240: The Future of Our Mortgage Industry

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that building a mortgage business,
a successful one, is like playing

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a game.

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There's winners, there's losers,

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there's certain things you try.

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Some of us are playing checkers

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while others are playing chess.

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I've had the ability to coach and

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mentor hundreds of mortgage
brokers.

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I myself built a very nice
business.

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So now I want to distill all that
information, all the things I've

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learned from that and bring it
directly to you in a simple to

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understand way.

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I hope you enjoy.

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right.

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Good morning.

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Welcome to the Mortgage Game
Podcast.

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West Coast Wiley here game podcast
west coast wiley here in the house

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let's get going so i called this
how the mortgage industry is

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changing i think this could
potentially be the most important

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podcast episode i've done uh so
there you go how about that for a

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hook hey times are changing the
landscape changes always changes

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like look around everything
changes and sometimes things

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change and then by the time it's
already changed you look back

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you're like what the hell what
just happened and then if you

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actually go back and you piece it
together you're like oh yeah like

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all the puzzle pieces were there
and then you're sitting there

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going oh i should have just like
pressed pause and like looked

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around and checked it out and been
like, okay, okay.

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Yeah.

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I should have saw that.

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So that's why I call this maybe
the most important podcast episode

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you're going to listen to.

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Uh, cause you're a business owner.

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You own a mortgage business.

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You run a mortgage business.

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That's how you put food on the
table So what I'm about to go the

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over, directly topic, affects you.

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And you should take some sort of

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action.

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At the very very, it should very,

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just least, be in the back of your
head now.

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Where you're like, I know okay,
that's coming.

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I don't want to think about it
today, but I have to think about

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it at some point and I have to do
more than just think about it.

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I have to actually freaking do
something.

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So what am I talking piece of it,
but AI is happening.

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AI is coming.

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So as the landscape looks right

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now, you've got certain lenders,
let's use Rocket Mortgage, Nesto

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Mortgage.

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These are those online discount

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sites that the US, they're a lot
bigger in the US than they are

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here, but they've infiltrated
Canada and they have for a while

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now.

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And what they can't figure out is

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they can't figure out, the part
they can figure out, start with

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that.

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The part they can figure out is,

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hey hey once we have a client and
now we're they're interested and

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they put their hand up and go
let's let's rock and roll well

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then rocket jumps in and they jump
in with their team and their

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automation and their ai it's like
done met, underwritten before even

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sent in, deals with certain
lenders where we even underwrite

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it and we can approve it on our
own because we have certain

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guidelines and relationships with
you to the point where it's done.

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And the MCAPs and the First
Nationals and the the lenders of

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the world are trying to figure
that part out.

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lenders, banks, And they're going
to get it.

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And they're going to get it rather
quickly.

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But the part that they don't the
part that they will never have, be

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able to not anytime not replace,
anytime in our mortgage soon, your

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mortgage careers, is that
front-end sales careers,

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component.

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It's like getting the client,

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getting the lead.

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They've been trying to run ads but

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in, as you know, our job's never
going to go away.

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It's never going to go away, but
it is going to dramatically

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change.

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And that's what we're talking

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about today.

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And you have to be prepared.

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Oh man, you have to be prepared.

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So that sales force, they're not

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going to be able to get.

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So because you know, there's,

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there's trust built up, there's
handholding, there's different

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scenarios, there's rebuilding
credit, there's tweaking some

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things here and there and
algorithms and computers that just

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won't do it.

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And people still want the human

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touch.

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So we're a long, long ways away

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till we are phased out.

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A long way.

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Okay, probably not.

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You can probably, even if you're

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just getting the mortgage business
here, you can go make your

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millions and retire before that
happens.

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If you do it the right way, right,
you're gonna have to roll with the

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punches.

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You are absolutely 1000% gonna

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have to change your business.

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And why not start doing that now?

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And when I explain why, hopefully
that'll make sense to you.

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So you've got Nesto and Rocket,
for instance, and now they're

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going, hey, we don't have a sales
force.

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Let's go partner with some
mortgage brokerages.

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And we'll tell them, hey, we're
exclusively working with you.

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You got a deal and work with us.

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And sure.

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Okay.

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So this has already been happening

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in the industry.

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There are certain brokerages and

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more coming that have deals with
these places.

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So what do they supposedly get?
They supposedly get low interest

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rates.

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And they get quick underwriting

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and all that stuff.

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But here's what's happening.

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I'm going to use just random
numbers.

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So let's just say Nesto, for
instance.

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Nesto is offering 5% online to
people who go to their website.

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5%. With the brokerage, they might
be offering 5.2 and paying you,

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you know, your 100 basis points.

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I'm using rough numbers here.

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So you're like, great, that's
awesome.

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I'm going to get my clients.

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I now have access to Nesto because

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I have, let's call it 5.3 is what
I probably have with my other

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lenders.

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So I'm going to go to Nesto for

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5.2 and get paid the same.

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But what ends up happening is your

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clients are like, that's great.

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Who's the lender?

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Nesto.

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They go on Nesto's site and they

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see a 5%.

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They're like, well, how come I

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don't get 5% on Nesto?
I get the 5.2 with you.

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I get the 5.3 if I go with you
with a different lender, but I

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always go to Nesto directly.

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Ah, they didn't think that part

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through.

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Duh, didn't think that part

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through.

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So that's what's happening.

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So that's not working.

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They're going to work those kinks

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out.

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What they're doing though, is

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they're trying to get Salesforce
built in.

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Eventually, this is what's going
to happen.

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This will be the new reality.

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1 million percent.

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There is no way this does not
happen.

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It's a matter of when.

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Is it one year, two year, three

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year, four year?
But it's happening.

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They will.

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Lenders included.

