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Transcript

Master the Market of the Moment · Mortgage Marketing Radio

• 0:00
  Hey, listeners, what's up, Jeff Zimper, your humble host for this episode, very special
• 0:11
  episode of the Mortgage Marketing Radio podcast.
• 0:14
  And I'll tell you in a moment why this is a special episode.
• 0:18
  But before I do, I bring to you once again, success stories from the streets, from our
• 0:24
  my agent classes, community of mortgage originators in the field, leapfrogging from solicitor
• 0:32
  and vendor to partner and peer, leading with education in their local market by helping
• 0:36
  agents solve the current problem of getting more conversations with potential sellers and
• 0:42
  buyers, of getting more listings, of throwing their business, of navigating this digital
• 0:46
  landscape.
• 0:48
  And the story, half free today is coming to you from Nick Fendig, Nick, what's up?
• 0:53
  Nick longtime member, I think two plus years now out there in Florida.
• 0:59
  And Nick recently, hot, shared, gave one of the classes we do, which is called, we call
• 1:07
  it the 90 day CMA class.
• 1:11
  And what it is, it's a unique angle on doing an unsolicited CMA, realtors have been
• 1:18
  doing CMAs for years, right?
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  It's a competitive market analysis, it's a way for home buyers, potential home sellers
• 1:23
  to get a sense of what their property would sell for.
• 1:26
  This unique application though that we have been teaching, I learned from another real
• 1:30
  estate agent, actually in Florida as well.
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  And this agent in Florida, when he did this, he did 72 CMAs over 90 days.
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  He listed $11 million in property and sold 9 million of it.
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  And we're showing agents that exact strategy.
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  Nick recently did that and he just posted this success story in our group.
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  He says, an agent of mine did the video CMA, now that what's unique about this is we use
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  Google Earth.
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  So we're using Google Earth in a unique way that creates engaging video, that gets people
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  to open and watch the video, that helps the agents stand out and make an impact unlike
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  anyone's ever done in the past in most cases with the CMA.
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  So just to set the context of that is we're showing agents how to do that, right?
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  And it's very simple to do, it takes maybe 20, 30 minutes to show them this whole thing.
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  So Nick has been doing this and so his success story of literally, I'm looking at the Facebook
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  group here right out one hour ago.
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  He said an agent of mine did the video CMA for a listing presentation.
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  And in the agent's words, I was completely thrown off when I showed up.
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  The agent went on to say, when I showed up for my appointment, we didn't talk comps,
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  we didn't talk like, you know, why should I list with you?
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  We didn't talk what's your commission rate.
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  She was ready to go.
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  It was a come list me appointment.
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  She had watched the video multiple times.
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  And then the agent goes on to say that he has already sent out four other leads and is
• 3:01
  going to start with his database for the next quarter, send out.
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  So the point being is this is the agent got a listing appointment, okay?
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  The agent is now reciprocating back to Nick sending Nick referrals.
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  And the agent is now doing this with other contacts in his database over the next three months.
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  And my question to you is, what are you doing to become part of your agent partners to become part of their business, right?
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  In order to earn their business, you must become part of their business.
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  And so if you've not yet scheduled your call with me to learn more about
• 3:40
  my agent classes, the platform and what we do and the what our whole system and
• 3:45
  ecosystem community is all about, what are you waiting for?
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  Do you have a better method in way to quickly and easily get engagement,
• 3:56
  get reciprocation and get referrals from real estate agents?
• 3:59
  If you got one that's better and faster than this, tell me about it.
• 4:04
  If you'd like to learn more, go to mortgage marketing.pro and schedule your call.
• 4:09
  Okay, so transitioning into this episode, as I said at the beginning,
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  it's a very special episode. And the reason why it's special is this is my
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  300th episode.
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  And here's my challenge.
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  I've been really busy.
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  A lot of great things going on, a lot of initiatives we have projects,
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  a lot of working with originators, right, at various levels across the country,
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  different events that we're doing that I'm going to be speaking at.
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  And I'm grateful for all that opportunity. And yet what that's left me with
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  is, you know, there's only so much to go around, right? And something had to
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  give. And what gave was me wanting to do some big, fancy affair, live stream and
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  giveaways and all this kind of cool, fun stuff on my 300th episode.
