Latest / Mortgage Marketing Radio / 10 Loans per Month, 30-Hr Work Week. Here's the System

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10 Loans per Month, 30-Hr Work Week. Here's the System · Mortgage Marketing Radio

0:01
Hello, everybody.
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Sam Abouazari here filling in for the very big shoes of Jeff Simfer as he kicks
0:10
cancer's ass and gets back to us in a top tip top shape and being the man that he is giving tons of
0:17
value to us.
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I'm really excited to fill in his shoes.
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Jeff asked me to step in and talk about
0:24
something that loan officers would find value in.
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And I decided to talk about what I believe to be
0:30
the case in our industry, that 10 loans a month is the best place to be as a loan officer.
0:36
10
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loans a month with one assistant making 200 to 300 debts margin and working 25 to 35 hours a week.
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So for the next 25 to 35 minutes, I'm going to share with you guys the three systems that
0:51
allows you to, any loan officer, to get to 10 loans a month, working 25 to 35 hours a week,
0:58
making 200 to 300 bps margin.
1:02
And if you need anything else, I'll put my contact information.
1:05
So if you want to reach out to me, let me know.
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If you don't know me, my name is Sam Abouzeri.
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I ran Level Up Coaching for You Mortgage, where I coached over 120 loan officers.
1:14
On average,
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my loan officers doubled their business every three months.
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I run a $250 million a year branch.
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My top three loan officers are all doing over 10 loans a month.
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The best one's doing 30 loans a
1:27
month.
1:28
Implementing the systems.
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These are the systems that work.
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I've coached personal loan
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officers that don't work with me at my company and in my branch.
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The three of them that have
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implemented this results, all of them have added at least $200,000 a year in their income
1:45
in under six months.
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So the systems work.
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Now, before I go into the systems, I want to tell you
1:51
guys why I think 10 loans a month is the best place to be and what my promise to you is.
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I think 10 loans a month with one assistant working 25 to 35 hours a week, making 200 to
2:02
300 bets margin is the best spot because you can focus on everything else in life.
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The point of
2:09
money, the point of career is so we can live the life that we want.
2:13
For everyone, that purpose and
2:15
the way we enjoy ourselves is going to be different.
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For me, it's a lot about learning and excitement
2:19
that comes with it, a sense of adventure.
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For others, I know like some people that really care
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about their community and it's giving back to their community, maybe their church, maybe their
2:29
people in their town, whatever it is.
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But being at 10 Lowe's a month with that one assistant
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gives us both the financial freedom, the time freedom, and the mental bandwidth freedom to do
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everything else we want in life that's important to us, which again is going to be different for
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everybody.
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Because if you're a loan officer right now, if what I'm saying to you resonates
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with what you want, I'm willing to guess, I'm willing to even bet that you may have the money,
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but you don't have the time or the mental bandwidth, or you don't even have the time
3:04
or the money or the mental bandwidth.
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So wherever you fall in it,
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it's all about finding the sweet spot
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where we get all three,
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time, mental, and financial bandwidth
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to do the things we want.
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So what is my promise to you?
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My promise to you is that
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you will learn how to have predictable income,
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meaning like your income doesn't go
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130 grand one month
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and then 10 grand the next month.
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It's predictable.
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It's routine-based.
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A calm operating system.
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The key is really a bit of boredom.
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Like we want systems that we can operate that don't create panic and anxiety with us so
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we can sleep well and not dream about work.
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The operating system is supposed to be boring.
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So I'll share the operating systems with you.
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True referral partnerships.
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I don't believe that you can get 100% of anyone's referrals, but you also should not be one
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of three referrals.
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one of the three loan officers that the realtor or anyone else shares.
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So I believe in getting
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true referral partnerships, people that advocate for your business and you advocate for them.
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And the key thing here is when it's beneficial to both.
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So it's not unreasonable expectations
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from anyone else.
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Margin.
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Margin is key.
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If not making 200 to 300 bps margins, it's really hard
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to afford an assistant to have that predictable income, to create the buffer, to invest in your
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business and your system.
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So we're going to talk about margin, its importance and how to do it as
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well.
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Freedom.
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My promise is that you will find freedom.
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Again, the freedom being financial,
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time and mental bandwidth.
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All three are important.
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And a life you enjoy.
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I will touch on that.
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I will
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talk about the things I've done to create, bring more joy in my life.
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In my, the peak of my success
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when I was having the best results and the most money I ever made, I was miserable because my
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life was about a serious number of targets to hit and filling out my greatness tracker.
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And I just
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wasn't happy.
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So I will show you guys the things that work for me to bring a life of joy to myself.
