January 31, 2024 • 15 mins
Blast off into success with 'Mortgage Mindset: Episode 5'! Unpack 3 game-changing strategies to turbocharge your real estate business in 2024. Perfect for realtors and loan officers seeking a competitive edge, this episode is packed with insider tips and savvy tactics to skyrocket your success. Tune in, level up, and transform your approach to business with us this year!
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Episode Transcript
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(00:00):
Goodmorning, good afternoon,
good evening.
Whereveryou are and whenever
you're listening,
Iwant to congratulate you on
taking the steps of bettering
yourselfand making yourself the
expert in your field. Today,
we are joined by the one,
the only, Sherry Riano.
What's up, Sherry?
How you doing,
Again?
Weare excited to have you back,
and we are excited for
(00:21):
today's topic.
We'regoing to be talking about
three actionable items
to improve your 2024.
Whetheryou are a real estate
agent, a lender, title,
no matter where you're at,
I think these three things are
applicableto you in your field.
so, without further ado,
let's kind of dive right in,
talk about it. Yeah. So,
first thing we want to focus
on is a business plan.
(00:42):
Got to have one.
You cannot run a business
without a plan. Right.
Aimlessly running around.
No plan, no action. None.
That's right.
And with a business plan,
it's all great to have just
thingswritten down on paper
thatyou want to do or what you
want your business to do,
but without follow through,
(01:02):
without really committing
to that,
you'rereally just writing down
things and putting papering
is what. Right.
If you don't have a plan,
you don't know what
steps to take
orwhere to go to at least find
theeducational piece to get the
steps that you might need
to take. That's it.
(01:23):
I think there's a lot of people
in our industry that they
love sitting down,
developing a business plan.
Theylove coming up with ideas
on how they're going
to be successful.
But it's really the follow
throughpoint that I think a lot
of them get caught up on to
where they're not investing
in themselves.
They're not really doing the
things that they need to do
to perfect their craft.
They're more just, hey, look,
theseare some things that I've
heardworks for other people,
and I want to do that for me.
(01:46):
And that's it. Right.
And I think a lot of times,
it's reluctancy
with agents and lenders to
pick up the phone. Yes.
And one of the best ways to
start a great relationship
is picking up the phone,
talking to people.
There'sso many ways that things
can get misunderstood in
a text or in an email.
(02:09):
AndI find whenever I'm seeing
some kind of what I perceive
as unclarity, friction,
whateveryou might want to call
it,I instantly pick up a phone.
That's right.
I just think that that's
something you got to do,
so don't be afraid.
Picking up the phone.
Phone is your friend,
not your enemy. Yeah.
There'sso many things that get
misconstruedin a text message,
(02:29):
in an email.
Just your tone in general.
Maybe you just like me.
When I get busy,
I can get very direct and
just like, hey, look,
this is what I need.
And I'm not trying to be rude
or anything like that,
butI generally come across as a
little bit more extroverted.
Andso when I'm not doing those
things, people think, hey,
is everything okay?
You having a bad day?
That kind of stuff.
(02:49):
Butit also can be what's going
onin your world in that day and
how maybeyou're not having that
great of a day. You left home,
you'refussing with your spouse.
It's not a great morning.
All the slow drivers came
in front of you.
You had to get to work.
By the time you get that text,
you are on, like,
mach nine anyway.
So you're already kind of.
And that right there can get
(03:11):
somethinggoing that was never
existed. That's it. That's it.
Next thing I think that really
is going to help you within
your 2024 is conversion.
knowing your numbers,
have you sat back?
Haveyou looked at your numbers?
Doyou know where your most
successful leads come from?
Doyou know how many times it
takesyou to meet with a client
to get buyer's agency?
(03:31):
Howmany phone calls does it
take to get them to commit?
Do you see a significant
difference in you being with
your client for them
to place an offer?
Or is it better if they're by
themselvesso they have time to
think? Just things like that.
It'sgot to go down to tracking.
You haveto know from the moment
youget a lead to the point that
(03:51):
you're sitting at
a closing table.
What did it take to get there?
How many calls did
I need to make?
Howmany agencies did I need
to put under the contract?
Howmany times did I have to
showthis set of clients homes
before it actually converted?
it's very interesting that a
lot of people have no idea.
