Latest / Mortgage Marketing Radio / How to Reactivate Dormant Buyers and Eliminate Bad Debt for Past Clients
Transcript
- 0:00In today's highly competitive mortgage industry, building profitable relationships with
- 0:04the real estate agents is essential for success.
- 0:06However, finding effective ways to secure agent relationships can be a challenge.
- 0:11With so many mortgage loan originators vying for the attention of real estate agents, it
- 0:15can be difficult to stand out and establish meaningful connections.
- 0:20Our new case study featuring loan officer Chris Cogill is a must-read.
- 0:25Chris has closed a remarkable 36 million in funded loans from agent referrals.
- 0:31And in this case study, he shares his proven strategies for building strong relationships
- 0:34with real estate agents and leveraging those relationships to drive more business.
- 0:39To get your hands on this resource, head over to LOKestudy.com and download your free copy
- 0:45of the case study today.
- 0:47You'll find actionable insights and practical tips that Chris used to close 36 million
- 0:52in funded loans from agent referrals and how you can, too.
- 0:56Don't miss out.
- 0:57Go check it out right now, visit LOKestudy.com and download your free copy today.
- 1:03Hey, hey, listeners, what's up, Jeff Zimffer.
- 1:11Welcome to this episode of the Mortgage Marketing Radio podcast.
- 1:14Thrilled that you're tuning in and listening.
- 1:16So here we are.
- 1:17It is February 9th.
- 1:20We are cranking through.
- 1:21We feel like this year is already off to a fast pace.
- 1:23I know I do.
- 1:24I'm feeling a little bit overwhelmed, feeling that it's been more challenging to coordinate
- 1:31and schedule podcast guests.
- 1:35So by the way, always reaching out to the audience if you know of a good guest that we should
- 1:37feature.
- 1:38Let me know.
- 1:39I've got some pretty cool people coming your way.
- 1:42It just takes, you know, when you go higher, when you reach higher, it takes longer to
- 1:45get on people's calendars.
- 1:48And so some of those good interviews are coming your way very shortly.
- 1:51But today you get just me.
- 1:53But if you want to make a suggestion on who we should have on the podcast, hey, jump
- 1:55into the Facebook group, go to Facebook, you type in Mortgage Marketing Radio podcast
- 1:59and that's where you can make a suggestion.
- 2:01I love to see your input there.
- 2:04All right.
- 2:05So also you may have heard on the past couple of episodes, I've been testing out this new
- 2:08feature, which is called Ask Jeff Anything, which is you can leave a audio message for
- 2:14me a question to ask me anything.
- 2:16You can do that over at AskGEOFF, AskGefAnything.com, do it from a mobile device, just go ahead and
- 2:22go there.
- 2:23We'll link it up in the show notes also, and what you do is just tap it and leave me a
- 2:28question.
- 2:29I think it's about a, you get about two minutes to leave it.
- 2:31So don't get worried, right?
- 2:33Get right to the chase of what the question is you want to ask.
- 2:36And right now, what I want to do is I want to share a couple of the questions that have
- 2:40been presented to me, because remember, what I'm going to do is for every question I get,
- 2:46we're going to throw those into a contest and every month somebody's going to win a swag
- 2:50box, right?
- 2:51And I'm going to choose somebody who had the best question, the most thoughtful question,
- 2:55right?
- 2:57And right now, by the way, because it's a little slow going with you people leaving me
- 3:00questions, I'm just going to share a couple of questions.
- 3:03Here's the thing.
- 3:04See if you can do better than these questions, all right?
- 3:06So I'm going to start with Natalia Mann, Natalia left me a question, and Natalia is recently
- 3:12just opening her own mortgage brokerage shop, so kudos, congratulations to you.
- 3:16But Natalia asks me the classic timeless question for someone who's not tech savvy.
- 3:24What is the best CRM?