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  And so here I am today, left with just a little time to reach out to you and connect
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  with you, my listener.
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  And I really, at this point, just wanted to thank you.
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  When I started this seven years ago, I didn't know where it was going to go.
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  I just knew that I had a passion for this industry that I had empathy for my
• 5:23
  fellow mortgage professionals because I am one because I had been an
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  originator for a decade. And I really wanted to show up and serve.
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  And I thought the best way that I could do that would be to have in-depth
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  meaningful conversations with people, hot producers, companies, vendors,
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  right, other, you know, speakers, authors, coaches, all that, right?
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  With the focus being on you listening and taking ideas,
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  executable ideas and strategies away that you could apply in your business.
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  And if you've been listening for any time, I hope I've accomplished that.
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  And I would love to hear your feedback. If you want to go to Google and
• 6:11
  look up, you know, mortgage marketing institute, I'll leave me a review there or on
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  this network that you're listening on this right now, you know, whatever it is.
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  I'd love to hear what your impact has been from however long you've been
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  listening to this podcast, whether you're new or you've been here since
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  day one, episode one. I've sure learned a lot since doing 300 episodes.
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  I've grown a lot. And for those of you who have shared your feedback on
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  Instagram DMs or whatever, I really, really, really appreciate it.
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  You're the reason why I keep doing this. You are the inspiration for me.
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  And I want to make it better.
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  And so I'd love to also hear your suggestions on different formats, right?
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  Livestreams, for example, if you'd like to see some of those livestreams,
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  or we can actually get into some more Q&A live dialogue in our private
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  Facebook group over at mortgage marketing radio, probably Facebook group there.
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  Other topics, other guests that you'd like to see.
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  Let me know how do we continue to make this a great engaging platform for you
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  that we can continue to pour into you and that you can continue to get value from.
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  That's the ultimate goal.
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  And so no fancy, you know, ticker tip rates, no big livestreams,
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  no champagne bottles, no giving away swag, at least on this episode,
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  because I didn't have time.
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  And sometimes that's just how it is.
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  We can't do everything all the time.
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  And right now the demands of the business have pulled me in a few different directions,
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  which is why you're getting just me on the 300th episode.
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  But in some ways, I think that might even be better.
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  What I would love to do is have a dialogue with you and take your questions.
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  And maybe that's what we do as the next iteration of this.
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  So if that's something you think you'd be interested in,
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  is it start attending livestreams and conversations where maybe twice a month,
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  do a livestream version of this podcast, and it's kind of, you know, ask me anything.
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  If you want that, jump into the Facebook group over there,
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  mortgage marketing radio with Facebook.
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  And let me know, just say, hey, Jeff, heard the 300th episode,
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  livestream idea, great idea, or whatever your idea is.
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  And then I don't want to leave you hang in.
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  So I did want to briefly touch on a presentation I've been working on,
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  called Master of the Market, how to close 2023 strong and dominate in 2024.
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  I'm actually giving this presentation for Stuart tidally.
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  Stuart tidally.
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  Stuart tidal locally here in Vegas next week.
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  So if you didn't know, I still get in front of agents and originators
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  and I still teach classes to real estate agents in my local market and elsewhere.
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  It keeps me fresh.
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  It keeps me connected to what's going on, to what's really working.
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  My fingers on the pulse.
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  And I get to bring that back to our members over at my agent classes
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  and share that content with them that's already been proven.
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  And so real quickly, as you're thinking about going into Q4,
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  because by the time you're listening to this, Q4 has already begun,
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  you're going to see more coming from me on this whole concept of Master of the Market.
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  But I want to just briefly touch on, right, that there's only three things
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  you can control no matter what's going on the market.
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  You can control your mindset, your skill set, and your actions.
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  That's it.
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  So it's not about interest rates.
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  It's not about inventory.
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  It's not about buyer affordability.
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  It's not about any of those things.
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  It's about you.
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  It's about how you respond.
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  And are you adapting?
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  Are you adjusting?
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  Are you taking the required and necessary actions?
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  Or are you frozen during the headlights?
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  Are you questioning your future, your direction?
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  And this depends a little bit upon your business life cycle.
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  Where are you?
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  Are you in startup mode, meaning five years or less?
