294: Interest Rates Just Went Up. What Did You Do About It?

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Welcome to the mortgage game.

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I truly, truly believe that

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

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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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All right.

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Welcome to the Mortgage Game

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Podcast.

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West Coast Whiteboard Wiley here.

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I don't know how many names we're
going to get added on.

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We'll probably strip off West
Coast because I've been here a

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while now.

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I think I've been saying that for

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a while.

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Coming to you live from the Ford

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Bronco studio.

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Yes, my wife's vehicle.

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She got a Ford Bronco Dodge Ram
not in play today.

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I just like driving this thing.

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It's fun.

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One of our favorite vehicles of
all time was the Jeep.

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Just didn't work for the family
with two big dogs and growing

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kids.

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And then we went away from the

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Jeep and then we're like, oh, I
really, the vehicle just sucks.

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It's not fun to drive, especially
being in Kelowna, right?

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Top can be down for, I don't know,
five months, six months, like six

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months full weather.

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So it's just, it's a place to have

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a vehicle where you can take the
top off, but the Jeep's a little

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too small.

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So I had to go up.

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What's the next thing up?
That's just a little bit bigger.

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And the Bronco is that.

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And so she, uh, Got that.

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So I'll get to whip around once in
a while.

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So this is the first podcast from
here.

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This might go down in history.

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I might be able to, I don't know.

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Do I get something for this Ford?
Do I get anything?

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Starbucks has dropped the ball.

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I'm here with my Americano.

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Let's get into it.

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So a couple of things.

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First off, had some people ask me,
they're like, Ryan, what is your,

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this is just the last couple of
weeks.

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It's kind of top of mind.

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What's like getting into your day?

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What does that look like?
Today's pretty, like today,

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they're, you know, I try to get up
if I can with a four, if not,

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definitely a five on the clock.

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And usually, you know, I get the

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coffee going.

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And then, like today, for

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instance, the first thing I did
after I got up on the road and out

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to Starbucks was I got an AI agent
working for me.

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So I built some AI agents, thrown
myself into that world.

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But I'm not using it to, there's
like probably 15, 20 %

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experimenting on stuff.

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The other stuff, I'm building

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things.

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And so I give it projects for the

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day and then it completes them
throughout the day.

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And most of my days are pretty
jammed up, like in a very good

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way.

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My cup is filled.

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And by the time I get halfway
through my day, I've got stuff

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done that's taken people seven
months to do.

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And I just build things for our
agents on my mortgage team.

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And the last thing I want them
doing is running around.

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They're going to, right?
Everyone's going to go do these

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things.

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as you do but then all of a sudden

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you lost focus you're on you have
four new subscriptions to solve a

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problem you didn't really have or
to save you 17 seconds here or one

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minute here and like and then you
just forget about how to broker i

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see a lot of agents doing that
they're losing their focus you're

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already losing your focus before
ai but now ai comes around it's

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like and that's going to tell him
people have this illusion of it's

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just going to run my business for
me i could automate everything

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i'll do all my outreach It'll do
all my fulfillment, all my

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compliance.

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It'll do whatever.

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Like, oh my God, you sit back like
a robot.

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No, no, no, no, no, no, no, no.

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It's the exact opposite.

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It doesn't do that.

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You could go build that.

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Sure.

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No, you're not brokering.

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Like you're good luck.

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People might try to sell you a

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course on that shit, but good
luck.

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You can have robo calls going out,
AI answering your phone calls for

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you.

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And I know there's so many who

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listen here are geeking out on
this and you're like, Ryan, we got

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to figure it out.

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Cool.

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Go do it, man.

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Go do it.

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Get her done.

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Figure it out.

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I'm not talking to one agent who's
got, you know, PhD in AI and geeks

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out on it and blah, blah, blah.

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I'm talking to like the masses.

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Like stay focused.

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You still have to have your base

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brokering stuff, right?
Your relationship building stuff

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attack.

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Can you use it to do other things?

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Sure.

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But so my mentality is instead of

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other brokers doing it.

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I'm going to go focus on the big

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things I think can help you save
you a bunch of time and or make

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you a bunch of money or give you
like a fighting chance in this

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market and in this industry.

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I'm going to go build that tool.

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And that's part of my value at is
I'm going to bring that to the

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table for the team.

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And so that's why I get going in

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the morning, get that going and
then, you know, get the coffee.

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And then now I'm down at the beach
and with a bunch of deer around

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me, which is kind of cool.

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Get the lake here and a bunch of

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deer here, except one's hobbling.

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I never liked seeing that because

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you know what happened there and
then what's going to happen.

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That's not cool.

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And then now I'll get back and our

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check -in calls at 630 with the
team.

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It's the mortgage team.

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And so that starts at 630 and then

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it's on into the day.

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So that's how my mornings get

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going.

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I don't know how interesting that

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is, but there you go.

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This podcast so far has been

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brought to you by Americano.

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I haven't had it yet and I need

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this now.

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I don't need it.

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I don't need anything, but I want
this.

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So there we go.

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And then I come down, hey, let's

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do a podcast.

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And so I've been meaning to do one

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for a while.

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I don't do these like a lot of

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people where it's like, hey, you
need to have one every week or two

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weeks.

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And it's just for the algorithm.

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It's like, fuck the algorithm.

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It can't be forced.

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It has to be just what's top of
mind, what I want to talk about.

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Emotionally, am I invested in
this?

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None of it's scripted, as you can
probably tell.

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It's edited a bit.

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Shout out to editor on this, Nikki

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McMurphy with Concrete Pad
Productions.

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Worked with her for years.

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Any of you looking to start a

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podcast, you have a podcast, it's
been on your buck list.

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I personally think every mortgage
broker should have a podcast.

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Now don't go out and run out and
do a podcast.

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I'm saying like, after you're
doing all the other things, it

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should be on the list.

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I think it's a phenomenal way to

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connect with your clients and also
open door with referral partners.

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But so it's Nikki McMurphy with
Concrete Pad Productions.

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You can look her up.

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She has like starter packages for

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mortgage brokers.

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And she'll do YouTube videos.

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It's just like a whole plotter of
stuff, but edits this.

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She can create visuals out.

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You can create shorts out of it if

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you want.

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If it's on video, if not, great.

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So I have Nikki, if you will.

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Well, I know you're listening.

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So we're very good at what you do.

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And we've been partners for many

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years on this.

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More people need to know who you

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are.

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And so there you go.

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That's Nikki.

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And the best part about Nikki is

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outside of being an awesome human
being and an Edmonton Oiler fan.

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is the fact that she's listened to
thousands of hours of podcasts in

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the mortgage industry.

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So you just give her something,

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she'll know when to start, when to
stop, if that's relevant, if it's

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not.

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She's more well -versed than a lot

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of mortgage brokers because of all
the content she's taken in.

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So that brings a unique skill set
into play.

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So anyways, just wanted to give
her a shout out.

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Okay, so let's get into what we
want to talk about.

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We're at a time now, we're at a
spot now, and we've missed the

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boat to some degree here.

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Interest rates going up.

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Interest rates are going out.

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So this happens though.

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And so maybe you're like, right, I
wish this podcast came out two

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weeks ago.

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Would you have done anything with

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it?
I don't know.

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Maybe it could have.

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Sure.

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But it's also, that's your job.

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You need to figure this shit out.

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But when interest rates are going
up, you need a plan.

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When interest rates are going
down, you need a plan.

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When interest rates are plateau,
you need a plan.

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Within every sort of chaos, either
way, which it's always chaos, by

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the way.

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Every day in this industry, you're

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going to get punched in the
fucking face.

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So stop whining about it.

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Stop bitching about it.

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And just carry on.

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That's like a side note.

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It's like a side infomercial just
slid in.

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Like, hey, it's daily mortgage
broker day.

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You know, my name's punch you in
the face guy.

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And I'm going to come and punch
you in the fucking face a bunch of

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times.

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Do, do, do, do, do.

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Okay.

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Have a good day.

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Go spend time with your family and
answer a lot of emails and take a

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lot of calls from appraisers
telling you the values went down

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and lenders won.

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Like, yeah, we all get it.

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That's the universe.

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That is brokering.

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It's literally mortgage brokering.

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I might say literally a lot in

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this podcast.

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So get over it and then figure it

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out now.

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Now we know.

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Now we've all aired it out.

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We're like, this sucks.

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It's so hard.

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00:07:55,790 --> 00:07:58,510
We have to redefine what hard is,

261
00:07:58,510 --> 00:07:59,820
right?
Come on.

262
00:07:59,820 --> 00:08:02,420
We're not even going to go down
that rabbit hole.

263
00:08:02,420 --> 00:08:04,820
But it's like, okay, I got it now.