- 3:31You know, not the easiest question to answer without actually speaking to you and understanding
- 3:35a little bit more about where you're at in your business growth wise, who do you have
- 3:40on your team, your setup, your processes, and things like that, what your budget is.
- 3:45But you said the one thing, and that is not tech savvy.
- 3:48And so there is a short list of CRMs, but when somebody says not tech savvy, I immediately
- 3:55tend to remove certain, certain CRM solutions from that.
- 4:00And I'm always at the risk of getting somebody pushing back on me, getting hate mail, you
- 4:06know, whatever the case is saying, hey, well, I use this in such CRM, and I'm not tech,
- 4:10look, this is based on the context that I have, with the information that I have.
- 4:13So I'm going to give you two suggestions.
- 4:16Oh, by the way, she also said she implemented flowify already, which is awesome, smart
- 4:21move for you, flowify to really streamline the loan process there.
- 4:28And of course, that integrates to most if not all of the CRMs, and I did two episodes
- 4:33with flowify over the years now, this being our sixth year of the podcast, so thank you
- 4:39for being here.
- 4:41But here's my answer, two that I wrote down immediately based on not tech savvy, she's
- 4:45using the flowify, be in touch and whiteboard.
- 4:51And maybe if you're listening, that's one of your CRMs, great, if not, I'm sorry.
- 4:55That doesn't mean there aren't other CRMs that are good for non-tech savvy people.
- 4:59That means those are the two that are most top of mind, no pun intended, I know that's
- 5:05another CRM out there that if you want to get started quick and easy, and the process
- 5:10for you onboarding and ramping up in from what I understand in my experience is pretty
- 5:14quick and simple.
- 5:15So hopefully that answers your question.
- 5:17All right, so by the way, get your question submitted to me, ask Jeff, G-E-O-F-F, ask
- 5:23Jeff anything, there's a link in the show notes.
- 5:25If you're on your mobile, just tap the show notes, be taken right to the page, tap, leave
- 5:29me a message, and we'll go from there, and you just might get featured and add it into
- 5:34the monthly contest to get an awesome swag box, a private call with me, and all that good
- 5:38stuff.
- 5:39Okay, so what are we talking about in this episode?
- 5:41So I was thinking about what content do I bring to you today, and when it's just me,
- 5:45and how can I maybe do a little bit of a coaching session?
- 5:47So this is back to you in the private Facebook group over at Facebook, the mortgage marketing
- 5:51radio podcast group.
- 5:52So if you're looking for it, you look for mortgage marketing radio podcast on Facebook.
- 5:56I posted in there yesterday the recent survey by Fannie Mae, the title of which the thrill
- 6:04is gone.
- 6:05The share of Americans who say it's a good time to buy a home, hits it all time low.
- 6:13And I thought we would unpack this a little bit because, I mean, look at, first of all,
- 6:18it's smart if we look at things as how they are, not as how we wish they were, right?
- 6:27And let's face it, we are in a market of hyper low inventory, high demand, still very
- 6:37low interest rates, although most people under 40 wouldn't know that.
- 6:45And what do we do?
- 6:47We've got all this pent up demand, brown prices are skyrocketing, double digit growth year
- 6:53after year after year.
- 6:54So we're running into this, you know, an affordability issue for sure, right?
- 7:00And so I talked about this in the podcast group on Facebook, and we had a nice dialogue
- 7:06in there.
- 7:07By the way, I want to give a shout out to Tim Fox for engaging.
- 7:10Let's keep the conversation going over there in the Facebook group.
- 7:15But look, the Fannie Mae Home Purchase Sentiment Index, that's actually a thing.
- 7:21The HPSI decreased 2.4 points in January.
- 7:27It's lowest level since May of 2020 as affordability constraints continue to weigh on the housing
- 7:33market.
- 7:35Four of the index's six components decreased.
- 7:38So four of six areas of sentiment, right, have decreased month over month.
- 7:48And in January, a survey record low of 25% of respondents reported that it's a good
- 7:54time to buy home.