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My goal with you guys is not to show you more chaos.
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My goal is not about turning you into
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$100 million producers.
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If you want that, if that's important for you, there's amazing people
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that can do it for you.
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My goal for you is a life that you enjoy and a controlled growth.
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so let's talk about the numbers and how to do it first so there's three systems we need to get to
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10 loans a month number one is this assistant hire an amazing assistant you do that when you're at
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five to six loans a month pretty consistently if you do like three for three months you're at five
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months a month it's time to hire an assistant i won't go too much into that in this episode
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because that's so tactical but step number two is knowing how to get one referral partner meeting
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every week and how to convert them, which I will show you.
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And step number three is how to convert
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your leads at a really high level.
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I'm talking about 30% from lead to funding conversion.
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And I'm going to show you guys on how to do that.
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So let's go through the numbers
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and what it takes, what the numbers look like when you convert your partners.
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So first, I want to talk about the numbers.
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We want to actually meet with people that can send us deals.
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That's a big thing.
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We want to meet people that are doing business.
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And that can be realtors, financial advisors, divorce attorneys, CPAs, property managers, just like really even well-connected people, business owners.
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It doesn't matter.
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But the target, I like to say, is 10 units that they can refer us.
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Not that they're sending us 10 units a year, but they can refer us 10 units a year.
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That's their capacity.
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There's nothing magical about 10.
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That's just a number I suggest.
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If it's 8, it's 8.
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It's fine.
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If it's 20, it's 20.
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And if it's more, hallelujah, it's harder to convert those people, but it is possible.
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And our goal is to capture 30% of their business.
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If you follow this process to its limit, to the best, you will actually make close to 50% conversion.
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Your conversion rate will be closer to 50.
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But we want to be conservative and we'll say 30% conversion.
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Your average commission per deal.
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Remember, the margin we want is 200 to 300 bps.
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So if you say the average loan amount is 300,000, then your commission, gross commission, is 6,000 to 9,000.
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So I'm going to put $7,500 in the middle ground here.
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And you know what?
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I'm going to take $1,500 off because of expenses and everything else per deal.
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I'm being super conservative here.
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So your average commission, let's say $6,000, that's money to you.
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That means the average value of a relationship is $18,000.
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So this is who we are going to get.
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Partner values that each one is worth $18,000 to us.
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now you want to have minimum one ideally two meetings a week and i'll show you guys how to do
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it where we convert half of the people we meet into people actually sending us deals there's a
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method to do it the key with it is authority i will tell you exactly how to do it that's actually
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the next thing we're going to go over but the goal is to convert 50 of the people we meet we do it by
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authority.
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So if we do that every week, every week we do that, we will get one new referring
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partner.
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One of these people that send us three deals a year, an average commission of $6,000
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per loan.
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We're going to get one of those every week.
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So if you do that for 12 months,
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we're assuming you're going to take four weeks off or four weeks go doesn't have like for four
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weeks, you don't get results for whatever reason.
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At the end of the year, you're going to have 48
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people sending you 144 units means which means eight hundred sixty four thousand dollars in
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income guys in a year your life can be completely transferred transformed and these are not like
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pie in the sky numbers every bit of this we're implementing it works um and i'll even talk about
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how you make 200 to 300 bps at the end of the video there's two ways to do it in our industry
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and I'll talk about it.
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So in order to meet these people, people that have capacity for 10 deals a
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year, where we meet, we convert half of them into referral partners that are actually sending us
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deals.
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So we can make that $864,000 a year.
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We have to follow through a four-step process
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and it is a four-step process.
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So if you're looking at this, top line is the four steps and
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And each item under it is options for how to fulfill that step.
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So there's five ways to get initial connections.
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And this goes for, again, realtors, financial advisors, any type of referral partner.
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I'll go in order of most effective to least effective.
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Most effective is introduction.
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That's people you know introducing to people they know.
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I will actually give you the text template and put it in the chat or in the comments
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if you get results from this or how many of the results you get.
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This is my favorite party trick.
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Send a text to a good friend of yours and ask them, hey, from the top of your head,
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how many realtors do you personally know that you like and trust?
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You can change realtors for financial advisors, divorce attorneys, whatever you want.
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But that's the text.
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And rewind the video if you need to hear the script again.
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But send that text and then put in the comments, please, how many names you got.
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That's the first way.
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It's the most effective.
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It is so easy to get three to five introductions with a few texts only.
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Number two is active deals.
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You have listing agents.
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You have the financial advisors of your clients.
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You have the attorneys there.
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There's a lot of people in a deal that you can get involved with to win them over.