They get so excited.
(04:12):
Somebody talked to me. Oh,
my God. Now I have agency.
Oh, my God.
And then they lose track and
theymove on to the next thing.
But how can you hone a skill
whenyou don't know how long it
takes to go from point
a to point z?
So I think that sometimes
in our industry,
we tend to always look
for a shiny thing to make
(04:33):
that conversion work,
andthat conversion necessarily
will not work based off
of that solely.
Everyone'S worried about
countingw's and no one's really
worried about counting.
How many times it takes
to get there?
How many letters did it
take you to get the w?
It's all about w's.
I read this book one time.
It'scalled working from the no.
And if you haven't read it,
you should.
But I love working for no.
You tell me no good the next,
(04:54):
because the next one's
going to be a yes.
Everybody won't say no.
Everybody won't say yes.
So that's part of our industry.
And I will be honest.
Whetheryou are a realtor or a
lender or you work in
the title side,
I don't care where you work.
If rejection bothers you,
do not get into this business
because you're going
to be rejected.
But it is not personal.
It is just business. That's it.
(05:17):
And along with that,
I thinkknowing your numbers,
but also investing in your
skills and developing
your weaknesses.
it'sgood to know exactly what
you're good at and what you
can naturally rely on.
but at the same time,
if you just enjoy the points
that you're good at and you
don't develop the areas that
you're not good at,
your game will always be
(05:38):
missing something.
Maybeyou're great in the paint,
but you can't shoot a three
to save your life.
Where are you needing
to put more time?
If you're not growing,
you're dying. That's it.
Guaranteed.
If you're not investing
in yourself,
no one's going to
invest for you.
Andthen taking a snapshot every
six months and seeing what
(05:59):
worked today will not work
tomorrow.For whatever reason,
no matter whether it's rates,
inventory,
there's all different facets in
ourworld that could make that
change every six months.
Sotake a reset every six months
and just look at where you're
going. That's right. Plus,
it'll help your whole year
becausemaybe you're off your
gamefor six months. Okay, well,
youstill got six more months to
(06:19):
makethe game happen, right?
so you want to take a.
Look at that as well,
especially for our lenders.
ratesare so seasonal and how
you need to give advice in a
market where you're seeing,
like right now,
we'regoing into a year where
we'reseeing a lot of potential
rate reductions. I mean,
theFed says three but we think
it could be as much
as six this year.
(06:41):
you'renot wanting to recommend
someone buy down a ton
of points I mean,
if you go to an online lender,
you'regoing to get very a to b
lendingwhen you go have that
conversation, hey, look,
I'm under contract with
that rocket ship,
but I want to give you a shot.
Well,
doyou know how to have that
conversationwith a client where
you'renot going to ever benefit
from this long term because
(07:01):
you'rerefinancing in 18 months,
you'renever going to see the.
Buy down,
you'regoing to have your break
even point. That's it.
But that's the difference
betweenbeing a professional and
beingsomeone that's an order
taker. That's right.
And I hate to say it,
a lot of order takers
in our business.
So when you're out there
shopping, don't just.
If somebody sells you a
rate and says, okay,
this one lender said
they can give me,
(07:21):
I'm just going to use this
abstractly, of course,
2% and this other lender is
goingto give me two and a half,
but the 2% is costing me
$30,000. Hello? That's right.
I mean,
you better hold on to that
mortgage for 15 years.
Andmost mortgages convert and
turn over every five years.
Soyou just need to make sure
thatyou've got sound financial
(07:42):
adviceand make sure that no
matterwho you work with on the
lendingside is that they really
understand your full picture.
That's right. And realtors,
if your clients are willing to
sharetheir numbers with you,
thisis something that you can
help them identify as well.
Where? Hey, look,
there's a ton of buy down.
I mean,
my local lender says not to
buy down a ton right now.
Maybe giving them that little
(08:02):
piece of information,
helpingthem understand why this
is not the best deal for them
you're going to come out
smelling like roses if you can
save somebody thousands.
Of dollars,
makesyou look like the expert,
and that's what they hired
you for as an agent.
So it's just another notch in
the crown. That's it for them.
(08:23):
Anotherreason to come back.
So let's talk about people
coming back.
Whatthat is drilling down that
database. Database man.