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Now I'm grouping in the Nestos,
the Rockets, and the lenders, and

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everybody.

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And I'm going, they will at some

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point just need a name and an
email address, and they will take

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your client and run with it.

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Just turn down the heat here.

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And they will run with it, and
you're phased out of that part.

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They still need you to go get the
client, build the trust up and

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work the scenario and tell them
what they want to do.

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But then when it comes time from
application to approval, to

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fulfillment, to conditions and
appraisals and lawyers and they

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got it.

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That's gone.

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And then what they're going to do
is, and you're like, Oh my God, it

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sounds awesome, Ryan.

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That's great.

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Cause I hate that part.

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Yeah, it is pretty cool.

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But guess what?
They're going to pay you 30, 40,

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50 basis points max.

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So now all of a sudden you're

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going to have to do two to three
files on average to do the revenue

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you're this.

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There's good and bad.

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So this should sink in like this
is coming where all that backend

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stuff goes away.

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So this means you need to be a

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brand.

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You need to be focused on sales

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and marketing and be a brand, a
brand about something.

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Being a generalist has gotten a
lot of people pretty far right

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now.

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That moving forward, that's going

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out the window.

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Out the window.

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You need to stand for something or
you stand for nothing.

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Right?
You need to put your flag in the

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ground.

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And I'm going to go deeper on

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that.

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But think about this.

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They're already testing this.

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A, they're coming into brokerages,

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Nesto and Rocket, which is great.

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But those deals are going to

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change.

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They're not going to offer these

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rock bottom rates with top full
pop commission.

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It's not going to work that way.

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Eventually, they're going to win.

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They're going to get what they
want.

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They're going to get the sales
force baked in and lazy because

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they can't add any more value and
their own value propositions and

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blah, blah, blah.

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So they're going to go, ah, just

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come here for the low rate and
we'll pay you 30, 40, 50 base

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fund.

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And you're going to be like, damn

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it.

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You got me.

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I got nothing else.

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Okay.

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Cause I built my business around
it.

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Cause they were paying me a
hundred.

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That's not sustainable for not
going to happen.

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It's gone.

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So that's a short-term thing right

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now.

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If you're at one of those

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brokerages, just realize that.

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Call it what it is.

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Ride the wave.

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Call it what it is.

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And everyone else, get ready
because people who build their

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businesses, now here's the thing.

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A lot of people, myself included

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to some degree, I built my
business.

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I stood out by showing people to
buy their first investment

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property.

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And that was my shtick.

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Okay, buy your first investment
property and we'll be

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mortgage-free in 10 years.

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And I laid out the numbers and

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numbers were bulletproof and it
all worked.

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But I also had an awesome process,
an awesome client journey, where

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we made budgets, we showed
proposals, we had video wrapped

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in, we were warm and fuzzy, we had
great communication.

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People just liked us, we'd like
that stuff.

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And a lot of people have built
their mortgage business around

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that, their client journey.

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Oh, I don't need social media.

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I don't need all this other
marketing.

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My client journey, they love me.

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They love working with me.

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00:09:03,017 --> 00:09:04,237
Of course they do.

259
00:09:04,237 --> 00:09:04,843
It's awesome.

260
00:09:04,843 --> 00:09:05,931
Good for you.

261
00:09:05,931 --> 00:09:06,911
But what happens if that goes

262
00:09:06,911 --> 00:09:08,162
away?
What happens if your client

263
00:09:08,162 --> 00:09:10,956
journey doesn't matter anymore and
everyone's client journey is on an

264
00:09:10,956 --> 00:09:12,239
even playing field.

265
00:09:12,139 --> 00:09:15,000
You give a name and a number and a

266
00:09:15,000 --> 00:09:17,260
quick paragraph of what the
client's doing here.

267
00:09:17,160 --> 00:09:17,940
Now that goes away.

268
00:09:17,940 --> 00:09:20,718
All that stuff, the stuff that you

269
00:09:20,718 --> 00:09:21,780
built your business on.

270
00:09:21,780 --> 00:09:23,690
So a lot of people, before we get

271
00:09:23,690 --> 00:09:27,447
into that, this podcast is a hot
one, as it should be.

272
00:09:27,447 --> 00:09:31,252
A lot of people have made a lot of
money running a business, very

273
00:09:31,352 --> 00:09:32,241
customer cervix centric.

274
00:09:32,341 --> 00:09:32,674
They're generalists.

275
00:09:32,674 --> 00:09:33,601
They do everything.

276
00:09:33,701 --> 00:09:35,587
You come in, they make you feel

277
00:09:35,487 --> 00:09:36,312
warm and fuzzy.

278
00:09:36,212 --> 00:09:37,794
They hold your hand through the

279
00:09:37,794 --> 00:09:42,879
process, carry on and you nicely
they, at the know, door and they

280
00:09:42,879 --> 00:09:46,011
make you feel warm and They hold
your fuzzy.

281
00:09:45,911 --> 00:09:47,083
hand through the carry on.

282
00:09:47,083 --> 00:09:48,249
process, And they, you know,

283
00:09:48,249 --> 00:09:53,153
nicely at the door and they buy
you a chopping knife for a gift.

284
00:09:53,253 --> 00:09:55,182
And they go, hey, you were
awesome, Sally.

285
00:09:55,182 --> 00:09:56,331
And they give you flowers.

286
00:09:56,331 --> 00:09:56,940
That's great.

287
00:09:56,940 --> 00:10:13,100
A lot of people made a lot of
money doing that.

288
00:10:13,200 --> 00:10:14,068
Those days are going away.

289
00:10:13,968 --> 00:10:14,580
They are going away.

290
00:10:14,580 --> 00:10:17,335
You're going to have to bring that
into the front end sales and

291
00:10:17,435 --> 00:10:19,978
marketing side and wrap a strategy
around it.