264
00:08:04,820 --> 00:08:06,740
It's like when my kids, I'm like,

265
00:08:06,740 --> 00:08:10,540
yeah, can we move on now?
We're all up to speed on how much

266
00:08:10,660 --> 00:08:12,080
whatever you're doing sucks.

267
00:08:12,080 --> 00:08:15,420
Can we now just get it done and

268
00:08:15,420 --> 00:08:18,300
put a plan in place?
Because like, why are we talking

269
00:08:18,300 --> 00:08:20,680
about this stuff?
Why are we talking about how hard

270
00:08:20,680 --> 00:08:22,420
the homework is?
Like, don't even get me started.

271
00:08:22,440 --> 00:08:26,620
I'll give you six seconds to vent
and then let's fucking go.

272
00:08:26,720 --> 00:08:27,340
So let's carry on.

273
00:08:27,340 --> 00:08:27,960
So. Interest rates up, interest

274
00:08:27,960 --> 00:08:29,290
rates down, plateau, economy,
wars, everything.

275
00:08:29,290 --> 00:08:30,070
Doesn't matter.

276
00:08:30,390 --> 00:08:31,450
There's opportunity all the time,

277
00:08:31,450 --> 00:08:31,850
every time, always.

278
00:08:31,850 --> 00:08:33,929
But you need a plan.

279
00:08:33,929 --> 00:08:36,190
Now we're in the one where
interest rates went up.

280
00:08:36,190 --> 00:08:39,370
When interest rates were going
down, and they haven't went down

281
00:08:39,370 --> 00:08:44,030
for a while, we've had like these
mini dips over the past, I don't

282
00:08:44,030 --> 00:08:44,610
know, 12 months.

283
00:08:44,610 --> 00:08:45,650
There's been like, hey, we're down

284
00:08:45,650 --> 00:08:46,530
to the 389, 379.

285
00:08:46,530 --> 00:08:48,370
three, six, nine, three, five,

286
00:08:48,370 --> 00:08:48,790
four insured.

287
00:08:48,790 --> 00:08:49,830
We're three, like, that's cool.

288
00:08:49,830 --> 00:08:50,950
We haven't had that.

289
00:08:50,950 --> 00:08:54,470
So you should have went in your

290
00:08:54,470 --> 00:08:57,270
database and did a ton of rate
arbitrage.

291
00:08:57,270 --> 00:09:03,550
We had a lot of clients who were
in high fours, fives, even some

292
00:09:03,650 --> 00:09:03,830
sixes.

293
00:09:03,830 --> 00:09:06,450
I'm hoping you clean that shit up.

294
00:09:06,790 --> 00:09:08,470
Like massive opportunity there
where you at least go in and reach

295
00:09:08,470 --> 00:09:10,810
out to every person and go, there
was an opportunity here, obviously

296
00:09:10,810 --> 00:09:12,890
depending on your IRD penalty and
all that stuff.

297
00:09:12,890 --> 00:09:15,370
And we wouldn't even get into
that.

298
00:09:16,090 --> 00:09:17,610
And then with the variable rate
spreads.

299
00:09:17,770 --> 00:09:22,100
Those haven't really got that big,
but we did get to like prime minus

300
00:09:22,360 --> 00:09:24,000
70, even a little bit higher on
the uninsured stuff.

301
00:09:24,080 --> 00:09:25,660
Did you still have clients
floating around in a prime minus

302
00:09:25,660 --> 00:09:27,520
15, prime minus 20?
Like there's opportunities there

303
00:09:27,520 --> 00:09:28,640
because it's a three -month
interest penalty.

304
00:09:28,640 --> 00:09:28,940
Okay.

305
00:09:28,940 --> 00:09:32,380
And so when it goes down, you mine

306
00:09:32,380 --> 00:09:34,680
your database for those
opportunities and there's a couple

307
00:09:34,680 --> 00:09:34,920
others.

308
00:09:34,920 --> 00:09:36,460
When it goes up, you mine your

309
00:09:36,460 --> 00:09:37,060
database for renewals.

310
00:09:37,060 --> 00:09:37,960
So you've got renewals.

311
00:09:38,060 --> 00:09:41,660
So I'm just going to walk through
what I'm seeing other brokers do.

312
00:09:41,660 --> 00:09:44,820
And what I did and in the rising
up environment, I definitely, my

313
00:09:44,820 --> 00:09:48,910
game wasn't on point when I
brokered, but now knowing what I

314
00:09:48,990 --> 00:09:50,990
know, I'm like, oh my God, there's
so many moves here.

315
00:09:50,990 --> 00:09:52,070
Podcast brought to you by
Americana.

316
00:09:52,070 --> 00:09:54,450
Americana is going to get a lot of
shout outs.

317
00:09:54,450 --> 00:09:55,090
I'm just saying.

318
00:09:55,090 --> 00:09:57,210
There's a five on the clock and

319
00:09:57,210 --> 00:09:58,910
I've got a tank of a turn care.

320
00:09:58,910 --> 00:10:02,130
I get the ved tea with four shots,

321
00:10:02,130 --> 00:10:03,490
but then I'm good today.

322
00:10:03,490 --> 00:10:05,310
I might have like half a coffee

323
00:10:05,310 --> 00:10:10,070
once every couple of days later,
but then I'm like, this is it.

324
00:10:10,070 --> 00:10:11,570
I don't need anything else.

325
00:10:11,570 --> 00:10:12,830
And I just go to lunch, Ryan.

326
00:10:12,830 --> 00:10:13,110
Okay.

327
00:10:13,110 --> 00:10:14,090
Focus, Ryan.

328
00:10:14,090 --> 00:10:14,310
Focus.

329
00:10:14,720 --> 00:10:15,200
I'm sorry.

330
00:10:15,200 --> 00:10:19,820
There's a water here, five o
'clock and a bunch of deer in

331
00:10:19,820 --> 00:10:20,940
front of me, which is quite
captivating.

332
00:10:21,020 --> 00:10:21,620
Let's carry on.

333
00:10:21,620 --> 00:10:22,340
So interest rates going up.

334
00:10:22,440 --> 00:10:24,820
We just had this opportunity where
rate holds, you're putting rate

335
00:10:24,820 --> 00:10:25,060
holds in.

336
00:10:25,060 --> 00:10:29,160
If you have any sort of database,

337
00:10:29,160 --> 00:10:31,900
you are going through to like all
your passport approvals that have

338
00:10:31,900 --> 00:10:33,680
done anything and you're
refreshing them, you're sending

339
00:10:33,680 --> 00:10:35,880
them in with or without their
permission.

340
00:10:35,880 --> 00:10:37,960
If you need their permission, if
you need credit and you're sending

341
00:10:37,960 --> 00:10:39,920
into a lender, then yeah, you do
it.

342
00:10:39,920 --> 00:10:41,600
There's lenders that don't need
credit bureaus.

343
00:10:41,600 --> 00:10:43,920
Sure, you might charge a premium,
but I don't know, you have to make

344
00:10:43,980 --> 00:10:44,240
these judgment calls.

345
00:10:44,240 --> 00:10:45,780
And depending on what province

346
00:10:46,500 --> 00:10:49,580
you're in and what lenders you
use, it's all different.

347
00:10:50,220 --> 00:10:51,920
It's this crazy matrix of stuff.

348
00:10:51,920 --> 00:10:52,880
Okay, so you're putting in these

349
00:10:53,080 --> 00:10:53,400
rate holds.

350
00:10:53,400 --> 00:10:56,680
And you're going with all your pre

351
00:10:56,680 --> 00:10:59,480
-approvals, the people you just
talked to, you're talking to, and

352
00:10:59,480 --> 00:11:00,200
then anyone renewing.

353
00:11:00,200 --> 00:11:03,000
We're at a time right now where

354
00:11:03,000 --> 00:11:05,660
between now and the end of 2026,
the massive opportunity with

355
00:11:05,660 --> 00:11:08,720
renewals, we know this, but with
interest rates going up, it's in

356
00:11:08,900 --> 00:11:09,520
your favor.

357
00:11:09,520 --> 00:11:12,800
It's only in your favor if you get

358
00:11:12,800 --> 00:11:13,300
step one done.

359
00:11:13,300 --> 00:11:14,500
So anyone breaking their mortgage

360
00:11:14,500 --> 00:11:16,920
or renewing this year, you have an
opportunity to put them into a

361
00:11:16,920 --> 00:11:17,180
mortgage.

362
00:11:17,180 --> 00:11:18,200
An earlier renewal or renewal

363
00:11:18,560 --> 00:11:19,580
lined up their maturity day.

364
00:11:19,580 --> 00:11:21,540
Because really, the penalty on

365
00:11:21,620 --> 00:11:23,980
IRD, anyone in a fixed rate coming
up in 2026, they're up in

366
00:11:23,980 --> 00:11:25,320
December, right?
Maximum it's going to be is going

367
00:11:25,320 --> 00:11:29,020
to be a three -month interest
penalty at this point.