Activelyworking your database.
I have this conversation so
often with agents like, hey,
look for the clients that you
closed last year. Clients,
did you close in 2022?
they heard from you lately,
and it is
(08:45):
shocking how little you hear.
You'vedeveloped a relationship
withthis person over 30 days,
six months, possibly a year,
to where you've tried to find
this person a home.
Theyhave considered you in that
momentto be their source for
home ownership. Absolutely.
And for you to just end the
conversationthe day they close
(09:07):
for one on a buy side,
for a buyer,
it'sgoing to make someone feel
just like a means to an end.
Therewas no true relationship
there.
There's a lot of trust from the
buyer there. Transactional.
There you go.
Versus relationship. That's it.
You'll make a lot of money in
this industry if you
were relationship.
Butif you were transactional,
(09:27):
you'reonly as good as that one
transaction and they never
come back to you.
So what are you doing
after the fact?
Dothey still know your name?
Well,
they can if you never
contact them. Right.
Tellthem how much value has
happened in our area.
They don't know right now.
They got their tax bill.
They know about that,
(09:47):
and I'm sure they're excited.
But what they don't realize is
allthe value they gained with
it. Right. And so right now,
historically,
wegot a lot of credit card debt
back out there. Again,
people could tap into their
equity in that house,
get that paid off,
savethemselves a lot of money.
And guess who told them
they had the equity?
Because maybe they didn't
know you. That's right.
Educating them on
the in between.
(10:09):
Maybe they do come back to
you two years later,
three years later,
andmaybe they're one of those
people that 7 million
babies born a year,
3 million marriages,
oneand a half million divorces.
Hopefully not,
but maybe they were
one of those.
But they're going
to be out there.
They're going to be out there
and educating your buyers,
your clients,
your relationships.
In betweentransactions not only
(10:29):
solidifies a relationship,
butalso keeps you front of mind
ifthey hear somebody saying,
hey,
I'm actually thinking
about selling. Oh,
you'vegot to talk to so and so.
Notonly did they help me out,
but they called me six
months ago, said,
we'vehad a ton of appreciation,
andmaybe we were considering
doing that.
Theyremember we were doing
maybe a renovation or an
(10:49):
upgrade to the kitchen.
We don't have twins. Yeah,
orwe were going to have these
twins and they said, hey,
Ithought of you the other day.
you've got a ton of equity.
Maybe you should consider
tapping into that.
Maybeadding on that extra room,
addingthat kitchen. Absolutely.
Making sure that they think
of you as not only just a
transactional relationship,
but this is an in between
relationship. Like, hey,
(11:10):
they'regoing to help me all the
time. I am on their mind.
I'm a friend to them.
And if I hear anything.
I want to help my friend.
I want to send my friend
more business.
That is so true.
I've seen that in this
market a lot.
There's a lot of great agents
out there that are really
horn into their clients and
(11:31):
makingsure that they are known.
Yes,
theirwords are heard and they
continueto build their business
based off of that.
And it's a lot easier
than feeding the
zillow animal as they
call it out there.
I just had to say the name.
Everybody knows who it is.
There'snothing wrong with it.
I just did feed them at least
(11:53):
said rocket ship.
I didn't say it.
I didn't burn them down.
They don't get burnt down,
I can assure you.
But it is what it is.
But no matter where your
lead source is,
it's so much better to
get that referral,
that warmlead from someone that
you really poured into and
then call them up. Hey,
(12:14):
you know what,
it'sgetting ready to be spring.
I got a long escaping guy,
right?
I've got somebody that
can paint house,
clean the gutters if
you need anybody,
always be that source
of information.
We all have those people.
Weuse them in our own lives.
And of course when
you're an agent,
you'veconstantly got to have
yourhands on somebody that
can help in that way.
Andit's another way for you to
also get some referrals back
(12:35):
from those people.
So it's a win win.
And maybe you're out there
and you're like,
I don'teven know where the hell
to collect this type
of information.
Like where can I get send
seasonal information to send
clients? Reach out to us.
Ouragents get seasonal updates
on things that they can share
with their buyers,
resourcesthey can share with
their clients all the ways to
help them in between
transaction and,
and eight during each
(12:56):
transaction.So reach out to us,
we would love to help.
