Behind the Breakthrough

Systems, Team Building and Being valuable w/ Eric Mitchell

April 21, 2020 Episode 12
Behind the Breakthrough
Systems, Team Building and Being valuable w/ Eric Mitchell
Chapters
Behind the Breakthrough
Systems, Team Building and Being valuable w/ Eric Mitchell
Apr 21, 2020 Episode 12

From a young age Eric had curiosity. He used this gift through life to help bring him success. He never stopped asking why, how and what now. This lead him to a passion of learning, systems, technology and providing value.

He saw that there is power in using our database and technology when it comes to reaching a new level of success... Join us this week as Megan interviews the EVP of Gold Star Mortgage Eric Mitchell.

Are you just reacting every day? Or do you have a system to help you attack the plan?

This weeks podcast is on the technical side of executing our database to work smarter instead of harder. For if we master this, Eric believes all these Fintech companies like Rocket Mortgage and Quicken won't be able to beat us.

*Behind the Breakthrough is an Industry Syndicate Original podcast

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Want more of the best podcasts for Real Estate Agents and Mortgage Loan Officers?

Download the new Industry Syndicate mobile app:
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Connect w/ Megan Anderson on social media:
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ⓒ 2020 Industry Syndicate podcast network



Show Notes Transcript

From a young age Eric had curiosity. He used this gift through life to help bring him success. He never stopped asking why, how and what now. This lead him to a passion of learning, systems, technology and providing value.

He saw that there is power in using our database and technology when it comes to reaching a new level of success... Join us this week as Megan interviews the EVP of Gold Star Mortgage Eric Mitchell.

Are you just reacting every day? Or do you have a system to help you attack the plan?

This weeks podcast is on the technical side of executing our database to work smarter instead of harder. For if we master this, Eric believes all these Fintech companies like Rocket Mortgage and Quicken won't be able to beat us.

*Behind the Breakthrough is an Industry Syndicate Original podcast

--
Want more of the best podcasts for Real Estate Agents and Mortgage Loan Officers?

Download the new Industry Syndicate mobile app:
iPhone: http://bit.ly/SyndicateApple
Android: http://bit.ly/SyndicateGoogle

--
Connect w/ Megan Anderson on social media:
Instagram
Facebook
LinkedIn 

--
 Follow the Industry Syndicate on social media:
 Instagram
Facebook
Twitter
LinkedIn

ⓒ 2020 Industry Syndicate podcast network



spk_1:   0:03
welcome to behind the breakthrough with your host, Megan Anderson, the podcast where we tell the stories of today's leaders before they were leaders. The struggles doubts, fears and insecurities they had to overcome in order to reach their current level of success. Let's go ahead. Let's break through behind The breakthrough is an industry syndicate. Original podcast industry syndicate is the first podcast network for the real estate and mortgage industry. Go get the completely free industry syndicate podcast app right now from the APP Store or Google play, Welcome to another episode of the high break through on your host, Megan Anderson, and this week we break through with Eric Mitchell. He is the E V p of Gold Star mortgage Financial, and he's also a chairman of the California Association of Mortgage Professionals. And what I love about this episode is something that Eric has always been throughout his life is curious, even as a child, and how we can use this curiosity of simply asking, How does that work? What's next to fuel our success of where we're at now, you'll see how, through this curiosity he has grown a passion for systems in a passion for learning. And through this he has been able to manage a database to help each and every one of his employees generate more revenue and do more business. This is a really inspiring episode, and I don't know about you, but I'm ready to break through. Welcome to another episode of Behind the breakthrough. I'm your host. 1,000,000 Anderson. And this week's guest is Eric Mitchell. Eric, tell us and those listening a little bit about yourself.

spk_0:   2:27
Hey, this is a great to be here. I just for those of you listening if you're not following Megan on social media, she is on unbelievable amount of knowledge. You know, I went through her course ah, a couple weeks ago in San Diego. Um, and she's completely dialed in on social media. Eso kudos to me and you're you've been a great coach mentor for me in that in that arena, um, about myself. I'm right now. I am the executive vice president for National Retail for a Gold Star mortgage. Um, we are a direct lender retail on Lee based out of Michigan. We're about 60 matches, 200 loan officers growing pretty quick and so exciting. Time for everybody certainly study time for a time for us. I've been in the business 20 years. Um, you know, we've been through a few cycles here, and there on this to me, is just another cycle, all of which is very predictable, you know, and certainly bury, you know, your your go to guy is the master that's predicting of what's going on. If we all just pay attention to the mathematics way, we can all predict what's coming, um, and then adjust accordingly. And so to me, a lot of this is just very predictable. And then have you adapt to it. So I'm excited to jump into this and walk through some best practices.