368
00:11:29,120 --> 00:11:31,920
But if you include the rate hold
that you're going to have.

369
00:11:31,920 --> 00:11:34,580
If someone's up, you know, some
places are under 30 days, it's,

370
00:11:34,580 --> 00:11:36,200
you know, 30 days of interest.

371
00:11:36,340 --> 00:11:39,060
So it's all over the place, but an

372
00:11:39,060 --> 00:11:43,700
IRD penalty, six months and under
is typically three -month interest

373
00:11:43,700 --> 00:11:45,580
or lower for the end of March.

374
00:11:45,580 --> 00:11:45,840
April.

375
00:11:45,840 --> 00:11:48,380
So you got nine months left.

376
00:11:48,920 --> 00:11:50,240
Like you start doing the math.

377
00:11:50,240 --> 00:11:51,080
You're like, holy shit.

378
00:11:51,080 --> 00:11:53,240
And there's a lot of different

379
00:11:53,240 --> 00:11:55,520
places you could go, right?
If you're in Ontario, you got

380
00:11:55,520 --> 00:11:55,660
national.

381
00:11:55,660 --> 00:11:56,820
Nationals rates are still low.

382
00:11:56,820 --> 00:12:00,630
I don't know by the time this
podcast comes out, but they just

383
00:12:00,630 --> 00:12:04,790
bumped up five base points, but
they're still the lowest in the

384
00:12:04,910 --> 00:12:05,870
industry for rate holds.

385
00:12:06,550 --> 00:12:08,350
You have to send in a live deal.

386
00:12:08,350 --> 00:12:11,670
So you send in a live refinance
and you could put 180 day rate

387
00:12:11,670 --> 00:12:12,230
hold on.

388
00:12:12,230 --> 00:12:12,850
You can go 120.

389
00:12:12,850 --> 00:12:15,430
whatever interest rate they're
offering, then you could go 150,

390
00:12:15,430 --> 00:12:16,550
add five basis points.

391
00:12:16,550 --> 00:12:18,230
Then you can go 180, add another

392
00:12:18,230 --> 00:12:19,510
five basis points.

393
00:12:19,510 --> 00:12:20,950
So it's 10 basis point premium for

394
00:12:20,950 --> 00:12:22,770
six month rain hold on a live
refi.

395
00:12:22,770 --> 00:12:23,570
Think about that.

396
00:12:23,570 --> 00:12:25,750
Do I need to connect those dots

397
00:12:26,670 --> 00:12:27,430
for you?
That's quite spectacular.

398
00:12:27,430 --> 00:12:29,610
National, like our agents are
pummeling national bank to death

399
00:12:29,750 --> 00:12:31,850
right now, as they should, because
guess what?

400
00:12:31,850 --> 00:12:33,310
They're going to go lock up X
interest rate.

401
00:12:33,430 --> 00:12:35,690
And then we don't know what's
going to happen over the next

402
00:12:35,690 --> 00:12:36,470
couple of months.

403
00:12:36,470 --> 00:12:37,790
I know some of you are like, I'm

404
00:12:37,930 --> 00:12:40,110
in BC, I'm in Alberta, I'm in
Manitoba, I don't have...

405
00:12:40,110 --> 00:12:40,230
Okay.

406
00:12:40,230 --> 00:12:40,610
National's coming.

407
00:12:40,610 --> 00:12:41,810
They're coming for everybody.

408
00:12:41,810 --> 00:12:43,190
You will have the opportunity.

409
00:12:43,190 --> 00:12:44,470
But it's the concept you have to
wrap your head around.

410
00:12:44,470 --> 00:12:46,250
Right?
And it's just not national.

411
00:12:46,250 --> 00:12:51,440
Because there's other places where
maybe you have 90 or 120 or 130

412
00:12:51,440 --> 00:12:51,620
days.

413
00:12:51,620 --> 00:12:52,740
Like BMO's 130 days.

414
00:12:52,740 --> 00:12:55,520
Did you know that?
Everyone should have access to

415
00:12:55,520 --> 00:12:55,620
BMO.

416
00:12:55,620 --> 00:12:55,840
They're nationwide.

417
00:12:55,840 --> 00:12:57,560
Outside of Quebec right now.

418
00:12:57,560 --> 00:12:58,440
which I think they're launching.

419
00:12:58,440 --> 00:12:59,000
130 days.

420
00:12:59,000 --> 00:13:01,660
That's the best rate hold with no

421
00:13:01,660 --> 00:13:02,460
premiums attached.

422
00:13:03,580 --> 00:13:04,060
Okay.

423
00:13:04,060 --> 00:13:04,440
Oh, interesting.

424
00:13:04,700 --> 00:13:05,900
And they spit back our pre

425
00:13:05,900 --> 00:13:11,080
-approval letter and they don't
underwrite the file, but they do

426
00:13:11,080 --> 00:13:15,040
like a semi, like the sniff test
and boom, here you go.

427
00:13:15,280 --> 00:13:15,860
All right.

428
00:13:15,860 --> 00:13:17,380
Obviously it has to be fully

429
00:13:17,380 --> 00:13:19,940
owned, but you get what I'm saying
here.

430
00:13:19,940 --> 00:13:22,300
You need some sort of strategy and
plan, you know, beam financial and

431
00:13:22,400 --> 00:13:22,600
interior savings.

432
00:13:22,600 --> 00:13:23,460
It's a 90 day rate hold, really

433
00:13:23,460 --> 00:13:24,520
good rates, lower rates.

434
00:13:24,660 --> 00:13:27,380
You can get it a lot of places in

435
00:13:27,880 --> 00:13:28,320
BC.

436
00:13:28,320 --> 00:13:29,960
Qualified contract rate, no credit

437
00:13:29,960 --> 00:13:31,860
bills needed, no credit bureaus.

438
00:13:31,860 --> 00:13:33,300
You could jam that in without your

439
00:13:33,300 --> 00:13:36,920
clients even realizing, right?
Because you have to go ask your

440
00:13:36,920 --> 00:13:39,600
clients for content and do all
this stuff, which I totally get.

441
00:13:39,600 --> 00:13:44,780
And you need to do that for a lot
of the other lenders.

442
00:13:44,780 --> 00:13:46,820
There's some lenders you don't.

443
00:13:47,280 --> 00:13:49,440
You need to find these pockets of

444
00:13:49,440 --> 00:13:52,680
lenders that work for what you're
trying to do.

445
00:13:52,680 --> 00:13:54,140
Podcast brought to you by
Americano.

446
00:13:54,140 --> 00:13:59,180
I might just hold an and drink it
without even giving them a shout

447
00:13:59,180 --> 00:14:01,260
out because it's a lot of free
advertising for Americano and

448
00:14:01,260 --> 00:14:02,840
nothing coming back.

449
00:14:02,840 --> 00:14:04,460
You go and you put these rate

450
00:14:05,440 --> 00:14:06,200
holds in wherever you do.

451
00:14:06,200 --> 00:14:06,980
And now, does that mean you're

452
00:14:06,980 --> 00:14:08,940
working evenings and weekends?
Hell to the yeah.

453
00:14:08,940 --> 00:14:11,300
You've been talking to brokers all
week where they're like, my

454
00:14:11,300 --> 00:14:12,260
weekends are destroyed.

455
00:14:12,420 --> 00:14:13,200
Once again, that's fucking

456
00:14:13,200 --> 00:14:13,420
brokering.

457
00:14:13,420 --> 00:14:15,920
That is the gig you signed up for.

458
00:14:15,920 --> 00:14:18,600
And if you aren't doing that, like
rates were rising.

459
00:14:18,600 --> 00:14:20,600
So at the bare minimum, you should
have.

460
00:14:20,600 --> 00:14:24,060
And this could have been can't
crap or spilled milk being sure be

461
00:14:24,800 --> 00:14:25,880
ready for the next thing.

462
00:14:25,880 --> 00:14:26,800
Because it's coming again.

463
00:14:26,800 --> 00:14:27,760
You need this in your arsenal.

464
00:14:27,760 --> 00:14:28,800
It has to be in the toolkit.

465
00:14:28,800 --> 00:14:29,400
Interest rates are pumping up.

466
00:14:29,400 --> 00:14:29,680
What do you do?

467
00:14:29,680 --> 00:14:30,940
Did you send an email to your
database?

468
00:14:31,080 --> 00:14:32,540
Did you let them know they're
increasing?

469
00:14:32,540 --> 00:14:34,800
What's your call to action?
That's up to you.

470
00:14:34,800 --> 00:14:38,860
Is it reply back to this email?
Is it, hey, book a call?

471
00:14:38,860 --> 00:14:40,580
Do you want your call jammed up
with that?

472
00:14:40,580 --> 00:14:42,100
Is it, yeah, put a rate hold in.