- 7:56So what that's saying is 25% of people surveyed said it's a good time to buy a home.
- 8:04This is 69% of consumers reported that it's a good time to sell.
- 8:11So you know, how do we address this, right?
- 8:16And especially when we talk about the younger buyers, millennials, right, younger buyers
- 8:20are growing increasingly pessimistic about home buying conditions.
- 8:25Look at this further stat here of respondents aged 18 to 34, and I know let's just wipe
- 8:30out the 18 year olds.
- 8:32Anyway, the point is this 15% of them think it's a good time to buy 83% believe it's a bad
- 8:37time to buy.
- 8:38It's a matter of fact, this is broken down here.
- 8:40If I get further, if I click on this, I know you guys can't see this, but hey, in the
- 8:45green section here, we're trying to think, what are we seeing here?
- 8:49If I can see the green, it's pretty high.
- 8:52It's pretty high for people age 35 to 44.
- 8:56What percentage of people think it's a good time to buy?
- 8:59Hmm, wow.
- 9:04Roughly the same.
- 9:05Let's just call it 15 to 20% or less.
- 9:08So small segment of the market.
- 9:09All right.
- 9:10So all this wonderful buildup.
- 9:11What am I talking about?
- 9:12I'm talking about how do you respond?
- 9:18How do you pivot?
- 9:22How do you show up?
- 9:23Are you going to keep talking about interest rates are low?
- 9:28Or are you going to shift the conversation to understanding how buying a home is part
- 9:39of your total wealth building strategy, part of your tax advantageous strategy?
- 9:49And I know some of you listening right now already do this, whether it's using tools
- 9:53like MBS Highway or mortgage coach, but I think more than ever as it's gotten more challenging
- 10:00to motivate convinced people, especially with all the media out there, how do you get people
- 10:09to be confident and active in purchasing a home, especially if you've got, now how many
- 10:13of you listening right now have got buyers that are tired, buyer fatigue, people who've
- 10:18tried to submit offers, multiple offers, and they didn't get accepted, right?
- 10:23I think all of you do.
- 10:27Once again, the question is, how do you respond?
- 10:29How do you show up?
- 10:30I think of, you know, people like Denise Donahue, the mortgage nerd.
- 10:36I think of people like JB, loans by JB Justin Brown on Instagram, who are once again, you've
- 10:47heard me say it, leading with education.
- 10:52I think of Menwin, who's doing some great videos on Instagram as well, leading with education,
- 10:58demonstrating, not telling by the way, not saying, you know, hey, home buying, you know,
- 11:05people who want a home have far greater wealth than people who rent.
- 11:07Okay, it's, you know, it's one thing to tell it's another thing to show.
- 11:11And by show, I mean charts, graphs, figures, numbers, statistics, visually, not the spoken
- 11:20word, right?
- 11:21Because if you heard the last episode we had with Debra Bird, right, I remember her saying
- 11:26that talk is cheap, show me.
- 11:32If you truly believe that buying a home is a great financial investment for the right person
- 11:38at the right time, then demonstrate that.
- 11:41And if you're wondering like, what do I, how do I, what do I say on social media?
- 11:46What do I post?
- 11:47Maybe you've asked yourselves that question before.
- 11:51This is your opportunity to show up differently.
- 11:58If you're investing in the tools like an MBS highway or mortgage coach, they've got
- 12:02the tools in there for you to use as a matter of fact, on our private call, our weekly mortgage
- 12:07marketing pro members call, we walked through one of our members, Carrie Cobb, what's up,
- 12:12shout out, we walked through.
- 12:17This scenario, and I know other of our members use these tools as well to help people understand
- 12:30in a visual way, which creates better understanding and clarity around a complex topic of, right,
- 12:39sometimes buying a home and helps them better understand why this makes sense financially
- 12:45to buy home.
- 12:46And when the larger percentage of people are saying, it's not a good time, well, why?