292
00:10:19,978 --> 00:10:23,086
Gone are going to be the days
where you can say, I'm a

293
00:10:23,086 --> 00:10:23,350
generalist.

294
00:10:23,350 --> 00:10:24,995
I do a bunch of things.

295
00:10:24,997 --> 00:10:25,265
I help everybody.

296
00:10:25,088 --> 00:10:25,392
I have 90 lenders and I help

297
00:10:25,218 --> 00:10:25,268
everybody.

298
00:10:25,237 --> 00:10:25,339
going to work.

299
00:10:25,348 --> 00:10:26,458
It's going to be a lot of
competition, way more than now, on

300
00:10:26,358 --> 00:10:27,872
the marketing side, the branding.

301
00:10:27,872 --> 00:10:29,227
Because everyone's going to be

302
00:10:29,227 --> 00:10:30,343
lean and mean.

303
00:10:30,343 --> 00:10:32,104
Gone are going to be the days

304
00:10:32,004 --> 00:10:35,800
where you're going to have these
robust teams with underwriters and

305
00:10:35,800 --> 00:10:36,180
fulfillment.

306
00:10:36,300 --> 00:10:36,973
They're going to be working for

307
00:10:36,962 --> 00:10:37,156
other shops.

308
00:10:37,156 --> 00:10:39,435
They're going to be working for

309
00:10:39,435 --> 00:10:39,980
other shops.

310
00:10:40,660 --> 00:10:42,685
They're going to be working for

311
00:10:42,685 --> 00:10:43,517
the other side.

312
00:10:43,517 --> 00:10:46,015
They're going to be working for

313
00:10:46,015 --> 00:10:47,784
the other side.

314
00:10:47,784 --> 00:10:50,281
They might help you go through

315
00:10:50,381 --> 00:10:53,498
some scenarios quickly up front
with but not the deep dive

316
00:10:53,498 --> 00:10:54,792
underwriting people, fulfillment
we need.

317
00:10:54,892 --> 00:10:57,299
It's are they?
not, You're sitting I'm telling

318
00:10:57,199 --> 00:10:59,938
here, and they're already you,
going, testing this on us.

319
00:10:59,938 --> 00:11:06,053
You know, the three-year mortgages
that are out and I get why people

320
00:11:06,153 --> 00:11:09,421
there, are taking three-year, but
now our model, last couple of

321
00:11:09,421 --> 00:11:14,384
years, it's been like, what, 60,
70 basis point model instead of

322
00:11:14,384 --> 00:11:14,956
your 100, 110.

323
00:11:14,956 --> 00:11:16,543
So everyone's been working for 40%

324
00:11:16,543 --> 00:11:18,066
discount, what they normally work
for.

325
00:11:18,066 --> 00:11:21,980
I'm going to be driving while we
go here everyone's working for a

326
00:11:21,833 --> 00:11:22,869
40 discount so what do you think's
gonna happen let me paint a

327
00:11:22,869 --> 00:11:24,412
picture for if you've ever used
monoline and i don't know if

328
00:11:24,412 --> 00:11:31,181
you've ever used them online, and
I don't know if you've ever called

329
00:11:31,137 --> 00:11:31,320
their customer service, either as
a broker to get information or

330
00:11:31,300 --> 00:11:44,527
help on your clients, or as an
actual client.

331
00:11:44,381 --> 00:11:44,620
Their customer service is off the
charts compared to a bank.

332
00:11:44,597 --> 00:11:49,542
Their retention team is off the
charts compared to a bank.

333
00:11:49,546 --> 00:11:54,995
They retain, I don't know what the
numbers are, but I know it's 90%

334
00:11:54,895 --> 00:11:55,761
or higher of their clients.

335
00:11:55,709 --> 00:11:57,227
So now if all they need to do is

336
00:11:57,227 --> 00:11:59,352
get people in, and they can get
people in with these really low

337
00:11:59,300 --> 00:12:02,943
really low three-year rates, pay
you 60% of what they normally pay

338
00:12:02,943 --> 00:12:03,062
you.

339
00:12:03,062 --> 00:12:05,140
And now they've got a client for

340
00:12:05,140 --> 00:12:07,905
life, potentially, because their
customer service retention is so

341
00:12:07,905 --> 00:12:08,078
awesome.

342
00:12:08,078 --> 00:12:20,751
Ah, ding, ding, ding, ding, ding,

343
00:12:20,751 --> 00:12:21,204
ding, ding.

344
00:12:21,204 --> 00:12:22,506
That should be like, holy shit,

345
00:12:22,506 --> 00:12:23,299
Ryan, you're right.

346
00:12:23,299 --> 00:12:24,022
Yeah, exactly.

347
00:12:23,922 --> 00:12:25,960
So sidebar, be careful who you're
feeding stuff to, right?

348
00:12:25,960 --> 00:12:29,409
See where I'm going with this?
So they're testing it on us.

349
00:12:29,409 --> 00:12:30,580
There's these low three years.

350
00:12:30,580 --> 00:12:32,648
They're going, hey, it's low

351
00:12:32,648 --> 00:12:33,650
acquisition cost for them.

352
00:12:33,650 --> 00:12:35,120
It's the lowest acquisition cost

353
00:12:35,320 --> 00:12:36,633
they've ever had.

354
00:12:36,633 --> 00:12:38,237
Do you not think they're

355
00:12:38,237 --> 00:12:41,717
connecting the dots on this?
So I see a world, I'm not a big

356
00:12:41,717 --> 00:12:44,195
prediction guy, but I do see a
world where it's a three-year

357
00:12:44,195 --> 00:12:44,361
rate.

358
00:12:44,361 --> 00:12:45,607
where it's a three-year rate.