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  Are you in growth mode where you're adding people, process, and technology?
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  Are you sitting on the top of a pile of cash because you just came through two
• 10:08
  of the greatest years in the history of the mortgage industry with refives?
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  Or have you been around a long time now and maybe you lost some steam?
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  Maybe you're a fading winter and you're not adapting.
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  Or maybe you're rebuilding.
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  I don't know.
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  Or maybe you're at the exit stage.
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  Maybe you're at the exit stage right out of here.
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  I don't know where you're at, but I know each of those different stages requires
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  some different mindsets, different skill set, and different actions.
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  But I would say that the people that I've talked to across the country
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  and now 200, 300 interviews that I've done with top producing originators around the country
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  is I would say if anything to focus on right now would be growth,
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  would be market share capture.
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  If you've made the decision that you're in this for the next 10 years,
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  now's the time to focus on growth.
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  Now's the time to grab market share, to put yourself out there in a bigger way
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  than you've ever done before.
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  And to continue to adapt and learn the new skills and technology that you need to adapt.
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  There's nothing worthwhile to brag about being old school.
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  I still talk to originators and agents across the country who are proud of being old school.
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  Look, human connection, the human relationship, right,
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  that's always going to be relevant and important.
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  However, the disruption is going to leave some people behind.
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  And my question for you is, is are you staying up with the changes?
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  Have you embraced AI yet?
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  Have you started testing and using chat GPT, Google Bard or other AI related tools
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  that can help you with increased efficiencies?
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  If anything, I've learned from interviewing upwards of 300 top performers,
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  it's that they are adaptable.
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  They do adjust their sales based on the direction of the wind.
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  And we've got a situation obviously with low inventory, with higher interest rates,
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  but just like I'm going to ask real estate agents when I present this master
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  of the market class next week, I'm going to ask them, are they a student of the market?
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  See, because most, this is what I'm going to say to agents next week.
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  I'm going to say, hey, you know what, most agents know what's happening.
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  Good agents understand what's happening.
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  Great agents can explain what's happening.
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  What about you?
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  Do you know what's happening?
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  Okay, good.
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  Do you understand it?
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  Can you actually explain it?
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  So inventory is at record lows.
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  Well, then why do we have a price increase?
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  Okay, I'm looking at a stat here from the NAR.
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  There's a 3.9% sales medium price percent change year over year,
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  3.9% increase in the month of August.
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  How can that be?
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  And you explain that to a potential buyer who's sitting on the fence.
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  Not sure if this is the right time to buy.
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  And you explain to them the cost of waiting rent versus buy.
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  Do you have the tools to deliver a visual representation of that?
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  So that makes sense.
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  Are you prepared to talk to the home owners who are sitting on a huge,
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  you know, huge chunk of equity and look at repositioning some of that equity
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  into other assets to hang down, right?
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  Some of the bad debt.
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  Are you having those annual reviews?
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  Are you aggressively engaging?
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  Is the real question with your database, with your sphere of influence?
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  And are you providing context for people to help them make sense
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  of what's going on so they can feel more confident?
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  Do you have your systems in place, your people, your process, your technology?
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  You know, this market crushes the inefficient, the less effective.
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  These types of cycles force us to either level up our skills or be left behind.
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  And then fading winter, you might be hanging on.
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  I'm sure you're feeling it to some degree right now.
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  But if your boats headed towards the edge of that, you know,
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  you're in that, that, that, the water and you're about to go over the cliff, right?
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  What are you going to do?
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  Is it too late to start paddling the other way to change direction?
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  You're just going to jump out of the boat.
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  What are you going to do?
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  Now, at a time you're listening to this, you've got three months left or less.
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  How many working days is that?
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  Not a lot.
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  So if there was anything I would be encouraging you to do,
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  would be to get your systems in place in your sources of business.
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  You've got to find the truly motivated in this market.
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  You've got to provide for them the right context so they can make sense,
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  direction the plan forward.
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  You've got to engage at a level, this is me as well.
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  I've got to engage at a level with, you know, my social media,
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  with the people that, you know, come into my sphere of influence and so forth.
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  This is a, I'm preaching to me right now.
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  I got to double down on my engagement, my outreach, my conversations,
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  my brand awareness.