- 12:55Why is it not a good time?
- 12:58Is that because prices are high?
- 13:00Okay.
- 13:01Well, let's then now look at the forecast for your area, and by the way, there's a variety
- 13:05of ways to do that.
- 13:06MBS highway, of course, provides a means to do that through their tool, which allows you
- 13:11to do look at future appreciation rates and things like that and build those into a cost
- 13:17of waiting and analysis, a rent versus zone analysis.
- 13:20So if you're not using tools like that, if you're just simply talking, well, that's one
- 13:26part of it.
- 13:27And I don't know how skilled you are at talking, at, you know, convincing people based on
- 13:32your words alone that now's still a good time to buy.
- 13:36But if you can actually show people a compelling future of the cost of waiting, of the bid-over
- 13:42ask based on future appreciation using actual real data, well, then that becomes much more
- 13:49convincing, right?
- 13:53And where does that strategy, mortgage strategy, mortgage planning, using buying a home as
- 14:03part of your wealth building, are you including that in your conversations right now?
- 14:12And coming out of the huge refi boom that we had, you probably haven't been, or maybe
- 14:18you haven't exercised those muscles in a while, and your muscles might be a little weak.
- 14:25And so it's going to get harder, right?
- 14:31People are going to get fatigued, get tired.
- 14:33How many of you listening right now have buyers who took a time out in the last six months
- 14:39or a year?
- 14:41Took a time out, said, you know what, I just need a break, too competitive, I don't even
- 14:46know if it's a good time to buy.
- 14:50And if you've got those prospects leads, people you know at some level that you've had
- 14:55a conversation with the past, in the past you did a pre-qual, a pre-approval, and they
- 14:59were just like, you know what, I need a time out.
- 15:04What would happen if you actually reached back out to those people and decided to do a
- 15:08cost of waiting analysis?
- 15:15You could do it over a video email, you could do it by calling them, or probably the two
- 15:22that I would look to doing first, texting, eh, easy to blow that off.
- 15:28Like World, send them a video, hey what's up Jeff, this is Frank from ABC Morgan, I know
- 15:33we talked, you know, six months ago and you were looking to buy a house but got a little
- 15:37tired, got a couple of offers shot down, totally get it, and you know, it's part of my commitment
- 15:42though to stay in touch with all, you know, my sphere of influence, right, past clients,
- 15:47people I've spoken with who, you know, to gauge their interest in possibly looking at the
- 15:52market again.
- 15:53And what I'd like to do is, by the way, here's what you can do.
- 15:56I just had this idea pop in my head.
- 16:01What if you sent an unsolicited cost of waiting analysis or rent versus buy analysis to all
- 16:10the people you've spoken to in the past that had the ability to purchase a house and did
- 16:16have the desire but got tired, got fatigued, had multiple offers turned down and they just
- 16:20said, you know what, I need a time out.
- 16:24What if you sent a video to them doing a screen share, showing them a cost of waiting analysis
- 16:28or rent versus own analysis.
- 16:31And even with the situation of the market, you know, being a low inventory high demand
- 16:40and this home buyer sentiment study from Fannie Mae that's showing that, right, that the
- 16:46disparity of people feeling like now's a good time to buy, right, it's at a record low.
- 16:51It's been since 2020.
- 16:54So you're dealing with the psychological factors of they are buyer fatigue, they're wondering
- 17:01if they even should buy.
- 17:04And what's going to convince them to move forward?
- 17:06What's going to get them off the fence?
- 17:09You, you being a mortgage professional, being a mortgage advisor, articulating to them
- 17:16that yes, you, it might be difficult, yes, you might be fatigued.
- 17:23Maybe there's a growing sentiment that it's not a good time to buy but what I've done
- 17:28is I put together this scenario for you that shows you the cost of waiting or the cost
- 17:34of rent versus own knowing that rents are going up, going to continue to go up, etc, etc.
- 17:41And you just decided to do one of those a day.