473
00:14:42,100 --> 00:14:42,260
Cool.

474
00:14:42,260 --> 00:14:44,620
Here's an intake form.

475
00:14:44,620 --> 00:14:47,770
This is what I need.

476
00:14:47,770 --> 00:14:48,310
Or here's client consent.

477
00:14:48,310 --> 00:14:49,290
And then we'll get that going.

478
00:14:49,410 --> 00:14:52,590
You have to align the call to
action with the option you have

479
00:14:52,590 --> 00:14:54,150
available for rate holds in,
right?

480
00:14:54,150 --> 00:14:55,710
With the lender and the product
and everything.

481
00:14:55,830 --> 00:15:01,170
So then you build that into your
call to action.

482
00:15:02,190 --> 00:15:05,530
But like multiple emails should
have went out to your database.

483
00:15:05,530 --> 00:15:09,070
Social media, referral partners
should have been a week or two of

484
00:15:09,070 --> 00:15:11,630
energy talking about interest
rates increasing, everybody.

485
00:15:11,630 --> 00:15:12,510
Guess what?
I'll protect your family.

486
00:15:12,510 --> 00:15:13,850
Do you want me to protect your
family?

487
00:15:13,850 --> 00:15:16,500
Are you renewing this year?
Are you thinking of purchasing

488
00:15:16,680 --> 00:15:19,560
maybe in the next 120 days?
Were you thinking of doing a

489
00:15:19,560 --> 00:15:22,400
refinance and a restructure to get
rid of that high interest debt?

490
00:15:22,900 --> 00:15:26,620
We can lock in an even lower
interest now, but those days are

491
00:15:26,620 --> 00:15:26,920
going.

492
00:15:26,920 --> 00:15:29,220
They're going to be bye -bye with

493
00:15:29,340 --> 00:15:29,960
all the crazy things.

494
00:15:30,220 --> 00:15:31,920
And you can lean into what's going

495
00:15:32,100 --> 00:15:32,680
on in the world.

496
00:15:32,680 --> 00:15:34,440
Do we know what's going to happen

497
00:15:34,440 --> 00:15:36,180
three months from now?
This is me talking to mortgage

498
00:15:36,180 --> 00:15:36,360
brokers.

499
00:15:36,360 --> 00:15:37,120
No, we don't.

500
00:15:37,340 --> 00:15:39,040
but that's not the story we tell
right now.

501
00:15:39,040 --> 00:15:39,560
I don't know.

502
00:15:39,560 --> 00:15:41,000
Maybe these rate holds are for

503
00:15:41,000 --> 00:15:41,220
nothing.

504
00:15:41,220 --> 00:15:43,170
Maybe you're doing all this work

505
00:15:43,170 --> 00:15:46,110
and then someone sends out a tweet
or something changes in the world

506
00:15:46,110 --> 00:15:50,350
and all of a sudden interest rates
dip below 4 % and your rate holds

507
00:15:50,350 --> 00:15:50,930
are worth nothing.

508
00:15:50,930 --> 00:15:52,170
Okay, what do you want?

509
00:15:52,170 --> 00:15:55,270
Do you want a cookie?
Do you want a ribbon,

510
00:15:55,850 --> 00:15:59,370
participation ribbon that you
actually brokered and were being

511
00:15:59,370 --> 00:16:04,530
proactive for a lot of clients,
which fed your lead pipeline and

512
00:16:05,250 --> 00:16:08,980
then it didn't work out how you
thought?

513
00:16:08,980 --> 00:16:10,780
Like, what do you want for that?
That's the job.

514
00:16:10,780 --> 00:16:13,480
As someone told me and positioned
it awesome.

515
00:16:13,480 --> 00:16:14,980
I think that was Andrina.

516
00:16:14,980 --> 00:16:16,900
Shout out to Andrina.

517
00:16:16,900 --> 00:16:17,720
That's the job.

518
00:16:17,720 --> 00:16:19,540
So do the job, man.

519
00:16:19,540 --> 00:16:20,320
Girl, do the job.

520
00:16:20,320 --> 00:16:22,020
I get jacked up on this stuff

521
00:16:22,020 --> 00:16:23,700
because it's like in front of me.

522
00:16:23,700 --> 00:16:24,620
So plain as day.

523
00:16:25,080 --> 00:16:28,100
And then when I see people bitch
complain, but they didn't do this

524
00:16:28,100 --> 00:16:28,200
stuff.

525
00:16:28,200 --> 00:16:29,460
And I'm like, well, yeah, of

526
00:16:29,460 --> 00:16:29,560
course.

527
00:16:29,560 --> 00:16:29,600
Right.

528
00:16:29,600 --> 00:16:32,040
Which is why I come on here and
talk like this.

529
00:16:32,040 --> 00:16:32,600
So. You've got that.

530
00:16:32,600 --> 00:16:34,120
You're putting in all these rate

531
00:16:34,360 --> 00:16:38,030
holds and you're working evenings,
you're working weekends, and

532
00:16:38,030 --> 00:16:38,870
you're exhausting every option.

533
00:16:38,870 --> 00:16:40,950
Like all your energy need to go

534
00:16:40,950 --> 00:16:41,470
into that.

535
00:16:41,790 --> 00:16:42,910
And a lot of you did.

536
00:16:42,910 --> 00:16:46,430
Talked to a broker yesterday and
she and her team did 150 rate

537
00:16:46,430 --> 00:16:46,710
holds.

538
00:16:46,710 --> 00:16:46,930
Awesome.

539
00:16:46,930 --> 00:16:49,290
I know people that are doing like
50 plus, 100 plus, you know, a

540
00:16:49,290 --> 00:16:49,990
couple are 200 plus.

541
00:16:50,450 --> 00:16:51,930
Rate hold, rate hold, rate hold.

542
00:16:51,930 --> 00:16:52,110
Everybody everywhere.

543
00:16:52,110 --> 00:16:53,430
Because guess what happens?

544
00:16:53,430 --> 00:16:56,750
You put those rate holds in.

545
00:16:56,750 --> 00:16:58,410
You're bitching and complaining

546
00:16:58,410 --> 00:17:00,890
about interest rates and how our
interest rates in our channel

547
00:17:00,890 --> 00:17:02,590
aren't as good and blah, blah,
blah, blah, blah.

548
00:17:02,590 --> 00:17:05,810
Same old crap, which is never
changing, by the way, so get used

549
00:17:05,810 --> 00:17:06,410
to it.

550
00:17:07,010 --> 00:17:07,710
Guess what?

551
00:17:07,710 --> 00:17:10,390
Ah, you go and secure a 409.

552
00:17:10,390 --> 00:17:11,910
You go secure a 399.

553
00:17:11,910 --> 00:17:15,690
You put 90 days, 120, 150, 180.

554
00:17:15,690 --> 00:17:16,490
The market shifts.

555
00:17:16,650 --> 00:17:20,550
Things have already bumped up to
434, 444. 429.

556
00:17:20,550 --> 00:17:21,210
You're already looking good.

557
00:17:21,210 --> 00:17:22,329
And then something ships in the

558
00:17:22,329 --> 00:17:24,230
world and they keep pushing up.

559
00:17:24,230 --> 00:17:26,170
And all of a sudden, 60 days from

560
00:17:26,170 --> 00:17:27,770
now, rates are at 454, 464.

561
00:17:27,770 --> 00:17:29,390
Guess what you have?

562
00:17:30,250 --> 00:17:32,110
Ah, now rate is important.

563
00:17:32,110 --> 00:17:32,890
See that how it ships?

564
00:17:32,890 --> 00:17:36,950
When you got below rate, now it's
important and you want to talk

565
00:17:36,950 --> 00:17:37,290
about it.

566
00:17:37,290 --> 00:17:38,570
It's kind of funny how that works.

567
00:17:38,570 --> 00:17:39,850
But you lean into it.

568
00:17:39,850 --> 00:17:41,650
Hell to the yeah, that's what you

569
00:17:41,650 --> 00:17:41,810
do.

570
00:17:41,810 --> 00:17:44,410
And you go, this is what I got.

571
00:17:44,670 --> 00:17:48,290
And now all of a sudden, the
switch has been flipped.

572
00:17:48,290 --> 00:17:51,250
Like the script's been flat.

573
00:17:52,030 --> 00:17:53,470
Whatever that saying is, it's been

574
00:17:53,470 --> 00:17:53,730
flat.

575
00:17:53,730 --> 00:17:55,670
You have the low rate.

576
00:17:55,670 --> 00:17:56,050
The banks don't.

577
00:17:56,050 --> 00:17:58,870
And you got these banks right now.

578
00:17:58,970 --> 00:18:03,910
Some of them are just like holding
on and they're snatching up a lot

579
00:18:03,910 --> 00:18:04,650
of stuff.