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So you can connect with people on active deals.
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Three is events.
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These are your B&Is.
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These are your open houses.
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There's our networking events.
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There's a million of them.
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They're effective because you are face-to-face with people typically.
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Number four is social media.
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All professionals, pretty much everyone in our society has social media.
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So it's really a great way to get in front of them.
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And what makes social media really effective as a way to connect with people is because they can verify who you are by just going to your profile.
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And there is a built-in trust mechanism.
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You're a real person on the other side.
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They can validate you, verify you, and then decide if they want to talk to you or not.
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And that's why social media is really, really effective.
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And then the last one is cold outreach.
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That's your typical cold call, cold text, and cold email is the least effective one.
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But it still works.
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But it still works great.
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Now, step one is to connect.
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But once you connect, you need to fulfill the second step, which is you want to meet with authority.
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This is the part that really isn't discussed enough in our industry.
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We have all done a million coffee chats.
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We've all done a million open houses.
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I know you have done it.
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I've done it.
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We've all done it.
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And we've all been told, yeah, I'll send you my next client.
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And we never get it.
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The key thing is we don't have authority.
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But let me clearly define what authority is.
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Authority means that the person you're talking to believes that by working with you, their life will improve.
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That's authority.
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when the person that talks to you has the belief that their life will be better if they work with
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you you have authority now there are a lot of different ways to do it um proof is a great one
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i've laid out the three most common ones uh in here number one is classes so what jeff's offer
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if you if you don't know jeff's offer he he talks about he does done for you classes for
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realtors specifically, where you invite realtors to classes.
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Well, if you're teaching a class and
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you're a subject matter expert, you immediately have authority and you're giving a ton of value.
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They believe that their life is better with you in it.
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So you have instant authority.
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So classes
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are one, if not the best way to build authority and meet agents or really anyone, referral partners
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in general with authority.
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You can do it for financial advisors.
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You can do it for realtors.
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You can do it for attorneys.
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Doesn't matter.
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Classes are great.
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What makes classes really good compared to the other things is that it's one to many.
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So you can have multiple people coming.
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So it's a very efficient form of meeting people with authority and then you follow up with them.
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The downside of classes is that unless you are really good and the class that you're teaching is really good.
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So unless you have a ton of proof already, you're not going to get a lot of, not whales necessarily, but like really the qualified people.
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It's a challenge that can be overcome, but it's important to be aware of that challenge.
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So you want to kind of keep that in mind.
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So it's going to be, as far as agents go, it's really easy to get realtors that are doing three to five deals a year.
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Really easy to get them into classes.
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But getting people that are doing 10 units, much harder.
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people that are doing 30 units, extremely difficult to show up to classes, but it's a
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great one-to-many approach.
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The second one is podcast.
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Podcast is when you have your own podcast
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or you're a host of a podcast show.
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And I have recommendations for this.
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People that do this
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for as well, Noah Lomax with Real Housing Experts does this for loan officers.
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He's an amazing
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person.
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You can check him out as well.
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You become an authority in your market or in your niche
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because you're talking about it.
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You're sharing information.
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And when you share information,
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you're creating conviction in people
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that you are the authority.
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And if they consume that information,
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they find it useful.
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You have made their life better.
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So now they believe you are making,
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they believe that you in their life
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make their lives better.
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So you have instant authority.
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The next thing a podcast does really well
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is that when you invite
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these potential referral partners to your podcast,
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they are quite literally your guests.
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they are guests on your podcast so you have so much authority as a host which works great
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the pro with the podcast is that you can get whales you can get really qualified people on
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your podcast it's actually really easy the downside of it is that you it's a one-to-one
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so you have to reach out people like and it doesn't take that much time i think the total time
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We're seeing with my people is one hour to two and a half hour total time spent per guest with the conversion meetings and everything.
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I'm talking about the offer and the follow up.
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So it's still not a lot of time, but it's one on one.
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The third one, not enough people do this.
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And I think this is going to get phased out more and more is office tours.
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This only applies to you if you have a team and an office that is really nice.
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You can bring deferral partners into your office.
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You have so much authority when you do that.
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But I know most people listening don't have an office or even a team yet.
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So don't worry about it.
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But if you do have a nice office and you do have a staff, office tours are great.
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You order lunch in.
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You invite your referral partner.
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They meet your team.
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Your team, you teach and coach your team on how to behave to convert the referral partner.
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It is super effective, but it's getting phased out because offices are less and less.
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Now, we're going to step three, which is our offer.
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How are we going to make their lives better?
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So we connected with them in one of the five ways.
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We met them with authority, but we haven't offered them anything yet.
