April 2, 2024 • 36 mins
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EPISODE DESCRIPTION
In this episode, Brandon and Tom are joined by Greg Williamson. Greg is the CRO of Lendesk and the co-founder of Finmo from Calgary, Alberta, and has been in the Canadian mortgage industry for over 25 years. He is also the co-host of the "Lead to Close: The Mortgage Professionals Podcast" with James Loewen.
Greg is here to discuss: → How you can find and connect to more Realtor partners and various scripting. → Setting yourself apart from other Brokers by making your own programs and highlighting multiple strategies including: No Bank Penalties, Inflation Hedge, and Guaranteed Approval. → And how you should be growing in the down years and keeping your focus on income earning tasks.
Lendesk Website: www.lendesk.com
Lendesk Instagram: @lendesk
Greg Williamson's Instagram: @gregwilliamsonblink
Greg Williamson's LinkedIn: @GregWilliamson
"Lead to Close" Podcast: www.lendesk.com/podcast
Compare My Offers Website: www.comparemyoffers.ca
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:18):
we have a very special guest, GregWilliamson.
And Greg is an OG in the mortgagespace.
He has started brokerages, a techcompany.
You probably recognize him now asthe chief revenue officer of
Lendesk.
He crushes it.
He blows shit up once in a while.
But a lot of his ideas are really
good.
And today, we are going to dive
(00:39):
into the realtor space where wehang out quite a bit.
Because Greg likes to kick thingsold school a And it's bit.
just going to take us back totorspace where we hang out quite a
bit because Greg likes to kickthings old school a bit.
And it's just going to take usback to those foundational ideas
that never expire and are thingsyou can always throw back in your
business.
So thanks for joining us, welcome.
Thanks for having me on the show,guys.
I'm really excited about this.
Let's get into it.
So Greg, if you could telllisteners today, like obviously
you're a big believer in buildingyour business off of realtor
(01:01):
relationships.
But if someone's against that, and
you can kind of pitch them like,hey, this is why you should
partner with realtors and buildthat referral based business.
Like, what would you say thatperson?
Listen, I'm a big believer in thefact that if as a mortgage broker,
if I don't have a foundation ofrealtor business, meaning that
I've got a reliable source ofbusiness coming in on a regular
basis, I shouldn't do anythingelse.
I know that's super controversial,but I'm a mortgage broker.
(01:22):
I mean, every single day, 365 daysa year, well, maybe not Christmas.
There's deals coming in, there'sdeals being done in that building
over there with those people.
That's just the no brainer.
It's preposterous to say that,well, I shouldn't have realtors.
That's just doesn't even compute.
I'm in the mortgage business.
That's where all the deals are.
I think what they say is that
(01:43):
realtors are unreliable.
They're hard to deal with.
Like, I don't like their deals.
I mean, all of that can be true.
But then I think, okay, well,let's say that's a you problem.
That's not necessarily the problemwith realtors in general.
I'm a huge hockey fan.
So I look at it and say, look, I
think about building my realtorfoundation the same way that I
would build my fantasy hockeyteam.
So I'm looking at who's my, youknow, veterans and who's like the
(02:06):
people that I can count on.
Who's the rookies that I could bet
on and like, who are the ones thatI want to put on there?
Where's my goaltender that'sreliable and I know that I can get
some deals from them?So I think about that.
And I can be thinking aboutinterchanging those people as we
come and go.
And so now you're saying, OK,
well, if I'm going to build myteam out, how do I do that?
(02:28):
Well, the same way that a GM isgoing to do it.
I got to go and see people.
I got to go talk to people.
Like, I can't just sit there andthrow out emails and hope for the
best.
Like, old school is smile and
dial.
Like, I can't just sit there and
throw out emails and hope for thebest.
Like old school is smile and dial.
Like I'm trying to get
appointments.
One of the guys I used to coach, I
mean, I can't remember the exactnumber, but I mean, he might be
making 20 or 30 calls to realtorsevery single day.
He's even got one of those, whatdo you call it?
(02:49):
Like the calling AI assist, notAI, but like an assistant that
just books calls for you.
Yeah.
Yeah.
Yeah.
Literally just call.
And he'll literally just call.
And he's booked into you like,probably know, somewhere between
five and 10 meetings every singleweek with realtors in his
community.
AI, but like an assistant that
just books calls for you.
And he's a one-man show that does
like, you know, 60, $70 million ayear with a foundation of
(03:10):
realtors.
Great That was literally our old
business was we would book realtormeetings for mortgage brokers.
And we know firsthand it works.
It's still working through method.
Yeah, maybe the conversion rate isa lot lower booking the calls over
the phone because it's moresaturated.
But you could even argue that aswell.
But it still works.
And we see that as well on our
side.
Going back to that analogy of the
hockey team, which I love, wouldyou recommend an agent building
out a top line?So you got your five players
(03:33):
there?Or would you say, hey, start with
that and then grow to a team ofjust all like solid players on
your team?Or do you think you just need that
one top line?No, I think you need a solid team
because I'm interchanging all thetime.
You know, some of the players arenot playing well, they get pulled
out and I put somebody else inlike, but I want my core.
And so how do I find them?It's like, I got to go talk to
(03:54):
people.
And then that's the important
thing.
Well, what am I going to say?
Well, I actually say a version ofthis hockey story when I'm out
there meeting with the realtors,because guess what?
Mrs. Realtors, you know, she's hadfive mortgage brokers talk to her
in the last three months.
So I get it.
So what's different about you?Right.
So now the pitch is not like, I'ma really good mortgage broker.
I smile a lot.
I'll send you rate sheets and I'll
bring donuts once in a while.
(04:16):
That's seriously old school.
But yes, I mean, the pitch has tobe unique.
It has to be different.
And so what's that going to be?
And, you know, that's what I focuson.
So it's like inspiring them towant to be a part of this team and
a part of what I'm doing.
And then what is new school that I
think also actually works reallywell.
And I've seen a couple other guysthat used to coach do this really,
(04:36):
really well.
Like even as I'm interviewing
these different players, theymight not make the team because
maybe I don't think it's a goodfit.
Like in order to make the team,they got to be committed.
Like, are you going to send me tothe business or are you just
faking it?Or they don't want to join the
team.
Like that's possible too.
Like that's what's going tohappen.
Right.
But every single person I meet
goes with, Hey, would it be okay?Like maybe it's not quite a fit
(04:59):
for us right now, but I'd love tostay in touch.
Would it be okay?I have this thing I do, which is
my Friday mortgage minute or mywhatever Friday, you want to call
or your it, Monday have this thingI which is do, my Friday mortgage
minute or my Friday, whatever youwant to call it, or your Monday
thing.
And I just record a quick video of
what's the most important thingsthat are kind of happening in the
real estate and mortgage space.
Can I add you to that list?
(05:20):
100% usually say yes, just so theycan get out of the coffee room.
I don't know, whatever.
It doesn't matter.
You get them on that list and thenyou just consistency, you're
recording that video, you'reshooting out your emails and you
get it out to those 40 or 50agents that you've been meeting
can you, man, most of the realestate businesses, who's the last
guy I remember.
So, you know, I get a deal because
I saw your two cool videos overthe last two weeks.
And then I got a buyer that said,I'm looking for a mortgage broker.
Well, try Greg.
Why not?
(05:41):
You know, his videos areentertaining.
I like him.
I'll give him a shot.
Yeah.
And then I make sure I kill that
deal.
Great.
Now they're like, Oh, Greg, thatwas really good.
You did a great job there.
Like, I'd like to talk about this
more.
It's like, okay, great.
Well, let's get together and meetagain.
And let's talk about how we can domore business together.
For sure.
We do that Friday video very
consistently as listeners of thispodcast.
It works like a charm.
(06:02):
The other piece too, is going back
to that hockey analogy when i wasdoing those calls early on i would
use a similar sports analogy i'dbe like okay i get you have your
starting goalie your startingbroker who's great but let's say
they're sick they're on vacationthey're injured they drop the ball
whatever keep me in mind as yourbackup goalie and I'll come in and
save the game.
I use the same trickled down.
The The real thing is like, youknow what?
I have a mortgage broker.
I like her.
(06:23):
I've been working with herforever.
And I probably know her.
She's in my local community.
I'm like, I never would run downanybody else.
I'm like, great.
Let me be the backup Yeah,
exactly.
And then once we have them in, we
wow them.
And we know because Tom and I have
a partnership that now there'snever that scenario where one of
us is on vacation, the ball'sgetting dropped.
(06:43):
So we know once they're in ourorbit, we're keeping them there.
But it did give us a lot of endsand chances to get in a game where
we might otherwise get blocked bya simple objection that every
realtor who's getting bombardedwith mortgage broker calls just
knows, oh, I already got a guy.
Okay.
So it's a great one to get inthere.
Yeah.
I would be willing to bet a lot of
(07:03):
the stuff we do probably trickleddown from Greg, like back in the
day where he came up with thisstuff and it's just trickled down
through other brokers in theindustry.
So I'm sure some of it willoverlap here, but now we're going
straight to the source baby.
So I'm excited.
Do guys sell the inflation hedgemortgage strategy?
That was my best ever.
What's that one?
Yeah, what's that one?My time for right now, actually.
It's a great time for right now.
(07:23):
So, which is, by the way, one of
the things that I would sell torealtors.
What's another one?This one's not great for right
now, but in like the last twoyears, three years in a rising
interest rate environment, no bankpenalties is great.
Realtors love it.
So this comes to the point of, I
think was my the thing that'sunique?
What's the thing that's going tosolve the biggest challenge that's
happening in the space right now?And then I make it a product or a
service and a brand.
(07:45):
It makes it sound like I'm the
most unique guy.
For example, how long have we done
purchase plus improvements?Forever.
But, you know, mine was called ahome renovation strategy or the
home renovation plan.
So, you know, it made it sound
like it was some unique thing thatI had.
Another one would be we had buyerprotection plan.
And so no bank penalties.
