.
40:39
Yeah.
40:40
All right.
40:41
So you're going to step up with the video and all that kind of jazz.
40:44
No.
40:45
Do you do like annual reviews and things like that?
40:47
Working with you personally or professionally?
40:50
No, with your clients.
40:51
Do you call up and do like annual mortgage reviews?
40:53
No, not yet.
40:54
Not yet.
40:55
I will.
40:56
You know, it's just we need a reason to call our clients with something of value.
41:00
So Joe.
41:01
Yeah.
41:02
Yeah, good.
41:03
I was just saying there's so much opportunity with your existing database.
41:06
Like we're constantly hunting for new.
41:08
Yeah.
41:09
But.
41:10
So we've closed 800 loans in the last two plus years.
41:14
And.
41:15
I don't want to say zero freebie business because we've helped ask clients.
41:19
But there's been zero effort to tap into that database.
41:22
And say, hey, can we help your brother or sister or how are you doing in life?
41:26
Well, that's where a tool could come in like something like a homebot or something else.
41:30
Like that.
41:31
Did homebot at all?
41:33
Yes.
41:34
We had to set up a little bit when we were at Cardinal, but we never.
41:37
You never put the fertilizer on it.
41:39
Like we never watered it and gave it love.
41:41
So I would like to make that.
41:43
Well, no, no, no disrespect to my friends over at homebot.
41:48
But there's another one out there.
41:50
I had the first time I've ever said this live.
41:52
It's called my home IQ.
41:54
Okay.
41:56
Q dot com.
41:57
All right.
41:58
And it is considered a competitor to homebot, but they do some things quite differently as well.
42:05
In terms of alerts and things like that and using AI to trigger alerts on what your consumer's behavior is doing online and things like that.
42:14
But also from what seems to be, and I'll have them on the podcast soon.
42:18
But what seems to be is it's also a much more favorable shared platform between agents and you.
42:24
And again, I love you guys at homebot, but hey, right competitors.
42:27
It's it's the fact of life.
42:29
Iron sharpens iron.
42:30
This will make you better homebot.
42:31
They are a housing wire tech 100 winner for 2021.
42:35
So check them out.
42:37
Yeah, right now.
42:38
Thank you.
42:39
I'll put it in the show now.
42:40
It's my home IQ dot com.
42:42
There you go.
42:43
All right.
42:44
So, um, lastly, three years in the biz.
42:47
You came up under your, you know, your father's wing, which gave you some access and visibility to it.
42:51
But what advice would you give to those that are in a similar stage, first three to five years of their origination career?
42:59
Like if you could look back and tell you, you know, coach yourself, starting out, what would you tell yourself?
43:05
I would say, man, there's so many things there because the last three years just reflecting on it.
43:10
There's so many emotions tied to it because it's such an all in business.
43:15
So I would say number one, work life balance because if I could go back and tell myself, hey, you're about to start this journey.
43:24
Just pay sure because it'll come in seasons.
43:27
And you'll have big week off, slow week, show big months, show slow months.
43:30
So just pay yourself and don't be so hard on yourself.
43:34
I think it's what I tell myself about starting today is just constantly try to pursue balance.
43:40
You want to be all in, you want to do great.
43:42
You want to be successful and you want to help as many people as you can, but just make sure you're blocking time for yourself and your family.
43:49
To be really intentional about what you're trying to accomplish.
43:52
Is it just throw as many units on the board as you can for 30 days?
43:55
Is it you're trying to build your brand?
43:58
And then the third thing that I'll break up for that is really work with people you want to work with.
44:03
I first started anybody that had their real estate license.
44:06
I was like, I will do whatever you want to do.
44:08
I'm here to serve you.
44:10
And then you ask people to take advantage of that.
44:12
So work with people who respect your time and who are in it to be a great professional what they're doing and just build quality relationships because there's value on both sides of that.
44:23
You can still serve the client and respect the people you're working with.
44:26
Love that.
44:27
Love that. Fantastic.
44:28
Thank you very much.
44:29
I enjoyed this conversation.
44:31
Yeah, absolutely.
44:32
Thank you for having me, brother.
44:33
That was awesome.
44:34
You bet.
44:35
And so listeners, we're going to put a link to his Instagram and more that new YouTube channel while I'll be watching in the show.
44:41
And everyone, please check out his book because it was incredible.
44:44
And he did not ask me to say that, but it was really good.
44:46
That is right.
44:47
We'll link to that as well.
44:48
Right.
44:49
Disrupt or die.
44:50
Listeners, you know what to do.
44:51
If you like this episode, we appreciate you tuning in.
44:53
Leave us a review if you like it.
44:54
And we'll see you on the next one.
44:56
Bye for now.
44:57
Hey guys, what's up?
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