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They're starting to believe that their life will be better with us in it, but they don't know how yet.
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The offer tells them how we can make their lives better.
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So first one again, classes.
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What Jeff does is amazing.
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Like education is valuable, especially if you get really tactical with it.
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I hope you find this valuable to you.
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But this is the same thing.
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This is education on being tactical.
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So if you do this for your referral partners, that is a ton of value.
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So you can tell them, you know, my offer is, hey, I do these things all the time.
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I will I want to keep inviting you to them.
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And also, if you need help with implementation, I will go a step further.
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So that is the offer that classes, education, or implementation.
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That can be one of your offers.
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Offer two is fast closings.
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Guys, if you can close loans in 10 to 15 days, you are going to stand out.
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That's a very strong offer that makes everyone's lives better.
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Guarantees is the third one.
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So if you can guarantee your pre-approvals, if you can guarantee anything, it works great.
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This is really hard to do.
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So is fast closing.
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So I won't talk about them too much.
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The fourth offer is providing leads.
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This is also really difficult.
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There's a lot of ways to do it.
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If you have a big social media following or you want to buy leads, that's an option.
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This is my personal favorite.
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Being the personal CRM of your potential referral partners,
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specifically realtors.
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And here's what I mean when I say personal CRM.
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being the realtors walking, talking, converting, updating CRM.
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Here's what that means.
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Imagine I come to you and I tell you, hey, here's what I'll do for you.
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You give me your leads.
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I just need name, number, introduction.
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I'll follow up with them.
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I'll pre-approve them for
19:16
you.
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I will make you look like a rock star.
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I will tell them how good you are.
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They're going
19:20
to believe that you are the best thing in the world.
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I will do all the work.
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I will collect
19:25
the docs.
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I will pre-approve them.
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I'll get them excited to buy a house.
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I will put them back in
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front of you when the time is ready.
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I will follow up with them.
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Doesn't matter if it takes two weeks
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or two years and I'll close them for you.
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I'll do everything for you and you don't have to pay me.
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And through it all, I will update you every week or every two weeks or whatever cadence you want.
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I will update you.
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You don't have to do anything.
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You give me leads, I'll give you closings.
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And you don't have to pay me.
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Do you want that?
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I bet all of you guys would do it.
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All of you, because it's a great offer.
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It's what we will do for referral partners,
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specifically realtors as well.
20:04
They give us leads, we give them closings.
20:07
And this is the one that
20:08
has the lowest skill, lowest barrier.
20:11
It's up there with classes.
20:13
Classes also really good.
20:14
that has lower barrier and lower skill.
20:19
Personal CRM is great because also you will make more money,
20:22
which I'll talk about the lead conversion.
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Now, if you're wondering how can you be the personal CRM,
20:27
if you love this, I will talk about it in the lead conversion
20:32
on how you can be in the personal CRM.
20:35
But the key thing is you need to have a good system for tracking leads.
20:41
Excel works.
20:42
You don't need a CRM.
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It's good if you do have it, but you don't need it.
20:46
So Excel works a good way to track your leads and good follow-ups.
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And I'm going to tell you right now what the follow-up process is for converting leads.
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It's just any leads that haven't converted for 20 minutes a day, call, text, email to convert them.
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Put 20 to 30 minutes on your calendar every day to convert leads that haven't followed your process yet.
21:08
Obviously, you don't need to call people every day.
21:10
like do do apply some logic to this but like you go easiest ways to get deals today is go back to
21:16
your leads from last year and call them you will get deals from it because they're interested so
21:22
that's the personal crm strategy now you make an offer they do accept but in order to actually
21:30
convert 50 we don't want verbal commitments we want deal commitments that's where the follow-up
21:35
account executive strategy comes in.
21:37
Account executive strategy means basically you follow
21:40
up.
21:40
I prefer every two weeks, but I know some people that do every week.
21:44
Some people that do
21:45
every three weeks, once a month follow up is really doesn't work.
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They just forget about you.
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So once every two weeks is the sweet spot.
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And all you're doing is you have their money in mind
21:58
when you call them or email them.
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And then you try to focus on the personal relationship.
22:05
so the four criteria on their money is if you have any leads in common you discuss those if you have
22:11
any pre-approved clients you discuss those if you don't have the leads or pre-approvals yet then you
22:18
share a sales tactic or a loan program and how they can use it to make more money so for example
22:24
bank statement loans hey tell your cpa that you have a loan program for self-employed people that
22:30
can buy homes without filing for taxes so they can get all their exemptions.
22:34
It's how they can
22:35
use it to get more deals.