Basically, that meant that I knew
in a rising interest rateenvironment, if I did a mortgage
(08:06):
with a monoline lender, the worstcase scenario is going to be a
three-month interest penalty ifthey break the mortgage early.
So then I just came up with aprogram that said, if you do a
mortgage with me and any of yourcustomers come to me, one of the
biggest challenges they have islife changes.
In fact, the stats are that CMHCsays, let's change a bit now
(08:27):
because of the market we've beenin.
But then the average duration of amortgage is about 3.2 years.
So most people break theirmortgage.
And if you let them go to the bigbad bank, they're going to get
whacked with a penalty.
And so I know you know this.
In fact, Mrs. Realtor, tell me astory.
I know you have one.
Tell me a story.
Get them talking.
And people love stories, not
stuff.
And so it's like, tell me a story
(08:49):
of one where you've heard of acustomer of yours that got super
whacked by a penalty.
They always have one and they talk
about it.
Now they're getting emotional
because they're like, God damn,that was bad.
Like I had people that gotdivorced and they're a young
couple.
And now all of a sudden they're
get whacked with a $17,000mortgage penalty and all their
equity's gone.
And you're like, yeah, that
probably sucked.
Right.
So if you send them to me, no bankpenalties.
(09:10):
They're like, what?How do you do that?
I make it sound like it'ssomething that's some magical
thing that I've done.
All it really is, is that I say,
if you renegotiate your mortgage,I'd have to place it with a
monoline lender.
So again, not for today, but this
is just an example.
Think about what's on there and
then, you know, productize it.
So and you redo your mortgage with
me on the next thing.
So you get divorced.
One of you does a mortgage with meor you need to move or whatever
(09:33):
happens.
I just eat the three months
interest penalty in the new deal.
You know?
Yeah, sure.
Does that like a buy down?
Yeah, maybe.
But I'll tell you what, the amount
of deals that I won up front thatI otherwise wouldn't have won
relative to the amount ofpenalties I actually ever paid,
which is shockingly low.
And even in the deals that I did,
I'm just like, okay, I made a$4,500 commission on the new deal
(09:55):
and paid a $1,200 mortgage penaltyor $1,400 mortgage penalty.
No problem.
In those two transactions, I made
$9,000 in commission and paid$1,200 in customer acquisition
costs.
But that realtor sent me 10 people
because no bank penalties.
That's one example.
So I have something unique that Igo and talk to them and say, this
is why you need to do businesswith me.
Inflation hedge strategy, that isgood for right now.
So the inflation hedge strategy isMr. and Mrs. Realtor, I bet one of
(10:17):
your challenges is buyers areunclear about what mortgage they
should take in this changinginterest rate environment.
And that's a big problem.
Now, I realize that right now,
specifically, this is like, man,I'm not sure yet.
I'd be thinking about it because Ithink it could become a really
interesting product.
And so what ends up happening is
that they end up taking, you know,as mortgage brokers, we end up
having to do three-year deals,which are great for the borrower
(10:39):
and it might be the right deal,but we all know that it's slightly
less commission or maybe I have togo to a five-year.
Well, now they're locked intothat.
So if I could find the rightbuyer, and again, I just tell the
realtor about inflation hedgestrategy where we manage the
person's mortgage and get them alower interest cost over the
five-year term.
It could mean they send me five
borrowers and none of them are agood fit for that product.
(11:02):
It doesn't matter.
They gave me five borrowers.
Anyway, the inflation hedge says,well, we built a calculator and it
shows it.
You put in a just war rate
mortgage today, and let's assumethat that prime rate will fall
over the next three to five years.
Let's call it a quarter to half a
year.
I can run different scenarios.
You can do it on any mortgagecalculator.
quarter to half a And I can rundifferent year.
(11:23):
You can do it scenarios.
on any mortgage calculator.
And then you're just riding thatmarket down.
And so in that example, you wouldbe in a place where you're going
to pay a less interest cost overtime than taking a fixed rate
right now.
So again, it might not be the fit
for right now because variablesare still a little bit high, but
we're not that far away from thatmight actually work.
I'll give you another one.
So one that I love a lot and
(11:44):
haven't really found anybody yetthat's dialed this perfectly, but
a guaranteed approval program.
So Mr. and Mrs. Realtor, when you
do business with us, what we'vedone is we've taken the idea that
we want buyers to go into themarket fully ready to go because
either you're going to have to doa no financing condition removal,
but not even that.
Like if you could write an offer
and in there is a certificate thatsays that this buyer is guaranteed
(12:04):
to be approved.
And in fact, if you accept my
buyer's offer and I subsequentlydon't approve the mortgage, I'll
pay you $5,000 in cost for you torelist your home.
All it is, is I make sure I getall the paperwork, all the
information upfront during thepre-approval, do a full
underwriting.
Again, not everybody gets it.
If it's on the line, I'm notoffering a guaranteed approval.
But if it is a guaranteedapproval, like I know this guy's
going to get a deal, why not justtake the extra step to create a
(12:25):
really cool little certificatethat actually lays out?
I got this idea of a US mortgagebroker.
It's made us tons of money.
So So yeah, I know realtors love
that because I pitched a realtoronce I did a four slide and I knew
the broker he was working with andhis objection was not objection,
but he was asking if I had theguaranteed approval program.
I was like, no, I don't.
(12:47):
And here's why.
I had some reasoning as to why Idon't have And at it.
the end of the that day, was asticking like, I no, And don't.
here's Like why.
I had some reasoning as to why I
don't have it.
And at the end of the day, that
was a sticking point, likeeverything else he loved.
And he's just like, yeah, like I'msticking with my man here because
(13:10):
he's got this.
So it works.
a software that I built years agowith some people, part of our
Finmo team.
Actually, we sold that to a group
of mortgage brokers that stilloperate.
It's called comparemyoffers.com.
By the way, that's the other thing
I would show at a realtor meeting.
Like, hey, Mr. and Mrs. Realtor,
why do you want to do businesswith me relative to everybody
else?Here's how we do things
differently.
One, why do people come to a
(13:30):
mortgage broker?People come to a mortgage broker
because they are going to getoptions or they're going to get
more things.
They don't come to a mortgage
broker just because they're goingto get the lowest rate, although
that's what a lot of people think.
But in fact, they may in fact get
the lowest rate, but that's notactually the most important thing.
The most important thing is theright product and more
importantly, the less interestcosts over the term, not the rate
today, but I digress.
And so then I would pull up my
compare my offers dashboard andshow them what we put everybody
through, which would include youget a side by side comparison of
(13:50):
five different lenders, which alsodoes the calculation of what the
IRDs would be less of a big thingnow in a lower interest rate
environment or a low ring.
I mean, but it's so cool because
they get a report, they get adashboard, the customer gets to
see and included in thatdashboard, Mr. and Mrs. Realtor is
once we've got all the informationfrom your buyer, we give them a
link to this thing and you.
And so as they're looking at
(14:11):
houses over the next two or threemonths, they can just go and
approve themselves.
They can actually just put in the
information from that particularhouse and we'll give them a green
or a red that they're approved.
So now no longer do you have to
call me on Saturday afternoon atfour o'clock and try to see if you
can get me and see if you canwrite on that house.
It's right there.
The dashboard's available to you.
You can plug the numbers in.
(14:32):
What's the property taxes?
What's the purchase price?What's this?
Boom.
Yeah, it's approved.
Go ahead.
Write the offer.
And so that's important.
Realtors love that part because
they're like, man, I can havethat.
And I can actually at any time andany of my buyers, I could see
where they sit.
Yes, you can.
And then inside that samedashboard is the guaranteed
approval program, which thenissues them a certificate that
(14:52):
shows them that this buyer isapproved.
And so now you submit your offer.
And so you're in competition.
Now you submitted amongst twoother offers and yours is the only
one that has the additionalcertificate that says it's $5,000
or guaranteed buyer.
You probably win.
Or if you're not in competition,but let's say you want to
negotiate some money off on thedeal.
And so you're going to the sellerand say, I'm coming off $10,000.
(15:15):
And the seller's like, Ooh, geez,I don't know.
But it's approved.
It's guaranteed.
If you sign this, we're done.
You don't have to worry.
The house is off the market.
A good realtor can close that.
And so there's your 20-minutecoffee meeting.
That realtor's blown away.
He's heard things that he's never
heard before.
You're unique.
You're different.
And you go have 10 of those a
week.
Guaranteed, you're getting deals.
And then you follow it up withyour Friday meetings.
Boom, done.
You went from new rookie zero
(15:37):
deals to 80 deals in your firstyear.
And is that dashboard?Are you building that out on like
a Google Drive kind of, is it justa spreadsheet or is it a software?
What are you doing for that I'mcomparing my offers.
It's got its own UI andeverything.
The customer gets a link.
The customer can then go and see
you're building their thing.
So what guys do when I'm at a
(15:57):
realtor meeting, I just show themhow it works.
And I can even say, well, give meyour mortgage information and I'll
tell you how it works.
And then its own UI meeting, if I
was meeting with the borrower, I'dsay, here's the reasons why you
want to deal with me because I doa full approval and a guaranteed
approval up front.
Why that's important to you is
that when you go into offering andyou're competing with two other
(16:21):
people for that house that youhave to have, you win because
we're backing you.
And so you can tailor that
presentation either way, both waysit works.
The buyer is no longer interestedin, well, what's the cheapest
rate?Because I've just realized that,
you know, for example, in thebuyer meeting, you say, I'm
dealing with Royal Bank.
I'm like, great.
That's amazing.
I'll add Royal Bank to our
comparison.
So if Royal Bank is the best
(16:41):
option for you, you should do it.
But instead of me going, oh, well,
the Royal Bank's really terrible.
Let me show you all the better
offers.
You just remove that risk.
In that meeting with the buyer, Idon't have to sit here and bash
the Royal Bank.
I just say, no problem.
Because I know when I send you thecomparison, the Royal Bank's going
to look like shit.
Because I'm going to put the other
offers that are better and theones that you should take.
(17:03):
And I'm going to tell you thereasons why.
And then I record a loom video ofme going through the dashboard for
the borrower.
