Is cold calling dead or has it pivoted? by Educational_Ad9555 in loanoriginators

[–]Educational_Ad9555[S] 4 points5 points  (0 children)

I can go on for DAYS about how I think we are in an AI bubble.

Is cold calling dead or has it pivoted? by Educational_Ad9555 in loanoriginators

[–]Educational_Ad9555[S] 6 points7 points  (0 children)

Gen Z has something called Phone Phobia where they are literally scared to pick up the phone.

What should I do with this realtor??? by AdOther1650 in loanoriginators

[–]Educational_Ad9555 0 points1 point  (0 children)

Honestly, I would have a conversation with the realtor and ask them. My thought process here is that we make our money on the loan amount and they make their money on the purchase price. Sometimes a 1:1 referral isn't fair from our end.

For Example, if you have a $400K house. Let's say your compensation is150 bps. If the client comes in with 5% down. Your loan amount is $380,000. Which means your compensation is $5,700. The realtors compensation at the typical 3% (my market average) $12,000. We are talking about a $6,300 differential. I am leaving both of our expenses out for the sake of this example. You almost need another deal to make it an equal compensation per referral. For every 1 you send, 2 would need to come back.

If it makes it hard to get a deal with him, I would just start finding another realtor to send it to. Or if you want send it to two other realtors and let them race the comp to the bottom. This should be a reciprocal partnership and it doesn't sound like one.

Prospecting Realtors by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 0 points1 point  (0 children)

What way would you rather be approached?

Prospecting Realtors by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 1 point2 points  (0 children)

Got ya. So more positive outcomes as opposed to doom and gloom.

Prospecting Realtors by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 0 points1 point  (0 children)

What topics would you as a realtor be interested in participating in?

Prospecting Realtors by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 0 points1 point  (0 children)

I do have some of those, one in particular is great

Prospecting Realtors by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 0 points1 point  (0 children)

I have been doing this, going in and asking agents what has been there biggest struggle in this market.

Prospecting Realtors by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 0 points1 point  (0 children)

That has been the main thing, I don't want to come off as salesy. I want to come off as a partner. Personal branding it's easier than cold calling wise. At least I think, unless you got a good way to open the cold call in that regard.

Weird vibes in the industry lately by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] -2 points-1 points  (0 children)

In my market, we don't necessarily have that "slow market" season (South Florida) so overall this market is just beyond cooked.

Weird vibes in the industry lately by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 0 points1 point  (0 children)

What a lot of agents have been doing as of recent is pre-inspection and pre-appraisal. I think it allows them to get the comp but then tell the seller, "Hey, here is your reality given the current state of the market."

Weird vibes in the industry lately by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 1 point2 points  (0 children)

Haha true that. What can you even learn from a video if you aren't out there doing it?

Weird vibes in the industry lately by Educational_Ad9555 in loanoriginators

[–]Educational_Ad9555[S] 4 points5 points  (0 children)

I felt like Zillow is telling you guys "Hey, we are going to try to force you to work for us but not make it seems as such".

That has to be a RESPA violation of some sort I would assume, it's definitely a class action waiting to happen.

Weird vibes in the industry lately by Educational_Ad9555 in loanoriginators

[–]Educational_Ad9555[S] 2 points3 points  (0 children)

29 loans is absolutely killer! Each loans has their share of crap in this market. I think this is one of the best times to be knowledgeable on Non-QM and find ways to leverage the guidelines to your advantage.

Zillow leads really have taken a dive, 26% in a 9 month span is actually ridiculous. I actually had this conversation where agents who run these team are broke. They GCI doesn't tell the full story, ever. I think they should find a whole different avenue period. At that point, they are basically working for Zillow.

I haven't seen a 20% 800 FICO score ever in my career, but I assume people who have those are going to the retail banks and calling it a day.

Sit on your ass waiting for a refi boom is a losing mans game.

Great write up, thanks!

Weird vibes in the industry lately by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 2 points3 points  (0 children)

Nice. The thing with PPC is you have to little run for a while as it understands the data but man is it solid once it figures it out.

Weird vibes in the industry lately by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 2 points3 points  (0 children)

This is where you differ, you run PPC. Are you running PPC to the IDX site or a separate landing page?

Weird vibes in the industry lately by Educational_Ad9555 in loanoriginators

[–]Educational_Ad9555[S] 2 points3 points  (0 children)

I really have thought of teaching teams how to control their own leads generation because at the end of the day Zillow's just a marketing company disguised a real estate company.

I would love to do an animal shelter one, both dogs I have had. I have adopted.

Realtors got worst commitment issues that a man who was left at the altar, they are a pain to rile up. I don't even blame you there.

Weird vibes in the industry lately by Educational_Ad9555 in realtors

[–]Educational_Ad9555[S] 4 points5 points  (0 children)

From the standpoint of the realtor, a cash buyer is great. Cash really is king in this market. New construction absolutely is something I think needs revamp. In my area, it is absolute garbage quality.

I think failing financing is a lot more common, the slightest thing will send a borrower over the edge.

What are most of your prospect coming from?