March 19, 2024 • 37 mins
Episode 57: Matt and Taylor are joined by Scott Peckford. Scott is the Founder of BRX Mortgage and the I Love Mortgage Brokering Podcast from Kelowna, BC. Being in the mortgage industry since 2006, Scott has never been scared to take risks and try new things, building multiple successful businesses including the VIP Club and the 10 Loans a Month Training Academy, which makes him one of the most influential people in the Canadian mortgage industry.
Scott is here to discuss: → How he's managed to build multiple successful businesses and the power of investing in coaching. → Why he started his podcast almost 10 years ago and how he's been able to use it as a marketing machine. → And what properties he would be scooping up in Kelowna right now in this current market.
BRX Mortgage Website: www.brxmortgage.com
BRX Mortgage Instagram: @brxmortgage
Scott Peckford's Instagram: @scottpeckford
ILMB Podcast: www.mortgagebroker.podbean.com
The Kelowna Real Estate Podcast is brought to you by Century 21 Assurance Realty, the gold standard in real estate. To learn more, visit: www.c21kelowna.ca
Matt Glen's Website: www.mattglen.ca
Matt Glen's Email: Matt.glen@century21.ca
Matt Glen's Instagram: @mattglenrealestate
Taylor Atkinson's Website: www.VentureMortgages.com
Taylor Atkinson's Email: Taylor@VentureMortgages.com
Taylor Atkinson's Instagram: @VentureMortgages
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
back to the Kelowna Real EstatePodcast.
I am your mortgage broker host,Taylor Atkinson.
And I am your agent host, MattGlenn.
What's going on today, Taylor?Yeah, you know what, Matt?
I've got some mortgage brokerinformation for you.
So, delinquency rates formortgages in Ontario have gone up
135.2% compared to previous year,while in BC, they've gone up
(00:22):
62.2%.
How do you feel about that, So,
reading into this a bit, and thosenumbers sound pretty high.
But when you take into account howlow they are, to go up 135%, or
even 62% is not that much overall.
Very You know, it was a leading
question.
I was trying to kind of catch you
(00:44):
in a shock and awe, but you're100% right.
So the interesting data on that isit's 0.13% of mortgages in BC.
Like it's literally under 0.2%.
It's a non-story.
And the interesting part, I'llshare this chart.
Essentially in the last 25 years,we're at historic lows in these
delinquencies.
They rose in 2012 to a high of
(01:05):
0.5%.
So we're a fifth of what we were
in 2010.
Now they are trending upwards,
obviously, but like this is not anissue that people should be
concerned about.
It's just more bad media
attention.
Obviously there are a bunch of
renewals that are coming up in thenext two years and people will
(01:27):
feel that payment shock, butthere's a lot of equity, a lot of
amortization left to play with.
Just don't get caught up in those
bad headlines.
So good for you, Matt.
Look at you, man.
Well, honestly, I have honestly, I
have to, I know you're trying toget me there, but like I literally
was just reading that story solike yeah good for me yeah yeah
you're on it man yeah yeahcanadians we're really good at
paying mortgages like compared togoing out like i think i was also
(01:48):
reading about this and i can'tremember what the numbers are but
like we're like in the top i thinkthree of paying mortgages so that
also goes hand in hand to althoughwe didn't love the stress test
when it came out but yeah you knowthe regulation kind of built this
in that we had essentially peopleapproved to afford these style of
mortgages, you know, two, three,four years ago when we first
started to get them approved inthese products.
So people should technically beable to afford this.
(02:11):
It's not to say like, we're notempathetic of the difficult times
everyone is having, but I justwouldn't get overly concerned
that, you know know we're going tosee a bunch of foreclosures on the
street exactly and like you'vetouched on before like there's so
much equity out there that yeah itotally agree with that so did you
hear the news about city colonnais allowing the fourplex thing the
four houses on a lock to gothrough through the Heritage
(02:33):
Corridor on Abbott.
I don't think it applies to
Heritage Houses on Abbott, butthere's a group hoping to get
exemption for the Abbott Corridor.
pretty crazy to me.
Honestly, they've worked so hard.
And I know someone that's
renovating, well, he's likecompletely torn down and rebuilt a
house in that area.
And the guidelines that he had to
follow were so strict.
Honestly, I kind of like it that
(02:55):
way.
abbott's such a cool street to
walk down i don't fully agree withidentification where it has to
kind of look the age or like kindof look like character yeah i
don't know if that's true or notbut it sounds like it'd be
reasonable to do that guy from thecity i can't remember his name
right now i'm saying that they'renot expecting this to happen soon
because a lot sizes on abbott arenot that big, apparently.
(03:16):
Although I can think of a few lotsthat are kind of gigantic there.
I don't know if it'll makeeconomic sense, though, really,
because those are lots.
Yeah, there's...
You're going to pay him like $2million for a teardown house to
build a four-plex?It does not make sense.
Like, you're never going to getthe rental income.
You're never going to get theresale.
Like, those specific propertiesare more of a luxury high end,
somebody that wants to be close totown, somebody.
(03:36):
So it doesn't really make sense todensify It doesn't right now, but
what happens in our next boom,like a 2021 style where you just
go in, you pay over market, themarket just catches up to you.
Right.
So like it doesn't right now, but
I think in the future, it will.
And also like the Abbott corridor
has been there longer than Kelownahas been a city.
So like, if you think about thatinto the future, what does that
(03:58):
mean?You know, like, yeah, I think
that's a big deal.
Well, yeah.
Speaking about next booms, we kindof spoke about this a little bit.
So we brought on Scott Peckfordtoday.
He's broker owner of BRXmortgages, Kelowna based guy.
He's been in owner of BRXMortgages, Kelowna-based guy.
He's been in the mortgage industryfor a long time, has a huge
following and has done a lot forthe mortgage industry and myself
included.
Yeah.
So really great guy to have on theshow.
(04:18):
And fortunately, he's got over amillion downloads on his own
podcast.
So almost as good as the Kelowna
Real Estate Podcast.
Yeah.
No, he's helped us a lot.
Helped helped me, us.
So super stoked yeah, to have himon.
But one of the things we spokeabout was essentially, they can
try and follow the real estateboom or bust by seeing how many
credit pulls are being done withinthe brokerages as a mortgage
(04:38):
company.
So I mean, he kind of tracks the
data and he says himself, he'salways bought at the worst time.
So maybe he's not the best guy tospeak about this.
You work there.
They've always had like a very
open door policy, been supportiveof my business as well.
So yeah, shout out to those guys.
out to those guys.
And it is the best brokerage intown.
(04:59):
You know, like being an agent canbe a little bit lonely.
Our job is to talk to people allthe time, but we're really in the
business on our own.
So Century 21 is a great place,
(05:19):
like your business on your own,but you're not alone.
You know, like we are verycommunal.
It's a nice environment to helpeach other out.
One of the main reasons why I'mstill there.
I can kind of come hang out in theoffice, bounce ideas off each
other, get some motivation firedup and go get some listings.
So it's a great place to be.
a selling point for me.
I just want to go hang out withMatt in the office.
(05:40):
Yeah.
We'll dive into the show here.
Enjoy it guys.
Scott Peckford, give him a follow
on his social media.
He's putting out a lot of good
content.
And hey, if you are a mortgage
broker and you're looking for achange as well, feel free to reach
out to me or Scott directly.
They are building quite a large
brokerage, so I can definitelywalk you through how that looks.
Enjoy the show.
Welcome to the show, Scott.
Thanks for joining us.
Thanks for having me.
(06:02):
Yeah, we like to start our showwith just you connecting with our
listener.
What's your perfect productive
Friday look like?What do you do for fun leading
into the weekend?Okay, so I usually get up at 5.45.
I do a stretching routine everymorning because I have a disc
injury that I'm almost over.
And I listen to a podcast, usually
actually you're i listen to yourpodcast only actually every day
yeah i'm like i i listen to youranother part you can stay i listen
(06:27):
to a podcast i do the stretchingthen i usually i do like a quick
mindset like reset my mind andthen i get to work you know my
days are pretty scheduled soeverything is like i've got great
support around me so it helps mestay hopefully in my lane of where
I think is my unique ability asmuch as possible.
I would like to be 80% uniqueability.
I'm probably 25%, but the moresupport and staff I put around me,
(06:49):
the more I can do that.
And then I don't usually do a lot
of external meetings in themorning.
So what I'll do is I'll do mycreative work because that's when
I'm most creative.
And then afternoons will be
meetings and you know, anything todo with that.
It's usually how I like to do it.
I've been doing a lot of thinking
more lately about energymanagement than time management.
Like most people, at least I feellike I have certain times of the
(07:09):
day, I'm very productive and verycreative.
And I want to use that time forthat type of work instead of
going, well, I have to do it.
So I'm really think about energy
management a lot.
And I even, you know, I plan a
workout at two o'clock in theafternoon so that I have energy in
the evening.
Otherwise, sometimes if I just
keep working till say four, I'musually so fried.
And I find doing a workout atlater in the afternoon actually
gives me like a second win for theday.
(07:30):
So it's kind of like a perfect dayfor me.
And then the weekends are justwhatever it's going to, you know,
family and my kids are involleyball and motorcycle racing
and whatever they're doing.
That's what I would like to do my
weekends is just do stuff withthem.
stay i for to, Nice.
Are you still on the ice bath
train?I know you're doing that.
yeah, I still do that.
I do it every day that I'm in
town.
So I started it, I don't know, 120
(07:51):
days ago.
Out of 100 days, I did 95 out of
100.
And I was pretty like, whenever
I'm developing a new habit,because I have ADD, what I find is
I'll go extreme for the first 90or 100 days so I can build that
new habit after that I can letmyself have a little bit of
because even during that first 100days like when I would go on
vacation I'd be in the hotel likeyou know taking all the ice to the
ice machine and everything andthey're like what the heck's wrong
with you right I'm like so now I'mlike you know I'm on vacation I'm
(08:12):
not gonna worry about it but Ihave a setup at home now that I
still do the cold day yeah I justdid you heard of a sauna on the
lake no yes yeah so they recentlybuilt this sauna on the lake and
then they have a little coldplunge spot it's right down near
city park basically right now andI think they'll move it in the
summertime that'd be awesome howdid I not know that's because I
yes yeah so I leave my office Igotta go check is it still
(08:34):
available or yeah yeah or yeahyeah yeah so you book it online
it's a seven person sauna so youcan either rent the whole thing or
you can just buy like a singleseat and maybe there's other
people in there.
So I went this weekend with a few
guys, man, the lake is cold.
Like, yeah, I know you're doing
ice baths, but like I was freezingin there.
so I set the temperature.
I've got this tub that I had built
and it's five degrees Celsius,which I think is about lake
temperature, four to five degrees.
The movement of water makes a
(08:55):
difference.
So I'm jammed in there.
So I'm not moving.