359
00:12:45,607 --> 00:12:47,848
And they take all the application,
the underwriting, the

360
00:12:47,848 --> 00:12:49,260
pre-approval, and fulfillment,
everything else.

361
00:12:49,260 --> 00:12:59,875
What is that worth?
What are they going to pay for

362
00:12:59,875 --> 00:13:01,383
that?
30 basis points, 35?

363
00:13:01,383 --> 00:13:04,080
Like you need to start wrapping
your head around This this.

364
00:13:03,980 --> 00:13:04,605
is coming.

365
00:13:04,605 --> 00:13:07,547
So you need to model your business

366
00:13:07,547 --> 00:13:08,036
after that.

367
00:13:08,036 --> 00:13:09,878
This is why sales and marketing

368
00:13:09,878 --> 00:13:12,200
will be the only important thing
in your right?

369
00:13:12,920 --> 00:13:20,220
You need this, but you also need
to like niche out a bit.

370
00:13:20,500 --> 00:13:20,637
Okay.

371
00:13:20,637 --> 00:13:22,332
So it's interesting when you think

372
00:13:22,332 --> 00:13:24,285
about that, that's like, ah, the
future's coming.

373
00:13:24,285 --> 00:13:24,920
It's already here.

374
00:13:26,120 --> 00:13:29,032
I can see this is where you start

375
00:13:29,132 --> 00:13:32,522
connecting the dots i'm like ah
okay nesto here rocket here yeah

376
00:13:32,522 --> 00:13:35,930
going into brokerages telling them
we have this awesome thing but

377
00:13:35,930 --> 00:13:40,085
it's not quite what we said oh
yeah and then we know that's gonna

378
00:13:40,085 --> 00:13:44,380
change because now we have a sales
force built in and they're they're

379
00:13:46,920 --> 00:13:51,490
lazy yeah okay got that you know
okay and we're gonna go over here

380
00:13:51,430 --> 00:13:53,780
and we're gonna the lenders are
going okay we seem to get the back

381
00:13:55,260 --> 00:13:58,323
end we have a sales force out
there that will is currently

382
00:13:58,172 --> 00:13:59,796
working for three-year fix pay
okay 60 percent less and then

383
00:13:59,796 --> 00:14:03,400
we're gonna just keep doing that
so maybe we'll drop our three-year

384
00:14:03,400 --> 00:14:12,567
fix by x on a basis points what we
normally would because our

385
00:14:12,467 --> 00:14:15,145
acquisition costs are 60 or 50
percent of basis what we normally

386
00:14:15,045 --> 00:14:18,146
points, because our would,
acquisition costs are 60 or 50% of

387
00:14:18,146 --> 00:14:22,715
what they would be, because we
have all the back-end cut, like,

388
00:14:22,715 --> 00:14:24,174
ah, right?
I'm telling you.

389
00:14:24,174 --> 00:14:26,703
I'm telling you before it happens.

390
00:14:26,703 --> 00:14:29,567
Then you'll listen to this, and I

391
00:14:29,567 --> 00:14:33,536
don't know how many months from
now or years, and you'll be like,

392
00:14:33,536 --> 00:14:34,580
damn, Ryan was right.

393
00:14:34,580 --> 00:14:36,001
And I'm sitting here with an

394
00:14:36,001 --> 00:14:37,273
awesome client journey.

395
00:14:37,273 --> 00:14:39,292
And I'm a generalist and I have

396
00:14:39,292 --> 00:14:42,153
huge staff and I don't need any of
it.

397
00:14:42,152 --> 00:14:43,615
And I'm kind of scared.

398
00:14:43,615 --> 00:14:45,484
this is doom and gloom, Ryan.

399
00:14:45,484 --> 00:14:46,739
That's not your style.

400
00:14:46,739 --> 00:14:47,402
You're right.

401
00:14:47,402 --> 00:14:48,397
It's not my style.

402
00:14:48,397 --> 00:14:49,789
I'm not a doom and gloom guy.

403
00:14:49,789 --> 00:14:53,166
I'm the glasses half full kind
That's just who I am.

404
00:14:53,166 --> 00:14:55,985
So what do you do?
I there's opportunity.

405
00:14:55,985 --> 00:14:58,540
go, There's always opportunity in
chaos, in downturns.

406
00:14:58,540 --> 00:15:00,475
We've seen this coming out of
COVID.

407
00:15:00,475 --> 00:15:04,700
I'm out of red light and we're
doing, we got to do an ad though.

408
00:15:04,544 --> 00:15:04,757
Podcast is brought to already seen
this, right?

409
00:15:04,719 --> 00:15:05,020
Interest rates jacked up in COVID.

410
00:15:04,907 --> 00:15:05,020
Fear factor jacked up.

411
00:15:05,207 --> 00:15:07,205
They actually didn't do what we
thought they were.

412
00:15:07,205 --> 00:15:08,391
They went low first.

413
00:15:08,391 --> 00:15:09,640
So there's a massive opportunity

414
00:15:09,740 --> 00:15:14,921
to churn your book and to get
people into those lower rates.

415
00:15:14,921 --> 00:15:16,348
And then now things went crazy.

416
00:15:16,448 --> 00:15:17,809
And so did you, what did you do?

417
00:15:17,809 --> 00:15:19,082
Did you come up with a new
identity?

418
00:15:19,182 --> 00:15:23,132
Did you rebrand yourself?
Did did you, what did you do?

419
00:15:23,132 --> 00:15:25,463
Did you come up with a new
identity?

420
00:15:25,463 --> 00:15:28,251
Did you rebrand yourself?
Did you like, what did you do

421
00:15:28,251 --> 00:15:29,457
during COVID?
Put yourself ahead now, right?