Takes me 15 minutes max.
Then I send you the link and theloom video.
And now you, the borrower, can seethe dashboard.
You click the link and you get thevideo that shows you how to work
it and what loom And now video.
the borrower you, can see the You
dashboard.
click the link and you get the
(17:23):
video that shows you how to workit and what to look for, and then
how to use the affordability toolongoing.
So no more calls all day long withrealtors or borrowers asking me if
they can afford that house becausethey just go to their Yeah,
absolutely.
And the guarantee, the $5,000 is
5,000, right?Or obviously it doesn't matter the
amount, but whatever you is thatoffer, towards the realtor that it
(17:46):
was you, right?5,000, Or obviously it doesn't
matter the but whatever amount,you offer, is that towards the
realtor that you're paying or isthat towards the client?
To the seller.
Oh, the seller, okay, okay, Yeah,
like Mr. and Mrs. Seller.
Here's what I've done.
This certificate says, I'vechecked Brandon's employment.
I've fully checked his employment.
I've fully checked his tax
returns.
I've fully checked his down
payment is available and ready togo.
And I've done a credit check andhe's all filled.
(18:06):
And thus, Mr. and Mrs. Seller, Iguarantee you the mortgage for
Brandon.
Now, what it also says is what I
don't know is whether your housewill be approved.
So if your house for some reasonisn't approved, that's off the
table.
But no problem.
I'm the seller.
I'm going, well, my house is fine.
I don't have any hidden problems.
It's going to be no problem.
And it talks about if it doesn'tappraise or whatever, covers off
the house.
But I've approved Brandon.
He's ready to go.
And Mr. and Mrs. Seller, if you
accept my buyer's offer and Idon't approve Brandon, I'll pay
you $5,000 damages for you to haveto relist your home.
(18:27):
That's a compelling Is thateffective in a condition versus
non-conditional offer?Either way.
Either way.
Yeah.
Because even in a conditionaloffer, you get some time to do it,
but at least the seller knows.
In fact, a lot of times what
happens is they shorten theconditions or they do everything
else.
I usually say to the realtor, say,
look, you need to give me someconditions to at least get the
house approved.
But I don't need 14 days because
I've already done.
So now I've taught Brandon, he's
my buyer, you've got to get me allthe shit up front.
(18:48):
I need everything, which we, ofcourse, all love and we want that
anyway.
But now I've compelled Brandon.
The reason why he wants to do itis because he wants the guaranteed
approval so that he is ready andmore able to win a competition or
get a discount on the house.
Yeah, for sure.
I think that's a huge win becauseit's prepping your buyers, which
(19:09):
is worth its weight in goldanyways, for you to have those
documents and not have to chasethem down.
That time saving is huge.
Even if the off chance you had to
pay one out over a one-yearperiod, having that many more
buyers prepped and winning, Ithink the return on it would
actually outweigh the costs.
I don't it's ever happened.
It's never happened to me, but I'mnot actively brokering now.
But I mean, I built that program10 years ago.
(19:31):
But when I was actively brokeringand doing a lot of business, I
never ever paid the $5,000 becauseI never issued the guarantee
approval if it was a wonky deal.
I was just going to say that.
Yeah.
You're not going to give it to
someone that you're like, thiscould ah, go either The ratios
way.
are tight or it's self-ky I was
(19:53):
just deal.
going to say You're that.
not Yeah.
going to give it to someone that
you're this like, could ah, goeither way.
The ratios are tight or it'sself-employed.
Like all these things, like I'mlike, Hey dude, sorry, you don't
qualify.
this like, could ah, go either
way.
going to get you a mortgage, but
I'm not guaranteeing it.
Cause this is a roll the dice
moment.
Yeah, exactly.
I mean, we all know how many timesyou get deals.
I bet you the bulk of your dealsare like, you know, it's going to
(20:16):
go at least 80, 90% for sure.
Yeah.
So those are guaranteed approvals.
Yeah.
Cause I'm willing to risk theBoom.
five Done.
grand because I'm going to go at
least 90% for So those areguaranteed 80, sure.
Yeah.
done.
approvals.
Yeah.
Because Boom, I'm willing to riskthe five grand because I'm going
to make a hundred grand in dealsbefore I ever have to pay out the
five grand if I miss A hundredpercent.
Yeah.
I love that idea.
(20:37):
And I think it's cool that youhave that dashboard too, that we
kind of like the client comingback because it's a bit stickier
and we can address any questionsand any objections and kind of
feel out if they're shoppingaround elsewhere.
So we do like a little bit more ofthose touch points.
the best part.
The dashboard, when they go look
at their compare my offers sheet,you immediately get an email
saying Brandon's looking at itright now.
(20:57):
So now you call the borrower andyou're just like, hey, I was
thinking of you and just wonderingif you had any questions about
your mortgage.
Well, as a matter of fact, I
happen to be looking right now atthe dashboard.
Don't say, really?Wow, isn't that amazing?
I use CMO and I loved thatfeature.
And I think it's a great product.
We'll put the link in the show
notes too for everyone.
I don't don't it anymore.
So yeah, yeah.
There's no incentive to you.
Yeah.
I Yeah.
I just love it.
It's one of the best things that I
was ever involved in.
The guys that run it now, they're
great guys.
And it's a good product.
I think it's 100 bucks.
Are you kidding me?
Yeah, it should be 1000 bucks.
(21:18):
It's that good.
Back in the day when I have a lotof business, you pitch the buyers
a guaranteed approval and tocompare my offers with a
management plan afterwards.
Guess how many deals I would ever
have to buy down commission or doanything weird or lose deals like
it just doesn't happen.
Why?
In the absence of value inanything, I don't care, you're
buying a t shirt.
In the absence of value, then
you're just going to go to price.
And that's where a lot of mortgage
brokers I think struggle todaybecause they don't offer actual
value.
Sorry, I know that's going to be
controversial.
But let's face it, if you're just
saying, I'm going to do a good joband get your mortgage done, I can
(21:41):
do that anywhere.
So I might as well just do that
with the one who's Yeah.
Yeah.
I totally agree with that.
I think there's a ton of people
who are just saying, come to me,I'll get you the best rate.
I'll give you the best customerservice.
Like, okay, it's not enough.
And what I found is like flipping
that script, one for borrowers,but then also directly to my
realtors now i get clients whocome and book a meeting with me
(22:04):
and they'll say like oh my realtorsaid you're going to save me so
much money over the course of mymortgage that you do all these
things i'm like oh they'replugging my value ads for me me
yeah it's just like like basicallyi'm playing t-ball now versus
having to try to strike out soyeah, totally.
I get it, yeah.
Well, last year, people would be
like, oh my God, the market's sotough.
And it's true, it was.
In my career, I made more money
(22:25):
and or made more growth in mybusinesses in the down years
because I could get more meetingswith realtors because they were
hurting too.
And all my competitors were
running around scared and I wouldjust double down and spend more
money on marketing, spend moremoney on growth.
And then when the market turned,hey, here we are.
I was well set up.
I had my hockey team built.
I had all my realtors.
All are ready to go.
(22:46):
I got 10 or 12 solid realtors thatare going to give me five to six
deals a year.
OK, right there.
There's 70 deals.
And then I'm going to trickle in a
bunch of deals from my farm team.
And so, boom, I just's 70 deals.
And then I'm going to trickle in abunch of deals from my farm team.
And you so, you so, know, boom, Ijust got 100 deals.
Yeah, we align with that.
Exactly.
Because that's what we did duringthe down market last year.
(23:08):
I mean, arguably, it's still here.
But we doubled down, got more
meetings, doubled our business.
And we're excited to do it because
we knew nobody else was doing it.
They're down.
They're like, I don't really feellike doing this.
They're just kind of like feelingdepressed and mopey.
And we're like head to the groundlet's do it yeah i think that's
the best time to do it and the iand the market's hot really hard
to get meetings with realtors yeahexactly for sure and then the
(23:29):
other piece too that we put inthat time frame too is we build
out all the systems so now asthings pick up the system's there
to support the infrastructure ofgetting more leads in so we're
still delivering on that serviceas the market starts to ramp up.
So it's kind of a win-win acrossthe board.
And that's another piece too withrealtors is you show them the
value of, okay, when things do getbusy, a lot of broker system, it
(23:50):
blows up and their service goesdown.
They can only handle a certainamount of business and then shit
goes off the rails.
So I think that's a big piece too,
that once you do start to get thevolume of deals from that desired
team, you need to show that you'vebuilt the system that can support
them.
why you got to stay top of mind,
like you mentioned, Greg, becausewhen you are staying top of mind
(24:12):
and that other broker fails to dowhat they promised, that's when
that realtor is going to come toyou as well.
So now that we have the product,we have the different features and
the different incentives thatyou're giving these realtors, we
just back up to the beginning,like, where are you finding these
realtors?If you had to give maybe one or
two tips on how to search forthese realtors and make this list
to then approach them and themethod you would do, yeah, maybe
you could just talk a bit aboutYeah.
I mean, I was thinking thinkinglike but people who know me well
would know like i'm a naturalintrovert like i don't actually
(24:33):
love you know particularly bigcrowds all that kind of stuff but
then i was also done a ton ofspeaking so i don't know it's a
weird thing sometimes like just ifyou could flip the switch and i'm
focused okay fine but i naturallydon't love going out and trying to
meet new people.
So, which is odd because they were
like, well, that's what I justtold you to do, which I get it.
And that is a challenge.
So nowadays, if I was to start
again, I would probably hire oneof these like companies, like
(24:54):
bunch of new development in AI.
And I would probably just get
somebody to dial and get memeetings.
Cause if you can get me a meeting,no problem.
I can show up like I'm a goodpitcher, but like to have to go
and find those meetings for me,that is challenging.
So I don't want to downplay that.
If I was unwilling to do that,
then I guess I would just probablygo with some of the realtors who I
(25:15):
do know.
And then I would just press them
to give me two or three others.
Because then it's a warm intro.
That's probably what I would do.
But I got to keep the reps up.
You know what?I go to the gym every day.