I know that the actual lake would
be colder because you get thislittle like layer of like warm
between you and the cold that kindof seems to work.
So, but I'm going to try that.
That's Yeah.
Yeah.
Give it a shot.
That's awesome.
Okay.
Well, I mean, tell us a little bitabout yourself.
Obviously I know who you are.
Yeah.
So I've been in the mortgagebusiness since 2006 and I started
a podcast 10 years ago and aboutfive years ago, I started coaching
mortgage brokers and I was doingthat exclusively.
And then two and a half years agoAnd I started a podcast 10 years
(09:17):
ago.
And about five years ago, I
started coaching mortgage brokers.
And I was doing that exclusively.
And then two and a half years ago,I started a brokerage, which is
new for me.
I love the training business.
I love the mortgage business.
I like podcasting.
I've been in Kelowna since 2003.
So when the fires happened, I love
Kelowna.
I try to convince every mortgage
broker, you probably don't want meto hear me say this, to move to
Kelowna because I think it's thebest place to live.
(09:37):
But I tell them, do your businessin Toronto, but like just live
here because, you know, becausethe mortgages are bigger there and
stuff.
So, you know, I just think Kelowna
is a great city.
And so I love it here.
What made you want to start abrokerage?
I know you've spoken about thisbefore.
I think it was a I think it was ahead injury, actually.
Just kidding.
Well, initially, because the
training business I quite enjoyedand the training business, I never
trained people that were rookies.
I was like, I will not train
rookies because rookies are thefailure rates high.
There's so much to learn.
And so basically we had this
(09:59):
thing, you'd have to be making aminimum of a hundred grand a year.
We wouldn't let you in ourtraining academy.
And then when I had so manyrookies reach out, they're like,
Hey, can we do training?And I was like, ah, and so I ran
an experiment and I was like,okay, we can train you on half of
this, but to do it well, weactually need to have support.
We need to have underwritingsupport.
We needed to build up and it wouldbe very expensive to run.
So I thought, well, why don't wejust make it a brokerage and work
out a split so that when they'resuccessful, we're successful.
(10:21):
And this worked like our rookieshave funded.
I don't even know, like 1200mortgages or more by now.
We've had tons of grads go throughthe program and it's been great.
Like, you know, and so that's howI got there.
It was not on about podcasting?Like you're a prolific podcaster.
You're one of the inspirations forthis show.
Like how many episodes do youhave?
I'm probably close to 600.
People accuse me of being
creative, but I'm not.
All I do is I just find something
in another industry and go, Oh,could this work here?
(10:42):
And so I followed, I lovemarketing podcasts with Joe Polish
and Dean Jackson.
And I was like, I'm going to start
a podcast.
What am I going to call it?
I'm like, how about I LoveMortgage Brokering?
And literally, if you look at mylogo, I was like, it looks like I
literally ripped those guys off.
And for me, the vision, because
when I go to a mortgageconference, I would find often in
the lobby, sitting there talkingto another top producer about
their business was way morevaluable than the speakers.
And I was like, well, I can't dothat all the time because A, it's
(11:05):
a lot of traveling and B, I'd bean alcoholic.
So why don't I just do a podcastand do the same thing and so
that's how it started by really Ijust followed my curiosity and I
almost nuked it a couple timesbecause my work was so busy and I
was trying to like it was a laborof love didn't make any money with
it yeah and it was an episode 100before I got sponsor and I didn't
produce my own show so ifanybody's thinking we're doing
like do not do that that is not agood use of your time so i didn't
(11:26):
produce a single episode i didn'tedit anything remember i got my
first sponsor and i was like thisis really cool like i'm getting
paid to like talk to people rightso yeah and then it just grown
from there over the years cost tostart a podcast as taylor and i
have learned the hard way you knowlike it's not free it's such a a
slow burn though right like?Like, so episode a hundred was
when you got sponsorship.
When did you find like, it really
started to add value to yourbusiness?
(11:47):
Well, when I started the trainingcompany, so however many years
that was into the podcast,initially you ran Facebook ads to
drive traffic to a webinar and thewebinar, then to book call and
book call into the trainingprogram.
And it was working pretty good,but I was up to a point where I
was spending, which is not tons ofmoney but i spent about 10 grand a
month on facebook ads geez that istons of money well i know people
spend way more than that but andit was working like the math
worked from yeah it was aprofitable business then my
(12:09):
facebook account like theybasically banned my ads because
they thought i was targetingbecause there's some rules around
if they think you're sellingmortgages on facebook you can't
target and yeah because of likesome those are new yeah you can
Facebook, you can't target.
And because of like some- Those
are Yeah.
new.
You can't target.
You can't right?
target, So it's like a basicallyso you can't like, but I'm
discriminate, I'm not sellingmortgages.
like, I'm selling training.
And of course they banned my
account, but you can't get anybodyon the phone.
(12:31):
You can't like, I'm only spending10 grand a month.
You need to be Texting Mark'snumber.
Yeah.
You need to be spending a hundred
grand a month to get somebodyprobably to talk to you on
Facebook.
And if I was spending a hundred
grand, they would have, and I havea friend who did Facebook.
He said, just set up a newaccount, start over.
And I thought like, ah, maybe Ican just do this all off organic
traffic and I can skip the 120grand a year.
And so that's when it becamereally profitable.
I just used the podcast to drivetraffic to my training company and
(12:53):
I eliminated, you know, $120,000 ayear bill.
I did less volume.
So like it was lower, but the net
was higher.
I ended up putting more money in
my jeans and I was like, this justmakes more funny.
I'm trying to figure out now how Ifound you.
And I think it was literally just,I was on Apple searched in like
mortgage brokering and you cameup.
And so I started listening to yourpodcast.
And so it was like, that is thelead gen.
It Yeah, it works.
And now I have a sponsor for my
show.
So I feel pretty lucky that I get
(13:13):
to talk to my interesting peopleand I get paid to grow my
business.
Like I got like a marketing
funnel.
So it's pretty awesome.
Yeah.
Now it's like self-sufficient.
Are you going to ever get to thepoint where you would replace
yourself?don't think so because I like it
too much.
Like so if I find interesting
guests.
So like lately I found some really
interesting guys down in the U.S.
that are doing some really cool
stuff.
And so this is a mistake.
And if you guys have a podcast,what I found is that I don't know
why I didn't think of this, but Iwent to a podcast conference and
(13:36):
they're like, ask your guests,like who are two or three people
you know that would be great.
And so I get off the show with
this guy and I'm like, hey, canyou give me some names?
Oh, yeah, I got names.
But I asked specifically, I said,
so in the U.S. for mortgage,because my podcast is for mortgage
brokers.
And so the Scotsman's Guide is
like they rank them all.
And I said, OK, who else do you
know that's in the Scotsman'sGuide that I should talk to?
(13:56):
And he's like, here, boom.
And every single one of them have
been like, oh, my goodness, youpeople are amazing.
And so I'm excited because they'reinteresting, you know, and I'm
getting these introductions frompeople.
And it's because I actually wasspecific about my ask.
I didn't just say, you know,adding in that Scotsman's Guide
part prompted their mind to go ohi know that's so true every guest
that we've had on that we thenasked for a referral for another
(14:17):
guest has been like amazing wehaven't been good at that from the
start and sometimes they haven'teven given us the introduction
they're just like oh you shouldask this person i'll send them a
linkedin message and i'm like ohthey to me yeah so like use the
guests that you get becausethey're all networked right like
so this guy wally i don't know ifyou've listened to this episode
but he does 200 million a yearworks 24 hours a week takes 20
weeks of holidays and i just fellout of my chair i'm like nobody
does and he owns like 400 rentalunits i'm like who is this guy
(14:38):
right and so the people he knowsare pretty freaking awesome and so
all the introductions have beenlike awesome somebody i'm
podcasting with later today isfrom that introduction.
So I'm like giddy up.
I have no idea what we're going to
talk about, but I don't even carebecause I think it's going to be
fun.
Yeah.
I want to circle back to onething, your unique ability and you
allocating 80 or 60% of your timeto it.
So what is your unique ability?I I think my unique ability is I
(14:59):
can find other people's superpowerand then see if it's repeatable.
And then if it's repeatable, otherpeople can copy it.
So not every superpower is, youknow, copyable.
So like Michael Jordan can dunkfrom the free throw line.
Can't do that.
But what I find, I love figuring
out what somebody's superpower isand then going, okay.
And then creating like a frameworkor a system that someone else can
go, okay, I may not be as good asthat person, but I can do way
better because I'm following likea model that is more accurate.
(15:21):
That's the part I love that part.
So that's what the podcast, why I
would never stop doing them isbecause i'm constantly finding new
frameworks and the thing i do nowmy show is i ask i'm like what are
the two superpowers that peoplesay you have if somebody were to
know you really well and they gooh this and this i'm like great
that's all i want to talk about idon't care about anything else
because those two things if that'stheir superpower that's where i'm
going to find the most valueversus well we could talk about 50
(15:45):
things and you know your childhoodand that's not.
I don't frankly superpower then ifyour first superpower is finding
it?I finding it in the second is
simplifying it.
I think they're related and it's
the curiosity that drives me.
Like I will routinely interview
somebody at the end of it.
They're like, oh my gosh, that was
an amazing conversation becausetheir superpower, you're so used
to it.
They can't even articulate all of
the ways, like they skip steps forthem.
That's like, oh, this is what Ido.
And it's four steps.
Like, no, no, hold on.
(16:06):
There's actually 12 steps inthere.
And there's some really importantdetails that if you don't know how
to ask the right questions, you'llmiss.
And so I interviewed this girlrecently, Michelle Castle.
I don't know her show's comingout, but so she does these classes
for real estate agents.
And so she went over top level.
I'm like, okay, stop, let's godeeper.
And then when she's done, I'mlike, there's so much that are
second nature for you becauseyou've been doing it for years.
But if you don't know how to askgood questions, you won't find
(16:26):
those things.
So that's where I find my
superpower is in like listeningand being like excited about what
they're saying and then helpingthem uncover.
Because then the audience getsserved too, right?
So It's so true.
When you talk about your own
stuff, you just think it's normal,right?
Like you talk about doingtransactions, Matt, and like
everyone would just find goldnuggets in that.
But for you, it's just the day today.
Like, especially to do with realestate agents, all the changes
happening right now.
Like we have like the new laws
coming out, the interest rates,the mortgage situations with
(16:49):
people's renewals and stuff likethat.
Like I deal with this all thetime.