22:37
Or number four, invite them to something of value.
22:39
Again, classes is
22:40
great.
22:41
Coffee is okay.
22:43
Doing life with you is great.
22:44
So if you play poker, soccer, whatever it
22:47
is that you like to do, invite them to that and it works great.
22:50
That's their money.
22:51
Then you go
22:52
into the personal relationship.
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You talk about form, family, occupation, recreation, motivation,
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pick one of those.
22:58
And if only they want to talk about it, if they don't want to talk,
23:01
don't force them.
23:03
So that's the process for getting these qualified referral partners,
23:09
taking them through the four steps with different options on how you do it.
23:13
Because this isn't one
23:15
way works for everyone.
23:16
This is you pick and choose what works for you.
23:18
And you can combine
23:19
these.
23:20
In fact, the more of these you combine, the more effective you'll be, but start easy and
23:25
start manageable.
23:26
And this is what's going to generate the leads for you.
23:29
Now, I've taught you
23:31
how to generate leads.
23:33
Let's talk about how to convert them.
23:35
Now, I know most people don't track
23:39
their leads.
23:39
They don't know their conversion.
23:41
But increasing your lead conversion is one of the
23:47
most high impact stuff that you can do.
23:50
Meaning if you get 30 leads a month, let's start with 10.
23:54
If you get 10 leads a month and you're good at conversion, you can make almost 200 grand.
24:00
I'll put $5,500 for a commission here.
24:02
I'm actually going to change that to 6,000 to be consistent.
24:10
Let's do that.
24:15
6,000.
24:20
I'm going to change all of these so we're consistent.
24:22
So if you're someone who is generating 10 leads a month, which I think almost everyone here, if not that, can get there really within three months to generate 10 leads a month.
24:34
You can make $216,000 a year generating 10 leads a month if you're good at lead conversion.
24:42
Most people are around 10 to 15%.
24:46
That means for every 10 leads, they get one fundings.
24:50
That's it.
24:51
That's very little.
24:52
But if you get really good at lead conversion, which I'm going to show you how to do it,
24:56
you can make $216,000 on 10 leads a month.
24:59
If you get really good and you follow this value process that we talked about here and
25:03
generate 30 leads a month, which is again, very, very, very doable.
25:07
It's actually easy.
25:08
I'm underselling it.
25:09
You can make $648,000 when you have the lead conversion process.
25:16
So now that you know the impact of the lead conversion, let's talk about how you do it.
25:22
lead conversion also follows four steps there's the initial contact there's a homebuyer consultation
25:29
if it's a refinance then you kind of combine homebuyer consultation and loan selection
25:35
step three is loan selection meeting and step four is the weekly updates let's talk about initial
25:41
contact the key thing speak to lead here you want to acknowledge the lead within 30 minutes
25:49
to 90 minutes maximum.
25:51
You can go faster than 30 minutes.
25:52
So it's within.
25:54
It doesn't mean you have to jump on a phone
25:56
and have a full-blown conversations
25:58
within 30 to 90 minutes,
25:59
but you need to acknowledge it.
26:00
So if you get an email, text, call, whatever it is,
26:04
you want to respond the way you got it.
26:06
If you can't call, text works.
26:09
And just say, hey, receive.
26:11
I'm looking forward to talking to you.
26:13
I'm in meetings.
26:14
I will get back to you in X amount of time.
26:17
That's acknowledgement.
26:18
that works, you have locked in the next step, you're good.
26:22
That's speed to lead.
26:24
Then on the conversation, there's four things you want to go through.
26:28
Number one is triangle
26:29
of trust.
26:31
Triangle of trust is how does the referral, how does the lead know the referral
26:35
partner?
26:36
Then you share the story of how you know the referral partner and then why you're excited
26:42
to work with the client and to serve them.
26:45
That builds the trust.
26:46
That's the triangle of trust.
26:48
Then you focus on their goals and dreams.
26:50
Buying a house is really exciting.
26:53
People want to buy a home.
26:56
Nobody wants a mortgage.
26:58
Mortgage is necessary evil.
26:59
So we don't talk about the mortgage on the first call.
27:02
We talk about their goals and dreams and like what they're excited about.
27:07
What's their five-year plan with it?
27:08
Ten-year plan with it?
27:10
Are they going to grow a family in it or not?
27:13
All of those things.
27:14
And people are excited for different things.
27:15
Some people are excited about stability.
27:17
Some people are excited about the numbers.
27:20
Let them be excited about whatever they want to be excited about.
27:23
And then go into their MIT.
27:25
MIT stands for most important thing.
27:28
You want to find what is the most important thing to them.