spk_1:   3:47
Yeah, So you talk about it all being a cycle which it iss. But do you agree that everything is that every sighting the same? How does this one compare other cycles?

spk_0:   4:01
I think I think the they're the same in that there's an up and down right. There's a crazy and not crazy. Um, I think they're the same from that standpoint, I think what's different, buddy cycle is that each cycle forces the industry to change. And so, if you if you look at the cycle that we went through in 2000 right with the Tesh crash. And then we looked through the cycle who went through in 2008. 2009. 2010. Um, with the mortgage backed securities crash, Um, e Every time there's a crash, there's a massive change becomes from it. And so now it's now you gotta look at and say, OK, look, we're all busy, you know? Anyway, listen, this podcast, Thank you for listening to because we know how crazy busy you are right now. Um and so but this cycle is gonna shift, right? There's gonna be an end to this at some point. You know, sometime this year, sometime next year that you're gonna you're gonna see rate spot back up at some point, and you're gonna have to refocus on purchases and go back after realtors. And so then it's a matter of honor saying that when that happens, what is it that you're going to say? What is it they're gonna do That's gonna be valuable at that time. And so I was hesitate when I would be. We'll ask me how long I've been in the business. And I say I've been in the business 20 years, you know, because there are people that I know that we've been in business 20 years, But then I asked them. Okay, So how many transactions did you do last month or you know, how many branches did you open last month? Or like, What are you doing right now? So I closed two loans last month, So look, you haven't been in the business 20 years. You've been in the business one year, 20 times. You're not improving. You're not adapting. You're not shifting. You're not changing. And so and that's a struggle. And I say that as it is, as much a struggle for me as it is for anybody I've ever met. I struggle with change. Um and so but if we don't change, we die. If we don't change, we become irrelevant. And so so looking at the market a year from now, two years from three years, three years from now, here's Here's what I believe. I believe the future of the Morgan Dentistry of the next 3 to 5 years solely based on three things automation, technology and access to relevant data and That's it. Um, if you think you're gonna be a top producing loan officer closing 10 15 $20 a month because you're a nice person, I'm sure you're a nice first. Megan, you are an example of being a nice person, right? That's that's that doesn't bring in 10 15 20 loads a month. It's about understanding systems, team building and being valuable.

spk_1:   6:43
Three things that you mentioned. Technology, automation, automation,

spk_0:   6:51
access for road with bill

spk_1:   6:53
and access to relevant data. You and I have talked a little bit about how you're starting t realize this, but four, You know, the loan originator that I was listening to this right now and they're beating their minds. Ah, shit. I've been in the business one year saying you're 20 times over. I'm ready to do more. I'm running for this change. What is, or some words of wisdom and advice that they could use to step into growing out and adapt to this cycle changes happen.

spk_0:   7:25
The very first thing that loan officer has to start understanding is what I call the 5 to 1 ratio. So one person, one human being you can close up to five loans a month and I called. I learned to call it a ceiling of resistance, right? And so you bounce off this ceiling resistance of five loans and so you're out there. You're a street loan officer. You got your laptop. You're trying to talk to Realtors. You're trying to talk to clients to try and do purchases and revise and balance all your time. But there's a lot that goes into doing a low. And so you're taking this all on yourself with a shared process, right of a branch processor, a corporate processor. But you're sharing a process. And so that's that's stage one. That's your first cycle is alone answered. Get past that five loans a month. You're the first person you've gotta hire is a loan officer system low coordinator. Whatever. You wanna call that full time dedicated assistant that you can offload all of your minutia to. And so they're gonna call your clients and collect documents. They're gonna update. The realtors are gonna do all the phone call and all the collecting malicious that you could be outgoing and getting more loans. So now there's two of you, so you should be able to get to 10 loans a month. The two of you, Right? But you're right now, you've got the next ceiling. Resistance was low. So you wanna go 15 loads is not working harder. It's about understanding systems and team building. So you need iris. Third person. You hire a dedicated full time processor. Okay, so now I've got a full time dedicated processor, so the loan corner cannot float all a lot of work to the processor. Now you can offload even more working alone. Coordinator, you go get more alone. Since you spend more and more time Prospect, it's valued at 15 loans a month. Okay, You want to go to $20 a month? Hired two new loan officer about $25 a month. And on and on you go and understanding the dynamics of the 5 to 1 ratio for every five loans. Right? It's one person. As long as you stay inside that mathematics, you can grow your business in a very scaleable, sustainable, replicable way where branch managers and loan officers miss. It is they don't they get outside that 5 to 1 ratio. You know, I was just interviewing a branch manager. They were closing 34. 36 units a month. Right. They have 12 support staff, is it? Oh, whoa, whoa, whoa. Like, no wonder you have tohave high margins. Yeah, you're pricing is not a market. You have high margins because your support staff is too heavy. You're not. You're not streamlined You're not using. As I said, you're not using automation, you know, using technology, you know, using access to relevant that in a way that allows you get to that 5 to 1 ratio.