I got to do my reps.
Like don't take a week off and
don't skip leg day.
So it's the same thing.
You just got to get in there andyou got to do your reps.
Like you got to get meetings.
(25:37):
Like I want five to 10 a week,
always guaranteed, like whateverit takes.
going to say that we alwaysrecommend plus one strategy.
So ask your favorite realtorpartner, who's their best friend,
who they would use in the industryor who they trust to cover them on
vacation.
That's who you want to attract.
And I totally agree.
Like we did that first stretch
where we felt we added what wethought was enough realtors to
(25:58):
kind of our stable.
We had the team, we had the farm
team with the development league.
Like we thought we had it all
built out.
And and then earlier this morning
we were chatting with one anotherand we're like do you think we
could add a few more here andthere i'm like yeah why don't we
test some new markets some newstrategies get some fresh blood in
there and i realize i'm like ihaven't done this presentation in
a long time i kind of got somerust on the gears and i'm a little
(26:21):
bit nervous about it whereasbefore i was banging out sometimes
five a day and it was just of youget into a rhythm I did two last
week and oh my god they were awfulbut I know the next two they're
going to be better and better andthen you just get into that I
that's one of the reasons why Ijust keep doing my reps like yeah
you know for me because when I wasbuilding a big mortgage business
(26:42):
like there was a period of timewhen I was really doing quite well
and doing a lot of business Inever never saw the back end of
Phi Logics in 10 years.
Like I didn't even know how to get
in.
And so, you know, that's just the
way I did things because I'mnaturally good at coming up with
the idea, the marketing andpitching.
So the only thing I did was go getbusiness, home builders, realtors,
whatever, and do the discoverycall with the borrower.
(27:02):
I had the staff that dideverything else because number
one, I don't like it.
I'm not good at it, but I realize
it's for some of your listeners,that's not the way they built
their business.
I get it.
So fine.
But if you're going to be the one
who's also doing the applicationsand the underwriting and the dock
chasing and all of that stuff,then yeah, it's going to be hard
to get five to 10 meetings in aweek as you grow.
(27:23):
Something's got to give.
Either you stop doing five to 10
meetings a week, I don't advisethat, or you stop doing this
stupid underwriting shit thatyou're too high paid to do.
Yeah.
I feel like we've kind of wrestled
with that on both sides.
We have a great fulfillment person
now, but we tried to addunderwriting staff last year and
it just never came to fruition andwe realized that's something that
(27:43):
some days we need because we'relike crap i'm underwriting or i'm
working on chatting with the bdmwhen really i should be going out
and finding those five to ten newdeals look i just say what's your
hourly rate like if you're doing50 million 60 million a year
you're like three or four hundreddollars an.
So would you pay somebody three or$400 an hour to chase documents?
I hope not.
And so why would you do it?
And by the way, I don't think it'sjust like growth for growth sake.
(28:04):
I think it's just do the thingthat you're the best at.
By the way, if you're the personin your business, that's the best
at putting deals together, then gofind somebody like me to go do the
front end part.
I don't care, whatever.
Or you could say, well, I'll justkeep going.
Like I'm going, here's theproblem.
And this is why it's not growthfor growth sake.
It's protecting against thedownside.
So if you just say, Hey, I'mcomfortable.
I did 25 million and I'm justgoing to stay there until you run
into the last two years where thatjust went down to 10.
(28:26):
Yeah.
So that's why you're protecting,
like you're always building yourbusiness.
I'm not saying nobody says youhave to double your business every
year because that, you know, alot's going to break.
But just do some growth becausethen you're protecting the
downside.
Yeah.
Yeah.
So in the worst case, like if you
can't handle like theinfrastructure is not supporting
the amount of leads that arecoming in at that point and you
(28:47):
don't want to hire and you don'twant to hire, and you don't want
to make that transition, then theabsolute worst case is you say,
hey, I'm at capacity, I can't helpyou.
Or you go farm that out and sendit to another broker, take some
bits from it.
Use your deal your deal desk at a
brokerage.
And if you don't have that, go
find a brokerage that does.
Exactly.
you don't I mean, 30%.
Most brokerages will do it like
around 30%, whatever.
That's probably on the high side,
(29:08):
but some of them are flat fee.
That's a no brainer.
Yeah.
If you're just unwilling to take
the risk of hiring staff, thenjust do deal desk.
I mean, dude, 30% to get all ofthat shit work that I don't like
doing out of the way.
And I keep 70 and I just get to go
and like drum up business and havecontrol over my schedule.
(29:28):
Where do I sit?Yeah.
I couldn't agree with that more.
You don't have to hire and pay for
a whole year salary right off thebat.
that risk.
Okay, fine.
Do that.
30% is like, you know, good
quality businesses that do hirepeople.
I've always said, try to keep thatcost 30% or less.
And if you can do that, you'regreat.
And so I think you can do it.
If you hire your own people and
you keep your own business, youcould probably do it for under 30,
(29:50):
I think probably, or at least try.
But you have the additional risk
of now you got a headcount andyou've got to keep that person.
So I get it.
If you're unwilling to do that,
then just go do a deal desk.
absolutely.
And just to circle back before weclose things out here, because
Brandon and I were just talkingabout this this morning about
reaching out to our top partnersand asking for some names, like
the exact strategy that you'retalking about.
What would be your go to ask fromfrom that realtor?
(30:13):
Like how would you phrase it tothem?
Like to get the meeting or whenwe're in the- You're asking a
realtor, hey, I'm looking to addone more realtor partner and I
want to reach out to you because Iwant someone that's like-minded.
Who do you have in mind that I canconnect with?
we're in the- Oh, yeah.
Like those lines.
Okay.
Well, I thought you were saying if
I was trying to get a meeting witha realtor, what would be that
(30:34):
pitch?I'll start there because I think
that's probably all.
Sure.
Yeah.
My favorite thing I usually use, I
use in all kinds of sales.
It's like, look, it's only going
to take 15 minutes because I wantto remove the risk right out of
the gate.
So you're not locked into me for
an hour.
It may, in fact, take more than 15
minutes.
But once I get them hooked in the
first 10 minutes, then, oh, shoot,I noticed we're at the time limit.
And then, oh, no, no, no, keepgoing, keep going.
Perfect.
(30:54):
OK, I got the hook set.
OK, so or 30 minutes, whatever isgoing to reduce the risk.
And then it's kind of like I'mgoing to cover off two or three
strategies that I've beensuccessfully using with other
realtors that will help you closemore buyers because the programs
that I have will do that.
And I might even tease them a
little bit with guaranteedapproval or something.
That's the thing I'm going to gopitch.
And or, you know, the compare myoffers will pitch the idea that
(31:14):
borrowers are going to get a fullbroad, like fully report on all
the options that are available tothem.
I guarantee your current mortgagebroker is not doing that.
Something like that to just getthe meeting because what's in it
for me is pretty big.
So like realtors get what's in it
for me as the mortgage broker, butwhat are you going to do for me?
And so I got to frame that.
(31:36):
And by the way, if I don't have a
good idea of how this is going tobenefit the realtor, I'm going to
struggle because I got to frame itas a benefit to them.
So in that same frame, if I wastalking to somebody to give me a
referral, what's in it for theperson giving me the referral?
It's status.
So, hey, Tom, I know that you and
I have been doing some great worktogether, and I think you're
pretty happy about it.
I'm looking to bring on a couple
(31:56):
more people that are like you.
Who do you know that would benefit
from the things that you and Ihave built together?
So now we're like partners, andwhat's in it for you is the status
of introducing and I have builttogether.
So now we're like partners andwhat's in it for you is the status
of introducing me.
I that.
I was also saying to Tom earlier,kind of what I thought about the
frame is even if it's in the samemarket, wouldn't you feel more
(32:18):
comfortable knowing that I'm onthe other side of the deal when
it's your place that's beinglisted so that they know, okay,
the quality of work is there andthen you're servicing hopefully
all the clients.
I agree.
And by the way, with theguaranteed approval, I would say
to my realtors that I'm lookingfor buyers, I'd say, look, when
you talk to your sellers, this isalso an important part.
If they're going to be buyingsomewhere else, then they also
would like to get a guaranteedapproval.
And so they try to get them to,now I realize for some reason that
(32:40):
doesn't seem to work as well as Ithink it should, but it's there's
something there.
something, Yeah.
I tried the same thing for a bitof converting.
It's weird.
I don't know why you can't convert
sellers.
got go buy.
Yeah, exactly.
I had the same logic and then the
same hurdle.
I was why isn't this working?
like, oh, But way.
Yeah.
Like I'm a dog on a bone then.
If there's a problem in the
(33:01):
business, then I'm going to find away to figure out how to solve
that problem.
And then I'm going to make it look
like it's a product that igeniusly set up myself yeah which
basically is the same thing everyother mortgage broker does but i
just make it look like it's somemagical thing that i did yeah and
you've got a process around itevery other mortgage broker is
grabbing the documents up frontand doing some pre-underwriting
(33:21):
and doing a pre-approval they'reall doing that but i just put this
little bit of packaging on it andboom it's a product that is so
amazing.
That's different than everybody
else.
When in fact, it's actually not
different.
I guess the $5,000 is different,
but that's just to remove therisk.
You know, every pitch has toremove the risk for the person
buying.
Yeah, for sure.
Well, Greg, I love the way thatyou just take things and reframe
them and then market them.
And I think it's so brilliant to
(33:43):
take these strategies and justrepackage it and sell it to
people.
And I think it gives our listeners
some fresh ideas for how to thinkabout things that have come into
the market.
How can you take a new offering
from a lender and repackage it andsell it to a realtor to draw more
realtors into the network?And then from there, how to grow
and scale your realtor business.
And I think a lot of it is just
having those conversations,building the relationship, and
then having that relationshipcompound.
(34:03):
My big takeaway from today isdefinitely the hockey team analogy
you did.
I'm going to be stealing that for
sure.
Yeah, I love that too.
And so thanks again for joiningus.
It was a pleasure having you.
I And so thanks again for joining
us.