27:31
And for everyone, it's going to be different.
27:33
For some people, it's the school zone.
27:34
For some people, it's the financial return.
27:37
For some people, it's that they can actually close.
27:40
For some people, it's that they want low cash to close.
27:43
For some people, it's low monthly payment.
27:45
It's going to be different for everybody.
27:47
But you want to find it out in that call so you can always refer back to it and frame everything in accomplishing their most important thing.
27:55
And finally, bam, bam, book a meeting from a meeting.
28:00
This is where lead conversion dies if you don't do it.
28:04
Book a meeting from a meeting.
28:05
So most people say, I'll send you an application link.
28:08
Once you fill it out, I'll call you.
28:10
It doesn't work well because now there's too much ambiguity, too much uncertainty.
28:14
Nobody knows what to do.
28:15
So you want to be very clear in the next steps.
28:17
My favorite script for that is,
28:20
hey, the next steps is to have a homebuyer consultation.
28:23
The homebuyer consultation
28:25
is where we go over your specific profile, what buying a home is going to look like for you,
28:30
what the numbers will be, and what's going to be the financial benefit to you as well.
28:35
And I'm going to answer all the questions you have as well.
28:38
Do you have your calendar in front of
28:39
you.
28:40
Great.
28:40
How does Friday work?
28:42
This is a 30 minute video meeting.
28:44
Yes.
28:45
Great.
28:45
Perfect.
28:45
I'm
28:45
going to send you two emails.
28:47
Number one is going to be the calendar invite.
28:49
The second one is going
28:50
to be an application link.
28:52
Please go ahead and apply and upload the documents it asks for by
28:56
the end of the day tomorrow.
28:58
It's going to be simple stuff like bank statements, pay stubs,
29:01
ID, nothing that's too hard to get.
29:03
Can you do that?
29:04
Great.
29:05
So those two things are coming.
29:06
I will see you at XYZ time.
29:09
I'm excited to talk to you.
29:10
Anything I can do for you right now.
29:12
That's booking a meeting from a meeting.
29:13
That's BanFan.
29:15
So that's the initial contact.
29:16
That's
29:16
the process you go through.
29:18
Next is the home buyer consultation.
29:22
It has, again, the four
29:23
steps you want to go through.
29:24
First, put the pre-approval on the screen, share your screen,
29:27
be excited with them, celebrate with them.
29:29
It is really exciting.
29:30
Pre-approval is when the client's
29:32
the happiest.
29:33
So share that celebration with them.
29:35
Then go over ranges with them, number ranges.
29:37
That means their purchase price range, cash to close range, and monthly payment range.
29:44
This is, the client needs to know what they're getting themselves into.
29:47
So go over it.
29:48
Notice
29:49
I'm not talking about rates.
29:52
We don't want to show the rate unless they ask for it.
29:55
At least not yet.
29:56
We don't want to show the rate, at least not yet.
29:57
If they ask for it though, answer it.
29:59
Hey,
29:59
what's my rate?
30:00
I use a placeholder of 5.5, but your range is anywhere between 5.25 to 5.75.
30:08
I'm recording this at the end of February.
30:10
Rates are somewhere between 5.45 to 6 right now.
30:13
So just say the number you use.
30:15
Be matter of fact about it.
30:16
Don't hide behind stuff and just tell
30:18
them the numbers will change, but this is what I use for now.
30:21
We will select your loan and the rate
30:23
when you're on the contract and I'll show you the rates and you pick which one you want.
30:27
So I won't
30:27
pick it for you.
30:28
I will show you everything.
30:29
I will advise you pick it.
30:31
So that's how you address
30:33
when they ask about rates.
30:35
Now you want to put things in context because when you go over the
30:38
ranges, guys, they're going to be scared.
30:40
Like the cash to close, the monthly payment, it's scary for
30:43
people.
30:44
So you want to put it in context.
30:45
So for example, this is how I put things in context.
30:48
I say, Hey, do you know what the average appreciation is for you?
30:53
Like, Oh, I don't
30:54
know, like 3%.
30:56
Actually, in our market, it's 8%.
30:59
It's 8%.
31:00
You're buying a $500,000 home.
31:02
But let's be super conservative and use that 3% that you said.
31:06
That means every year,
31:08
your home is going to appreciate, on average, $15,000 a year.
31:11
Some years lower, some years more,
31:14
but you're going to get a $15,000 a year appreciation every year.
31:20
And you will also
31:21
pay down about $6,000 just in the first year in the mortgage.
31:26
That's a $21,000 that you're putting
31:28
in your pocket.
31:29
Your salary is 150 grand.