- 17:43Do one cost of waiting or rent versus own screen record with you sending it to one person
- 17:51a day who you've worked with in the past.
- 17:55Their offers didn't get accepted, they got buyer fatigue and you send one a day.
- 18:01I know this works.
- 18:03I've talked to other people that it works for and I know it works on the real estate side
- 18:07as well to give you that comparison.
- 18:09I know of an agent and I've now been coaching other agents on this unsolicited CMA.
- 18:15Yours is an unsolicited cost of waiting rent versus own.
- 18:20They didn't ask for it, you're not calling up and asking them for permission, you're sending
- 18:24it in an email with a video, right, like a bomb, bomb type video, doing a screen record
- 18:30showing them the cost of waiting analysis, using a tool like MBS highway or mortgage
- 18:34coach, ideally or whatever tool it is you use, but you've got to give them the visual
- 18:39aspect of that, the numbers and carry that out over a 10, 5, 10, 20 year window because
- 18:46it's only that that's going to, I think, help them, you know, people buy emotionally and
- 18:53they back it up with logic.
- 18:55And if you can demonstrate to them, this is what the cost of waiting is, yes, even in
- 18:59the market that's low inventory, that's a tough market, yes, even when the buyer sentiment
- 19:04is, it's, quote, not a good time to buy.
- 19:07And if you do that one a day, five a week for a month, 20 in a month and you get two
- 19:15who get reactivated, get back out there in the market, is that worth it?
- 19:24And not just the now business, but what about the six months from now, a year from now,
- 19:29what about when inventory hopefully does open up a little bit, right?
- 19:35So that's tip number one for today.
- 19:36Oh, by the way, before I get, before I forget that, why does it make sense to do this and
- 19:41provide the financial information, right, the compelling reasons of the cost of waiting
- 19:47and looking at how buying a home fits into your overall wealth building proposition?
- 19:52Well, if we're talking about first time home buyers, let's say, right?
- 19:56First of all, we know that the appetite for millennials, first time home buyers, that
- 20:00bracket in millennials are getting older, right?
- 20:02They're like 40 now, some of them, 90% of them said they want to buy a home.
- 20:10And a large percentage of them understand that it's a good investment for their overall
- 20:19financial future.
- 20:23I'm looking at a study right here from ThousandWat Consulting.
- 20:26What is the primary reason you want to own a home?
- 20:28Financial reasons, buying a home is a good investment and builds wealth, 47%, emotional
- 20:33lifestyle reasons, pride of ownership, a place for me and my family to call home, 50%.
- 20:41So give them the piece that you can, which is the financial reasons, buying a home is a
- 20:45good investment.
- 20:47Those are the logical reasons, the emotional reasons they have already, which I just stated.
- 20:54As I said, one a day, by the way, this survey, when do you want to buy a home?
- 21:03One to three years, 46%, ASAP, 30%.
- 21:08Go back to the people that you did a pre-approval pre-qualify for six months, 12 months ago and
- 21:12do that.
- 21:13Okay.
- 21:14And then, secondly, don't forget, how do we keep our volume up?
- 21:18I talked about this, by the way, I had the great privilege of speaking with one of my dear
- 21:23friends and top producers in the business, Michelle Otto, Michelle out of Colorado, $100
- 21:28million producer.
- 21:29If you're listening, she's been on the podcast before.
- 21:31She's also a member in our private coaching group, mortgagemarketing.pro.
- 21:35If you want to check that out, you can go watch our brief video, mortgagemarketing.pro.
- 21:39Anyway, Michelle and I were talking and we were talking about the conversation of how
- 21:43do we, you want to make the same money you made last year, right?
- 21:47We had the ReFi boom, you made a good chunk of money, a lot of money, but obviously,
- 21:51ReFi's are tapering off.