So I think even making content onthe internet or talking to
clients, like you don't know allthis stuff, like, no, they don't
know all this stuff.
no they don't know all this stuff
like but for me it's almost oldnews but you have to remember who
you're talking to yeah you knowyou are a wealth of knowledge if
you know it or they we often misswhat is your biggest regret then
in say the last 20 years of yourindustry well i'm just laying on
(17:11):
the table if like the easy one isfinding all the superpowers and
i'll will say denise asked me toask this question i was if like
talking oh i know my biggestregret would be i would say in my
30s because i like to createthings i did not want to listen to
any coaching it was only in my 40swhen i started paying for coaching
i've spent a lot of money oncoaching and it was a game changer
because it's like you're gettingthis ikea furniture and you're
like i don't need to look atinstructions like i'm smart i'll
figure this out of course you putit together you realize one of the
(17:34):
panels is backwards I've done thisyou got to take the whole thing
apart to flip the panel over sothat you can make it look right
and so that's just a waste of nowI'm at the age I don't want to
waste any time on that I don'twant to rebuild this thing the
mistake I made was not really liketaking coaching and being like
find the smartest people I cantell me what to do and I'll copy
it.
I will iterate on top of their
(17:55):
ideas if I can.
But for sure, in my 30s, I was
like, I'm just going to do myself.
That costed me big time.
So what So what kind of coaching?Do you do coaching?
Any area that I feel like there'sa gap or I feel like I'm getting
stale.
So I had a podcast coach recently
and I've been doing this for 10years.
I've been doing it for longer thanhim, but this is his profession
and he's talking to people everyday.
This is his focus.
So I hired a podcast coach because
(18:16):
I was like, I need to tune up.
And so I will hire coaches for
sales, marketing, where I have adeficiency or an area that I want
to learn.
I'll hire a coach.
Like that guy Wally, I hired as acoach.
I'm like, hey, I want you to coachme on, you've built a successful
business and somehow kept yourfamily as a priority.
I've been able to do the businessside.
I've been terrible at this thing.
So he's like, sure, I'll do that.
And so we worked on an arrangementwhere he's helping me.
(18:37):
I had did my first call with himyesterday.
It was fantastic.
probably the accountability of
paying for something too, right?If someone's going to give you
free coaching, you'd be like,yeah, sure, whatever.
And maybe you go through it, butas soon as you pay for it, you're
like, I want the most out of Yes.
And I found that the more I spend
on something like, and it's justin general, the more people will
put effort into it.
So the most I ever spent on
coaching was 75K US for one year.
And that wasn't including travel
to three different venues that Ihad to pay for travel
(18:59):
accommodations, like, and it wasworth every freaking penny.
And so that's something I didn'tknow in my thirties that I would
say my younger self, like my sonis 17.
He wants to get into sales.
And so I have him booking calls
for me.
He phoned you actually.
I'm like, hey, man, we're going tostart you off with baby steps.
So if I'm like, if I wanted tobuild a salesperson, I'm like, OK,
we're going to start off with easystuff.
And then I'm like, OK, I've beendoing these improv classes.
I'm like, you're going to doimprov classes because these are
going to help you think on yourfeet.
(19:20):
And I'm just going to layer in allof these things.
And I'll get him coaching toothroughout this, but like just
layer it in to get him therefaster.
Oh, interesting.
So what do you sell you?
Well, I asked you to book a callwith Scott to talk about like
anything I want to work on orissues with the brokerage or
opportunities.
And I was like, you know what?
I'm chatting to him for an hourtomorrow.
Like I don't want to chew up anymore of his time.
(19:41):
But if I knew it was a- I to hireyou to coach me to how to get off
the calls with those kinds ofthings.
I get those sales calls all good.
I appreciate it.
I mean, that's the nice part ofyou running the brokerage is like,
although you're incredibly busy,you're very approachable, which is
pretty nice.
What do you see changing in the
next kind of like five, 10 yearsin the mortgage industry?
Obviously, you know, there's likeAI and stuff like that.
And I know you're not really likeweeds deep in lender guidelines,
(20:02):
but I guess what's the nextopportunity for brokers or
homeowners or real estate agents?Like what's kind of the direction
of the industry Well, I think thatwe're going to move to more, it's
already happening, but you don'trealize it, but like automated
adjudication.
So using software to do some of
the heavy lifting in terms ofunderwriting files.
And so I feel like that's going tocontinue.
So that's good.
That'll make our jobs easier.
I think that in the future, you'regoing to have fewer brokers doing
(20:25):
more volume.
Sales and marketing is not going
away.
Because at the end of the day, if
you think of this, like you canwalk into Scotiabank Arena in
Toronto, you know, everything'sScotiabank.
And then you walk out and you talkto a mortgage broker and you get a
mortgage at TD Bank.
And it's like, they spent a lot of
money and it did not convert theminto a customer, right?
And you know, another bank, BMO,just came into the channel and
they're slowly rolling out to moreand more brokerages.
It's because they're like theycan't get into every nook and
(20:45):
cranny of a community like reallygood salespeople can or community
people can.
So I don't think we're going
anywhere.
But I think that brokers who don't
adopt technology, who don't adoptAI in the parts of their business
that they can, who don't get goodat sales and marketing, because
that is what we get paid for.
At the end of the day, if you
think about it, the people thatwork at, if you're talking about
Scotiabank, they know theirproducts better than you do.
Like they are better atunderwriting than you.
What they can't do is they can'tgo find that customer.
And that's what they're paying youfor.
(21:07):
And so I don't think that that'sgoing to change.
I think that it'll become morecompetitive, but the people that
you guys are already ahead of thecurve and that, you you know this
podcast is effectively marketingin terms of getting your name out
there getting introductionsmeeting people so people that
aren't doing that they're going toget steamrolled so i feel like
that's a massive opportunity sothat's one thing i think is going
to change is just this automatedadjudication will be a big it'll
(21:28):
be a benefit mostly and then thepeople who don't want to adopt the
new technologies are going to getlike just left behind i it's like
ai is kind of like when computerscame out but times a thousand you
know like with how fast it's goingto take over and i don't think
it's going to replace the greatthing i like about my podcast i
get to do a lot of like researchand so i found a guy down in north
carolina was working with a lenderthat is completely ai there's no
(21:50):
people they basically send in thedocuments it goes and pulls your
income from the income providingcompanies that do all the checks
like the payroll companies.
It pulls your tax information,
pulls your property taxinformation.
It comes back.
Yep, we'll give you a line of
credit up to 95% loan to value andup to $500,000 limit.
And it's all done through amachine.
And you negotiate with themachine.
The machine will come back to youwith like, hey, do you want this
rate and this fee or you want thisfee and this rate?
(22:12):
And that either will work or itwill be a catastrophe and they'll
lose a pile of money.
I feel like customers are actually
going that way where they wantless interaction.
A lot of customers I find don'twant the phone call where some you
can pinpoint.
You're like, oh, I need to call
this person.
They want to get on the phone for
five minutes and resolve thiseasy.
But if you get somebody thatdoesn't answer the phone and they
just want a couple of textmessages or emails, they would
(22:32):
rather have like an automatedsystem they push the button.
Like just think about this rightnow with a lot of people
struggling financially, theyprobably don't want to tell a
human that they're missing theirpayments or that they're.
Yeah.
It's Yeah.
It's funny you say that.
So they feel more comfortable
talking.
Yeah.
I'd rather just tell a computerand it doesn't say that stuff, you
know?Yeah.
Yeah.
So there's going to be more of
that.
But I think, so in the US still,
they're much more aggressive inbanking.
Like they're okay if banks fail.
(22:52):
Like they fail all the time.
In Canada, that won't happen.
And getting a bank license is
nearly impossible.
They've only issued a couple in
the last few years, like in thelast 10 years.
And they're really strict.
And so they're going to always be
ahead of us in that stuff.
Because this company that stuff
because this company that's doingthis is they could lose all their
money.
And like, you know, in Canada,
that would be like In They wouldnever let you do it.
So. Is the evolution side ofmortgage broker, like, are we
(23:13):
taking over more of the marketshare than banks?
We have been.
So like in the last few years, and
this was why you see someinstitutions coming into the
channel.
It's like, dang, why compete with
them?Because let's just use them as our
lead source.
So yeah, we are a higher
percentage than we were for sure.
But that depends on the type of
business.
We're great on purchase.
We're great on insured, you know,rental business for self, any of
(23:35):
that kind of stuff.
Typically brokers are really good
at.
There's some stuff that the banks
are definitely better at than us,but that's fine.
Mobile home parks.
Yeah.
But that's the easy conversationtoo.
Just tell them like, you're betteroff to just be like you're not fit
man like you know when i wasbrokering i would do that all the
time i'd be like like i don'twaste my time and you build more
trust telling somebody no actuallyoften builds more trust than
(23:56):
trying to make a square peg fitnot around we just had this topic
at our meeting this morning at ouroffice how sometimes saying no
like i'm not the perfect personi'm at the right threshold for
this builds more trust and buildsmore of a referral in the long run
than trying to do it yourself.
Yeah.
That's so interesting you broughtthat up.
Yeah.
you say one thing.
I don't know where it was.
Maybe a month or two ago.
It was probably on one of yourpodcasts.
But one of the broker owners seesbasically the real estate market
(24:18):
from how many credit pulls arehappening within their brokerage,
which I thought was actuallyreally interesting.
And I know myself, like I've beenmuch busier.
What have you been seeing in thebackground?
have you reviewed that at BRICS?Yeah.
So Yeah.
So I've just referenced if you're
listening.
So usually credit pulls happen way
early in a process and you willpull credit on people that A,
don't qualify, B, change theirmind, like a hundred reasons why.
So there's a higher number ofcredit pulls compared to the
number of actual funded mortgages.
And so I looked at the ratio
(24:38):
between credit pulls to fundedmortgages and kind of came up with
a number that looked like it wasabout right.
And the number was actually off.
So when I had done it, I thought
that like based on the creditpulls that we had in, it was 60
days before credit pulls we had inNovember, I was expecting us to
have about 150 mortgages funded inJanuary, but the number was like,
I think a hundred and I want tosay 175, 180.
So it's not by a lot, but weactually had more funded mortgages
(24:59):
than my, you know, non-scientificformula came up with, but it's
just a leading indicator.
It's not a perfect metric, but it
will give you some measurement interms of what's potentially coming
down the pipeline.
And so And so probably pretty
seasonal right?Yeah.
Well, mortgages are seasonal forsure.
Like, you know, people don'tusually want to move as much in
the winter.
And then if they buy a property in
the spring, their mortgage isgoing to renew in the spring.
So then you're going to haverenewals are going to happen at
(25:22):
the same time.
I mean, like during the winter,
you must at the almost, I don'tincreased, but more credit pulls
in the winter and then the No,it's way more in the spring.
Like that would be low.
So for us, like the number of
credit pulls in November was lowerthan it would have been like back
in July because it was, you know.
Yeah, I feel like most people are
like, OK, I'm just going to hunkerdown for Christmas, you know,
enjoy the holidays.
And then when they start doing
their taxes, they're like, oh,maybe I should look at, you know,
(25:44):
maybe my income's higher this yearor something.