spk_1:   10:00
How did you come up with that one Ratios. This, like trial by air that you've seen driving business

spk_0:   10:07
says, you know, I mean, if you look at coaching countries like the core, you know, certainly our CEO Seo was the number one mortgage originator in America closing. You know, he he averaged $150 a month personal production based on the scene. Yeah, you hold like when people hear that right, your brain melts to go. My God, under nobody had 16 loan coordinators, just low quitters. Never by processes underage. He had 16 low coordinators, right? And so they didn't just go out and hire 16 Logan neighbors that he built it up organically over time. And so I'm not saying Anyway, listen to this punk. It's You should get 200 kilos. That's not what I'm saying, right? But just don't be happier, too, because with margin compression the way it is and it's getting worse by the day, you know, you think you're you think you're, uh hello. Cops getting squeezed now, right? Wait for two years. You know, I was in a room where I saw a mortgage, a fully digital orange clothes from front to back with no humans. Consumer went on the website. It went into processing. It went into underwriting, went into Doc's, rented a funding in a completely automated environment. It was clear to close in under an hour with no humans. Now they can't sell balloons yet. There's no liquidity for it so that it's not. It's not a real thing yet, but to say that the technology is not gonna be there is false right? Is that gonna put loan officers out of business? No, it's not a loan. Officers on business, eh? So here's a great quote that I heard. Technology is not gonna put loan officers out of business. However, loan officers that adopt technology at a very high level. Will loan officers who don't business?

spk_1:   11:44
Yeah, I agree with that. Why do you think this industry is so slow at adopting technology?

spk_0:   11:51
Oh, I don't think it's our industry, I think humans. But if you look at, if you anybody listening to call if you want a ghoul, the adoption bell curve. But you can see that there's a very small percentage of people that are the innovators, right? S o. The innovators are people that, you know when Apple comes up with the new iPhone and they're the ones who stand in line for two days because they want to be the very first to get the very first whatever. Right. Though I call those the innovators, they must have the latest greatest at all times, no matter what. So they tossed very fast, and so does the innovators. Um, then you've got, you know, the, uh, early majority. Um, you know, there's that you'll you'll see when you see the bell curve, but it's just humans. So if you look at any and a great lesson, I learned from Rene Rodriguez, right? A mutual friend of ours Rene Rodriguez taught me. There's two kinds of innovation. There's continuous innovation and discontinuous innovation. And so continuous innovation is anytime you have something that doesn't require behaviour changed. So a Crest toothpaste comes up with a new toothpaste. Yeah, but you don't change. Your behavior's who adopted immediately, right? But the digital video recorder comes out. We're replacing the VCR lots of 10 years, even though it's a better. It's a completely better widget. Doesn't matter to get everybody on board. It is about 10 years now. I would say that adoption cycle is speeding up, right? It doesn't take 10 years anymore. We're probably have five years now, and it's becoming faster and faster, depending on where we're asking people to do. Uh, but all humans in my blood, I believe all human struggle with change. It's me. We're not. We're not. We're wired for a route. E. Think about your vacations, right? So you go on vacation for two weeks at the end of a two week vacation, I I had kind of a little antsy to get back to your routine.