422
00:15:29,457 --> 00:15:35,221
To prepare you for coming out for
hopefully lower interest rates.

423
00:15:35,221 --> 00:15:38,758
But I think this is just the tip
of the iceberg.

424
00:15:38,758 --> 00:15:43,545
I don't think low interest rates
are going to solve mortgage broker

425
00:15:47,240 --> 00:15:47,607
and realtors problems.

426
00:15:47,607 --> 00:15:48,673
I think there's bigger problems

427
00:15:48,637 --> 00:15:54,266
brewing, which we're not going to
get into.

428
00:15:54,266 --> 00:15:54,826
But there are.

429
00:15:54,926 --> 00:15:55,704
I think you know that.

430
00:15:55,621 --> 00:15:56,240
Deep down, you know that.

431
00:15:57,340 --> 00:15:58,498
There's a big thing happening.

432
00:15:58,498 --> 00:15:59,078
It's coming.

433
00:15:59,178 --> 00:16:00,453
So what are we doing about it?

434
00:16:00,453 --> 00:16:09,360
Well, I always go to, I look for
the opportunities.

435
00:16:09,560 --> 00:16:14,545
And so if I know that that whole
back end is going to be taken care

436
00:16:14,486 --> 00:16:16,000
of, me personally, I go, fricking
A, that's awesome.

437
00:16:16,060 --> 00:16:17,372
I didn't like doing it anyways.

438
00:16:17,372 --> 00:16:18,425
I didn't wanna worry about hiring

439
00:16:18,425 --> 00:16:19,334
people for it.

440
00:16:19,334 --> 00:16:20,795
Easy breezy lemon squeezy, you go

441
00:16:20,795 --> 00:16:21,617
do it all.

442
00:16:21,617 --> 00:16:22,863
I'm gonna be a marketing machine

443
00:16:22,863 --> 00:16:24,864
and I'm gonna talk about one or
two strategies and I'm gonna do

444
00:16:24,849 --> 00:16:25,087
that.

445
00:16:25,087 --> 00:16:25,536
So what kind of strategies?

446
00:16:25,536 --> 00:16:25,853
You're like, Ryan, what
strategies?

447
00:16:25,853 --> 00:16:26,920
Well, there's a bunch you can talk
about.

448
00:16:26,920 --> 00:16:28,899
There's some simple ones and
there's more advanced ones.

449
00:16:28,899 --> 00:16:32,560
So the advanced ones, you're like,
yeah, strategies well there's a

450
00:16:32,560 --> 00:16:36,913
bunch you can talk about there's
some simple ones and there's more

451
00:16:36,913 --> 00:16:39,182
advanced ones so the advanced ones
you're like yeah but you won't

452
00:16:39,182 --> 00:16:42,720
strategy hub you and jason own
strategy hub you guys talk about

453
00:16:42,720 --> 00:16:47,911
strategy so is that why you want
to talk about this no but those

454
00:16:47,911 --> 00:16:49,964
are strategies that we cover
they're advanced ones though but

455
00:16:49,964 --> 00:16:53,210
they're simple so let me paint you
be shown from the mountaintops

456
00:16:53,310 --> 00:16:55,027
that you just do everything,
right?

457
00:16:55,027 --> 00:16:58,052
The misconception is if I tell
people I do one thing, I'm going

458
00:16:58,052 --> 00:17:00,247
to miss out on all these other
opportunities.

459
00:17:00,247 --> 00:17:01,854
It's actually quite the opposite.

460
00:17:01,854 --> 00:17:03,154
If you position yourself as an

461
00:17:03,154 --> 00:17:07,270
expert at something, A, it's going
to make your conversations a lot

462
00:17:07,262 --> 00:17:10,146
easier with people when you do get
people on a phone call because

463
00:17:10,146 --> 00:17:13,196
they think you're an expert at
something.

464
00:17:13,097 --> 00:17:15,359
They trust that you're an expert
at whatever it is you're talking

465
00:17:15,359 --> 00:17:15,556
about.

466
00:17:15,556 --> 00:17:17,186
So let me give you an example.

467
00:17:17,186 --> 00:17:19,960
If you say, not the advanced
strategy, so I'll talk, I'll touch

468
00:17:20,099 --> 00:17:22,026
on those after, but simple
strategies all around you, stuff

469
00:17:22,026 --> 00:17:22,760
you're already doing it.

470
00:17:22,859 --> 00:17:23,548
You're repackaging it because now

471
00:17:23,548 --> 00:17:24,608
you have to get really good at
marketing.

472
00:17:24,708 --> 00:17:26,040
So if I like doing debt
consolidation then you could

473
00:17:25,983 --> 00:17:26,615
stuff, be a cashflow expert.

474
00:17:26,615 --> 00:17:27,301
I help people improve cashflow.

475
00:17:27,301 --> 00:17:27,904
I help people with cashflow
problems.

476
00:17:27,904 --> 00:17:28,735
I help people that want more
cashflow.

477
00:17:28,735 --> 00:17:29,673
I help people on their rental
cashflow.

478
00:17:29,673 --> 00:17:31,375
I help, right?
You're a cashflow expert.

479
00:17:31,375 --> 00:17:34,595
And so when you jump on a call
with people and if that's what

480
00:17:34,595 --> 00:17:37,034
they're digesting from your social
and your email marketing and

481
00:17:37,034 --> 00:17:40,700
wherever else you're putting that
energy out there and your branding

482
00:17:40,700 --> 00:17:51,152
you help people with their cash
flow then when you get on the call

483
00:17:51,152 --> 00:17:53,530
you're already you've diffused
some of the rate conversation

484
00:17:53,530 --> 00:17:55,524
you've you're seen as an expert
but it's also going to resonate

485
00:17:55,624 --> 00:17:58,273
with all the other people who want
a mortgage.