580
00:18:04,650 --> 00:18:06,710
You got the RBCs of the world that

581
00:18:06,710 --> 00:18:08,710
are keeping rates low because
they're like, oh, they really want

582
00:18:08,710 --> 00:18:10,850
to like push, push, push, push.

583
00:18:10,850 --> 00:18:12,430
But they understand by keeping

584
00:18:12,430 --> 00:18:15,050
them just a little bit lower,
longer than other banks, that

585
00:18:15,050 --> 00:18:21,010
they're going to get these other
people coming in with the fear

586
00:18:21,010 --> 00:18:28,070
that are going to lock in and make
dumb decisions and some will make

587
00:18:28,070 --> 00:18:28,490
good decisions.

588
00:18:28,490 --> 00:18:32,460
And they won't go anywhere else

589
00:18:33,180 --> 00:18:35,020
because they got the lowest thing.

590
00:18:35,020 --> 00:18:36,280
And then they're going to snap

591
00:18:36,280 --> 00:18:36,620
them up.

592
00:18:36,620 --> 00:18:37,380
This happens every cycle.

593
00:18:37,380 --> 00:18:39,220
It's a scene, song, and dance
every single time.

594
00:18:39,220 --> 00:18:41,200
So you've got these rate holds in
place.

595
00:18:41,200 --> 00:18:45,520
Now, what do you do with the rate
hold?

596
00:18:45,520 --> 00:18:49,160
Well, now you sit on your hands
and you see what happens.

597
00:18:49,160 --> 00:18:50,980
Now you get back to brokering your
regular stuff.

598
00:18:50,980 --> 00:18:54,080
back to making your calls, back to
making your content, back to

599
00:18:54,440 --> 00:18:55,300
putting yourself out there.

600
00:18:55,300 --> 00:18:56,860
You get back to running the live

601
00:18:56,940 --> 00:18:58,680
files you're working on, back to
doing your custom proposals, back

602
00:18:58,680 --> 00:18:59,680
to just grinding away.

603
00:18:59,680 --> 00:19:01,470
But you have all these rate holds

604
00:19:01,590 --> 00:19:06,130
here, but you sit on your hands
and you wait and you watch and you

605
00:19:06,130 --> 00:19:07,010
see what's unfolding.

606
00:19:07,010 --> 00:19:08,110
And obviously some of this depends

607
00:19:08,110 --> 00:19:08,510
on the client's situation.

608
00:19:08,510 --> 00:19:11,310
It's not the same for everybody.

609
00:19:11,310 --> 00:19:13,030
If clients are coming up for
renewal right away, you go and

610
00:19:13,030 --> 00:19:13,290
handle that.

611
00:19:13,290 --> 00:19:15,050
If they're coming up later on, you

612
00:19:15,170 --> 00:19:15,990
sit on your hands.

613
00:19:15,990 --> 00:19:17,810
And if rates was shot, and I'm

614
00:19:17,810 --> 00:19:21,850
running towards midway of my rate
hold, a 90 day or 120, I'm at 45

615
00:19:21,970 --> 00:19:22,570
and 60 in.

616
00:19:22,570 --> 00:19:24,290
Now I start going, okay, now I

617
00:19:24,290 --> 00:19:25,830
need to reach out to these people.

618
00:19:25,830 --> 00:19:27,230
I need to frame a story.

619
00:19:27,230 --> 00:19:29,440
And the story is, this is where
rates are at.

620
00:19:29,440 --> 00:19:30,220
Your renewal date's over here.

621
00:19:30,220 --> 00:19:31,520
It might cost you $4 ,000, $6 ,000

622
00:19:31,520 --> 00:19:36,060
to take my rate because you're
going to have to pay a penalty of

623
00:19:36,060 --> 00:19:39,620
some sort to do an early renewal
break there, come here.

624
00:19:39,620 --> 00:19:40,900
And you put it in front of the
client.

625
00:19:40,900 --> 00:19:43,560
You go, what do you want?
Do you want to renew into this

626
00:19:43,560 --> 00:19:45,100
409?
Interest rates are at 444.

627
00:19:45,100 --> 00:19:49,240
You're up in five months and it's
going to cost you $6 ,000 and you

628
00:19:49,240 --> 00:19:51,040
might renew into a 47 now.

629
00:19:51,040 --> 00:19:52,120
There's a lot of fear.

630
00:19:52,120 --> 00:19:54,960
The world out there is going to do
the heavy lifting for you.

631
00:19:54,960 --> 00:19:58,840
It's going to go and scare the
shit out of all those people for

632
00:19:58,840 --> 00:20:01,380
you to push them into talking to
you about what you have.

633
00:20:01,380 --> 00:20:02,580
And there you go.

634
00:20:02,580 --> 00:20:04,840
But this is like, you're on,

635
00:20:04,840 --> 00:20:05,560
you're texting, you're calling.

636
00:20:05,560 --> 00:20:08,120
Do not just send emails and hide

637
00:20:08,120 --> 00:20:09,560
behind emails and go, ah, it
didn't work.

638
00:20:09,560 --> 00:20:10,320
You're working the phone.

639
00:20:10,320 --> 00:20:11,700
You're like, Gary, Gary, Tom, Tom,

640
00:20:11,700 --> 00:20:11,880
Sally.

641
00:20:12,040 --> 00:20:13,780
Hey, Sally, are you doing this or

642
00:20:13,780 --> 00:20:15,660
not?
Like they need to feel the urgency

643
00:20:15,660 --> 00:20:17,630
from you, the scarcity on the
offer.

644
00:20:17,630 --> 00:20:18,950
They need to feel it.

645
00:20:19,170 --> 00:20:21,150
If you're just like, dude, yeah,

646
00:20:21,150 --> 00:20:21,870
here you go.

647
00:20:21,870 --> 00:20:23,130
I got it.

648
00:20:23,130 --> 00:20:23,330
Okay.

649
00:20:23,330 --> 00:20:24,390
Email, let me know if you're

650
00:20:24,390 --> 00:20:24,490
interested.

651
00:20:24,490 --> 00:20:24,690
Cool.

652
00:20:24,690 --> 00:20:25,970
Here's a link to my calendar.

653
00:20:25,970 --> 00:20:27,570
Let me know if you, okay.

654
00:20:27,570 --> 00:20:28,930
Ah, they didn't get back to me.

655
00:20:28,930 --> 00:20:30,590
Maybe send them something later.

656
00:20:30,590 --> 00:20:35,590
And like, if you're doing that,
like don't even do the first

657
00:20:35,590 --> 00:20:35,770
thing.

658
00:20:35,770 --> 00:20:37,190
It's just a waste.

659
00:20:37,190 --> 00:20:38,230
You're only as good as your follow
-up.

660
00:20:38,230 --> 00:20:40,730
Your business is only as good as
your follow -up.

661
00:20:40,910 --> 00:20:43,490
Do not prospect anyone if there's
no follow -up.

662
00:20:43,490 --> 00:20:45,460
If you reach out to someone cold,
warm, in your phone, trying to get

663
00:20:45,460 --> 00:20:49,980
in front of a financial advisor, a
realtor, someone on social, and

664
00:20:49,980 --> 00:20:51,960
you send something to them, then
there's no follow -up.

665
00:20:51,960 --> 00:20:55,680
Like you just wasted that first
initial time where you probably

666
00:20:56,620 --> 00:20:58,680
took half hour to reach out to one
person, which is ridiculous.

667
00:20:58,680 --> 00:21:00,800
Should be two minute max to reach
out to one person.

668
00:21:00,800 --> 00:21:03,640
In 30 minutes, you can do 15
opens, even to strangers.

669
00:21:03,640 --> 00:21:04,680
But either way.

670
00:21:04,680 --> 00:21:06,540
Oh man, see how we can go down

671
00:21:06,540 --> 00:21:09,270
rabbit holes there?
Now I lost my train of thought.

672
00:21:09,270 --> 00:21:10,890
Okay, we're going back to
Americano.

673
00:21:11,070 --> 00:21:12,270
It's early, the deer.

674
00:21:12,270 --> 00:21:13,250
Okay, I have excuses.

675
00:21:13,250 --> 00:21:14,590
And I'm not in my studio.

676
00:21:14,730 --> 00:21:16,370
I'm in a different thing.

677
00:21:16,370 --> 00:21:18,010
I'm in a four, man.

678
00:21:18,470 --> 00:21:21,230
Okay, so you've got...

679
00:21:21,510 --> 00:21:25,030
This opportunity now, now we have
to go and shake the tree and go,

680
00:21:25,030 --> 00:21:28,970
how am I going to present this to
the client?

681
00:21:29,370 --> 00:21:30,930
I walk you through what I do
there.

682
00:21:30,930 --> 00:21:32,210
Maybe even run a break -even
analysis.

683
00:21:32,210 --> 00:21:33,890
Maybe even go, your penalty is
this.