And now it's time for market.
In a minute.
This is where we give you an
update on the conditions of
the market week to week.
Nomatter the topic of the show.
Thisweek we saw an interesting
surveyfrom Bloomberg come out.
236housing economists revealed
anexpectation of interest rates
to drop to 5.5% in 2023.
Now we saw a five and a half
(13:17):
percentexpectation come out
lastyear sometime but then we
also saw a slight change and
maybe they're not going
to drop as fast.
Wesaw the fed kind of playing
duckand hide with this interest
rate expectation for
a little while.
Soit's interesting to hear that
numbercome out once again.
Anotherarticle showed a 50 50
chance or expectation for the
(13:39):
Fed's first cut in March.
now,
we saw some fed members in
December and even in early
January saying that that may
have to be pushed back
a little bit.
So to see a 50 50 shot or 50
50% expectation in March
is interesting to hear,
especially as, you know,
rumblings of a possible
recession in the second and
(14:00):
thirdquarter starting to show
upas we get closer and closer
to this Fed announcement.
I do expectthe Fed announcement
to be kind of mum on any
expectations in January,
but we'll kind of see.
Wellthis has been the mortgage
mindsetwith the Sherry Riano
teamwith Sherry herself today.
I want you to hit
that subscribe,
hit that follow button.
Wewant you to be the expert.
(14:21):
We'rehere to help you and we
want to make sure that you
understandwhat you're doing.
You're being the professional
out there.
And we'll see you next week.
Thanks.
TheMortgage Mindset podcast is
hostedby the Sherry Riano Team
atClear Mortgage powered by
City First Mortgage Services,
LLC.
Share Rihanna's NMLs
id is 71774.
Visit us at
thesherryrianoteam.comfor more
information about our team.
(14:42):
Theopinions expressed on this
show by the hosts and their
guestsare their own and do not
necessarily reflect the views
andopinions of clear mortgage
orcity first mortgage services.
Please note that the Clear
mortgage is powered by
City First Mortgages,
LLCand their NMLs id is 3117.
Clear Mortgage and city first
mortgage Services is not an
agency of the federal
government.
It is not acting on behalf of
or the direction of Hud FHA.
(15:03):
City first mortgage Services
is an equal housing lender.
Programs,
rates and terms subject to
change without notice.
Underwriting terms and
conditions apply.
Goodmorning, good afternoon,
good evening.
Whereveryou are and whenever
you're listening,
Iwant to congratulate you on
taking the steps of bettering
yourselfand making yourself the
expert in your field. Today,
we are joined by the one,
the only, Sherry Riano.
What's up, Sherry?
How you doing,
Again?
Weare excited to have you back,
and we are excited for
(00:21):
today's topic.
We'regoing to be talking about
three actionable items
to improve your 2024.
Whetheryou are a real estate
agent, a lender, title,
no matter where you're at,
I think these three things are
applicableto you in your field.
so, without further ado,
let's kind of dive right in,
talk about it. Yeah. So,
first thing we want to focus
on is a business plan.
(00:42):
Got to have one.
You cannot run a business
without a plan. Right.
Aimlessly running around.
No plan, no action. None.
That's right.
And with a business plan,
it's all great to have just
thingswritten down on paper
thatyou want to do or what you
want your business to do,
but without follow through,
(01:02):
without really committing
to that,
you'rereally just writing down
things and putting papering
is what. Right.
If you don't have a plan,
you don't know what
steps to take
orwhere to go to at least find
theeducational piece to get the
steps that you might need
to take. That's it.
(01:23):
I think there's a lot of people
in our industry that they
love sitting down,
developing a business plan.
Theylove coming up with ideas
on how they're going
to be successful.
But it's really the follow
throughpoint that I think a lot
of them get caught up on to
where they're not investing
in themselves.
They're not really doing the
things that they need to do
to perfect their craft.
They're more just, hey, look,
theseare some things that I've
heardworks for other people,
and I want to do that for me.
(01:46):
And that's it. Right.
And I think a lot of times,
it's reluctancy
with agents and lenders to
pick up the phone. Yes.
And one of the best ways to
start a great relationship
is picking up the phone,
talking to people.
There'sso many ways that things
can get misunderstood in
a text or in an email.