It was a pleasure having you.
I had a lot of fun.
Thanks guys.
I don't get to do this very often.
So I'm really grateful you chose
me.
It's like getting to use a part of
my brain that I don't get to useas much anymore.
So I'm really grateful.
(34:24):
Thank you very Awesome.
Thanks, Greg.
So everyone, if you want to hear
more of Greg's strategies andideas, head to the Lead to Close
podcast.
You can also find a link on the
LendDesk website as well.
And there's lots of great tips and
tricks and more learning to befound there.
Have an awesome
we have a very special guest, GregWilliamson.
And Greg is an OG in the mortgagespace.
He has started brokerages, a techcompany.
You probably recognize him now asthe chief revenue officer of
Lendesk.
He crushes it.
He blows shit up once in a while.
But a lot of his ideas are really
good.
And today, we are going to dive
(00:39):
into the realtor space where wehang out quite a bit.
Because Greg likes to kick thingsold school a And it's bit.
just going to take us back totorspace where we hang out quite a
bit because Greg likes to kickthings old school a bit.
And it's just going to take usback to those foundational ideas
that never expire and are thingsyou can always throw back in your
business.
So thanks for joining us, welcome.
Thanks for having me on the show,guys.
I'm really excited about this.
Let's get into it.
So Greg, if you could telllisteners today, like obviously
you're a big believer in buildingyour business off of realtor
(01:01):
relationships.
But if someone's against that, and
you can kind of pitch them like,hey, this is why you should
partner with realtors and buildthat referral based business.
Like, what would you say thatperson?
Listen, I'm a big believer in thefact that if as a mortgage broker,
if I don't have a foundation ofrealtor business, meaning that
I've got a reliable source ofbusiness coming in on a regular
basis, I shouldn't do anythingelse.
I know that's super controversial,but I'm a mortgage broker.
(01:22):
I mean, every single day, 365 daysa year, well, maybe not Christmas.
There's deals coming in, there'sdeals being done in that building
over there with those people.
That's just the no brainer.
It's preposterous to say that,well, I shouldn't have realtors.
That's just doesn't even compute.
I'm in the mortgage business.
That's where all the deals are.
I think what they say is that
(01:43):
realtors are unreliable.
They're hard to deal with.
Like, I don't like their deals.
I mean, all of that can be true.
But then I think, okay, well,let's say that's a you problem.
That's not necessarily the problemwith realtors in general.
I'm a huge hockey fan.
So I look at it and say, look, I
think about building my realtorfoundation the same way that I
would build my fantasy hockeyteam.
So I'm looking at who's my, youknow, veterans and who's like the
(02:06):
people that I can count on.
Who's the rookies that I could bet
on and like, who are the ones thatI want to put on there?
Where's my goaltender that'sreliable and I know that I can get
some deals from them?So I think about that.
And I can be thinking aboutinterchanging those people as we
come and go.
And so now you're saying, OK,
well, if I'm going to build myteam out, how do I do that?
(02:28):
Well, the same way that a GM isgoing to do it.
I got to go and see people.
I got to go talk to people.
Like, I can't just sit there andthrow out emails and hope for the
best.
Like, old school is smile and
dial.
Like, I can't just sit there and
throw out emails and hope for thebest.
Like old school is smile and dial.
Like I'm trying to get
appointments.
One of the guys I used to coach, I
mean, I can't remember the exactnumber, but I mean, he might be
making 20 or 30 calls to realtorsevery single day.
He's even got one of those, whatdo you call it?
(02:49):
Like the calling AI assist, notAI, but like an assistant that
just books calls for you.
Yeah.
Yeah.
Yeah.
Literally just call.
And he'll literally just call.
And he's booked into you like,probably know, somewhere between
five and 10 meetings every singleweek with realtors in his
community.
AI, but like an assistant that
just books calls for you.
And he's a one-man show that does
like, you know, 60, $70 million ayear with a foundation of
(03:10):
realtors.
Great That was literally our old
business was we would book realtormeetings for mortgage brokers.
And we know firsthand it works.
It's still working through method.
Yeah, maybe the conversion rate isa lot lower booking the calls over
the phone because it's moresaturated.
But you could even argue that aswell.
But it still works.
And we see that as well on our
side.
Going back to that analogy of the
hockey team, which I love, wouldyou recommend an agent building
out a top line?So you got your five players
(03:33):
there?Or would you say, hey, start with
that and then grow to a team ofjust all like solid players on
your team?Or do you think you just need that
one top line?No, I think you need a solid team
because I'm interchanging all thetime.
You know, some of the players arenot playing well, they get pulled
out and I put somebody else inlike, but I want my core.
And so how do I find them?It's like, I got to go talk to
(03:54):
people.
And then that's the important
thing.
Well, what am I going to say?
Well, I actually say a version ofthis hockey story when I'm out
there meeting with the realtors,because guess what?
Mrs. Realtors, you know, she's hadfive mortgage brokers talk to her
in the last three months.
So I get it.
So what's different about you?Right.
So now the pitch is not like, I'ma really good mortgage broker.
I smile a lot.
I'll send you rate sheets and I'll
bring donuts once in a while.
(04:16):
That's seriously old school.
But yes, I mean, the pitch has tobe unique.
It has to be different.
And so what's that going to be?
And, you know, that's what I focuson.
So it's like inspiring them towant to be a part of this team and
a part of what I'm doing.
And then what is new school that I
think also actually works reallywell.
And I've seen a couple other guysthat used to coach do this really,
(04:36):
really well.
Like even as I'm interviewing
these different players, theymight not make the team because
maybe I don't think it's a goodfit.
Like in order to make the team,they got to be committed.
Like, are you going to send me tothe business or are you just
faking it?Or they don't want to join the
team.
Like that's possible too.
Like that's what's going tohappen.
Right.
But every single person I meet
goes with, Hey, would it be okay?Like maybe it's not quite a fit
(04:59):
for us right now, but I'd love tostay in touch.
Would it be okay?I have this thing I do, which is
my Friday mortgage minute or mywhatever Friday, you want to call
or your it, Monday have this thingI which is do, my Friday mortgage
minute or my Friday, whatever youwant to call it, or your Monday
thing.
And I just record a quick video of
what's the most important thingsthat are kind of happening in the
real estate and mortgage space.
Can I add you to that list?
(05:20):
100% usually say yes, just so theycan get out of the coffee room.
I don't know, whatever.
It doesn't matter.
You get them on that list and thenyou just consistency, you're
recording that video, you'reshooting out your emails and you
get it out to those 40 or 50agents that you've been meeting
can you, man, most of the realestate businesses, who's the last
guy I remember.
So, you know, I get a deal because
I saw your two cool videos overthe last two weeks.
And then I got a buyer that said,I'm looking for a mortgage broker.
Well, try Greg.
Why not?
(05:41):
You know, his videos areentertaining.
I like him.
I'll give him a shot.
Yeah.
And then I make sure I kill that
deal.
Great.
Now they're like, Oh, Greg, thatwas really good.
You did a great job there.
Like, I'd like to talk about this
more.
It's like, okay, great.
Well, let's get together and meetagain.
And let's talk about how we can domore business together.
For sure.
We do that Friday video very
consistently as listeners of thispodcast.
It works like a charm.
(06:02):
The other piece too, is going back
to that hockey analogy when i wasdoing those calls early on i would
use a similar sports analogy i'dbe like okay i get you have your
starting goalie your startingbroker who's great but let's say
they're sick they're on vacationthey're injured they drop the ball
whatever keep me in mind as yourbackup goalie and I'll come in and
save the game.
I use the same trickled down.
The The real thing is like, youknow what?
I have a mortgage broker.
I like her.
(06:23):
I've been working with herforever.
And I probably know her.
She's in my local community.
I'm like, I never would run downanybody else.
I'm like, great.
Let me be the backup Yeah,
exactly.
And then once we have them in, we
wow them.
And we know because Tom and I have
a partnership that now there'snever that scenario where one of
us is on vacation, the ball'sgetting dropped.
(06:43):
So we know once they're in ourorbit, we're keeping them there.
But it did give us a lot of endsand chances to get in a game where
we might otherwise get blocked bya simple objection that every
realtor who's getting bombardedwith mortgage broker calls just
knows, oh, I already got a guy.
Okay.
So it's a great one to get inthere.
Yeah.
I would be willing to bet a lot of
(07:03):
the stuff we do probably trickleddown from Greg, like back in the
day where he came up with thisstuff and it's just trickled down
through other brokers in theindustry.
So I'm sure some of it willoverlap here, but now we're going
straight to the source baby.
So I'm excited.
Do guys sell the inflation hedgemortgage strategy?
That was my best ever.
What's that one?
Yeah, what's that one?My time for right now, actually.
It's a great time for right now.
(07:23):
So, which is, by the way, one of
the things that I would sell torealtors.
What's another one?This one's not great for right
now, but in like the last twoyears, three years in a rising
interest rate environment, no bankpenalties is great.
Realtors love it.
So this comes to the point of, I
think was my the thing that'sunique?
What's the thing that's going tosolve the biggest challenge that's
happening in the space right now?And then I make it a product or a
service and a brand.
(07:45):
It makes it sound like I'm the
most unique guy.
For example, how long have we done
purchase plus improvements?Forever.
But, you know, mine was called ahome renovation strategy or the
home renovation plan.
So, you know, it made it sound
like it was some unique thing thatI had.
Another one would be we had buyerprotection plan.
And so no bank penalties.
Basically, that meant that I knew
in a rising interest rateenvironment, if I did a mortgage
(08:06):
with a monoline lender, the worstcase scenario is going to be a
three-month interest penalty ifthey break the mortgage early.
So then I just came up with aprogram that said, if you do a
mortgage with me and any of yourcustomers come to me, one of the
biggest challenges they have islife changes.
In fact, the stats are that CMHCsays, let's change a bit now
(08:27):
because of the market we've beenin.
But then the average duration of amortgage is about 3.2 years.
So most people break theirmortgage.
And if you let them go to the bigbad bank, they're going to get
whacked with a penalty.