684
00:21:34,090 --> 00:21:34,930
This is what I have.

685
00:21:34,930 --> 00:21:36,580
This is personally what I would do

686
00:21:36,580 --> 00:21:37,900
because I let the story tell the
numbers.

687
00:21:38,040 --> 00:21:40,320
And then I just put it in front of
the client.

688
00:21:40,320 --> 00:21:42,020
I let them make a decision.

689
00:21:42,020 --> 00:21:43,160
But then I'm following up like mad

690
00:21:43,160 --> 00:21:43,540
with them.

691
00:21:44,040 --> 00:21:44,540
Like tech.

692
00:21:44,540 --> 00:21:46,180
I need them to tell me, Ryan, I'm
not doing this.

693
00:21:46,440 --> 00:21:46,800
Cool.

694
00:21:46,800 --> 00:21:47,980
Because guess what?

695
00:21:47,980 --> 00:21:50,740
I spent the energy up front
putting all this in place.

696
00:21:50,740 --> 00:21:52,960
I've had some sort of
communication with you.

697
00:21:52,960 --> 00:21:54,440
We might have even taken
application.

698
00:21:54,760 --> 00:21:57,220
I've done a bunch of work.

699
00:21:57,220 --> 00:21:57,860
You fucking owe me.

700
00:21:57,860 --> 00:22:02,360
You owe me, like, look me in the
eye, man to man and tell me you're

701
00:22:02,360 --> 00:22:03,100
not doing this.

702
00:22:03,100 --> 00:22:04,550
You owe that to me.

703
00:22:04,550 --> 00:22:06,130
And so obviously they can't do
that.

704
00:22:06,130 --> 00:22:08,890
But the version of turning you
down, I'm going to give them every

705
00:22:08,890 --> 00:22:10,550
opportunity to turn me down.

706
00:22:10,550 --> 00:22:11,510
Because I'm also fighting for,

707
00:22:11,510 --> 00:22:12,530
like, my business here.

708
00:22:12,530 --> 00:22:14,650
I'm trying to help them, help them

709
00:22:14,650 --> 00:22:17,230
get out of their own way, help
them make a decision.

710
00:22:17,230 --> 00:22:18,770
Who knows what's going on in the
market?

711
00:22:18,770 --> 00:22:19,350
I'm positioning all this.

712
00:22:19,350 --> 00:22:20,030
I've done all this work.

713
00:22:20,030 --> 00:22:24,590
Maybe I've had my team jump in and
help me in the work.

714
00:22:24,590 --> 00:22:25,470
I've worked evenings and weekends.

715
00:22:25,750 --> 00:22:26,870
I've done all this stuff, secure

716
00:22:26,870 --> 00:22:26,930
things.

717
00:22:26,930 --> 00:22:30,070
I've got my lenders sitting here

718
00:22:30,070 --> 00:22:33,020
going, are we doing these deals?
I want to keep my funding ratios

719
00:22:33,020 --> 00:22:33,200
high.

720
00:22:33,200 --> 00:22:34,380
All this stuff.

721
00:22:34,380 --> 00:22:35,320
Yes, you fucking owe me an answer.

722
00:22:35,320 --> 00:22:36,440
And I'm coming at you hot.

723
00:22:36,440 --> 00:22:37,720
Like, obviously in a nice way.

724
00:22:37,720 --> 00:22:38,160
Right here again.

725
00:22:38,160 --> 00:22:39,500
Am I missing something?
I've got this.

726
00:22:39,500 --> 00:22:40,720
Timeline's ticking over here.

727
00:22:40,720 --> 00:22:41,400
This isn't for purchase.

728
00:22:41,640 --> 00:22:43,220
This is like where there's a
timeline on each side.

729
00:22:43,220 --> 00:22:43,900
Remember, you're getting squeezed
here.

730
00:22:43,900 --> 00:22:45,520
The renewal's coming up, interest
rate's going up, and your rate

731
00:22:45,520 --> 00:22:45,660
hold's shrinking.

732
00:22:45,660 --> 00:22:46,420
So you're like getting squeezed.

733
00:22:46,420 --> 00:22:47,800
You're in a pressure cooker.

734
00:22:47,800 --> 00:22:51,100
So you need to treat it as such.

735
00:22:51,220 --> 00:22:51,960
Everyone has to feel the pressure.

736
00:22:52,100 --> 00:22:55,660
And then I just lay the story out.

737
00:22:55,660 --> 00:22:58,180
And I go, I have a 409, whatever
your rate is.

738
00:22:58,180 --> 00:22:59,060
I have this.

739
00:22:59,060 --> 00:22:59,640
You have this.

740
00:22:59,640 --> 00:23:02,780
You're up in November, and it's
going to cost you... $6 ,000 to

741
00:23:02,780 --> 00:23:02,900
break.

742
00:23:02,900 --> 00:23:03,840
We can make that.

743
00:23:03,840 --> 00:23:06,800
Let's say you renew into a 469
versus a 409.

744
00:23:06,800 --> 00:23:07,920
That's 60 basis points.

745
00:23:07,920 --> 00:23:08,760
Your mortgage is $600 ,000.

746
00:23:08,760 --> 00:23:10,520
That's $3 ,600 a year of interest.

747
00:23:10,520 --> 00:23:12,760
I just did the math there, right?

748
00:23:12,760 --> 00:23:13,380
469 minus 409.

749
00:23:13,380 --> 00:23:14,240
That's 60 basis points.

750
00:23:14,240 --> 00:23:15,360
Six basis points times a $600 ,000
mortgage.

751
00:23:15,360 --> 00:23:16,500
$3 ,600 a year in interest.

752
00:23:17,160 --> 00:23:19,820
We're doing a napkin map, but it's

753
00:23:19,820 --> 00:23:20,340
pretty accurate.

754
00:23:21,300 --> 00:23:21,840
$3 ,600.

755
00:23:21,840 --> 00:23:23,320
You're going to sign into a three
-year.

756
00:23:23,320 --> 00:23:24,380
which is 9, 18, $10 ,800 of
interest.

757
00:23:24,380 --> 00:23:26,460
It's going to cost you more over
the three -year term.

758
00:23:26,600 --> 00:23:28,760
So does it make sense to pay your
$6 ,000 penalty?

759
00:23:28,760 --> 00:23:30,080
Hell to the, we're going to save
you $5 ,000.

760
00:23:30,080 --> 00:23:32,960
So you're going to come out ahead
$5 ,000 and use that peace of mind

761
00:23:32,960 --> 00:23:34,680
because I used a 4, 6, 9.

762
00:23:34,680 --> 00:23:35,500
God knows what you're renewing

763
00:23:35,500 --> 00:23:36,200
into in November.

764
00:23:36,200 --> 00:23:36,500
We don't know.

765
00:23:36,500 --> 00:23:40,460
So when you package that all up
like that, it's pretty compelling

766
00:23:40,460 --> 00:23:44,520
and you just stick in front of
them in a very nice way without

767
00:23:44,520 --> 00:23:48,520
going into sale mode and you let
the client decide.

768
00:23:48,520 --> 00:23:49,140
And boom.

769
00:23:50,030 --> 00:23:51,630
That's part two of your plan.

770
00:23:51,630 --> 00:23:52,690
Podcast brought to you by America.

771
00:23:52,690 --> 00:23:54,450
Now, if you've got a lot of rate

772
00:23:54,450 --> 00:23:56,330
holds, you can do these all
manually.

773
00:23:56,330 --> 00:24:00,130
Something we built out for one of
our agents, she has 150 rate holds

774
00:24:00,130 --> 00:24:00,790
in place.

775
00:24:00,790 --> 00:24:02,890
And so some are purchases and some

776
00:24:02,890 --> 00:24:03,690
are for refinance and renewal.

777
00:24:03,690 --> 00:24:06,190
And so we're splitting out those

778
00:24:06,190 --> 00:24:06,510
people.

779
00:24:06,950 --> 00:24:08,030
We're getting the email addresses

780
00:24:08,030 --> 00:24:08,490
for those.

781
00:24:08,490 --> 00:24:09,330
And we have purchases over here.

782
00:24:09,330 --> 00:24:11,150
Purchases are pretty standard.

783
00:24:11,150 --> 00:24:13,030
Hey, we put a rate hold in,

784
00:24:13,030 --> 00:24:14,190
interest rates went up.

785
00:24:14,190 --> 00:24:15,870
I know you're out shopping.

786
00:24:15,870 --> 00:24:18,670
It's going to be three emails.

787
00:24:18,890 --> 00:24:20,470
Just letting them know, hey, we've

788
00:24:20,470 --> 00:24:23,330
secured a below market rate right
now for you.

789
00:24:23,430 --> 00:24:24,510
It's 90 days.

790
00:24:24,510 --> 00:24:25,430
We've got it.