486
00:17:58,273 --> 00:18:03,387
First time home buyer is going to
go, I want help with my cashflow,

487
00:18:03,387 --> 00:18:06,436
is going to be, I want to help
with my cashflow.

488
00:18:06,436 --> 00:18:09,415
If that person could do cashflow,
if it's an expert at cashflow,

489
00:18:09,415 --> 00:18:11,305
they can surely do my simpler
stuff.

490
00:18:11,305 --> 00:18:13,099
Oh, we're selling and we want to
buy a home.

491
00:18:12,999 --> 00:18:13,660
Well, I see this cashflow expert.

492
00:18:13,760 --> 00:18:14,267
That's all.

493
00:18:14,267 --> 00:18:15,543
They're very conscious of that.

494
00:18:15,643 --> 00:18:17,304
And us, we're selling, we're going

495
00:18:17,304 --> 00:18:19,757
from 3,000 a month up to 4,000 or
something.

496
00:18:19,857 --> 00:18:23,400
I don't even know, but I need some
consulting on the cashflow side.

497
00:18:23,400 --> 00:18:31,092
See where I'm going with this?
You have to put your flag in the

498
00:18:30,918 --> 00:18:31,118
ground.

499
00:18:31,043 --> 00:18:31,172
I can't repeat that enough.

500
00:18:31,135 --> 00:18:38,369
You have to put your flag in the
ground of who you are, who you

501
00:18:38,269 --> 00:18:38,965
want to be seen as.

502
00:18:38,897 --> 00:18:39,559
It's a big net.

503
00:18:39,492 --> 00:18:41,540
You're still going to get a lot of
other people, the same people

504
00:18:42,280 --> 00:18:44,395
you're getting now, but you're
going to cut through a lot of

505
00:18:44,395 --> 00:18:47,056
noise, right?
So you can do the cash flow on.

506
00:18:47,056 --> 00:18:48,301
You can be cashflow.

507
00:18:48,301 --> 00:18:50,020
That's one simple one, right?

508
00:18:50,020 --> 00:18:53,963
A more advanced one is you show
people to make their I show you

509
00:18:53,963 --> 00:18:55,916
how to pay off your mortgage in 10
years.

510
00:18:55,916 --> 00:18:59,940
I'm going to show you, I'm the
RESP versus rental king.

511
00:18:59,940 --> 00:19:01,934
I show you how to buy your first
investment property.

512
00:19:01,934 --> 00:19:04,530
I show you how to build wealth
through real estate, right?

513
00:19:04,430 --> 00:19:06,112
Lots of different things you need
to think about here.

514
00:19:06,112 --> 00:19:10,657
Those are the advanced stuff we
teach on Strategy Hub.

515
00:19:10,557 --> 00:19:13,660
There's small stuff all around you
that you should be experimenting

516
00:19:13,660 --> 00:19:14,906
with and packaging.

517
00:19:14,806 --> 00:19:16,697
And what happens is people start

518
00:19:16,597 --> 00:19:20,207
talking about something and then
they stop and they shift gears and

519
00:19:20,207 --> 00:19:22,513
they go over here and then they go
over here.

520
00:19:22,513 --> 00:19:27,632
And all of a sudden they have
generic stuff all out over the

521
00:19:27,532 --> 00:19:30,677
place and they're back to being a
food restaurant that serves hot

522
00:19:30,677 --> 00:19:34,410
dogs and hamburgers all right and
you do smoothies on weekends and

523
00:19:34,410 --> 00:19:39,447
you have brunch and breakfast like
what the hell are you doing when i

524
00:19:39,447 --> 00:19:43,642
see that place when i walk into a
restaurant and I see a big menu,

525
00:19:43,642 --> 00:19:46,431
me and my wife, we're like, yeah,
we're out of here.

526
00:19:46,331 --> 00:19:47,342
We're out of here.

527
00:19:47,342 --> 00:19:48,521
Well, you can't do everything

528
00:19:48,521 --> 00:19:48,774
well.

529
00:19:48,874 --> 00:19:51,281
So now it's up to me to try to

530
00:19:51,281 --> 00:19:53,817
pick out the things that are good.

531
00:19:53,917 --> 00:19:55,820
I know back there you have 25

532
00:19:55,820 --> 00:19:55,918
ingredients.

533
00:19:55,918 --> 00:19:58,559
I'd rather you have a menu with 12

534
00:19:58,559 --> 00:20:03,408
things on it and you crush it
than, you know, 47 things with

535
00:20:03,308 --> 00:20:03,989
your 25 ingredients.

536
00:20:03,989 --> 00:20:05,228
I'm just eating recycled dishes

537
00:20:05,228 --> 00:20:06,570
all over the place.

538
00:20:10,364 --> 00:20:11,334
Don't be that restaurant.

539
00:20:11,334 --> 00:20:12,339
Be better than that.

540
00:20:12,339 --> 00:20:14,279
But here's the thing, be the

541
00:20:14,279 --> 00:20:15,771
restaurant if you're cool with it.

542
00:20:15,771 --> 00:20:18,221
If you want to be that restaurant,

543
00:20:18,221 --> 00:20:19,971
then think of the clientele you're
going to get.

544
00:20:19,954 --> 00:20:22,938
Think of the clientele you get,
the places that serve everything

545
00:20:22,938 --> 00:20:24,450
and everything $7.99, $9.99.

546
00:20:24,450 --> 00:20:26,371
You get the people who still

547
00:20:26,371 --> 00:20:27,723
complain about the price.

548
00:20:27,723 --> 00:20:30,071
You get all walks of life in

549
00:20:30,071 --> 00:20:30,426
there.