spk_1:   13:39
Yeah. I mean, I love my man. Yes. Think

spk_0:   13:42
about that, right? I do too. I I could do a one week vacation. I did. I don't understand it too. We picking. You need to get back to my roof. Look, I love a one week vacation. Go somewhere Tropical Tropical that I got to get back. I want my routine. Yeah, yeah, but that's not it. So you have to identify that and say, Wait a second. In some ways, that's serving me. Hey, in other ways, it's not serving me, and I have to have two separate and compartmentalize and understand. In what ways is it not serving me? And how do I adjust and adopting technology? A very fast pace is something that we all need to embrace. We don't have a choice.

spk_1:   14:20
And let's talk about the different types of technology here that you're specifically talking about adopting because before we even got on this call, we were traveling a little bit about social media. And let's just dive in a little deeper from your perspective that types of technology that loan originators need to be adopting and you wise

spk_0:   14:45
Yeah, I mean, the number one thing that I watch originators not adopting our understanding is the power of their database. pretty insular using a C aram effectively to manage your calendar. To manage your activities to manager follows the Magister clients to manage your data as a sales person. Loan officers realtors Finish blenders Doesn't matter. As a salesperson, the only asset you have is your database, the quality and quantity of your database, a basket you don't. You don't have anything else. And so what are you doing to manage it effectively? Um, and so one of the lessons I learned a long time ago from a good friend of mine, Chi McBride, whose, uh, also a coach in the mortar space. You know, he's a master of the calories and he walked me through. Look, here, let me break this down for you. Um and so the math was a little different than but the math is now the average homeowner American moves every 10 years. Okay, so that's going to end. A and R. I used to be 5 to 7 years were now less transits down 10 years. Okay, but if everybody was every 10 years, it means 10% of any database moves per year. Wait a second. Hold on. If I've got 5000 people in my battery's 500 of them were gonna buy a house the next 12 months. That's 41 Mortgages of love twitches are happening from my direct database. Hey, if I'm not losing 41 loves a month, guess what is I'm always fascinated. No, no, All my clients call me back, you know, because my clients are loyal like a mad Unless you're closing 40 mortgages of love, that is clearly not an action statement. And so you figure 41 purchases in a time like this. If you had a personal diaries of 5000 people, you're closing 100 loans is right, Which is crazy if you know how to manage your database. Right? And so But it doesn't. It doesn't. It doesn't matter. You can't learn how to manage it out of basically, don't start your database like, what are you using and are using it to manage your activities every day, including your calendar. That's the next one. That right? Are you calendar DDE? And if you're not right, then you're reacting. Hey, not you have to calorie Jeevan like this. This podcast. So you and I are doing right now, right? We had a discussion, right? I said you said you callously link, right? You went online onto my collar. We booked the time of the calendar is slaughtered. We both logged on at the same time, right? Because it's calendar and you can you can scale. You can team build. You can manage your daily activities. You can created a very specific expectation when you're using your calendar. If you're not calendar DDE right, it's just chaos all day long. Yeah, you can't get out of it.

spk_1:   17:31
Well, something a little bit about managing that database. So we've talked about serum. Yes, it's here. I was alone is effective as you're utilizing it. But from what you've kind of explored in this realm of mining utilizing your database, what techniques are you using are allowing you to stay top of mind? Capture at 10% of your database each every month's