And so I know you know this.
In fact, Mrs. Realtor, tell me astory.
I know you have one.
Tell me a story.
Get them talking.
And people love stories, not
stuff.
And so it's like, tell me a story
(08:49):
of one where you've heard of acustomer of yours that got super
whacked by a penalty.
They always have one and they talk
about it.
Now they're getting emotional
because they're like, God damn,that was bad.
Like I had people that gotdivorced and they're a young
couple.
And now all of a sudden they're
get whacked with a $17,000mortgage penalty and all their
equity's gone.
And you're like, yeah, that
probably sucked.
Right.
So if you send them to me, no bankpenalties.
(09:10):
They're like, what?How do you do that?
I make it sound like it'ssomething that's some magical
thing that I've done.
All it really is, is that I say,
if you renegotiate your mortgage,I'd have to place it with a
monoline lender.
So again, not for today, but this
is just an example.
Think about what's on there and
then, you know, productize it.
So and you redo your mortgage with
me on the next thing.
So you get divorced.
One of you does a mortgage with meor you need to move or whatever
(09:33):
happens.
I just eat the three months
interest penalty in the new deal.
You know?
Yeah, sure.
Does that like a buy down?
Yeah, maybe.
But I'll tell you what, the amount
of deals that I won up front thatI otherwise wouldn't have won
relative to the amount ofpenalties I actually ever paid,
which is shockingly low.
And even in the deals that I did,
I'm just like, okay, I made a$4,500 commission on the new deal
(09:55):
and paid a $1,200 mortgage penaltyor $1,400 mortgage penalty.
No problem.
In those two transactions, I made
$9,000 in commission and paid$1,200 in customer acquisition
costs.
But that realtor sent me 10 people
because no bank penalties.
That's one example.
So I have something unique that Igo and talk to them and say, this
is why you need to do businesswith me.
Inflation hedge strategy, that isgood for right now.
So the inflation hedge strategy isMr. and Mrs. Realtor, I bet one of
(10:17):
your challenges is buyers areunclear about what mortgage they
should take in this changinginterest rate environment.
And that's a big problem.
Now, I realize that right now,
specifically, this is like, man,I'm not sure yet.
I'd be thinking about it because Ithink it could become a really
interesting product.
And so what ends up happening is
that they end up taking, you know,as mortgage brokers, we end up
having to do three-year deals,which are great for the borrower
(10:39):
and it might be the right deal,but we all know that it's slightly
less commission or maybe I have togo to a five-year.
Well, now they're locked intothat.
So if I could find the rightbuyer, and again, I just tell the
realtor about inflation hedgestrategy where we manage the
person's mortgage and get them alower interest cost over the
five-year term.
It could mean they send me five
borrowers and none of them are agood fit for that product.
(11:02):
It doesn't matter.
They gave me five borrowers.
Anyway, the inflation hedge says,well, we built a calculator and it
shows it.
You put in a just war rate
mortgage today, and let's assumethat that prime rate will fall
over the next three to five years.
Let's call it a quarter to half a
year.
I can run different scenarios.
You can do it on any mortgagecalculator.
quarter to half a And I can rundifferent year.
(11:23):
You can do it scenarios.
on any mortgage calculator.
And then you're just riding thatmarket down.
And so in that example, you wouldbe in a place where you're going
to pay a less interest cost overtime than taking a fixed rate
right now.
So again, it might not be the fit
for right now because variablesare still a little bit high, but
we're not that far away from thatmight actually work.
I'll give you another one.
So one that I love a lot and
(11:44):
haven't really found anybody yetthat's dialed this perfectly, but
a guaranteed approval program.
So Mr. and Mrs. Realtor, when you
do business with us, what we'vedone is we've taken the idea that
we want buyers to go into themarket fully ready to go because
either you're going to have to doa no financing condition removal,
but not even that.
Like if you could write an offer
and in there is a certificate thatsays that this buyer is guaranteed
(12:04):
to be approved.
And in fact, if you accept my
buyer's offer and I subsequentlydon't approve the mortgage, I'll
pay you $5,000 in cost for you torelist your home.
All it is, is I make sure I getall the paperwork, all the
information upfront during thepre-approval, do a full
underwriting.
Again, not everybody gets it.
If it's on the line, I'm notoffering a guaranteed approval.
But if it is a guaranteedapproval, like I know this guy's
going to get a deal, why not justtake the extra step to create a
(12:25):
really cool little certificatethat actually lays out?
I got this idea of a US mortgagebroker.
It's made us tons of money.
So So yeah, I know realtors love
that because I pitched a realtoronce I did a four slide and I knew
the broker he was working with andhis objection was not objection,
but he was asking if I had theguaranteed approval program.
I was like, no, I don't.
(12:47):
And here's why.
I had some reasoning as to why Idon't have And at it.
the end of the that day, was asticking like, I no, And don't.
here's Like why.
I had some reasoning as to why I
don't have it.
And at the end of the day, that
was a sticking point, likeeverything else he loved.
And he's just like, yeah, like I'msticking with my man here because
(13:10):
he's got this.
So it works.
a software that I built years agowith some people, part of our
Finmo team.
Actually, we sold that to a group
of mortgage brokers that stilloperate.
It's called comparemyoffers.com.
By the way, that's the other thing
I would show at a realtor meeting.
Like, hey, Mr. and Mrs. Realtor,
why do you want to do businesswith me relative to everybody
else?Here's how we do things
differently.
One, why do people come to a
(13:30):
mortgage broker?People come to a mortgage broker
because they are going to getoptions or they're going to get
more things.
They don't come to a mortgage
broker just because they're goingto get the lowest rate, although
that's what a lot of people think.
But in fact, they may in fact get
the lowest rate, but that's notactually the most important thing.
The most important thing is theright product and more
importantly, the less interestcosts over the term, not the rate
today, but I digress.
And so then I would pull up my
compare my offers dashboard andshow them what we put everybody
through, which would include youget a side by side comparison of
(13:50):
five different lenders, which alsodoes the calculation of what the
IRDs would be less of a big thingnow in a lower interest rate
environment or a low ring.
I mean, but it's so cool because
they get a report, they get adashboard, the customer gets to
see and included in thatdashboard, Mr. and Mrs. Realtor is
once we've got all the informationfrom your buyer, we give them a
link to this thing and you.
And so as they're looking at
(14:11):
houses over the next two or threemonths, they can just go and
approve themselves.
They can actually just put in the
information from that particularhouse and we'll give them a green
or a red that they're approved.
So now no longer do you have to
call me on Saturday afternoon atfour o'clock and try to see if you
can get me and see if you canwrite on that house.
It's right there.
The dashboard's available to you.
You can plug the numbers in.
(14:32):
What's the property taxes?
What's the purchase price?What's this?
Boom.
Yeah, it's approved.
Go ahead.
Write the offer.
And so that's important.
Realtors love that part because
they're like, man, I can havethat.
And I can actually at any time andany of my buyers, I could see
where they sit.
Yes, you can.
And then inside that samedashboard is the guaranteed
approval program, which thenissues them a certificate that
(14:52):
shows them that this buyer isapproved.
And so now you submit your offer.
And so you're in competition.
Now you submitted amongst twoother offers and yours is the only
one that has the additionalcertificate that says it's $5,000
or guaranteed buyer.
You probably win.
Or if you're not in competition,but let's say you want to
negotiate some money off on thedeal.
And so you're going to the sellerand say, I'm coming off $10,000.
(15:15):
And the seller's like, Ooh, geez,I don't know.
But it's approved.
It's guaranteed.
If you sign this, we're done.
You don't have to worry.
The house is off the market.
A good realtor can close that.
And so there's your 20-minutecoffee meeting.
That realtor's blown away.
He's heard things that he's never
heard before.
You're unique.
You're different.
And you go have 10 of those a
week.
Guaranteed, you're getting deals.
And then you follow it up withyour Friday meetings.
Boom, done.
You went from new rookie zero
(15:37):
deals to 80 deals in your firstyear.
And is that dashboard?Are you building that out on like
a Google Drive kind of, is it justa spreadsheet or is it a software?
What are you doing for that I'mcomparing my offers.
It's got its own UI andeverything.
The customer gets a link.
The customer can then go and see
you're building their thing.
So what guys do when I'm at a
(15:57):
realtor meeting, I just show themhow it works.
And I can even say, well, give meyour mortgage information and I'll
tell you how it works.
And then its own UI meeting, if I
was meeting with the borrower, I'dsay, here's the reasons why you
want to deal with me because I doa full approval and a guaranteed
approval up front.
Why that's important to you is
that when you go into offering andyou're competing with two other
(16:21):
people for that house that youhave to have, you win because
we're backing you.
And so you can tailor that
presentation either way, both waysit works.
The buyer is no longer interestedin, well, what's the cheapest
rate?Because I've just realized that,
you know, for example, in thebuyer meeting, you say, I'm
dealing with Royal Bank.
I'm like, great.
That's amazing.
I'll add Royal Bank to our
comparison.
So if Royal Bank is the best
(16:41):
option for you, you should do it.
But instead of me going, oh, well,
the Royal Bank's really terrible.
Let me show you all the better
offers.
You just remove that risk.
In that meeting with the buyer, Idon't have to sit here and bash
the Royal Bank.
I just say, no problem.
Because I know when I send you thecomparison, the Royal Bank's going
to look like shit.
Because I'm going to put the other
offers that are better and theones that you should take.
(17:03):
And I'm going to tell you thereasons why.
And then I record a loom video ofme going through the dashboard for
the borrower.
Takes me 15 minutes max.
Then I send you the link and theloom video.
And now you, the borrower, can seethe dashboard.
You click the link and you get thevideo that shows you how to work
it and what loom And now video.
the borrower you, can see the You
dashboard.
click the link and you get the
(17:23):
video that shows you how to workit and what to look for, and then
how to use the affordability toolongoing.
So no more calls all day long withrealtors or borrowers asking me if
they can afford that house becausethey just go to their Yeah,
absolutely.