791
00:24:25,430 --> 00:24:28,010
I'm going to give you the
countdown.

792
00:24:28,010 --> 00:24:31,630
If you have an accepted offer, let
me know and we'll jump in.

793
00:24:31,630 --> 00:24:32,930
That type of energy.

794
00:24:32,930 --> 00:24:35,750
We're going to drop those purchase

795
00:24:35,750 --> 00:24:37,570
rate holds into that drip
campaign.

796
00:24:37,570 --> 00:24:39,010
It's just going to start working.

797
00:24:39,010 --> 00:24:39,930
And then our team's going to

798
00:24:39,930 --> 00:24:42,030
follow up at the checkpoints with
phone calls.

799
00:24:42,030 --> 00:24:46,600
And then if someone does put their
hand up, yeah, we have an accepted

800
00:24:46,900 --> 00:24:49,520
offer or whatever, they're just
going to pull them out of the drip

801
00:24:49,520 --> 00:24:49,600
campaign.

802
00:24:49,600 --> 00:24:50,600
And if you don't do that, it's

803
00:24:50,600 --> 00:24:50,880
okay.

804
00:24:50,880 --> 00:24:52,760
It's not the end of the world.

805
00:24:52,760 --> 00:24:54,860
But it's also just going to stay
in front of people.

806
00:24:54,860 --> 00:24:55,020
Okay.

807
00:24:55,020 --> 00:24:56,780
And then over here, we've got the

808
00:24:56,780 --> 00:24:57,920
refinance and a renewal trip
campaign.

809
00:24:57,920 --> 00:25:00,800
It's like, matter of fact, like
peak your interest type email

810
00:25:00,800 --> 00:25:02,840
number one going out, hey, we
secured this.

811
00:25:02,840 --> 00:25:04,280
Just want to let you know.

812
00:25:04,820 --> 00:25:05,640
And here's the particulars.

813
00:25:05,640 --> 00:25:06,460
409, 25 year AM, principal
resident.

814
00:25:06,460 --> 00:25:06,840
Well, you're secure.

815
00:25:06,840 --> 00:25:09,040
We've only got it for X number of

816
00:25:09,040 --> 00:25:09,340
days.

817
00:25:09,340 --> 00:25:10,860
If you're interested, let me know.

818
00:25:11,640 --> 00:25:15,160
And then your call to action is
either book a call on my calendar

819
00:25:15,160 --> 00:25:19,080
and we'll like actually put this
into play or answer some

820
00:25:19,300 --> 00:25:19,540
questions.

821
00:25:19,540 --> 00:25:20,420
Or respond, yes, I'm interested

822
00:25:20,700 --> 00:25:23,040
and I'll send you an intake form.

823
00:25:23,040 --> 00:25:24,480
Whatever your call to action is

824
00:25:24,480 --> 00:25:27,140
for you and your team, I'll send
you an intake form, the

825
00:25:27,140 --> 00:25:31,080
information we need so we can go
and get approval for it.

826
00:25:31,280 --> 00:25:34,060
Because some brokers close deals
through email, some want to jump

827
00:25:34,060 --> 00:25:34,740
on the call.

828
00:25:34,860 --> 00:25:36,140
It's different for every broker.

829
00:25:36,140 --> 00:25:37,000
So whatever your call to action
is.

830
00:25:37,120 --> 00:25:39,280
On the purchase trip campaign,
she's made some socials about like

831
00:25:39,280 --> 00:25:42,600
land transfer, rebates, just stuff
first time home buyers need to

832
00:25:42,760 --> 00:25:44,320
know about people shopping for
homes.

833
00:25:44,320 --> 00:25:47,280
So we're going to, in the
signature, it's going to be PS,

834
00:25:47,380 --> 00:25:47,600
check out this.

835
00:25:47,600 --> 00:25:48,900
because I know this is relevant to

836
00:25:48,900 --> 00:25:51,320
you and go here and it'll push
back to the Instagram reel.

837
00:25:51,320 --> 00:25:54,000
So pushing people from the email
back to the Instagram reel, that's

838
00:25:54,000 --> 00:25:55,500
educating them on what they're
doing.

839
00:25:55,500 --> 00:25:56,300
Back to the refinance renewal.

840
00:25:56,560 --> 00:25:58,000
You're going to time this out.

841
00:25:58,000 --> 00:26:03,800
So about a week or two from now,
because it's a 90 day rate hole,

842
00:26:03,800 --> 00:26:04,440
which is quite tight.

843
00:26:04,460 --> 00:26:05,800
You can just let people know what

844
00:26:06,060 --> 00:26:06,340
we got.

845
00:26:06,340 --> 00:26:07,060
And then another 20 days later,

846
00:26:07,060 --> 00:26:08,620
let them know again.

847
00:26:08,620 --> 00:26:09,460
And then another 10 days after

848
00:26:09,460 --> 00:26:10,140
that, let them know again.

849
00:26:10,140 --> 00:26:11,850
And then by then it's kind of like

850
00:26:11,850 --> 00:26:13,990
we're into a pressure cooker of
getting the docs, getting the app.

851
00:26:13,990 --> 00:26:16,930
getting the lender to look at
everything in time to close within

852
00:26:16,930 --> 00:26:17,530
the rate hold.

853
00:26:17,690 --> 00:26:19,210
So you have to map that out.

854
00:26:19,210 --> 00:26:22,310
And so we went and built that out
and then we're just going to drop

855
00:26:22,310 --> 00:26:26,130
the appropriate refinance renewal
ones into that trip, purchase one

856
00:26:26,430 --> 00:26:28,750
rate holds into that trip and have
the machine start working.

857
00:26:28,750 --> 00:26:30,530
So you need like a part two to the
plan.

858
00:26:30,530 --> 00:26:32,230
It's quite easy to set up, but
that's how you extract them out.

859
00:26:32,230 --> 00:26:35,210
Or you're just reaching out
individually to each person.

860
00:26:35,210 --> 00:26:38,930
If you've only got a couple, if
you've only got like less than 20,

861
00:26:38,930 --> 00:26:40,330
then you'd probably just reach out
that way.

862
00:26:40,330 --> 00:26:41,210
But I would also just maybe do
both.

863
00:26:41,210 --> 00:26:42,370
So there you go.

864
00:26:42,370 --> 00:26:43,650
So that's the rates are increasing

865
00:26:43,650 --> 00:26:43,830
strategy.

866
00:26:43,830 --> 00:26:44,990
And everyone's going to have a

867
00:26:44,990 --> 00:26:47,990
different version of depending on
the lenders you have access to.

868
00:26:48,110 --> 00:26:50,410
And some of you don't have access
to some of these lenders.

869
00:26:50,410 --> 00:26:51,970
Well, guess what?
Go get access to the lender.

870
00:26:52,250 --> 00:26:55,110
Well, I don't know where I am.

871
00:26:55,110 --> 00:26:57,430
Okay, well, you made your bed,

872
00:26:57,990 --> 00:26:59,750
sleep in it.

873
00:26:59,750 --> 00:27:00,270
I don't know.

874
00:27:00,270 --> 00:27:02,210
This is going to happen again and
again and again throughout your

875
00:27:02,210 --> 00:27:02,310
career.

876
00:27:02,310 --> 00:27:04,190
So just go set yourself up.

877
00:27:04,190 --> 00:27:07,680
And then I know other brokers who
are very strategy heavy.

878
00:27:07,680 --> 00:27:10,020
And their mentality is, I'm not
going to go in and do all these

879
00:27:10,020 --> 00:27:12,540
rate holds because I've been
telling my clients this whole

880
00:27:12,540 --> 00:27:14,540
time, rate doesn't matter as much.

881
00:27:14,540 --> 00:27:16,060
It's all about the strategy.

882
00:27:16,480 --> 00:27:19,420
And I need to go to this lender to
go implement this strategy.

883
00:27:19,420 --> 00:27:21,540
So now I'm just turning into a
rate person.

884
00:27:21,540 --> 00:27:23,880
So that's like an internal thing
that they're talking to themselves

885
00:27:24,080 --> 00:27:24,260
about.

886
00:27:24,260 --> 00:27:25,560
Do I go cross the picket line and

887
00:27:25,700 --> 00:27:28,380
go to the rate does matter thing
and abandon the strategy?

888
00:27:28,600 --> 00:27:30,520
But I think there's a hybrid where
you could.

889
00:27:30,520 --> 00:27:32,880
secure rates for people where
strategy is important at the

890
00:27:32,880 --> 00:27:35,020
lender that has the product that
aligns with their vision, right?

891
00:27:35,020 --> 00:27:36,840
So here you go, you go, kids.

892
00:27:36,840 --> 00:27:38,260
We're going to end this short way.

893
00:27:38,260 --> 00:27:38,860
Appreciate you listening.