But are you seeing the market likethis time this year compared to
last year?Like, is there more activity like
we're seeing it?But yeah, I see it.
The problem that we have, I'm nota great barometer for that because
our brokerage keeps adding morepeople and so even if everybody
was doing less volume it wouldlook like we're doing more because
when you add more people it's likewell our volume went up just from
that so yeah anecdotally when italk to people that especially in
(26:06):
ontario i feel like there's apent-up demand like that didn't go
away the demand hasn't gone and sothey're kind of just waiting and i
feel like when we see that firstrate cut we're all herd animals
we're just gonna follow oh time tobuy now they're all gonna run back
to starting to buy i agree withyou that first rate cut's gonna be
uh yeah gonna be fireworks allover this yeah people are gonna go
crazy and then they're gonna belike it's time to get in it's time
(26:29):
to end like it's just human natureyeah everyone wants to outsmart
the next guy by like everybodyelse exactly i've said this a
billion times that people arewaiting for prices to go up before
they start buying yeah like solike the prices are low now but i
want them to go up before i jumpin and you're to be competing so
it's going to happen people arewaiting they're all waiting and
they're all going to go back atthe same time and be like oh shoot
(26:49):
now i'm competing with all thesepeople and now the seller's it
just saves 700 bucks on a homeyeah yeah well and i mean you've
also said you've always donefairly poorly i'm terrible state
terrible state transactions i'mthe worst at predicting the market
so like do not listen to anythingi say when it comes to timing the
yeah yeah what do you see i mean iknow this is a question you just
said don't ask but what do you seein the okanagan well i'm then
(27:10):
you're probably like so now's theto buy yeah like perfect when i
buy it's usually the peak of themarket so at least the last two
cycles okay so this is again notscientific but the last two cycles
i bought at the peak of the marketboth times like january 2008 right
bought a property july is likesubprime crisis the bottom falls
out and i'm like oh that sucks andthen march of 2022 and you know
that is the peak that was the peaki mean a lot'm like oh that sucks
and then march of 2022 and youknow that is the peak that was the
(27:31):
peak mean a lot of people say thatas well i mean prior to your last
purchase i'm fine now yeah likefine now yeah like here's the
thing if you hold it long enoughyou're fine it's only if you have
yourself that's exactly right ifyou're gonna hold long enough it
does not it not it will not makeany surrounding error but if you
have to sell it that's when youget yeah you have like you think
about you talk to people from the80s that have been through all
(27:54):
this it's like do they really careif they bought in 79 or 84 like no
you know it makes no differenceyeah exactly okay well something
you are at but you are pretty muchlike a serial entrepreneur you've
created a bunch of businessesyou've sold them like what makes
you successful as someone I wouldsay I tend to, this is a learned
habit.
This wasn't how I first started,
but I tend to only want to buildthings that people want to buy.
So I will do is that's a goodgoal.
(28:14):
Try and build like the minimumviable product.
What's the least amount of thing Ican sell.
And if I can't sell that, myassumptions are wrong.
And so then it's like, okay, likefor instance, bricks, as an
example, we're a brokerage, we hadmore than a hundred agents.
We didn't have a website, but wedidn't have a company website,
which most people would be like,oh, you got to have a company
website and all the, and I'm like,I didn't even think.
And I only got one when somebodyreached out to me and said, hey,
(28:35):
there's people running ads on yourcompany name.
You probably should have awebsite.
And I was like, oh yeah, okay, wecan do that.
And I set one up in 10 minuteswith a AI.
And I was like, whatever.
Because to that me, stuff doesn't
matter.
Like your website, unless it's the
thing that, you know, I will builda landing page, you know, a
landing page that you need.
So that's what I'm saying.
What's the minimum thing that Ican do and then test my
assumption?And then if it's wrong, I'll, you
(28:56):
know, adjust.
So I think I've gotten better at
that.
I will not spend time and energy
on things if I feel like there'sno market for it.
Even if I like it.
That's like, who cares?
Yeah.
Well, I guess flip side to that
question, maybe I don't know maybeI've only heard about the
successful stuff but do you havecompanies like there's so many
dumpster fires man like so many sothe lesson is just keep trying as
many yeah I I think you've gotthat I think that's a good lesson
(29:18):
the dumpster fires are actuallywhere I learned this because I
jumped into things because I'mlike this sounds like a great idea
and I was like what the heck Ididn't give this any thought and
so like like, you know, that forsure has been, and my wife, she
would be like, she knows all thedumpster fires and she knows where
the bodies are.
She'd be like, Oh, like, you know,
she's seen all of it.
And there's, so there's no, I
can't snow her and be like, Oh,she's like, yeah, right.
But everybody, yeah, I've madetons of mistakes, but the big
thing that I've learned from thosemistakes is what's the smallest
thing that I could try and sell orsell the idea.
(29:39):
And then if that works, cool, thenput more energy behind Well, I
mean, yeah, when you know to cashout, because like when you've
sold.
Sometimes, so this is a mistake
I've made in the past is that if Ilook back of the business I've
sold, I probably wouldn't havesold some of them if I was a
better entrepreneur.
I would have just brought in
people to run them.
And I didn't know that I could do
(30:00):
that.
I didn't know that there were
people out there that wereactually better at running things
than me.
And so that's learning.
You can build things.
I'm the kind of person who likes
to build things.
Although the brokerage, somebody
said to me the other day, he'slike, hey, so are you getting
bored?I'm like, no, because it's so much
more complex.
This is like a video game with
like, you know, it's like all of asudden a new video game.
(30:21):
Like there's levels to this stuffI didn't even see.
And so I'm quite enjoying thecomplexity of it, but I didn't
realize how you could just findgreat people and like work on an
arrangement and both you win.
That's what something I would do
different.
Cause what would happen is I'd
have this thing going and be okay.
And then I'd have something else
and they're competing for my time.
And I'd always say, I can't fly
two planes.
So one of them is going to crash.
So what am I going to do?I'm going to sell a plane instead
(30:42):
of find another pilot, let themfly the plane.
And then I can have two planes,right?
But I really didn't know that Icould do that.
And this guy that I've talkedabout earlier, Wally, like that's
what he does.
He's got like nine other pilots.
Like somebody runs his commercialbusiness.
Somebody runs this and he callsthem an integrator.
There's a great book calledTraction by Gene Wickman.
And there's a visionary andintegrator.
Integrators are people that takeyour ideas and execute.
He is really good at that.
And so that is something that I
did not realize.
I was like, oh, shoot, that
(31:03):
probably cost me a bunch of money.
I know it did.
It cost me a lot of money, but Idon't live in the past and regret.
I just like And Yeah.
But then it's like you leapfrogged
and got into a bunch of lessons.
Yeah.
of lessons.
Yeah.
Try to.
I mean, you know, you definitely
try to do that, but I try to makesure that whatever I build has a
market for it and scratch my ownitch.
The other thing I'd say is like,would I buy this if it existed?
(31:24):
Or if I wouldn't, then why am Idoing that's important.
Well, yeah, it definitely didcross my mind.
I was like, I wonder if Scott'sgoing terrible.
You just would be not the righttime.
But like, you know, over the nextfive or six years kind of thing, I
think it would make sense.
But we need to build it bigger and
get more value.
And there's some other layers that
I want to build in there that willcreate more value, like stuff.
But everything takes time.
You can't do it fast.
(31:44):
Don't worry, this thing's going toblow up as soon as this podcast
gets released.
Yeah, like boom.
Hey, yeah.
If brokers want a new brokerage,
reach out to Scott.
Yeah.
Or his son's going to reach out toyou either way.
Make exactly.
Yeah.
Okay.
we've got to start wrapping up
because we know you got anotherpodcast to jump on to this is a
funny question for you though ifyou could buy one property in the
okanagan in the next 12 monthswhat would it be could be
(32:05):
investment personal whatever butwe're basically just Yeah.
well right i would say that dealsare gonna be on condos in this
market like given that whathappened with airbnb like there's
going to be, you know, if I wereto buy anything now, I'd probably
buy a condo because I got threekids at some point.
I'd like to eventually help themall with their properties.
And we've said that a lot the pastfew years.
Honestly, the condo prices are forsure coming down, but they won't
be So I agree with you.
I think that this is going to pose
a great opportunity for buyers andnot so much for people that own
(32:27):
them, but that's how things go,you know?
especially Yeah, people banking onthe income from the So I agree but
STR.
that's how things go you know yeah
yeah especially people banking onthe income from the str so i agree
yeah what's the best thing you'veever spent on coaching like
honestly because like a new idea anew perspective can open up a
whole other possibilities that youdidn't even know so i'd say
coaching and mentoring would bethe thing i spent them you know in
terms of large ticket small ticketyou know recently i bought this
cold plunge tub which which Iquite like.
(32:49):
It was only a couple grand, but itwas like.
A little steel once?No, it was basically like a deep
freeze that a guy converted into.
Like it's got a pool liner and
it's wrapped in cedar and it's gotlike a timer and like temperature
gauges.
And I haven't been electrocuted
yet, so it's good.
If I one day be like, oh, he's
dead.
He died in this frigging deep
freeze.
I always unplug it when I get in
because I'm like, I have no ideaif this is.
(33:09):
do Oh, you?Oh, I'm yeah.
like like, he just said, unplugwhen you get I'm in.
have like, no idea if this is ohyeah i'm like like he said just
unplug when you get in don't worryit's like let's take how these
things take off cold plunges rightlike uh gym i used to go to like
everyone seems to have coldplunges there's new businesses
when we're talking about downtownand a global gym i used to go
there i don't anymore because ihave a home gym but they uh sent
out this email and said yes guysdon't worry we're getting a cold
(33:29):
plunge soon man this is justtaking over i this is just taking
over i should just open up my poolin the winter and start charging
cover you come jump in my poolyeah five bucks yeah no man it's a
hot chicken item you couldprobably cost like 75 bucks i
looked at what some of them arelike ten thousand dollars like
some of these tubs i mean theylook fancy but i'm like i don't
need that like how many bags of ofISO need to buy to fair.
(33:53):
What's your favorite charity orhow do you give I like the food
bank a lot.
And I like giving money to the
food bank because the food bankhas like these buying
arrangements.
And so they can often get like $5
or $7 to every one you give them.
So giving them a can of soup,
well, that seems great, but likegive them seven bucks and they can
buy probably like, you know, fouror five cans of soup.
Yeah.
And so I like the food bank and
(34:13):
feeding people.
Like, I don't know.
I just, that's the charity thatI've always like, if we do
anything that's usually to do withthat, I just like it.
I think it's good.
can Taylor, I, our listener help
you or your business?know, man.
Just like send business to youguys.
Cause you can keep going over whatyou're doing.
Like, so send business to Taylormortgages, send you real estate
deals.