And the guarantee, the $5,000 is
5,000, right?Or obviously it doesn't matter the
amount, but whatever you is thatoffer, towards the realtor that it
(17:46):
was you, right?5,000, Or obviously it doesn't
matter the but whatever amount,you offer, is that towards the
realtor that you're paying or isthat towards the client?
To the seller.
Oh, the seller, okay, okay, Yeah,
like Mr. and Mrs. Seller.
Here's what I've done.
This certificate says, I'vechecked Brandon's employment.
I've fully checked his employment.
I've fully checked his tax
returns.
I've fully checked his down
payment is available and ready togo.
And I've done a credit check andhe's all filled.
(18:06):
And thus, Mr. and Mrs. Seller, Iguarantee you the mortgage for
Brandon.
Now, what it also says is what I
don't know is whether your housewill be approved.
So if your house for some reasonisn't approved, that's off the
table.
But no problem.
I'm the seller.
I'm going, well, my house is fine.
I don't have any hidden problems.
It's going to be no problem.
And it talks about if it doesn'tappraise or whatever, covers off
the house.
But I've approved Brandon.
He's ready to go.
And Mr. and Mrs. Seller, if you
accept my buyer's offer and Idon't approve Brandon, I'll pay
you $5,000 damages for you to haveto relist your home.
(18:27):
That's a compelling Is thateffective in a condition versus
non-conditional offer?Either way.
Either way.
Yeah.
Because even in a conditionaloffer, you get some time to do it,
but at least the seller knows.
In fact, a lot of times what
happens is they shorten theconditions or they do everything
else.
I usually say to the realtor, say,
look, you need to give me someconditions to at least get the
house approved.
But I don't need 14 days because
I've already done.
So now I've taught Brandon, he's
my buyer, you've got to get me allthe shit up front.
(18:48):
I need everything, which we, ofcourse, all love and we want that
anyway.
But now I've compelled Brandon.
The reason why he wants to do itis because he wants the guaranteed
approval so that he is ready andmore able to win a competition or
get a discount on the house.
Yeah, for sure.
I think that's a huge win becauseit's prepping your buyers, which
(19:09):
is worth its weight in goldanyways, for you to have those
documents and not have to chasethem down.
That time saving is huge.
Even if the off chance you had to
pay one out over a one-yearperiod, having that many more
buyers prepped and winning, Ithink the return on it would
actually outweigh the costs.
I don't it's ever happened.
It's never happened to me, but I'mnot actively brokering now.
But I mean, I built that program10 years ago.
(19:31):
But when I was actively brokeringand doing a lot of business, I
never ever paid the $5,000 becauseI never issued the guarantee
approval if it was a wonky deal.
I was just going to say that.
Yeah.
You're not going to give it to
someone that you're like, thiscould ah, go either The ratios
way.
are tight or it's self-ky I was
(19:53):
just deal.
going to say You're that.
not Yeah.
going to give it to someone that
you're this like, could ah, goeither way.
The ratios are tight or it'sself-employed.
Like all these things, like I'mlike, Hey dude, sorry, you don't
qualify.
this like, could ah, go either
way.
going to get you a mortgage, but
I'm not guaranteeing it.
Cause this is a roll the dice
moment.
Yeah, exactly.
I mean, we all know how many timesyou get deals.
I bet you the bulk of your dealsare like, you know, it's going to
(20:16):
go at least 80, 90% for sure.
Yeah.
So those are guaranteed approvals.
Yeah.
Cause I'm willing to risk theBoom.
five Done.
grand because I'm going to go at
least 90% for So those areguaranteed 80, sure.
Yeah.
done.
approvals.
Yeah.
Because Boom, I'm willing to riskthe five grand because I'm going
to make a hundred grand in dealsbefore I ever have to pay out the
five grand if I miss A hundredpercent.
Yeah.
I love that idea.
(20:37):
And I think it's cool that youhave that dashboard too, that we
kind of like the client comingback because it's a bit stickier
and we can address any questionsand any objections and kind of
feel out if they're shoppingaround elsewhere.
So we do like a little bit more ofthose touch points.
the best part.
The dashboard, when they go look
at their compare my offers sheet,you immediately get an email
saying Brandon's looking at itright now.
(20:57):
So now you call the borrower andyou're just like, hey, I was
thinking of you and just wonderingif you had any questions about
your mortgage.
Well, as a matter of fact, I
happen to be looking right now atthe dashboard.
Don't say, really?Wow, isn't that amazing?
I use CMO and I loved thatfeature.
And I think it's a great product.
We'll put the link in the show
notes too for everyone.
I don't don't it anymore.
So yeah, yeah.
There's no incentive to you.
Yeah.
I Yeah.
I just love it.
It's one of the best things that I
was ever involved in.
The guys that run it now, they're
great guys.
And it's a good product.
I think it's 100 bucks.
Are you kidding me?
Yeah, it should be 1000 bucks.
(21:18):
It's that good.
Back in the day when I have a lotof business, you pitch the buyers
a guaranteed approval and tocompare my offers with a
management plan afterwards.
Guess how many deals I would ever
have to buy down commission or doanything weird or lose deals like
it just doesn't happen.
Why?
In the absence of value inanything, I don't care, you're
buying a t shirt.
In the absence of value, then
you're just going to go to price.
And that's where a lot of mortgage
brokers I think struggle todaybecause they don't offer actual
value.
Sorry, I know that's going to be
controversial.
But let's face it, if you're just
saying, I'm going to do a good joband get your mortgage done, I can
(21:41):
do that anywhere.
So I might as well just do that
with the one who's Yeah.
Yeah.
I totally agree with that.
I think there's a ton of people
who are just saying, come to me,I'll get you the best rate.
I'll give you the best customerservice.
Like, okay, it's not enough.
And what I found is like flipping
that script, one for borrowers,but then also directly to my
realtors now i get clients whocome and book a meeting with me
(22:04):
and they'll say like oh my realtorsaid you're going to save me so
much money over the course of mymortgage that you do all these
things i'm like oh they'replugging my value ads for me me
yeah it's just like like basicallyi'm playing t-ball now versus
having to try to strike out soyeah, totally.
I get it, yeah.
Well, last year, people would be
like, oh my God, the market's sotough.
And it's true, it was.
In my career, I made more money
(22:25):
and or made more growth in mybusinesses in the down years
because I could get more meetingswith realtors because they were
hurting too.
And all my competitors were
running around scared and I wouldjust double down and spend more
money on marketing, spend moremoney on growth.
And then when the market turned,hey, here we are.
I was well set up.
I had my hockey team built.
I had all my realtors.
All are ready to go.
(22:46):
I got 10 or 12 solid realtors thatare going to give me five to six
deals a year.
OK, right there.
There's 70 deals.
And then I'm going to trickle in a
bunch of deals from my farm team.
And so, boom, I just's 70 deals.
And then I'm going to trickle in abunch of deals from my farm team.
And you so, you so, know, boom, Ijust got 100 deals.
Yeah, we align with that.
Exactly.
Because that's what we did duringthe down market last year.
(23:08):
I mean, arguably, it's still here.
But we doubled down, got more
meetings, doubled our business.
And we're excited to do it because
we knew nobody else was doing it.
They're down.
They're like, I don't really feellike doing this.
They're just kind of like feelingdepressed and mopey.
And we're like head to the groundlet's do it yeah i think that's
the best time to do it and the iand the market's hot really hard
to get meetings with realtors yeahexactly for sure and then the
(23:29):
other piece too that we put inthat time frame too is we build
out all the systems so now asthings pick up the system's there
to support the infrastructure ofgetting more leads in so we're
still delivering on that serviceas the market starts to ramp up.
So it's kind of a win-win acrossthe board.
And that's another piece too withrealtors is you show them the
value of, okay, when things do getbusy, a lot of broker system, it
(23:50):
blows up and their service goesdown.
They can only handle a certainamount of business and then shit
goes off the rails.
So I think that's a big piece too,
that once you do start to get thevolume of deals from that desired
team, you need to show that you'vebuilt the system that can support
them.
why you got to stay top of mind,
like you mentioned, Greg, becausewhen you are staying top of mind
(24:12):
and that other broker fails to dowhat they promised, that's when
that realtor is going to come toyou as well.
So now that we have the product,we have the different features and
the different incentives thatyou're giving these realtors, we
just back up to the beginning,like, where are you finding these
realtors?If you had to give maybe one or
two tips on how to search forthese realtors and make this list
to then approach them and themethod you would do, yeah, maybe
you could just talk a bit aboutYeah.
I mean, I was thinking thinkinglike but people who know me well
would know like i'm a naturalintrovert like i don't actually
(24:33):
love you know particularly bigcrowds all that kind of stuff but
then i was also done a ton ofspeaking so i don't know it's a
weird thing sometimes like just ifyou could flip the switch and i'm
focused okay fine but i naturallydon't love going out and trying to
meet new people.
So, which is odd because they were
like, well, that's what I justtold you to do, which I get it.
And that is a challenge.
So nowadays, if I was to start
again, I would probably hire oneof these like companies, like
(24:54):
bunch of new development in AI.
And I would probably just get
somebody to dial and get memeetings.
Cause if you can get me a meeting,no problem.
I can show up like I'm a goodpitcher, but like to have to go
and find those meetings for me,that is challenging.
So I don't want to downplay that.
If I was unwilling to do that,
then I guess I would just probablygo with some of the realtors who I
(25:15):
do know.
And then I would just press them
to give me two or three others.
Because then it's a warm intro.
That's probably what I would do.
But I got to keep the reps up.
You know what?I go to the gym every day.
I got to do my reps.
Like don't take a week off and
don't skip leg day.
So it's the same thing.
You just got to get in there andyou got to do your reps.
Like you got to get meetings.
(25:37):
Like I want five to 10 a week,
always guaranteed, like whateverit takes.
going to say that we alwaysrecommend plus one strategy.
So ask your favorite realtorpartner, who's their best friend,
who they would use in the industryor who they trust to cover them on
vacation.
That's who you want to attract.
And I totally agree.