31:32
When was the last time you got a $21,000 year raise?
31:35
Oh, I got it three years ago.
31:38
Great.
31:39
Now you are going to give yourself a $21,000 raise
31:44
every year by owning this home.
31:46
This is why owning a home is the greatest wealth builder tool in
31:52
America, because you're giving yourself a $21,000 raise every year instead of every three years.
31:58
So that's how you put a context around these numbers.
32:02
These numbers like monthly payment
32:04
range, cash to close range is really, really scary.
32:07
So put it in context that means something
32:09
to them, which is raise, which is money.
32:12
And that works great.
32:15
Next is next steps.
32:17
Tell them what
32:17
happens next.
32:18
I personally don't love to call pre-approved clients while they're shopping a
32:22
whole lot.
32:23
I know it's important.
32:24
I just don't love it.
32:25
I teach it.
32:26
I coach it.
32:28
It's important
32:28
to do it.
32:29
Like, let me just be completely honest with you guys.
32:30
It's important to check in with
32:31
pre-approved clients.
32:32
I don't want to get hate mail here.
32:35
I just don't love to do it.
32:36
So I believe
32:37
if you have really good communication, you can do it less.
32:40
You can't skip it, but you can do it less.
32:43
And here's what I tell people.
32:44
I tell them, we're not going to talk a whole lot between now and
32:48
until you go under contract.
32:50
But that doesn't mean you cannot reach out to me if you need something.
32:54
So whatever you need, reach out to me and I will answer your questions and take care of it.
33:00
Now, you're going to work really closely with your realtor.
33:05
You guys are going to look at homes.
33:07
when you're about to put an offer, get me involved.
33:11
Because if you and your realtor see it fit for me to get involved,
33:14
I have a few tricks to make sure your offer gets accepted.
33:17
But you and your realtor will decide at that time.
33:20
And once your offer gets accepted, we have to move fast.
33:22
So before you put an offer, when you're about to, get me involved.
33:26
Sounds good?
33:27
Great.
33:28
Do you need anything from me right now?
33:31
Great.
33:31
Let's call your realtor, go over the plan with him or her,
33:35
and we'll talk soon, whatever you need to reach out.
33:38
Great.
33:39
So that's the home buyer consultation.
33:42
Now, if you really want, if you're really want to be involved in the process, you can also do a
33:47
BAMFAM, meaning just put a time to catch up in a month, how their process is going for the home.
33:53
That's an optional one.
33:55
I'll put optional here.
33:58
I don't like to do it too much.
34:00
I don't coach on
34:00
that, but it's effective.
34:02
It works.
34:04
So it brings us to the third meeting, the loan selection meeting.
34:08
That's when the client is under contract.
34:11
Let me tell you guys why clients shop.
34:13
Clients shop because they don't trust that they're getting a good deal.
34:17
So how do we make sure that
34:19
they're getting a good deal and that they trust us?
34:22
We give them a good deal when we understand
34:24
their goals and dreams and we understand what's the most important thing to them.
34:28
So by having
34:30
these, we can give them good options.
34:32
Then how do we get them to trust us?
34:34
By giving them the
34:35
options and letting them choose which one they want.
34:39
Voila, you address the trust and giving
34:42
them good options and giving them a good deal.
34:45
So put three options together based on their goals
34:48
and dreams and their MIT.
34:49
So if they really care about the low monthly payment, you give them
34:54
options with maybe rate buy down, maybe with big down payments.
34:58
If they really care about
34:59
low cash to close.
35:01
You give options for that.
35:02
So you just give options based on what they've
35:05
told you is important to them.
35:06
You advise, you give pros and cons, they pick.
35:12
This is key.
35:14
You're not giving them one option, say do this.
35:16
You're giving them three options.
35:18
You're giving
35:18
them the pros and cons of each one, they pick.
35:22
Because once they pick, it's their choice,
35:24
they trust you they went with it now if rate comes up and they discuss rates pull up your arrive
35:30
your optimal blue whatever rate sheet tool that you have show them the rates and be like hey these
35:36
are your rates do you understand how it works no okay let me quickly in 10 seconds explain it
35:42
it rates over here you pay for it rates over here i pay you for it i pick the one that i think is
35:49
the best option, the most value bang for your buck.
35:52
It's this one, but I can give you any of
35:54
these that you want.
35:55
Which one do you want?
35:56
And they're like, oh, okay.
35:57
If you think this is good,
35:58
great.
35:59
Be open, share your rate stack.
36:01
They don't know what it means.
36:02
You can explain it and you can
36:04
be honest with them.
36:04
Like, Hey, these are the rates.