Like, I think you guys are on the
front edge of what, you know,like, as I said, people that are
in the sales and marketing, you'regoing to be at the front edge of
(34:36):
this.
So like send you guys business.
I'm good.
Like, yeah, I appreciate that.
Yeah.
Maybe $20 later.
Yeah.
Okay.
Where's my 20 bucks.
You guys promised me.
You're just kidding.
You can take it in ice cubes.
Yeah.
I'll take a couple bags of ours.
You can jump Taylor's pool if youwant.
Okay, well, thanks so much forcoming on.
I mean, I know I get to chat toyou once in a while over Zoom and
stuff, but, yeah, I haven't raninto you in a little while.
for having man.
me, Appreciate you coming down.
Yeah, very much appreciate it.
(34:57):
It's awesome.
Yeah,
back to the Kelowna Real EstatePodcast.
I am your mortgage broker host,Taylor Atkinson.
And I am your agent host, MattGlenn.
What's going on today, Taylor?Yeah, you know what, Matt?
I've got some mortgage brokerinformation for you.
So, delinquency rates formortgages in Ontario have gone up
135.2% compared to previous year,while in BC, they've gone up
(00:22):
62.2%.
How do you feel about that, So,
reading into this a bit, and thosenumbers sound pretty high.
But when you take into account howlow they are, to go up 135%, or
even 62% is not that much overall.
Very You know, it was a leading
question.
I was trying to kind of catch you
(00:44):
in a shock and awe, but you're100% right.
So the interesting data on that isit's 0.13% of mortgages in BC.
Like it's literally under 0.2%.
It's a non-story.
And the interesting part, I'llshare this chart.
Essentially in the last 25 years,we're at historic lows in these
delinquencies.
They rose in 2012 to a high of
(01:05):
0.5%.
So we're a fifth of what we were
in 2010.
Now they are trending upwards,
obviously, but like this is not anissue that people should be
concerned about.
It's just more bad media
attention.
Obviously there are a bunch of
renewals that are coming up in thenext two years and people will
(01:27):
feel that payment shock, butthere's a lot of equity, a lot of
amortization left to play with.
Just don't get caught up in those
bad headlines.
So good for you, Matt.
Look at you, man.
Well, honestly, I have honestly, I
have to, I know you're trying toget me there, but like I literally
was just reading that story solike yeah good for me yeah yeah
you're on it man yeah yeahcanadians we're really good at
paying mortgages like compared togoing out like i think i was also
(01:48):
reading about this and i can'tremember what the numbers are but
like we're like in the top i thinkthree of paying mortgages so that
also goes hand in hand to althoughwe didn't love the stress test
when it came out but yeah you knowthe regulation kind of built this
in that we had essentially peopleapproved to afford these style of
mortgages, you know, two, three,four years ago when we first
started to get them approved inthese products.
So people should technically beable to afford this.
(02:11):
It's not to say like, we're notempathetic of the difficult times
everyone is having, but I justwouldn't get overly concerned
that, you know know we're going tosee a bunch of foreclosures on the
street exactly and like you'vetouched on before like there's so
much equity out there that yeah itotally agree with that so did you
hear the news about city colonnais allowing the fourplex thing the
four houses on a lock to gothrough through the Heritage
(02:33):
Corridor on Abbott.
I don't think it applies to
Heritage Houses on Abbott, butthere's a group hoping to get
exemption for the Abbott Corridor.
pretty crazy to me.
Honestly, they've worked so hard.
And I know someone that's
renovating, well, he's likecompletely torn down and rebuilt a
house in that area.
And the guidelines that he had to
follow were so strict.
Honestly, I kind of like it that
(02:55):
way.
abbott's such a cool street to
walk down i don't fully agree withidentification where it has to
kind of look the age or like kindof look like character yeah i
don't know if that's true or notbut it sounds like it'd be
reasonable to do that guy from thecity i can't remember his name
right now i'm saying that they'renot expecting this to happen soon
because a lot sizes on abbott arenot that big, apparently.
(03:16):
Although I can think of a few lotsthat are kind of gigantic there.
I don't know if it'll makeeconomic sense, though, really,
because those are lots.
Yeah, there's...
You're going to pay him like $2million for a teardown house to
build a four-plex?It does not make sense.
Like, you're never going to getthe rental income.
You're never going to get theresale.
Like, those specific propertiesare more of a luxury high end,
somebody that wants to be close totown, somebody.
(03:36):
So it doesn't really make sense todensify It doesn't right now, but
what happens in our next boom,like a 2021 style where you just
go in, you pay over market, themarket just catches up to you.
Right.
So like it doesn't right now, but
I think in the future, it will.
And also like the Abbott corridor
has been there longer than Kelownahas been a city.
So like, if you think about thatinto the future, what does that
(03:58):
mean?You know, like, yeah, I think
that's a big deal.
Well, yeah.
Speaking about next booms, we kindof spoke about this a little bit.
So we brought on Scott Peckfordtoday.
He's broker owner of BRXmortgages, Kelowna based guy.
He's been in owner of BRXMortgages, Kelowna-based guy.
He's been in the mortgage industryfor a long time, has a huge
following and has done a lot forthe mortgage industry and myself
included.
Yeah.
So really great guy to have on theshow.
(04:18):
And fortunately, he's got over amillion downloads on his own
podcast.
So almost as good as the Kelowna
Real Estate Podcast.
Yeah.
No, he's helped us a lot.
Helped helped me, us.
So super stoked yeah, to have himon.
But one of the things we spokeabout was essentially, they can
try and follow the real estateboom or bust by seeing how many
credit pulls are being done withinthe brokerages as a mortgage
(04:38):
company.
So I mean, he kind of tracks the
data and he says himself, he'salways bought at the worst time.
So maybe he's not the best guy tospeak about this.
You work there.
They've always had like a very
open door policy, been supportiveof my business as well.
So yeah, shout out to those guys.
out to those guys.
And it is the best brokerage intown.
(04:59):
You know, like being an agent canbe a little bit lonely.
Our job is to talk to people allthe time, but we're really in the
business on our own.
So Century 21 is a great place,
(05:19):
like your business on your own,but you're not alone.
You know, like we are verycommunal.
It's a nice environment to helpeach other out.
One of the main reasons why I'mstill there.
I can kind of come hang out in theoffice, bounce ideas off each
other, get some motivation firedup and go get some listings.
So it's a great place to be.
a selling point for me.
I just want to go hang out withMatt in the office.
(05:40):
Yeah.
We'll dive into the show here.
Enjoy it guys.
Scott Peckford, give him a follow
on his social media.
He's putting out a lot of good
content.
And hey, if you are a mortgage
broker and you're looking for achange as well, feel free to reach
out to me or Scott directly.
They are building quite a large
brokerage, so I can definitelywalk you through how that looks.
Enjoy the show.
Welcome to the show, Scott.
Thanks for joining us.
Thanks for having me.
(06:02):
Yeah, we like to start our showwith just you connecting with our
listener.
What's your perfect productive
Friday look like?What do you do for fun leading
into the weekend?Okay, so I usually get up at 5.45.
I do a stretching routine everymorning because I have a disc
injury that I'm almost over.
And I listen to a podcast, usually
actually you're i listen to yourpodcast only actually every day
yeah i'm like i i listen to youranother part you can stay i listen
(06:27):
to a podcast i do the stretchingthen i usually i do like a quick
mindset like reset my mind andthen i get to work you know my
days are pretty scheduled soeverything is like i've got great
support around me so it helps mestay hopefully in my lane of where
I think is my unique ability asmuch as possible.
I would like to be 80% uniqueability.
I'm probably 25%, but the moresupport and staff I put around me,
(06:49):
the more I can do that.
And then I don't usually do a lot
of external meetings in themorning.
So what I'll do is I'll do mycreative work because that's when
I'm most creative.
And then afternoons will be
meetings and you know, anything todo with that.
It's usually how I like to do it.
I've been doing a lot of thinking
more lately about energymanagement than time management.
Like most people, at least I feellike I have certain times of the
(07:09):
day, I'm very productive and verycreative.
And I want to use that time forthat type of work instead of
going, well, I have to do it.
So I'm really think about energy
management a lot.
And I even, you know, I plan a
workout at two o'clock in theafternoon so that I have energy in
the evening.
Otherwise, sometimes if I just
keep working till say four, I'musually so fried.
And I find doing a workout atlater in the afternoon actually
gives me like a second win for theday.
(07:30):
So it's kind of like a perfect dayfor me.
And then the weekends are justwhatever it's going to, you know,
family and my kids are involleyball and motorcycle racing
and whatever they're doing.
That's what I would like to do my
weekends is just do stuff withthem.
stay i for to, Nice.
Are you still on the ice bath
train?I know you're doing that.
yeah, I still do that.
I do it every day that I'm in
town.
So I started it, I don't know, 120
(07:51):
days ago.
Out of 100 days, I did 95 out of
100.
And I was pretty like, whenever
I'm developing a new habit,because I have ADD, what I find is
I'll go extreme for the first 90or 100 days so I can build that
new habit after that I can letmyself have a little bit of
because even during that first 100days like when I would go on
vacation I'd be in the hotel likeyou know taking all the ice to the
ice machine and everything andthey're like what the heck's wrong
with you right I'm like so now I'mlike you know I'm on vacation I'm
(08:12):
not gonna worry about it but Ihave a setup at home now that I
still do the cold day yeah I justdid you heard of a sauna on the
lake no yes yeah so they recentlybuilt this sauna on the lake and
then they have a little coldplunge spot it's right down near
city park basically right now andI think they'll move it in the
summertime that'd be awesome howdid I not know that's because I
yes yeah so I leave my office Igotta go check is it still
(08:34):
available or yeah yeah or yeahyeah yeah so you book it online
it's a seven person sauna so youcan either rent the whole thing or
you can just buy like a singleseat and maybe there's other
people in there.
So I went this weekend with a few
guys, man, the lake is cold.
Like, yeah, I know you're doing
ice baths, but like I was freezingin there.
so I set the temperature.
I've got this tub that I had built
and it's five degrees Celsius,which I think is about lake
temperature, four to five degrees.
The movement of water makes a
(08:55):
difference.
So I'm jammed in there.
So I'm not moving.
I know that the actual lake would
be colder because you get thislittle like layer of like warm
between you and the cold that kindof seems to work.
So, but I'm going to try that.
That's Yeah.
Yeah.
Give it a shot.
That's awesome.
Okay.
Well, I mean, tell us a little bitabout yourself.
Obviously I know who you are.
Yeah.
So I've been in the mortgagebusiness since 2006 and I started
a podcast 10 years ago and aboutfive years ago, I started coaching
mortgage brokers and I was doingthat exclusively.
And then two and a half years agoAnd I started a podcast 10 years
(09:17):
ago.
And about five years ago, I
started coaching mortgage brokers.
And I was doing that exclusively.
And then two and a half years ago,I started a brokerage, which is
new for me.