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  I try and not preach anything that I don't practice or haven't done, right?
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  Myself.
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  So what is your plan?
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  Do you have a plan?
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  Think of all the things that, and by the way, like I said earlier,
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  we can't do everything.
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  So what are the key things that will move the needle?
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  Because you can't do everything nor should you.
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  And that's why I go back to, number one, referral partners,
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  shortest path to a buyer in this market, period, or any market.
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  Sphere of influence, database.
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  And then how are you reaching, right?
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  The general consumer population, social media channels,
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  events, first time home buyer events, seller seminars.
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  You know, I was just watching a video from Tom Ferry's annual success summit,
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  and I'm putting this in my presentation.
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  This is the presentation we're going to be delivering to real estate agents,
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  and there's an agent in there who does a seller seminars.
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  You hear a lot about home buying seminars.
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  You don't hear a lot about seller seminars.
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  Anyway, she was telling how she has been doing this since the January of this year,
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  up until August, and she has, let me look at her results right here,
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  since that time, eight months, 15 new listings, 18 million in sales,
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  250 sellers added to her database.
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  That's called adapting.
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  That's called getting out of your comfort zone.
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  But not everybody's willing to do.
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  That's called learning new skills.
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  That's called thriving when everyone else might just be surviving.
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  So what are those actionable ideas?
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  Who do you need to reach out to?
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  Who are the people that can help you get there?
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  Who are the processes you need to put in place?
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  And what is the technology to help you facilitate that?
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  And what is the technology you need to get rid of or change?
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  I'd love to hear your responses.
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  Because the fight is on.
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  This is a time to get aggressive with your efforts,
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  with your intention, with your focus.
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  This is in a time to let off the gas.
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  You had a good run.
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  If you were in the business during the re-five boom.
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  But this, one thing I know having been in this since 2003,
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  we saw 2008, 9, 10, right?
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  We saw 2018, right?
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  Cycles.
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  It always goes through cycles.
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  And whenever the down cycle comes, right,
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  like we're experiencing right now,
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  the most successful prepare for the up cycle.
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  And that's my suggestion to you today.
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  Do you have a database of past clients?
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  Do you have a database of real estate agents you've closed with in the past?
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  One of the things we did on a coaching call recently was talked about gratitude calls.
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  And calling agents you've closed deals with in the past several years.
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  That you aren't connected with anymore.
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  Listing agents inside in particular.
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  And doing a true gratitude call with no intention of getting business.
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  Simple intention was to say thank you for trusting myself and my team
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  with the transaction that we closed at 123 Main Street.
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  I really didn't get the opportunity to properly thank you.
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  And I just wanted to call and say thank you.
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  I appreciate it.
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  That's the only reason why I'm calling.
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  Try five of those this week.
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  See what happens.
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  I dare you.
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  Try reaching out to your past client database just to check in.
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  How's it going?
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  Hope you're well.
• 19:31
  Mark, it's been a little crazy.
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  I have to admit, I've been a little bit out of touch because things have been so crazy.
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  But I'm trying to do a better job of staying connected with my clients.
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  And a referral partner.
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  So I just wanted to connect and say hi.
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  Is there anything I can help you with at all?
• 19:49
  All right.
• 19:51
  Well, look, once again, grateful that you've listened.
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  And I'm always open to constructive feedback if you got it.
• 19:59
  So the place to share that is in the private Facebook group.
• 20:03
  Mortgage marketing radio.
• 20:04
  And or if you're so inclined to leave a review, you haven't yet.
• 20:07
  I greatly appreciated that helps us reach more people.
• 20:10
  And look, I'm looking to build this bigger, more involved engaged community.
• 20:14
  And the place that starts is on Facebook.
• 20:16
  And if you at all are interested in getting better, more quality agent relationships and referrals
• 20:22
  at scale without chasing begging, paying for the user.
• 20:25
  And you know, rather they're coming to you.
• 20:28
  You have to do go to mortgage marketing.pro and book a call.
• 20:32
  Look for some amazing things to come.
• 20:34
  I'm looking forward to the next 300 episodes.
• 20:36
  And until then, I appreciate you.
• 20:38
  We'll see you on the next one.
• 20:39
  Bye for now.