894
00:27:38,860 --> 00:27:40,200
I hope you got some know that.

895
00:27:40,200 --> 00:27:42,220
I'm trying to give you insight
into what other brokers are doing,

896
00:27:42,220 --> 00:27:43,440
top brokers, medium brokers, new
brokers -ish, right?

897
00:27:43,440 --> 00:27:47,000
If you're a new broker, this is
stuff you need to do.

898
00:27:47,000 --> 00:27:50,360
I'm going to package this all up
in one extremely important thing.

899
00:27:50,360 --> 00:27:51,520
Like this is very, very important.

900
00:27:51,520 --> 00:27:53,260
This isn't just like a marketing

901
00:27:53,260 --> 00:27:53,500
thing.

902
00:27:53,500 --> 00:27:54,760
So you keep listening.

903
00:27:54,760 --> 00:27:55,720
Podcast brought to you by
Americano.

904
00:27:55,720 --> 00:27:57,540
That was a great hook.

905
00:27:57,540 --> 00:27:57,920
Keep you.

906
00:27:57,920 --> 00:28:00,200
What if I just try to sell you
shit now?

907
00:28:00,200 --> 00:28:01,460
I'm not going to.

908
00:28:01,460 --> 00:28:03,120
It is arguably the biggest mistake

909
00:28:03,120 --> 00:28:04,080
I made in my business.

910
00:28:04,080 --> 00:28:05,020
It definitely was the biggest

911
00:28:05,020 --> 00:28:07,110
mistake I made in the first five
years.

912
00:28:07,110 --> 00:28:09,910
It was not having the data.

913
00:28:10,470 --> 00:28:12,350
And a lot of you are newer and

914
00:28:12,350 --> 00:28:15,110
you're just getting going and
you're like, yeah, just all this

915
00:28:15,110 --> 00:28:15,730
stuff doesn't matter to me.

916
00:28:15,730 --> 00:28:16,470
Trust me, it will.

917
00:28:16,470 --> 00:28:19,850
i left hundreds of thousands of
dollars on the table by not

918
00:28:20,030 --> 00:28:22,270
tracking my data consistently and
not marketing to my database that

919
00:28:22,270 --> 00:28:24,710
too it's a two -prong approach but
just number like the data so every

920
00:28:24,710 --> 00:28:29,970
person you talk to you need an
email address you need to market

921
00:28:29,970 --> 00:28:32,830
to them every week every person
you talk to everyone where you're

922
00:28:32,830 --> 00:28:37,390
getting an info from them like if
you get everyone's cell number

923
00:28:37,390 --> 00:28:40,650
they should be going in your phone
contacts labeled with something

924
00:28:40,650 --> 00:28:42,690
something about your conversation
with them their kids names spouse

925
00:28:42,690 --> 00:28:45,690
names something about them should
all be packaged in your phone so

926
00:28:45,690 --> 00:28:50,390
when they call you three years
from now And John's name shows up

927
00:28:50,390 --> 00:28:50,990
on the phone.

928
00:28:50,990 --> 00:28:51,690
You're like, hey, John.

929
00:28:51,750 --> 00:28:53,590
He's like, whoa, I haven't talked
to you.

930
00:28:53,590 --> 00:28:53,790
Yeah.

931
00:28:53,790 --> 00:28:55,030
Hey, how's it going?

932
00:28:55,550 --> 00:28:57,490
How's Sally?
You know, is Thomas still doing

933
00:28:57,490 --> 00:28:58,610
the thing?
That kind of stuff.

934
00:28:58,610 --> 00:29:01,650
So now when you have files that
close, subject property, non

935
00:29:01,650 --> 00:29:04,600
-subject property, you need to
extract all that information.

936
00:29:04,600 --> 00:29:09,220
Honestly, a lot of you just don't
need a CRM early in the game.

937
00:29:09,220 --> 00:29:09,940
You just don't.

938
00:29:09,940 --> 00:29:11,660
You really don't.

939
00:29:12,080 --> 00:29:14,420
It's just, it's the industry
telling you you need it and you

940
00:29:14,420 --> 00:29:14,580
don't.

941
00:29:14,580 --> 00:29:15,860
Like you need to market your

942
00:29:15,860 --> 00:29:16,580
database with an email marketing
software.

943
00:29:16,580 --> 00:29:19,400
And you need to mine your data,
but you don't need a CRM to do

944
00:29:19,400 --> 00:29:19,820
that.

945
00:29:20,080 --> 00:29:23,600
You can go piecemeal stuff out

946
00:29:23,680 --> 00:29:24,860
other places, but a spreadsheet is
what you need.

947
00:29:24,860 --> 00:29:27,500
So a bare minimum, a Google Sheet,
Excel file, and as much info as

948
00:29:27,500 --> 00:29:30,260
you can get about every property
they own.

949
00:29:30,360 --> 00:29:33,210
And you just take that and you
make sure the data is pure.

950
00:29:33,210 --> 00:29:37,050
So at compliance time, you're
making sure all the data is

951
00:29:37,050 --> 00:29:37,210
accurate.

952
00:29:37,210 --> 00:29:38,370
Because when you come back for

953
00:29:38,370 --> 00:29:41,910
these opportunities, when markets
go up and markets go down, you're

954
00:29:41,910 --> 00:29:45,230
only going to have as many
opportunities as the pureness of

955
00:29:45,230 --> 00:29:45,650
your data.

956
00:29:45,850 --> 00:29:46,990
your data integrity, like you're

957
00:29:46,990 --> 00:29:49,970
only going to be as good as your
data, even more so moving forward

958
00:29:49,970 --> 00:29:53,470
because you're going to have to
make snap decisions, get in and

959
00:29:53,470 --> 00:29:54,470
out of opportunities faster than
ever.

960
00:29:54,590 --> 00:29:57,890
And if you don't have the data
right, you should be spending

961
00:29:57,990 --> 00:30:00,480
hours and hours and hours and
hours going back and cleaning this

962
00:30:00,480 --> 00:30:01,980
up for the last four years.

963
00:30:01,980 --> 00:30:04,340
And then you need to have

964
00:30:04,340 --> 00:30:06,200
strategies to go pull
opportunities out depending on

965
00:30:06,200 --> 00:30:08,100
what's going on in the market.

966
00:30:08,100 --> 00:30:10,400
And if your lead pipeline is ever

967
00:30:10,400 --> 00:30:12,160
slow, you always throw yourself
back into the data because there's

968
00:30:12,160 --> 00:30:15,260
always a story to be told to every
single client all the time, no

969
00:30:15,260 --> 00:30:17,540
matter if they have four years
left or four months left.

970
00:30:17,540 --> 00:30:18,260
Everyone has a story, a mortgage
story.

971
00:30:18,260 --> 00:30:22,140
You need to know how to piece that
together, but you need the data.

972
00:30:22,140 --> 00:30:23,200
Step one.

973
00:30:23,200 --> 00:30:24,980
Step two, you up your game on

974
00:30:24,980 --> 00:30:25,960
what's the story I'm telling.

975
00:30:25,960 --> 00:30:26,760
Well, shit, you got to learn.

976
00:30:26,760 --> 00:30:28,210
I give you stuff here.

977
00:30:28,210 --> 00:30:29,290
You have to go figure that out.

978
00:30:29,370 --> 00:30:30,690
Go ask your mentor.

979
00:30:30,770 --> 00:30:31,630
Wherever you're at, go ask them.

980
00:30:31,790 --> 00:30:33,990
What am I supposed to do?
Give me a layout.

981
00:30:34,450 --> 00:30:38,190
What do I do when interest rates
go up, when interest rates go

982
00:30:38,190 --> 00:30:38,850
down?
What do I do?

983
00:30:38,850 --> 00:30:40,590
Okay, that's it, kids.

984
00:30:40,690 --> 00:30:41,690
Don't screw up like I did.

985
00:30:41,690 --> 00:30:43,510
Go start doing your data now.

986
00:30:43,510 --> 00:30:44,310
Your future self will thank you.

987
00:30:44,310 --> 00:30:45,870
Your future family will thank you.

988
00:30:46,010 --> 00:30:47,410
They'll be like, whoa, look at all

989
00:30:47,410 --> 00:30:49,150
this money we have.

990
00:30:49,150 --> 00:30:50,910
Yeah, it's because dad or mom

991
00:30:50,910 --> 00:30:54,050
decided to like, do -do -do, put
some information on a spreadsheet.

992
00:30:54,050 --> 00:30:55,410
Do -do -do.

993
00:30:55,940 --> 00:30:56,480
Guess what?

994
00:30:56,480 --> 00:30:57,240
That's the job.

995
00:30:57,240 --> 00:30:58,560
That's fucking brokering.

996
00:30:58,560 --> 00:30:59,020
Peace out, everyone.

997
00:30:59,020 --> 00:30:59,940
I don't know how to...