I love the training business.
I love the mortgage business.
I like podcasting.
I've been in Kelowna since 2003.
So when the fires happened, I love
Kelowna.
I try to convince every mortgage
broker, you probably don't want meto hear me say this, to move to
Kelowna because I think it's thebest place to live.
(09:37):
But I tell them, do your businessin Toronto, but like just live
here because, you know, becausethe mortgages are bigger there and
stuff.
So, you know, I just think Kelowna
is a great city.
And so I love it here.
What made you want to start abrokerage?
I know you've spoken about thisbefore.
I think it was a I think it was ahead injury, actually.
Just kidding.
Well, initially, because the
training business I quite enjoyedand the training business, I never
trained people that were rookies.
I was like, I will not train
rookies because rookies are thefailure rates high.
There's so much to learn.
And so basically we had this
(09:59):
thing, you'd have to be making aminimum of a hundred grand a year.
We wouldn't let you in ourtraining academy.
And then when I had so manyrookies reach out, they're like,
Hey, can we do training?And I was like, ah, and so I ran
an experiment and I was like,okay, we can train you on half of
this, but to do it well, weactually need to have support.
We need to have underwritingsupport.
We needed to build up and it wouldbe very expensive to run.
So I thought, well, why don't wejust make it a brokerage and work
out a split so that when they'resuccessful, we're successful.
(10:21):
And this worked like our rookieshave funded.
I don't even know, like 1200mortgages or more by now.
We've had tons of grads go throughthe program and it's been great.
Like, you know, and so that's howI got there.
It was not on about podcasting?Like you're a prolific podcaster.
You're one of the inspirations forthis show.
Like how many episodes do youhave?
I'm probably close to 600.
People accuse me of being
creative, but I'm not.
All I do is I just find something
in another industry and go, Oh,could this work here?
(10:42):
And so I followed, I lovemarketing podcasts with Joe Polish
and Dean Jackson.
And I was like, I'm going to start
a podcast.
What am I going to call it?
I'm like, how about I LoveMortgage Brokering?
And literally, if you look at mylogo, I was like, it looks like I
literally ripped those guys off.
And for me, the vision, because
when I go to a mortgageconference, I would find often in
the lobby, sitting there talkingto another top producer about
their business was way morevaluable than the speakers.
And I was like, well, I can't dothat all the time because A, it's
(11:05):
a lot of traveling and B, I'd bean alcoholic.
So why don't I just do a podcastand do the same thing and so
that's how it started by really Ijust followed my curiosity and I
almost nuked it a couple timesbecause my work was so busy and I
was trying to like it was a laborof love didn't make any money with
it yeah and it was an episode 100before I got sponsor and I didn't
produce my own show so ifanybody's thinking we're doing
like do not do that that is not agood use of your time so i didn't
(11:26):
produce a single episode i didn'tedit anything remember i got my
first sponsor and i was like thisis really cool like i'm getting
paid to like talk to people rightso yeah and then it just grown
from there over the years cost tostart a podcast as taylor and i
have learned the hard way you knowlike it's not free it's such a a
slow burn though right like?Like, so episode a hundred was
when you got sponsorship.
When did you find like, it really
started to add value to yourbusiness?
(11:47):
Well, when I started the trainingcompany, so however many years
that was into the podcast,initially you ran Facebook ads to
drive traffic to a webinar and thewebinar, then to book call and
book call into the trainingprogram.
And it was working pretty good,but I was up to a point where I
was spending, which is not tons ofmoney but i spent about 10 grand a
month on facebook ads geez that istons of money well i know people
spend way more than that but andit was working like the math
worked from yeah it was aprofitable business then my
(12:09):
facebook account like theybasically banned my ads because
they thought i was targetingbecause there's some rules around
if they think you're sellingmortgages on facebook you can't
target and yeah because of likesome those are new yeah you can
Facebook, you can't target.
And because of like some- Those
are Yeah.
new.
You can't target.
You can't right?
target, So it's like a basicallyso you can't like, but I'm
discriminate, I'm not sellingmortgages.
like, I'm selling training.
And of course they banned my
account, but you can't get anybodyon the phone.
(12:31):
You can't like, I'm only spending10 grand a month.
You need to be Texting Mark'snumber.
Yeah.
You need to be spending a hundred
grand a month to get somebodyprobably to talk to you on
Facebook.
And if I was spending a hundred
grand, they would have, and I havea friend who did Facebook.
He said, just set up a newaccount, start over.
And I thought like, ah, maybe Ican just do this all off organic
traffic and I can skip the 120grand a year.
And so that's when it becamereally profitable.
I just used the podcast to drivetraffic to my training company and
(12:53):
I eliminated, you know, $120,000 ayear bill.
I did less volume.
So like it was lower, but the net
was higher.
I ended up putting more money in
my jeans and I was like, this justmakes more funny.
I'm trying to figure out now how Ifound you.
And I think it was literally just,I was on Apple searched in like
mortgage brokering and you cameup.
And so I started listening to yourpodcast.
And so it was like, that is thelead gen.
It Yeah, it works.
And now I have a sponsor for my
show.
So I feel pretty lucky that I get
(13:13):
to talk to my interesting peopleand I get paid to grow my
business.
Like I got like a marketing
funnel.
So it's pretty awesome.
Yeah.
Now it's like self-sufficient.
Are you going to ever get to thepoint where you would replace
yourself?don't think so because I like it
too much.
Like so if I find interesting
guests.
So like lately I found some really
interesting guys down in the U.S.
that are doing some really cool
stuff.
And so this is a mistake.
And if you guys have a podcast,what I found is that I don't know
why I didn't think of this, but Iwent to a podcast conference and
(13:36):
they're like, ask your guests,like who are two or three people
you know that would be great.
And so I get off the show with
this guy and I'm like, hey, canyou give me some names?
Oh, yeah, I got names.
But I asked specifically, I said,
so in the U.S. for mortgage,because my podcast is for mortgage
brokers.
And so the Scotsman's Guide is
like they rank them all.
And I said, OK, who else do you
know that's in the Scotsman'sGuide that I should talk to?
(13:56):
And he's like, here, boom.
And every single one of them have
been like, oh, my goodness, youpeople are amazing.
And so I'm excited because they'reinteresting, you know, and I'm
getting these introductions frompeople.
And it's because I actually wasspecific about my ask.
I didn't just say, you know,adding in that Scotsman's Guide
part prompted their mind to go ohi know that's so true every guest
that we've had on that we thenasked for a referral for another
(14:17):
guest has been like amazing wehaven't been good at that from the
start and sometimes they haven'teven given us the introduction
they're just like oh you shouldask this person i'll send them a
linkedin message and i'm like ohthey to me yeah so like use the
guests that you get becausethey're all networked right like
so this guy wally i don't know ifyou've listened to this episode
but he does 200 million a yearworks 24 hours a week takes 20
weeks of holidays and i just fellout of my chair i'm like nobody
does and he owns like 400 rentalunits i'm like who is this guy
(14:38):
right and so the people he knowsare pretty freaking awesome and so
all the introductions have beenlike awesome somebody i'm
podcasting with later today isfrom that introduction.
So I'm like giddy up.
I have no idea what we're going to
talk about, but I don't even carebecause I think it's going to be
fun.
Yeah.
I want to circle back to onething, your unique ability and you
allocating 80 or 60% of your timeto it.
So what is your unique ability?I I think my unique ability is I
(14:59):
can find other people's superpowerand then see if it's repeatable.
And then if it's repeatable, otherpeople can copy it.
So not every superpower is, youknow, copyable.
So like Michael Jordan can dunkfrom the free throw line.
Can't do that.
But what I find, I love figuring
out what somebody's superpower isand then going, okay.
And then creating like a frameworkor a system that someone else can
go, okay, I may not be as good asthat person, but I can do way
better because I'm following likea model that is more accurate.
(15:21):
That's the part I love that part.
So that's what the podcast, why I
would never stop doing them isbecause i'm constantly finding new
frameworks and the thing i do nowmy show is i ask i'm like what are
the two superpowers that peoplesay you have if somebody were to
know you really well and they gooh this and this i'm like great
that's all i want to talk about idon't care about anything else
because those two things if that'stheir superpower that's where i'm
going to find the most valueversus well we could talk about 50
(15:45):
things and you know your childhoodand that's not.
I don't frankly superpower then ifyour first superpower is finding
it?I finding it in the second is
simplifying it.
I think they're related and it's
the curiosity that drives me.
Like I will routinely interview
somebody at the end of it.
They're like, oh my gosh, that was
an amazing conversation becausetheir superpower, you're so used
to it.
They can't even articulate all of
the ways, like they skip steps forthem.
That's like, oh, this is what Ido.
And it's four steps.
Like, no, no, hold on.
(16:06):
There's actually 12 steps inthere.
And there's some really importantdetails that if you don't know how
to ask the right questions, you'llmiss.
And so I interviewed this girlrecently, Michelle Castle.
I don't know her show's comingout, but so she does these classes
for real estate agents.
And so she went over top level.
I'm like, okay, stop, let's godeeper.
And then when she's done, I'mlike, there's so much that are
second nature for you becauseyou've been doing it for years.
But if you don't know how to askgood questions, you won't find
(16:26):
those things.
So that's where I find my
superpower is in like listeningand being like excited about what
they're saying and then helpingthem uncover.
Because then the audience getsserved too, right?
So It's so true.
When you talk about your own
stuff, you just think it's normal,right?
Like you talk about doingtransactions, Matt, and like
everyone would just find goldnuggets in that.
But for you, it's just the day today.
Like, especially to do with realestate agents, all the changes
happening right now.
Like we have like the new laws
coming out, the interest rates,the mortgage situations with
(16:49):
people's renewals and stuff likethat.
Like I deal with this all thetime.
So I think even making content onthe internet or talking to
clients, like you don't know allthis stuff, like, no, they don't
know all this stuff.
no they don't know all this stuff
like but for me it's almost oldnews but you have to remember who
you're talking to yeah you knowyou are a wealth of knowledge if
you know it or they we often misswhat is your biggest regret then
in say the last 20 years of yourindustry well i'm just laying on
(17:11):
the table if like the easy one isfinding all the superpowers and
i'll will say denise asked me toask this question i was if like
talking oh i know my biggestregret would be i would say in my
30s because i like to createthings i did not want to listen to
any coaching it was only in my 40swhen i started paying for coaching
i've spent a lot of money oncoaching and it was a game changer
because it's like you're gettingthis ikea furniture and you're
like i don't need to look atinstructions like i'm smart i'll
figure this out of course you putit together you realize one of the
(17:34):
panels is backwards I've done thisyou got to take the whole thing
apart to flip the panel over sothat you can make it look right
and so that's just a waste of nowI'm at the age I don't want to
waste any time on that I don'twant to rebuild this thing the
mistake I made was not really liketaking coaching and being like
find the smartest people I cantell me what to do and I'll copy
it.