(02:09):
AndI find whenever I'm seeing
some kind of what I perceive
as unclarity, friction,
whateveryou might want to call
it,I instantly pick up a phone.
That's right.
I just think that that's
something you got to do,
so don't be afraid.
Picking up the phone.
Phone is your friend,
not your enemy. Yeah.
There'sso many things that get
misconstruedin a text message,
(02:29):
in an email.
Just your tone in general.
Maybe you just like me.
When I get busy,
I can get very direct and
just like, hey, look,
this is what I need.
And I'm not trying to be rude
or anything like that,
butI generally come across as a
little bit more extroverted.
Andso when I'm not doing those
things, people think, hey,
is everything okay?
You having a bad day?
That kind of stuff.
(02:49):
Butit also can be what's going
onin your world in that day and
how maybeyou're not having that
great of a day. You left home,
you'refussing with your spouse.
It's not a great morning.
All the slow drivers came
in front of you.
You had to get to work.
By the time you get that text,
you are on, like,
mach nine anyway.
So you're already kind of.
And that right there can get
(03:11):
somethinggoing that was never
existed. That's it. That's it.
Next thing I think that really
is going to help you within
your 2024 is conversion.
knowing your numbers,
have you sat back?
Haveyou looked at your numbers?
Doyou know where your most
successful leads come from?
Doyou know how many times it
takesyou to meet with a client
to get buyer's agency?
(03:31):
Howmany phone calls does it
take to get them to commit?
Do you see a significant
difference in you being with
your client for them
to place an offer?
Or is it better if they're by
themselvesso they have time to
think? Just things like that.
It'sgot to go down to tracking.
You haveto know from the moment
youget a lead to the point that
(03:51):
you're sitting at
a closing table.
What did it take to get there?
How many calls did
I need to make?
Howmany agencies did I need
to put under the contract?
Howmany times did I have to
showthis set of clients homes
before it actually converted?
it's very interesting that a
lot of people have no idea.
They get so excited.
(04:12):
Somebody talked to me. Oh,
my God. Now I have agency.
Oh, my God.
And then they lose track and
theymove on to the next thing.
But how can you hone a skill
whenyou don't know how long it
takes to go from point
a to point z?
So I think that sometimes
in our industry,
we tend to always look
for a shiny thing to make
(04:33):
that conversion work,
andthat conversion necessarily
will not work based off
of that solely.
Everyone'S worried about
countingw's and no one's really
worried about counting.
How many times it takes
to get there?
How many letters did it
take you to get the w?
It's all about w's.
I read this book one time.
It'scalled working from the no.
And if you haven't read it,
you should.
But I love working for no.
You tell me no good the next,
(04:54):
because the next one's
going to be a yes.
Everybody won't say no.
Everybody won't say yes.
So that's part of our industry.
And I will be honest.
Whetheryou are a realtor or a
lender or you work in
the title side,
I don't care where you work.
If rejection bothers you,
do not get into this business
because you're going
to be rejected.
But it is not personal.
It is just business. That's it.
(05:17):
And along with that,
I thinkknowing your numbers,
but also investing in your
skills and developing
your weaknesses.
it'sgood to know exactly what
you're good at and what you
can naturally rely on.
but at the same time,
if you just enjoy the points
that you're good at and you
don't develop the areas that
you're not good at,
your game will always be
(05:38):
missing something.
Maybeyou're great in the paint,
but you can't shoot a three
to save your life.
Where are you needing
to put more time?
If you're not growing,
you're dying. That's it.
Guaranteed.
If you're not investing
in yourself,
no one's going to
invest for you.
Andthen taking a snapshot every
six months and seeing what
(05:59):
worked today will not work
tomorrow.For whatever reason,
no matter whether it's rates,
inventory,
there's all different facets in
ourworld that could make that
change every six months.
Sotake a reset every six months
and just look at where you're
going. That's right. Plus,
it'll help your whole year
becausemaybe you're off your
gamefor six months. Okay, well,
youstill got six more months to
(06:19):
makethe game happen, right?
so you want to take a.
Look at that as well,
especially for our lenders.
ratesare so seasonal and how
you need to give advice in a
market where you're seeing,
like right now,
we'regoing into a year where
we'reseeing a lot of potential
rate reductions. I mean,
theFed says three but we think
it could be as much
as six this year.