spk_0:   17:57
U. S. O. So being top of mind is important, right? Social media, email campaigns, hard mail campaigns, texting all that's important. Um, and I don't want anybody listening to say no, I don't need to do that. We're no, you absolutely need to do all of that. That that's a set, right? What I'm saying is, in addition to not instead of okay, in addition to what are you doing to access the relevant doubt, Right? So that's pushing out down, right? You see your hard pushing e mails in tax and social media. You're pushing content. You're pushing information. What? What do you also doing to pull information? And so here's an example. Something we built. So we built artificial intelligence that we put on top of a loan officers databases Where I we can now say to a loan officer every single day, seven days a week. Somebody in your database just applied for more. Used to my home, right? Somebody you know, right now, they had a hard mortgage pole. And you know this person? Yeah, it's your neighbors. Your cousin is your doctor. It's the manager of your favorite restaurant. Your dry cleaner is if there's literally you know this person, right? And so then getting the data. Now what? I do tow contact that that warm lead where we do to convert that warmly? How my more valuable then where they're doing business with because somebody else folder credit. Meaning somebody else was more top of mind than you were, right? And so it can't be just about being top of mine. Now you gotta You gotta learn how to be valuable. And so that's where the value scripting comes into play as to why you're more valuable than than the other person. I certainly berry and you guys at NBS Hi. Where you guys teach a lot of those strategies about helping people understand where the market is, how to be an adviser. Here's why you want to get your motor of mercury and stuff somewhere else. You know, here's that means to you. Um, so that's what was so that I call them miracles. Right? So that's one Burkle is somebody just apply for a mortgage to buy homes? What if somebody just applied for a mortgage to refinance your home? What if somebody just went above a 6 25 score? Somebody in your database was below a 6 25 score there now above a 6 25 score as a loan officer. Do you want to know? Yeah, you're Oh, my God. Right. What if somebody does? Your database just went two years in a bankruptcy or three years on a foreclosure right now. They just They just cleared two years out of bankruptcy. Don't you want to know? Yeah. Get him back in the market. What if somebody in your database just went $10,000 in credit card debt or more? What if somebody? Your database is above a 3.75% rate on a government? Look, what if somebody Your database is in a V a loan and has about $10,000 a great card debt, What ifs. And and there's little 50 verticals, right that we built into the database on top for a loan. Officers see rats, right? And so now, if I'm alone out, sir, I'm plug it in. I already know today I've got anywhere from 3 to 10 leads per day. Really? Today all the people that I know these aren't cold call, right? And so and so what this is is a method by which Quicken and Cash Call and Zillah Mortgage and Amazon mortgage and costumers. They can't compete and the reason they can't compete. The reason they can't put me out of business is because they don't know the person I do them. It's a cold call to me. It's a warm call. I win.

spk_1:   21:35
Yeah. What? What, though? You know, you guys have built this awesome platform to come in here really help with managing that database. Well, what about the people that don't have this?

spk_0:   21:49
Well, seek it out, You know, I mean, if you do, if you don't have us, right, if you can't access and if you can't If you're you know, and that's it. Look, I understand the rush to being a mortgage broker, right? Pricing and and the automation that some of the wholesale investors that are offering right now and and so I understand it. Um, I understand the messaging, and and And I get it that the challenges If you're a mortgage broker, your primary value proposition is you as a person and price Are you saying I'm care about my clients? I'm gonna return your goal. I've been in the business 10 years. I'm gonna close your meals on time. You know, when I it's me, me, me, me, me. Right. And I have a great price because I shop lenders. It's ever so. I think for just a 2nd 1,000,000 I wanted all the listeners out there right now. Somebody tell me because I would love to be wrong. I don't want to be right on this. I swear to God, I don't. But can you tell me any any vertical, any company, any industry, anywhere in the world, any time in history. One time any company has ever gone to market. And their value proposition was price, and they didn't get squashed by the market. Yeah, see, that's it. So hold on. So if we know that to be true and we've got this rush of people going to price and not value, do you right, then? Then they're all on the streets saying the same thing, right? I have. And I see it all over. Social media, Ray. Price, price, price, price, price, price price. Okay, but if you and every all your brothers and sisters are all saying the same thing, none of you are different. None of your valuable. None of you. Now you're just getting a frenzy, and and you're we're cannibalizing each other, right? And I'm not saying prices and important. Please, please, if you listen to me, I'm not saying price and price is important. Of course, prices importance But if you lead with Price and that's what they're gonna focus on instead you've gotto value.

spk_1:   23:58
Yes, I was just out of conference and it was heavily focused on social media and probably really interesting thing, because lately it's been a really great opportunity for refinancing. And so many people, when you look through social media, have just floating rate rates, rates, rates, rates and it brought up this interesting thing in my head was like, just like he said, he needed not be focused so much on talking about race as much as you need to be talking about what that means to the clients and bringing that value into the contents of bringing that out into the conversations. And so I love that you mentioned that because it's not enough for us to go out there about rates. We need to be able to provide that value same time.