I will iterate on top of their
(17:55):
ideas if I can.
But for sure, in my 30s, I was
like, I'm just going to do myself.
That costed me big time.
So what So what kind of coaching?Do you do coaching?
Any area that I feel like there'sa gap or I feel like I'm getting
stale.
So I had a podcast coach recently
and I've been doing this for 10years.
I've been doing it for longer thanhim, but this is his profession
and he's talking to people everyday.
This is his focus.
So I hired a podcast coach because
(18:16):
I was like, I need to tune up.
And so I will hire coaches for
sales, marketing, where I have adeficiency or an area that I want
to learn.
I'll hire a coach.
Like that guy Wally, I hired as acoach.
I'm like, hey, I want you to coachme on, you've built a successful
business and somehow kept yourfamily as a priority.
I've been able to do the businessside.
I've been terrible at this thing.
So he's like, sure, I'll do that.
And so we worked on an arrangementwhere he's helping me.
(18:37):
I had did my first call with himyesterday.
It was fantastic.
probably the accountability of
paying for something too, right?If someone's going to give you
free coaching, you'd be like,yeah, sure, whatever.
And maybe you go through it, butas soon as you pay for it, you're
like, I want the most out of Yes.
And I found that the more I spend
on something like, and it's justin general, the more people will
put effort into it.
So the most I ever spent on
coaching was 75K US for one year.
And that wasn't including travel
to three different venues that Ihad to pay for travel
(18:59):
accommodations, like, and it wasworth every freaking penny.
And so that's something I didn'tknow in my thirties that I would
say my younger self, like my sonis 17.
He wants to get into sales.
And so I have him booking calls
for me.
He phoned you actually.
I'm like, hey, man, we're going tostart you off with baby steps.
So if I'm like, if I wanted tobuild a salesperson, I'm like, OK,
we're going to start off with easystuff.
And then I'm like, OK, I've beendoing these improv classes.
I'm like, you're going to doimprov classes because these are
going to help you think on yourfeet.
(19:20):
And I'm just going to layer in allof these things.
And I'll get him coaching toothroughout this, but like just
layer it in to get him therefaster.
Oh, interesting.
So what do you sell you?
Well, I asked you to book a callwith Scott to talk about like
anything I want to work on orissues with the brokerage or
opportunities.
And I was like, you know what?
I'm chatting to him for an hourtomorrow.
Like I don't want to chew up anymore of his time.
(19:41):
But if I knew it was a- I to hireyou to coach me to how to get off
the calls with those kinds ofthings.
I get those sales calls all good.
I appreciate it.
I mean, that's the nice part ofyou running the brokerage is like,
although you're incredibly busy,you're very approachable, which is
pretty nice.
What do you see changing in the
next kind of like five, 10 yearsin the mortgage industry?
Obviously, you know, there's likeAI and stuff like that.
And I know you're not really likeweeds deep in lender guidelines,
(20:02):
but I guess what's the nextopportunity for brokers or
homeowners or real estate agents?Like what's kind of the direction
of the industry Well, I think thatwe're going to move to more, it's
already happening, but you don'trealize it, but like automated
adjudication.
So using software to do some of
the heavy lifting in terms ofunderwriting files.
And so I feel like that's going tocontinue.
So that's good.
That'll make our jobs easier.
I think that in the future, you'regoing to have fewer brokers doing
(20:25):
more volume.
Sales and marketing is not going
away.
Because at the end of the day, if
you think of this, like you canwalk into Scotiabank Arena in
Toronto, you know, everything'sScotiabank.
And then you walk out and you talkto a mortgage broker and you get a
mortgage at TD Bank.
And it's like, they spent a lot of
money and it did not convert theminto a customer, right?
And you know, another bank, BMO,just came into the channel and
they're slowly rolling out to moreand more brokerages.
It's because they're like theycan't get into every nook and
(20:45):
cranny of a community like reallygood salespeople can or community
people can.
So I don't think we're going
anywhere.
But I think that brokers who don't
adopt technology, who don't adoptAI in the parts of their business
that they can, who don't get goodat sales and marketing, because
that is what we get paid for.
At the end of the day, if you
think about it, the people thatwork at, if you're talking about
Scotiabank, they know theirproducts better than you do.
Like they are better atunderwriting than you.
What they can't do is they can'tgo find that customer.
And that's what they're paying youfor.
(21:07):
And so I don't think that that'sgoing to change.
I think that it'll become morecompetitive, but the people that
you guys are already ahead of thecurve and that, you you know this
podcast is effectively marketingin terms of getting your name out
there getting introductionsmeeting people so people that
aren't doing that they're going toget steamrolled so i feel like
that's a massive opportunity sothat's one thing i think is going
to change is just this automatedadjudication will be a big it'll
(21:28):
be a benefit mostly and then thepeople who don't want to adopt the
new technologies are going to getlike just left behind i it's like
ai is kind of like when computerscame out but times a thousand you
know like with how fast it's goingto take over and i don't think
it's going to replace the greatthing i like about my podcast i
get to do a lot of like researchand so i found a guy down in north
carolina was working with a lenderthat is completely ai there's no
(21:50):
people they basically send in thedocuments it goes and pulls your
income from the income providingcompanies that do all the checks
like the payroll companies.
It pulls your tax information,
pulls your property taxinformation.
It comes back.
Yep, we'll give you a line of
credit up to 95% loan to value andup to $500,000 limit.
And it's all done through amachine.
And you negotiate with themachine.
The machine will come back to youwith like, hey, do you want this
rate and this fee or you want thisfee and this rate?
(22:12):
And that either will work or itwill be a catastrophe and they'll
lose a pile of money.
I feel like customers are actually
going that way where they wantless interaction.
A lot of customers I find don'twant the phone call where some you
can pinpoint.
You're like, oh, I need to call
this person.
They want to get on the phone for
five minutes and resolve thiseasy.
But if you get somebody thatdoesn't answer the phone and they
just want a couple of textmessages or emails, they would
(22:32):
rather have like an automatedsystem they push the button.
Like just think about this rightnow with a lot of people
struggling financially, theyprobably don't want to tell a
human that they're missing theirpayments or that they're.
Yeah.
It's Yeah.
It's funny you say that.
So they feel more comfortable
talking.
Yeah.
I'd rather just tell a computerand it doesn't say that stuff, you
know?Yeah.
Yeah.
So there's going to be more of
that.
But I think, so in the US still,
they're much more aggressive inbanking.
Like they're okay if banks fail.
(22:52):
Like they fail all the time.
In Canada, that won't happen.
And getting a bank license is
nearly impossible.
They've only issued a couple in
the last few years, like in thelast 10 years.
And they're really strict.
And so they're going to always be
ahead of us in that stuff.
Because this company that stuff
because this company that's doingthis is they could lose all their
money.
And like, you know, in Canada,
that would be like In They wouldnever let you do it.
So. Is the evolution side ofmortgage broker, like, are we
(23:13):
taking over more of the marketshare than banks?
We have been.
So like in the last few years, and
this was why you see someinstitutions coming into the
channel.
It's like, dang, why compete with
them?Because let's just use them as our
lead source.
So yeah, we are a higher
percentage than we were for sure.
But that depends on the type of
business.
We're great on purchase.
We're great on insured, you know,rental business for self, any of
(23:35):
that kind of stuff.
Typically brokers are really good
at.
There's some stuff that the banks
are definitely better at than us,but that's fine.
Mobile home parks.
Yeah.
But that's the easy conversationtoo.
Just tell them like, you're betteroff to just be like you're not fit
man like you know when i wasbrokering i would do that all the
time i'd be like like i don'twaste my time and you build more
trust telling somebody no actuallyoften builds more trust than
(23:56):
trying to make a square peg fitnot around we just had this topic
at our meeting this morning at ouroffice how sometimes saying no
like i'm not the perfect personi'm at the right threshold for
this builds more trust and buildsmore of a referral in the long run
than trying to do it yourself.
Yeah.
That's so interesting you broughtthat up.
Yeah.
you say one thing.
I don't know where it was.
Maybe a month or two ago.
It was probably on one of yourpodcasts.
But one of the broker owners seesbasically the real estate market
(24:18):
from how many credit pulls arehappening within their brokerage,
which I thought was actuallyreally interesting.
And I know myself, like I've beenmuch busier.
What have you been seeing in thebackground?
have you reviewed that at BRICS?Yeah.
So Yeah.
So I've just referenced if you're
listening.
So usually credit pulls happen way
early in a process and you willpull credit on people that A,
don't qualify, B, change theirmind, like a hundred reasons why.
So there's a higher number ofcredit pulls compared to the
number of actual funded mortgages.
And so I looked at the ratio
(24:38):
between credit pulls to fundedmortgages and kind of came up with
a number that looked like it wasabout right.
And the number was actually off.
So when I had done it, I thought
that like based on the creditpulls that we had in, it was 60
days before credit pulls we had inNovember, I was expecting us to
have about 150 mortgages funded inJanuary, but the number was like,
I think a hundred and I want tosay 175, 180.
So it's not by a lot, but weactually had more funded mortgages
(24:59):
than my, you know, non-scientificformula came up with, but it's
just a leading indicator.
It's not a perfect metric, but it
will give you some measurement interms of what's potentially coming
down the pipeline.
And so And so probably pretty
seasonal right?Yeah.
Well, mortgages are seasonal forsure.
Like, you know, people don'tusually want to move as much in
the winter.
And then if they buy a property in
the spring, their mortgage isgoing to renew in the spring.
So then you're going to haverenewals are going to happen at
(25:22):
the same time.
I mean, like during the winter,
you must at the almost, I don'tincreased, but more credit pulls
in the winter and then the No,it's way more in the spring.
Like that would be low.
So for us, like the number of
credit pulls in November was lowerthan it would have been like back
in July because it was, you know.
Yeah, I feel like most people are
like, OK, I'm just going to hunkerdown for Christmas, you know,
enjoy the holidays.
And then when they start doing
their taxes, they're like, oh,maybe I should look at, you know,
(25:44):
maybe my income's higher this yearor something.
But are you seeing the market likethis time this year compared to
last year?Like, is there more activity like
we're seeing it?But yeah, I see it.