550
00:20:30,426 --> 00:20:32,188
If that's what you want for your

551
00:20:32,188 --> 00:20:34,105
mortgage business, then cool.

552
00:20:34,005 --> 00:20:34,853
That's cool, man.

553
00:20:34,853 --> 00:20:35,640
You do it.

554
00:20:35,640 --> 00:20:37,974
But if you want to up your game on

555
00:20:37,974 --> 00:20:39,820
the level of clientele and have
direct conversations with people

556
00:20:39,820 --> 00:20:42,208
and build trust a lot quicker and
diffuse the rate conversation,

557
00:20:42,208 --> 00:20:45,580
then you become an expert at
relying on your client journey to

558
00:20:45,580 --> 00:20:55,898
take you to the promised land and
a bunch a lot of brokers hopefully

559
00:20:55,898 --> 00:21:00,975
you're listening this if you're a
new broker oh man you're like you

560
00:21:00,975 --> 00:21:04,175
can move you're nimble you're like
this is awesome great perfect if

561
00:21:04,175 --> 00:21:06,779
you're a broker that essentially
you're running that business based

562
00:21:06,779 --> 00:21:07,884
on your journey, your client
journey.

563
00:21:07,884 --> 00:21:08,773
That's going away.

564
00:21:08,673 --> 00:21:11,040
If you believe me or not, we'll

565
00:21:11,720 --> 00:21:13,279
compare notes in three, four
years.

566
00:21:13,179 --> 00:21:13,909
It's going away.

567
00:21:13,909 --> 00:21:15,150
It's peacing out.

568
00:21:15,150 --> 00:21:17,385
of what we're doing, which there's
a couple, they're going to make

569
00:21:17,385 --> 00:21:18,268
that happen.

570
00:21:18,268 --> 00:21:20,210
Because it's about the, what's it

571
00:21:20,210 --> 00:21:23,124
all about?
If you've been listening to the

572
00:21:23,124 --> 00:21:24,448
podcast enough, it's about the
money.

573
00:21:24,448 --> 00:21:26,920
It's about the money, right?
That's what it is.

574
00:21:27,060 --> 00:21:28,620
It's not about the Canadian
homeowner.

575
00:21:28,620 --> 00:21:30,259
It's about the money.

576
00:21:30,259 --> 00:21:32,678
So it's their game and we're

577
00:21:32,678 --> 00:21:34,801
playing in it.

578
00:21:34,801 --> 00:21:38,933
But the cool part is we can make a

579
00:21:38,933 --> 00:21:41,398
lot of money playing in it.

580
00:21:41,398 --> 00:21:43,775
We can make a lot of money for our

581
00:21:43,775 --> 00:21:44,091
family.

582
00:21:44,191 --> 00:21:47,260
So then we have this awesome life

583
00:21:47,260 --> 00:21:51,220
with our family and our family
benefits but right now you have to

584
00:21:51,220 --> 00:21:56,067
start realizing what's going on
and you have to sit there sit back

585
00:21:56,067 --> 00:22:00,084
and go okay i need my marketing
into my branding and i'm not

586
00:21:59,984 --> 00:22:04,035
saying hiring a market company and
go get some should be on social

587
00:22:04,135 --> 00:22:04,530
media.

588
00:22:04,530 --> 00:22:06,573
If you are not, crazy.

589
00:22:06,573 --> 00:22:07,500
It's my own pocket.

590
00:22:07,500 --> 00:22:08,342
It's fucking crazy.

591
00:22:08,342 --> 00:22:09,354
no censorship on this.

592
00:22:09,354 --> 00:22:10,702
I hope not.

593
00:22:10,702 --> 00:22:12,303
Watch this.

594
00:22:12,303 --> 00:22:14,174
This one will get canceled.

595
00:22:14,174 --> 00:22:18,050
But it's crazy if you're not on
social media right now.

596
00:22:18,050 --> 00:22:18,696
It's bonkers.

597
00:22:18,696 --> 00:22:24,940
2024 and you're a small business

598
00:22:24,940 --> 00:22:29,463
owner and your sole job is to get
people to get eyeballs on what you

599
00:22:29,463 --> 00:22:29,931
do.

600
00:22:29,931 --> 00:22:32,337
And don't be a secret agent.

601
00:22:32,337 --> 00:22:33,340
I've talked about this before.

602
00:22:33,340 --> 00:22:36,230
Do not be a secret agent trying to

603
00:22:36,230 --> 00:22:39,120
walk around, whisper to people,
hey, I'm a mortgage broker.

604
00:22:39,120 --> 00:22:41,561
Hey, I'm a mortgage broker.

605
00:22:41,561 --> 00:22:41,849
Really?

606
00:22:41,849 --> 00:22:47,427
Because I follow you on Instagram
and all I see is you pushing your

607
00:22:47,427 --> 00:22:48,449
kids on a swing.

608
00:22:48,349 --> 00:22:49,985
No, I'm a mortgage broker.

609
00:22:49,885 --> 00:22:56,493
What's your email?
I'll send you an email in two

610
00:22:56,493 --> 00:22:56,863
weeks.

611
00:22:56,863 --> 00:22:58,985
Don't be that person.

612
00:22:58,985 --> 00:23:00,370
Get on there.

613
00:23:00,370 --> 00:23:03,584
And I don't care if you don't like

614
00:23:03,684 --> 00:23:04,087
social media.

615
00:23:04,087 --> 00:23:05,183
I don't like it either.

616
00:23:05,183 --> 00:23:06,631
I do not like it.

617
00:23:06,731 --> 00:23:07,557
But guess what?

618
00:23:07,557 --> 00:23:08,599
My clients don't care.

619
00:23:08,599 --> 00:23:10,580
Your clients don't give a shit.