(06:41):
you'renot wanting to recommend
someone buy down a ton
of points I mean,
if you go to an online lender,
you'regoing to get very a to b
lendingwhen you go have that
conversation, hey, look,
I'm under contract with
that rocket ship,
but I want to give you a shot.
Well,
doyou know how to have that
conversationwith a client where
you'renot going to ever benefit
from this long term because
(07:01):
you'rerefinancing in 18 months,
you'renever going to see the.
Buy down,
you'regoing to have your break
even point. That's it.
But that's the difference
betweenbeing a professional and
beingsomeone that's an order
taker. That's right.
And I hate to say it,
a lot of order takers
in our business.
So when you're out there
shopping, don't just.
If somebody sells you a
rate and says, okay,
this one lender said
they can give me,
(07:21):
I'm just going to use this
abstractly, of course,
2% and this other lender is
goingto give me two and a half,
but the 2% is costing me
$30,000. Hello? That's right.
I mean,
you better hold on to that
mortgage for 15 years.
Andmost mortgages convert and
turn over every five years.
Soyou just need to make sure
thatyou've got sound financial
(07:42):
adviceand make sure that no
matterwho you work with on the
lendingside is that they really
understand your full picture.
That's right. And realtors,
if your clients are willing to
sharetheir numbers with you,
thisis something that you can
help them identify as well.
Where? Hey, look,
there's a ton of buy down.
I mean,
my local lender says not to
buy down a ton right now.
Maybe giving them that little
(08:02):
piece of information,
helpingthem understand why this
is not the best deal for them
you're going to come out
smelling like roses if you can
save somebody thousands.
Of dollars,
makesyou look like the expert,
and that's what they hired
you for as an agent.
So it's just another notch in
the crown. That's it for them.
(08:23):
Anotherreason to come back.
So let's talk about people
coming back.
Whatthat is drilling down that
database. Database man.
Activelyworking your database.
I have this conversation so
often with agents like, hey,
look for the clients that you
closed last year. Clients,
did you close in 2022?
they heard from you lately,
and it is
(08:45):
shocking how little you hear.
You'vedeveloped a relationship
withthis person over 30 days,
six months, possibly a year,
to where you've tried to find
this person a home.
Theyhave considered you in that
momentto be their source for
home ownership. Absolutely.
And for you to just end the
conversationthe day they close
(09:07):
for one on a buy side,
for a buyer,
it'sgoing to make someone feel
just like a means to an end.
Therewas no true relationship
there.
There's a lot of trust from the
buyer there. Transactional.
There you go.
Versus relationship. That's it.
You'll make a lot of money in
this industry if you
were relationship.
Butif you were transactional,
(09:27):
you'reonly as good as that one
transaction and they never
come back to you.
So what are you doing
after the fact?
Dothey still know your name?
Well,
they can if you never
contact them. Right.
Tellthem how much value has
happened in our area.
They don't know right now.
They got their tax bill.
They know about that,
(09:47):
and I'm sure they're excited.
But what they don't realize is
allthe value they gained with
it. Right. And so right now,
historically,
wegot a lot of credit card debt
back out there. Again,
people could tap into their
equity in that house,
get that paid off,
savethemselves a lot of money.
And guess who told them
they had the equity?
Because maybe they didn't
know you. That's right.
Educating them on
the in between.
(10:09):
Maybe they do come back to
you two years later,
three years later,
andmaybe they're one of those
people that 7 million
babies born a year,
3 million marriages,
oneand a half million divorces.
Hopefully not,
but maybe they were
one of those.
But they're going
to be out there.
They're going to be out there
and educating your buyers,
your clients,
your relationships.
In betweentransactions not only
(10:29):
solidifies a relationship,
butalso keeps you front of mind
ifthey hear somebody saying,
hey,
I'm actually thinking
about selling. Oh,
you'vegot to talk to so and so.
Notonly did they help me out,
but they called me six
months ago, said,
we'vehad a ton of appreciation,
andmaybe we were considering
doing that.
Theyremember we were doing
maybe a renovation or an
(10:49):
upgrade to the kitchen.
We don't have twins. Yeah,
orwe were going to have these
twins and they said, hey,
Ithought of you the other day.
you've got a ton of equity.