The problem that we have, I'm nota great barometer for that because
our brokerage keeps adding morepeople and so even if everybody
was doing less volume it wouldlook like we're doing more because
when you add more people it's likewell our volume went up just from
that so yeah anecdotally when italk to people that especially in
(26:06):
ontario i feel like there's apent-up demand like that didn't go
away the demand hasn't gone and sothey're kind of just waiting and i
feel like when we see that firstrate cut we're all herd animals
we're just gonna follow oh time tobuy now they're all gonna run back
to starting to buy i agree withyou that first rate cut's gonna be
uh yeah gonna be fireworks allover this yeah people are gonna go
crazy and then they're gonna belike it's time to get in it's time
(26:29):
to end like it's just human natureyeah everyone wants to outsmart
the next guy by like everybodyelse exactly i've said this a
billion times that people arewaiting for prices to go up before
they start buying yeah like solike the prices are low now but i
want them to go up before i jumpin and you're to be competing so
it's going to happen people arewaiting they're all waiting and
they're all going to go back atthe same time and be like oh shoot
(26:49):
now i'm competing with all thesepeople and now the seller's it
just saves 700 bucks on a homeyeah yeah well and i mean you've
also said you've always donefairly poorly i'm terrible state
terrible state transactions i'mthe worst at predicting the market
so like do not listen to anythingi say when it comes to timing the
yeah yeah what do you see i mean iknow this is a question you just
said don't ask but what do you seein the okanagan well i'm then
(27:10):
you're probably like so now's theto buy yeah like perfect when i
buy it's usually the peak of themarket so at least the last two
cycles okay so this is again notscientific but the last two cycles
i bought at the peak of the marketboth times like january 2008 right
bought a property july is likesubprime crisis the bottom falls
out and i'm like oh that sucks andthen march of 2022 and you know
that is the peak that was the peaki mean a lot'm like oh that sucks
and then march of 2022 and youknow that is the peak that was the
(27:31):
peak mean a lot of people say thatas well i mean prior to your last
purchase i'm fine now yeah likefine now yeah like here's the
thing if you hold it long enoughyou're fine it's only if you have
yourself that's exactly right ifyou're gonna hold long enough it
does not it not it will not makeany surrounding error but if you
have to sell it that's when youget yeah you have like you think
about you talk to people from the80s that have been through all
(27:54):
this it's like do they really careif they bought in 79 or 84 like no
you know it makes no differenceyeah exactly okay well something
you are at but you are pretty muchlike a serial entrepreneur you've
created a bunch of businessesyou've sold them like what makes
you successful as someone I wouldsay I tend to, this is a learned
habit.
This wasn't how I first started,
but I tend to only want to buildthings that people want to buy.
So I will do is that's a goodgoal.
(28:14):
Try and build like the minimumviable product.
What's the least amount of thing Ican sell.
And if I can't sell that, myassumptions are wrong.
And so then it's like, okay, likefor instance, bricks, as an
example, we're a brokerage, we hadmore than a hundred agents.
We didn't have a website, but wedidn't have a company website,
which most people would be like,oh, you got to have a company
website and all the, and I'm like,I didn't even think.
And I only got one when somebodyreached out to me and said, hey,
(28:35):
there's people running ads on yourcompany name.
You probably should have awebsite.
And I was like, oh yeah, okay, wecan do that.
And I set one up in 10 minuteswith a AI.
And I was like, whatever.
Because to that me, stuff doesn't
matter.
Like your website, unless it's the
thing that, you know, I will builda landing page, you know, a
landing page that you need.
So that's what I'm saying.
What's the minimum thing that Ican do and then test my
assumption?And then if it's wrong, I'll, you
(28:56):
know, adjust.
So I think I've gotten better at
that.
I will not spend time and energy
on things if I feel like there'sno market for it.
Even if I like it.
That's like, who cares?
Yeah.
Well, I guess flip side to that
question, maybe I don't know maybeI've only heard about the
successful stuff but do you havecompanies like there's so many
dumpster fires man like so many sothe lesson is just keep trying as
many yeah I I think you've gotthat I think that's a good lesson
(29:18):
the dumpster fires are actuallywhere I learned this because I
jumped into things because I'mlike this sounds like a great idea
and I was like what the heck Ididn't give this any thought and
so like like, you know, that forsure has been, and my wife, she
would be like, she knows all thedumpster fires and she knows where
the bodies are.
She'd be like, Oh, like, you know,
she's seen all of it.
And there's, so there's no, I
can't snow her and be like, Oh,she's like, yeah, right.
But everybody, yeah, I've madetons of mistakes, but the big
thing that I've learned from thosemistakes is what's the smallest
thing that I could try and sell orsell the idea.
(29:39):
And then if that works, cool, thenput more energy behind Well, I
mean, yeah, when you know to cashout, because like when you've
sold.
Sometimes, so this is a mistake
I've made in the past is that if Ilook back of the business I've
sold, I probably wouldn't havesold some of them if I was a
better entrepreneur.
I would have just brought in
people to run them.
And I didn't know that I could do
(30:00):
that.
I didn't know that there were
people out there that wereactually better at running things
than me.
And so that's learning.
You can build things.
I'm the kind of person who likes
to build things.
Although the brokerage, somebody
said to me the other day, he'slike, hey, so are you getting
bored?I'm like, no, because it's so much
more complex.
This is like a video game with
like, you know, it's like all of asudden a new video game.
(30:21):
Like there's levels to this stuffI didn't even see.
And so I'm quite enjoying thecomplexity of it, but I didn't
realize how you could just findgreat people and like work on an
arrangement and both you win.
That's what something I would do
different.
Cause what would happen is I'd
have this thing going and be okay.
And then I'd have something else
and they're competing for my time.
And I'd always say, I can't fly
two planes.
So one of them is going to crash.
So what am I going to do?I'm going to sell a plane instead
(30:42):
of find another pilot, let themfly the plane.
And then I can have two planes,right?
But I really didn't know that Icould do that.
And this guy that I've talkedabout earlier, Wally, like that's
what he does.
He's got like nine other pilots.
Like somebody runs his commercialbusiness.
Somebody runs this and he callsthem an integrator.
There's a great book calledTraction by Gene Wickman.
And there's a visionary andintegrator.
Integrators are people that takeyour ideas and execute.
He is really good at that.
And so that is something that I
did not realize.
I was like, oh, shoot, that
(31:03):
probably cost me a bunch of money.
I know it did.
It cost me a lot of money, but Idon't live in the past and regret.
I just like And Yeah.
But then it's like you leapfrogged
and got into a bunch of lessons.
Yeah.
of lessons.
Yeah.
Try to.
I mean, you know, you definitely
try to do that, but I try to makesure that whatever I build has a
market for it and scratch my ownitch.
The other thing I'd say is like,would I buy this if it existed?
(31:24):
Or if I wouldn't, then why am Idoing that's important.
Well, yeah, it definitely didcross my mind.
I was like, I wonder if Scott'sgoing terrible.
You just would be not the righttime.
But like, you know, over the nextfive or six years kind of thing, I
think it would make sense.
But we need to build it bigger and
get more value.
And there's some other layers that
I want to build in there that willcreate more value, like stuff.
But everything takes time.
You can't do it fast.
(31:44):
Don't worry, this thing's going toblow up as soon as this podcast
gets released.
Yeah, like boom.
Hey, yeah.
If brokers want a new brokerage,
reach out to Scott.
Yeah.
Or his son's going to reach out toyou either way.
Make exactly.
Yeah.
Okay.
we've got to start wrapping up
because we know you got anotherpodcast to jump on to this is a
funny question for you though ifyou could buy one property in the
okanagan in the next 12 monthswhat would it be could be
(32:05):
investment personal whatever butwe're basically just Yeah.
well right i would say that dealsare gonna be on condos in this
market like given that whathappened with airbnb like there's
going to be, you know, if I wereto buy anything now, I'd probably
buy a condo because I got threekids at some point.
I'd like to eventually help themall with their properties.
And we've said that a lot the pastfew years.
Honestly, the condo prices are forsure coming down, but they won't
be So I agree with you.
I think that this is going to pose
a great opportunity for buyers andnot so much for people that own
(32:27):
them, but that's how things go,you know?
especially Yeah, people banking onthe income from the So I agree but
STR.
that's how things go you know yeah
yeah especially people banking onthe income from the str so i agree
yeah what's the best thing you'veever spent on coaching like
honestly because like a new idea anew perspective can open up a
whole other possibilities that youdidn't even know so i'd say
coaching and mentoring would bethe thing i spent them you know in
terms of large ticket small ticketyou know recently i bought this
cold plunge tub which which Iquite like.
(32:49):
It was only a couple grand, but itwas like.
A little steel once?No, it was basically like a deep
freeze that a guy converted into.
Like it's got a pool liner and
it's wrapped in cedar and it's gotlike a timer and like temperature
gauges.
And I haven't been electrocuted
yet, so it's good.
If I one day be like, oh, he's
dead.
He died in this frigging deep
freeze.
I always unplug it when I get in
because I'm like, I have no ideaif this is.
(33:09):
do Oh, you?Oh, I'm yeah.
like like, he just said, unplugwhen you get I'm in.
have like, no idea if this is ohyeah i'm like like he said just
unplug when you get in don't worryit's like let's take how these
things take off cold plunges rightlike uh gym i used to go to like
everyone seems to have coldplunges there's new businesses
when we're talking about downtownand a global gym i used to go
there i don't anymore because ihave a home gym but they uh sent
out this email and said yes guysdon't worry we're getting a cold
(33:29):
plunge soon man this is justtaking over i this is just taking
over i should just open up my poolin the winter and start charging
cover you come jump in my poolyeah five bucks yeah no man it's a
hot chicken item you couldprobably cost like 75 bucks i
looked at what some of them arelike ten thousand dollars like
some of these tubs i mean theylook fancy but i'm like i don't
need that like how many bags of ofISO need to buy to fair.
(33:53):
What's your favorite charity orhow do you give I like the food
bank a lot.
And I like giving money to the
food bank because the food bankhas like these buying
arrangements.
And so they can often get like $5
or $7 to every one you give them.
So giving them a can of soup,
well, that seems great, but likegive them seven bucks and they can
buy probably like, you know, fouror five cans of soup.
Yeah.
And so I like the food bank and
(34:13):
feeding people.
Like, I don't know.
I just, that's the charity thatI've always like, if we do
anything that's usually to do withthat, I just like it.
I think it's good.
can Taylor, I, our listener help
you or your business?know, man.
Just like send business to youguys.
Cause you can keep going over whatyou're doing.
Like, so send business to Taylormortgages, send you real estate
deals.
Like, I think you guys are on the
front edge of what, you know,like, as I said, people that are
in the sales and marketing, you'regoing to be at the front edge of
(34:36):
this.
So like send you guys business.
I'm good.
Like, yeah, I appreciate that.
Yeah.
Maybe $20 later.
Yeah.
Okay.
Where's my 20 bucks.
You guys promised me.
You're just kidding.
You can take it in ice cubes.
Yeah.
I'll take a couple bags of ours.
You can jump Taylor's pool if youwant.
Okay, well, thanks so much forcoming on.
I mean, I know I get to chat toyou once in a while over Zoom and
stuff, but, yeah, I haven't raninto you in a little while.
for having man.
me, Appreciate you coming down.
Yeah, very much appreciate it.
(34:57):
It's awesome.
Yeah,
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