- 21:53Well, she brought to the conversation the opposite side of the equation, which is, yes, as
- 21:58a whole, maybe, ReFi's are down, but look, if you want to keep your volume up in terms
- 22:01of your production, your units, don't make the mistake of saying no to ReFi's based on
- 22:09rate.
- 22:10I know you guys have heard this before.
- 22:11If you're follower of Barry Habey, but all like, I am, you understand this strategy,
- 22:14but sometimes you need a reminder, and that is this, debt consolidation.
- 22:20One of the things that you should be doing is reaching that out to your past client
- 22:24database, right, who closed a loan of ReFi 12 months or more ago, let's say, right?
- 22:31Some of them, six months, it might make sense based on appreciation rates and things
- 22:34like that, just as a check-in.
- 22:35But if you're not doing the annual financial planning reviews, stop, hang up, and go make
- 22:44five calls right now and do it.
- 22:47Because that strategy has been around for 30 years, right?
- 22:51And that's the way you continue to keep your volume at the same levels you've done during
- 22:55the ReFi boom, is you go find the people who need debt consolidation or who need access
- 22:59to cash, because we have had record appreciations, people have record equity, but a lot of people
- 23:05racked up some serious debt, too, whether that's bad debt, credit cards, cars, and things
- 23:10like that, paying for college, et cetera.
- 23:14And you as the mortgage advisor, right, let's have the conversation about restructuring
- 23:19bad debt for good debt.
- 23:21So look, it's on you to get proactive and become more valuable to your clients.
- 23:26Again, a video.
- 23:29Hey, what's up?
- 23:30This is Jeff from ABC Mortgage, hey, it's been 12 months, 24, 36 months, since we last
- 23:35checked in on your mortgage, hope things are well.
- 23:38Part of my job as a mortgage advisor is to make sure that you're leveraging your biggest
- 23:44debt you probably have, which is your house, that you've got the right mortgage for your
- 23:48situation.
- 23:49And look, sometimes people need to restructure bad debt for good debt.
- 23:54I'd love to do a free analysis for you to look at, can we get you in a better position,
- 23:59financially, lower your overall cost and expenses, and put you in a better situation in terms
- 24:04of your long-term financial plan.
- 24:06Something like that, just completely off the top of my head, right?
- 24:09Again, could you do one a day?
- 24:11Could you do two a week?
- 24:13Could you look at your client database and find those clients, those 10, 20, 30 clients
- 24:17who you had great rapport with, whom you might guess, probably have some credit card debt
- 24:21still?
- 24:25Because clearly people aren't going to re-fi for rate anymore, right?
- 24:28They're going to re-fi because they need access to cash.
- 24:34For various reasons, college, expenses, family-related medical issues, and so forth.
- 24:40Maybe it's divorce, maybe it's freeing up, maybe it's paying off that car loan, maybe
- 24:44it's paying down those student loans, credit card debts, et cetera, but they've got this
- 24:48tremendous asset called equity, where they can reposition that and put themselves in
- 24:53a better situation financially.
- 24:54Are you making those calls as well?
- 24:57That's what I'd like to know.
- 24:59Let's keep this conversation going in the Facebook group, jump over to Facebook, type
- 25:02in mortgage marketing radio, and don't forget, you can ask me anything, and then go to
- 25:05ask Jeff anything, G-E-O-F-F, and let's have a conversation.
- 25:10I look forward to seeing you on the next one.
- 25:12Thanks for tuning in, and by the way, if you do want to check out our mortgage marketing
- 25:16pro membership, go to mortgagemarketing.pro, check out the short video, and I'll see you
- 25:20on the other side.
- 25:21Thanks for listening.
- 25:22Bye for now.
- 25:23Hey, guys, what's up?
- 25:30Real quick.
- 25:31You've heard about the mortgage marketing pro membership before, and I just want to quickly
- 25:34remind you of that.
- 25:35You're in a place in your business where you simply need more purchased loans.
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- 25:42Let's just face it, agents are still a solid pillar of business and sources of purchased
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- 25:48Well, good news.
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