Maybe you should consider
tapping into that.
Maybeadding on that extra room,
addingthat kitchen. Absolutely.
Making sure that they think
of you as not only just a
transactional relationship,
but this is an in between
relationship. Like, hey,
(11:10):
they'regoing to help me all the
time. I am on their mind.
I'm a friend to them.
And if I hear anything.
I want to help my friend.
I want to send my friend
more business.
That is so true.
I've seen that in this
market a lot.
There's a lot of great agents
out there that are really
horn into their clients and
(11:31):
makingsure that they are known.
Yes,
theirwords are heard and they
continueto build their business
based off of that.
And it's a lot easier
than feeding the
zillow animal as they
call it out there.
I just had to say the name.
Everybody knows who it is.
There'snothing wrong with it.
I just did feed them at least
(11:53):
said rocket ship.
I didn't say it.
I didn't burn them down.
They don't get burnt down,
I can assure you.
But it is what it is.
But no matter where your
lead source is,
it's so much better to
get that referral,
that warmlead from someone that
you really poured into and
then call them up. Hey,
(12:14):
you know what,
it'sgetting ready to be spring.
I got a long escaping guy,
right?
I've got somebody that
can paint house,
clean the gutters if
you need anybody,
always be that source
of information.
We all have those people.
Weuse them in our own lives.
And of course when
you're an agent,
you'veconstantly got to have
yourhands on somebody that
can help in that way.
Andit's another way for you to
also get some referrals back
(12:35):
from those people.
So it's a win win.
And maybe you're out there
and you're like,
I don'teven know where the hell
to collect this type
of information.
Like where can I get send
seasonal information to send
clients? Reach out to us.
Ouragents get seasonal updates
on things that they can share
with their buyers,
resourcesthey can share with
their clients all the ways to
help them in between
transaction and,
and eight during each
(12:56):
transaction.So reach out to us,
we would love to help.
And now it's time for market.
In a minute.
This is where we give you an
update on the conditions of
the market week to week.
Nomatter the topic of the show.
Thisweek we saw an interesting
surveyfrom Bloomberg come out.
236housing economists revealed
anexpectation of interest rates
to drop to 5.5% in 2023.
Now we saw a five and a half
(13:17):
percentexpectation come out
lastyear sometime but then we
also saw a slight change and
maybe they're not going
to drop as fast.
Wesaw the fed kind of playing
duckand hide with this interest
rate expectation for
a little while.
Soit's interesting to hear that
numbercome out once again.
Anotherarticle showed a 50 50
chance or expectation for the
(13:39):
Fed's first cut in March.
now,
we saw some fed members in
December and even in early
January saying that that may
have to be pushed back
a little bit.
So to see a 50 50 shot or 50
50% expectation in March
is interesting to hear,
especially as, you know,
rumblings of a possible
recession in the second and
(14:00):
thirdquarter starting to show
upas we get closer and closer
to this Fed announcement.
I do expectthe Fed announcement
to be kind of mum on any
expectations in January,
but we'll kind of see.
Wellthis has been the mortgage
mindsetwith the Sherry Riano
teamwith Sherry herself today.
I want you to hit
that subscribe,
hit that follow button.
Wewant you to be the expert.
(14:21):
We'rehere to help you and we
want to make sure that you
understandwhat you're doing.
You're being the professional
out there.
And we'll see you next week.
Thanks.
TheMortgage Mindset podcast is
hostedby the Sherry Riano Team
atClear Mortgage powered by
City First Mortgage Services,
LLC.
Share Rihanna's NMLs
id is 71774.
Visit us at
thesherryrianoteam.comfor more
information about our team.
(14:42):
Theopinions expressed on this
show by the hosts and their
guestsare their own and do not
necessarily reflect the views
andopinions of clear mortgage
orcity first mortgage services.
Please note that the Clear
mortgage is powered by
City First Mortgages,
LLCand their NMLs id is 3117.
Clear Mortgage and city first
mortgage Services is not an
agency of the federal
government.
It is not acting on behalf of
or the direction of Hud FHA.
(15:03):
City first mortgage Services
is an equal housing lender.
Programs,
rates and terms subject to
change without notice.
Underwriting terms and
conditions apply.
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