620
00:23:10,680 --> 00:23:11,336
They really don't.

621
00:23:11,336 --> 00:23:14,207
If you like social media or not,

622
00:23:14,207 --> 00:23:16,418
that's where they're hanging out.

623
00:23:16,418 --> 00:23:17,905
This is the world we live in.

624
00:23:17,905 --> 00:23:20,460
So regardless, stop with the, when
I grew up and that's not the way

625
00:23:20,360 --> 00:23:20,668
it is.

626
00:23:20,668 --> 00:23:22,495
And if you can say we, but then

627
00:23:22,395 --> 00:23:25,350
you that, have that's not the way
it And if we, is.

628
00:23:25,350 --> 00:23:29,349
you can say that, but then you
have a business that's going to

629
00:23:29,349 --> 00:23:29,700
die.

630
00:23:29,700 --> 00:23:33,072
And then you're going to have a

631
00:23:33,072 --> 00:23:43,580
whole circle that relies on you to
provide for them going, Hey, what

632
00:23:43,580 --> 00:23:44,977
happened?
I thought we were doing this

633
00:23:44,977 --> 00:23:45,803
mortgage thing.

634
00:23:45,803 --> 00:23:50,636
I thought we were good.

635
00:23:50,636 --> 00:23:53,279
What's going on?
Other people who are mortgage

636
00:23:53,279 --> 00:23:57,343
brokers are good.

637
00:23:57,343 --> 00:23:58,633
They're doing well.

638
00:23:58,533 --> 00:24:03,095
Johnny over there, Sally, they're
crushing it.

639
00:24:03,195 --> 00:24:04,886
Why aren't you?
I didn't want to go on social.

640
00:24:04,886 --> 00:24:05,500
Oh, what?
Really?

641
00:24:07,040 --> 00:24:09,060
You didn't know that?
You should be there.

642
00:24:09,060 --> 00:24:12,695
You can connect with a lot of
people right away.

643
00:24:12,695 --> 00:24:15,793
And if you're there, why don't we
start focusing what we're talking

644
00:24:15,793 --> 00:24:17,944
about, right?
Let's take, let's stop being a

645
00:24:18,044 --> 00:24:18,275
generalist.

646
00:24:18,175 --> 00:24:19,020
Please stop working with

647
00:24:19,020 --> 00:24:19,295
everybody.

648
00:24:19,395 --> 00:24:20,456
It's just crazy to me.

649
00:24:20,539 --> 00:24:21,131
I just don't understand it.

650
00:24:21,126 --> 00:24:21,996
I don't get it.

651
00:24:21,996 --> 00:24:26,101
I get why there's pieces of me
that get it because it's leads

652
00:24:26,101 --> 00:24:26,786
come in.

653
00:24:26,886 --> 00:24:29,298
You're like, oh, I'm going to deal

654
00:24:29,298 --> 00:24:31,170
with it because it could be deals.

655
00:24:31,170 --> 00:24:33,215
You're no further along six months

656
00:24:33,215 --> 00:24:33,602
from now.

657
00:24:33,602 --> 00:24:36,196
I don't know what you do.

658
00:24:36,196 --> 00:24:37,313
six months from now.

659
00:24:37,313 --> 00:24:39,339
I don't know what you do.

660
00:24:39,339 --> 00:24:41,541
You help who?
Who do you help?

661
00:24:41,541 --> 00:24:41,629
Everybody.

662
00:24:41,629 --> 00:24:42,862
You can't help everybody.

663
00:24:42,862 --> 00:24:45,593
Nobody can be an expert at helping
everybody.

664
00:24:45,593 --> 00:24:46,474
It doesn't exist.

665
00:24:46,474 --> 00:24:47,796
So what do you do?

666
00:24:47,796 --> 00:24:49,910
What do you stand for?
Right?

667
00:24:50,010 --> 00:24:51,319
There you go.

668
00:24:51,319 --> 00:24:53,338
That's what I wanted to talk

669
00:24:53,438 --> 00:24:53,893
about.

670
00:24:53,793 --> 00:24:55,865
Got me all jacked up for like

671
00:24:55,765 --> 00:24:58,065
seven in the morning now.

672
00:24:57,965 --> 00:24:59,955
But I feel it's my duty, from the

673
00:25:00,055 --> 00:25:04,156
stuff I'm seeing, to come to you
and go, hey, just want you to

674
00:25:04,156 --> 00:25:04,690
think about this.

675
00:25:04,664 --> 00:25:04,831
hoping that resonates with you.

676
00:25:04,819 --> 00:25:05,031
If it does, hit me up on
Instagram.

677
00:25:05,006 --> 00:25:05,160
Message me and just let me know.

678
00:25:09,420 --> 00:25:10,210
Just give me like, hey, that

679
00:25:10,149 --> 00:25:10,442
podcast hit home.

680
00:25:10,427 --> 00:25:11,399
Or that podcast made me rethink

681
00:25:11,399 --> 00:25:13,135
things or never thought about that
like just let me know i like i

682
00:25:13,135 --> 00:25:15,660
like the feedback hey it's the
least you can do you've been

683
00:25:15,660 --> 00:25:19,580
listening to this podcast been
getting a lot of stuff from this a

684
00:25:19,820 --> 00:25:22,920
lot of gold nuggets and hopefully
help changing your business hit me

685
00:25:23,320 --> 00:25:27,803
up on instagram and you know let
me know let me know what you

686
00:25:27,803 --> 00:25:28,540
thought of this okay.

687
00:25:29,080 --> 00:25:29,477
Okay?

688
00:25:29,378 --> 00:25:31,640
That's it, kids.

689
00:25:31,640 --> 00:25:32,240
Enjoy your week.

690
00:25:32,440 --> 00:25:33,096
Peace out.