36:05
These are the costs.
36:06
Which ones do you want?
36:07
So that's how you address the rate on the loan selection meeting.
36:11
Just give them everything.
36:11
Be transparent, be honest.
36:12
Like there's no reason not to be honest.
36:15
They pick and that's when you
36:17
close.
36:18
My favorite way of closing is just collecting the credit card information for
36:22
the appraisal and ordering the appraisal.
36:23
Because the moment they pay, you're good.
36:27
They're not shopping you anymore.
36:28
They have skin in the game.
36:29
They literally paid money,
36:31
so you're good.
36:32
And then you go over the next steps.
36:35
It's different for everyone,
36:36
so I don't cover it.
36:37
Next steps is like, we submit to your file to underwriting,
36:39
X, Y, Z person on my team will reach out to you.
36:41
We're going to reach out to you every week,
36:42
blah, blah, blah, blah, which gets us to the weekly update.
36:46
How do you do the weekly update?
36:48
There's four things that you need to actually do when you do a weekly update.
36:57
Yeah, I'm updating it as we go.
37:01
So when you give weekly updates, you tell them what you've done,
37:05
what they need to do, when it needs to happen by, and what happens next.
37:10
If the client knows these four things at any given time, they are happy, they're having a great experience, and they're giving your name out to a lot of people.
37:16
Because there's no ambiguity.
37:18
It's a simple, easy process for them to follow if they're enjoying it.
37:22
So that's how you get your lead conversion to 30%.
37:26
Follow this four steps, which each step has sub-steps.
37:29
Just follow this.
37:31
That's how you get your process.
37:33
You get your conversion to 30%.
37:35
30%.
37:36
And I gave you the process for the partner meetings as well.
37:41
Now I made you a promise.
37:42
I promised you that I will tell you how you can make 200 to 300 bips as well.
37:49
It's not as a loan
37:49
officer.
37:50
If you're a loan officer setting your, just your margin at 200, you're going to be priced
37:56
out of the market.
37:56
So if that was your thought initially, let me address it.
37:59
It's not just you
38:00
as a pure loan officer doing it.
38:02
There's two options to do it.
38:03
And now there's two companies
38:05
I recommend, but I don't want to put it in here so I don't get sued.
38:08
So DM me or something,
38:10
and I'll tell you which are the two companies I recommend.
38:13
You either own your P&L.
38:16
So as a
38:16
branch manager, you own your P&L and you set your margin to 200 to 300 bps or you're a broker.
38:24
These are the two options where you can have 200 to 300 bps margin.
38:28
Each one of those has pros and
38:29
cons.
38:30
One is not better than the other.
38:32
Each one has its pros.
38:33
It has its cons.
38:34
They're actually
38:34
like the flip side.
38:36
The pros of P&L is the cons of broker and the cons of P&L is the pro of broker.
38:43
So they're like flip side of the same coin, different tools for different problems.
38:48
If you reach out to me, I'm best on LinkedIn, Sam Abouzeri, S-A-M, my first name, last name,
38:56
ABA, ZA, RI.
38:59
If you want to know which companies I recommend, I'll tell you.
39:01
I don't have skin in
39:02
the game in this one.
39:03
I just don't want to get sued.
39:04
So I won't put the names up here.
39:05
But that's it.
39:06
And then guys, shout out to Jeff.
39:09
Jeff is going through it.
39:10
He's a badass.
39:11
He's a
39:11
tough guy.
39:12
If you don't know what Jeff does, Jeff takes care of the classes for you.
39:17
That's how
39:18
you get the authority.
39:20
You can invite tons of realtors and other people to get these great
39:24
referral partners.
39:25
Highly recommend it.
39:27
Also, I have a school community.
39:30
If you want more context
39:31
and more information and for me to go into deeper parts, how to hire an assistant, all of it,
39:36
I have a school community.
39:37
I price it $197 a year because I want you to have skin in the game,
39:41
but I don't want cost to be a barrier to great education and great content.
39:46
So I price it at
39:47
that.
39:48
And I'll make a promise that anyone who signs up from the link in this video, all the
39:53
money will go into whatever Jeff wants.
39:56
If it's Uber Eats, it's not a lot of money.
39:57
I don't think
39:58
thousands of people are going to sign up.
39:59
I think it's going to be a couple hundred bucks.
40:01
So it's
40:02
all going to go maybe to Uber credits or whatever Jeff wants for him as he kicks cancer's ass.
40:09
I hope this was valuable to you guys.
40:11
I appreciate you all.
40:12
We all appreciate Jeff and have a
40:14
fantastic day.