spk_0:   24:48
Absolutely I was I was working with a loan officer over the weekend and we're helping a client in a jumbo situation and so we're looking at jumbo rates and jumper pricing and and we're up against one of the private banks. You know, I don't want to mention names, but, you know, and everybody knows in the industry, right? The private banks, they're giving away jumbo loans for the wealth advisory divisions lead, lead, the degeneration. And so it's almost almost impossible to compete in that space. And so I said to the client, You know, we got into a little bit of a conversation. He said, Would it sounds like it would be valuable to you to reduce your closing costs, right? It's about the closing costs. You're really looking that you don't pay the title in the appraisal, Sarah. And and so And then it also sounds like you have this vision of at some point, um, getting into real estate. You wantto rehab properties and by rental properties like, Yeah, I do. Okay, so what if we gave you a big credit card as it is in conjunction with all this? This is what you mean? I said well, instead of a jumbo loan right here in Los Angeles County, What? What if we restructured? You knew high balance with an attached to material and a credit, and I can go up to 95% of the value home as a home equity line of credit. We we restructure the whole thing. So he was only using 100 that so we put it into high balance first with 100,000 lei la He liked having an additional $400,000 in room. So he's got this $400,000 room on this line of credit to buy and sell properties right to rehab properties. And the moment he had access to $400,000 it was done by me. I'm in. Yeah, and all it was was just asking a few questions about his goals and then restructure him based on being valuable. Uh, we stolen from a from a private bank because we were more valuable time because we listen.

spk_1:   26:41
Amen to that. Because all these been tech companies trying to come in here they're not asking those questions. So not only have, but they don't know how to restructure anything that they don't comprehend any of that. That's just another takeaway for everyone listening here. I know that reached you first, but you don't b s highway as well. You have to step in and you have to know what you're talking about. It blows my mind how little sometimes people actually know about the mortgage process and all of it. And I think it's so important. Now more than ever separated gain that education in my knowledge rates.

spk_0:   27:19
Yeah, A lot of times I hear people say, Well, how do I get the dollars and and my best advice for people that say this calls, Get a coach, watch right, lots of them, You know that. And you and I are friends with most of them and they're all great. And but to get to the next level, I mean, I personally haven't met somebody. I have a personal. Maybe they exist. I haven't met them. Who's gone to the nice little without being coached? Yeah. I mean, I had coaches my whole life, you know? I've had some of the best, and so I think back to at the pivotal changes in my life where I thought I was good. And then it coach came in and showed me how I wasn't, because I know you're you're the problem here. That is funny to me. Anytime your coach the coach. His biggest problem is that they have to hold up a mirror. Hold it in front of your space and say This is the problem, right? And then not get fired for doing so.

spk_1:   28:14
Hey, yeah,

spk_0:   28:16
that's Greggs and that the other day we that we are the problem, right? It's my inability to learn my inability to change. That is the problem. It's not the market. It's not my family, not my teen. It's not my client's. It's not Realtors. None of them were all in the same market. Anybody who says there Well, Eric, you gotta understand my market. No, no, no. Well, that are there Realtors in your market. Other buyers and sellers in your market that you wanted to refinance in your market are most of the people you talk thio unreasonable in your market? Well, guess what? You're in the exact same market. I'm and so that's not it, right? The challenge we all faces looking in the mirror and say I am the problem now where we do. And certainly getting a coach is a great step.

spk_1:   29:02
I'm curious. When was the first time that you got a coach?

spk_0:   29:07
Great Frost? Yeah, I remember it. 2002 2002. I walked into a Greg Frost seminar in Minneapolis, Minnesota, and he showed me e d was doing a seminar. He showed everybody his marketing strategies and my brain melted. I couldn't write fast off. I was like, Oh, my God, this might be the smartest person I've ever met. And, um, a year later, he came back to Minneapolis. It was like the state conference, right? And so you came back, was doing He was doing the exact same reservation. A year later, I sat in the audience. I brought my nose. I'm looking. I know staying, you know? So I'm realizing that I have I have implemented zero. Not a single thing I implemented in that entire 12 months. Right? And I'm thinking myself, this is not okay. And I I walked out to him after In 2003. I said I didn't implement anything. I suppose himself I would I'm what I have to do. I will do anything you tell me to do. Greg E could be my mentor. You tell me. I will drink whatever Kool aid. You point me out. And he took me under his wing. Um, and I started implementing with my team. Uh, these amazing strategies and Then he introduced me to Tim Brahim and Tim Breen became, you know, my coach and mentor has he did Thio a lot of people. Um hey, still amazing Coach and my career took off because I engaged in what I just did what they told me to do. Try. Can I tell you? All I did was what they told me to do. I just shut off my thinking. I stopped thinking, he said, You know what? If Greg says, Therefore, if Tim says therefore, I'm not I don't have an opinion because I don't earn what they earn. E don't get to say Greg stronger. Greg doesn't understand my own marketer. He was in Albuquerque, New Mexico, yet a 700% market share of Albuquerque. Wow. Was I who? What? Who? My goodness, seven. After that market share of an entire city, Dude, that's crazy. And so for me to say, Yeah, Greg, you understand? I mean, it's such a It's such a silly thing to say aloud. And yet I hear people saying it all the time. You know why you can't hire coach because they don't understand my market right? Can't hire a coach because you understand what I'm going through and say, Well, then find a different coach, I don't know. But those coaches, you just haven't found the coach the matches you yet, baby.