Like we did that first stretch
where we felt we added what wethought was enough realtors to
(25:58):
kind of our stable.
We had the team, we had the farm
team with the development league.
Like we thought we had it all
built out.
And and then earlier this morning
we were chatting with one anotherand we're like do you think we
could add a few more here andthere i'm like yeah why don't we
test some new markets some newstrategies get some fresh blood in
there and i realize i'm like ihaven't done this presentation in
a long time i kind of got somerust on the gears and i'm a little
(26:21):
bit nervous about it whereasbefore i was banging out sometimes
five a day and it was just of youget into a rhythm I did two last
week and oh my god they were awfulbut I know the next two they're
going to be better and better andthen you just get into that I
that's one of the reasons why Ijust keep doing my reps like yeah
you know for me because when I wasbuilding a big mortgage business
(26:42):
like there was a period of timewhen I was really doing quite well
and doing a lot of business Inever never saw the back end of
Phi Logics in 10 years.
Like I didn't even know how to get
in.
And so, you know, that's just the
way I did things because I'mnaturally good at coming up with
the idea, the marketing andpitching.
So the only thing I did was go getbusiness, home builders, realtors,
whatever, and do the discoverycall with the borrower.
(27:02):
I had the staff that dideverything else because number
one, I don't like it.
I'm not good at it, but I realize
it's for some of your listeners,that's not the way they built
their business.
I get it.
So fine.
But if you're going to be the one
who's also doing the applicationsand the underwriting and the dock
chasing and all of that stuff,then yeah, it's going to be hard
to get five to 10 meetings in aweek as you grow.
(27:23):
Something's got to give.
Either you stop doing five to 10
meetings a week, I don't advisethat, or you stop doing this
stupid underwriting shit thatyou're too high paid to do.
Yeah.
I feel like we've kind of wrestled
with that on both sides.
We have a great fulfillment person
now, but we tried to addunderwriting staff last year and
it just never came to fruition andwe realized that's something that
(27:43):
some days we need because we'relike crap i'm underwriting or i'm
working on chatting with the bdmwhen really i should be going out
and finding those five to ten newdeals look i just say what's your
hourly rate like if you're doing50 million 60 million a year
you're like three or four hundreddollars an.
So would you pay somebody three or$400 an hour to chase documents?
I hope not.
And so why would you do it?
And by the way, I don't think it'sjust like growth for growth sake.
(28:04):
I think it's just do the thingthat you're the best at.
By the way, if you're the personin your business, that's the best
at putting deals together, then gofind somebody like me to go do the
front end part.
I don't care, whatever.
Or you could say, well, I'll justkeep going.
Like I'm going, here's theproblem.
And this is why it's not growthfor growth sake.
It's protecting against thedownside.
So if you just say, Hey, I'mcomfortable.
I did 25 million and I'm justgoing to stay there until you run
into the last two years where thatjust went down to 10.
(28:26):
Yeah.
So that's why you're protecting,
like you're always building yourbusiness.
I'm not saying nobody says youhave to double your business every
year because that, you know, alot's going to break.
But just do some growth becausethen you're protecting the
downside.
Yeah.
Yeah.
So in the worst case, like if you
can't handle like theinfrastructure is not supporting
the amount of leads that arecoming in at that point and you
(28:47):
don't want to hire and you don'twant to hire, and you don't want
to make that transition, then theabsolute worst case is you say,
hey, I'm at capacity, I can't helpyou.
Or you go farm that out and sendit to another broker, take some
bits from it.
Use your deal your deal desk at a
brokerage.
And if you don't have that, go
find a brokerage that does.
Exactly.
you don't I mean, 30%.
Most brokerages will do it like
around 30%, whatever.
That's probably on the high side,
(29:08):
but some of them are flat fee.
That's a no brainer.
Yeah.
If you're just unwilling to take
the risk of hiring staff, thenjust do deal desk.
I mean, dude, 30% to get all ofthat shit work that I don't like
doing out of the way.
And I keep 70 and I just get to go
and like drum up business and havecontrol over my schedule.
(29:28):
Where do I sit?Yeah.
I couldn't agree with that more.
You don't have to hire and pay for
a whole year salary right off thebat.
that risk.
Okay, fine.
Do that.
30% is like, you know, good
quality businesses that do hirepeople.
I've always said, try to keep thatcost 30% or less.
And if you can do that, you'regreat.
And so I think you can do it.
If you hire your own people and
you keep your own business, youcould probably do it for under 30,
(29:50):
I think probably, or at least try.
But you have the additional risk
of now you got a headcount andyou've got to keep that person.
So I get it.
If you're unwilling to do that,
then just go do a deal desk.
absolutely.
And just to circle back before weclose things out here, because
Brandon and I were just talkingabout this this morning about
reaching out to our top partnersand asking for some names, like
the exact strategy that you'retalking about.
What would be your go to ask fromfrom that realtor?
(30:13):
Like how would you phrase it tothem?
Like to get the meeting or whenwe're in the- You're asking a
realtor, hey, I'm looking to addone more realtor partner and I
want to reach out to you because Iwant someone that's like-minded.
Who do you have in mind that I canconnect with?
we're in the- Oh, yeah.
Like those lines.
Okay.
Well, I thought you were saying if
I was trying to get a meeting witha realtor, what would be that
(30:34):
pitch?I'll start there because I think
that's probably all.
Sure.
Yeah.
My favorite thing I usually use, I
use in all kinds of sales.
It's like, look, it's only going
to take 15 minutes because I wantto remove the risk right out of
the gate.
So you're not locked into me for
an hour.
It may, in fact, take more than 15
minutes.
But once I get them hooked in the
first 10 minutes, then, oh, shoot,I noticed we're at the time limit.
And then, oh, no, no, no, keepgoing, keep going.
Perfect.
(30:54):
OK, I got the hook set.
OK, so or 30 minutes, whatever isgoing to reduce the risk.
And then it's kind of like I'mgoing to cover off two or three
strategies that I've beensuccessfully using with other
realtors that will help you closemore buyers because the programs
that I have will do that.
And I might even tease them a
little bit with guaranteedapproval or something.
That's the thing I'm going to gopitch.
And or, you know, the compare myoffers will pitch the idea that
(31:14):
borrowers are going to get a fullbroad, like fully report on all
the options that are available tothem.
I guarantee your current mortgagebroker is not doing that.
Something like that to just getthe meeting because what's in it
for me is pretty big.
So like realtors get what's in it
for me as the mortgage broker, butwhat are you going to do for me?
And so I got to frame that.
(31:36):
And by the way, if I don't have a
good idea of how this is going tobenefit the realtor, I'm going to
struggle because I got to frame itas a benefit to them.
So in that same frame, if I wastalking to somebody to give me a
referral, what's in it for theperson giving me the referral?
It's status.
So, hey, Tom, I know that you and
I have been doing some great worktogether, and I think you're
pretty happy about it.
I'm looking to bring on a couple
(31:56):
more people that are like you.
Who do you know that would benefit
from the things that you and Ihave built together?
So now we're like partners, andwhat's in it for you is the status
of introducing and I have builttogether.
So now we're like partners andwhat's in it for you is the status
of introducing me.
I that.
I was also saying to Tom earlier,kind of what I thought about the
frame is even if it's in the samemarket, wouldn't you feel more
(32:18):
comfortable knowing that I'm onthe other side of the deal when
it's your place that's beinglisted so that they know, okay,
the quality of work is there andthen you're servicing hopefully
all the clients.
I agree.
And by the way, with theguaranteed approval, I would say
to my realtors that I'm lookingfor buyers, I'd say, look, when
you talk to your sellers, this isalso an important part.
If they're going to be buyingsomewhere else, then they also
would like to get a guaranteedapproval.
And so they try to get them to,now I realize for some reason that
(32:40):
doesn't seem to work as well as Ithink it should, but it's there's
something there.
something, Yeah.
I tried the same thing for a bitof converting.
It's weird.
I don't know why you can't convert
sellers.
got go buy.
Yeah, exactly.
I had the same logic and then the
same hurdle.
I was why isn't this working?
like, oh, But way.
Yeah.
Like I'm a dog on a bone then.
If there's a problem in the
(33:01):
business, then I'm going to find away to figure out how to solve
that problem.
And then I'm going to make it look
like it's a product that igeniusly set up myself yeah which
basically is the same thing everyother mortgage broker does but i
just make it look like it's somemagical thing that i did yeah and
you've got a process around itevery other mortgage broker is
grabbing the documents up frontand doing some pre-underwriting
(33:21):
and doing a pre-approval they'reall doing that but i just put this
little bit of packaging on it andboom it's a product that is so
amazing.
That's different than everybody
else.
When in fact, it's actually not
different.
I guess the $5,000 is different,
but that's just to remove therisk.
You know, every pitch has toremove the risk for the person
buying.
Yeah, for sure.
Well, Greg, I love the way thatyou just take things and reframe
them and then market them.
And I think it's so brilliant to
(33:43):
take these strategies and justrepackage it and sell it to
people.
And I think it gives our listeners
some fresh ideas for how to thinkabout things that have come into
the market.
How can you take a new offering
from a lender and repackage it andsell it to a realtor to draw more
realtors into the network?And then from there, how to grow
and scale your realtor business.
And I think a lot of it is just
having those conversations,building the relationship, and
then having that relationshipcompound.
(34:03):
My big takeaway from today isdefinitely the hockey team analogy
you did.
I'm going to be stealing that for
sure.
Yeah, I love that too.
And so thanks again for joiningus.
It was a pleasure having you.
I And so thanks again for joining
us.
It was a pleasure having you.
I had a lot of fun.
Thanks guys.
I don't get to do this very often.
So I'm really grateful you chose
me.
It's like getting to use a part of
my brain that I don't get to useas much anymore.
So I'm really grateful.
(34:24):
Thank you very Awesome.
Thanks, Greg.
So everyone, if you want to hear
more of Greg's strategies andideas, head to the Lead to Close
podcast.
You can also find a link on the
LendDesk website as well.
And there's lots of great tips and
tricks and more learning to befound there.
Have an awesome
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