spk_1:   31:39
Another thing that I think it's so important, Thio is, and you touched on this. But there been times in my life where I have multiple coaches or one coach than all these other people telling me what to do. And I love that. You said, You just kind of have to shut your mind off. Just do what this one person is telling you, because once that you have, so many can also get very polluted. So I think having that one person that match with acid, you know, you ought to connect on a personality basis, truly look up what they achieved, what were doing. But you have thio at the end of the day, turn that voice off and just listen to them and do what they say. They've been through this. You're learning from them. That's why you're paying. That's

spk_0:   32:23
and if they're not qualified, then don't have them as a coach, right? They're not qualified, don't as a coach, but if they are qualified and there's a lot of coaches that are very qualified, you know? And But they are qualified. Then you gotta listen to them. It's gonna hurt. Hold on, Let's be clear. It's gonna hurt. Think about think about if you're a guy and you're on your high school football team and your coach said, Give me 10 laps, break in full gear. You don't get to choose. You don't get to say no And you know what? It's gonna hurt. It's gonna suck. You're not gonna like it. You're gonna do it anyway because the coach said, Coach calls a play. You run the plate. That's the drill. That's how it works. And when did that stop? Like when? At what age did we get to where we said, Yeah, I'm not gonna listen my coach anymore, cause I don't that is that's the problem. The coach called. I run the play. You don't get what the coach called the city. Run the play, that's the deal. And if you don't respect your coach enough to give them that, then get a different coach right? But that's that's how you have to future coach and you will like it because they're gonna tell you to change, right? That's the problem. But I'd like my routine. Yeah, well, your routine is That's the problem. We gotta get you out of that routine. And so I doubt it's I I fall back on What is your ability to adopt technology, automation and access to relevant data and in such a way that you can compete against you know, the quickens and arrest them? Because, you know, as you guys priest, right? Fintech is is out to put us all out of business with your direct lender or mortgage broker away. If you're a street originator, regardless of what path for me, Ron Technology. John, these are coming for you. And if you aren't keenly aware that if you aren't adapting, you know you are going to struggle, right? And you're gonna be that guy five years from our that woman, five years in us, and, yeah, I used to be in mortgages. It's a tough game signal. You just you just didn't adapt, right? Uses didn't change. You didn't modify, and and, uh, we're gonna lose, You know, best I can certainly not this year. And we were having a boom year Yeah. When Ish. Yes. We're gonna lose a big chunk of our industry again. And, uh, you know, hopefully the listeners to this podcast are aren't among them. That's my hope

spk_1:   34:50
they won't get IDs. They got you to listen to you and all these other wonderful people here. Are you coaching people?

spk_0:   34:56
No. No. I mean, I worked with a lot of our loan officers Internally, my challenge is is a You know, I I focused a lot of energy on myself. You know, I've gone through neural linguistic programming. I got master, survived it and do all this work of myself. And so I'm I feel like I have an insight where I could help people. But where I run into problems and coaching is, ah, work with someone will agree on a task that they're going to Dubai next Friday. Right? So we'll say, OK, there's one thing you really need to dio. I agree. You need to do your job by next Friday and then we get a call on Friday, they say, Well, I had a busy week and you're a story as to why it didn't get done as well. Okay, I can give you the next thing because you didn't do the first thing. So when you do first thing, let me know, then we'll move the second thing. And so it doesn't work so well when you're a coach, right? And so I've chosen another path myself. I'm more of a systems guy. I love implementing systems that are replicable, scaleable, sustainable, like That's where I get my juice from, uh, coming up with new and innovative strategies of mechanisms that can change someone's life and that I handed to them. I shall know how to use it, and then it's up to them whether they want to use it or not.

spk_1:   36:11
Yeah, it's very sure you can't really coach people that are only to be coach. I love that you kind of have words over the years. What brings you the most energy and what doesn't necessarily but still fits under the same umbrella. Would you say that you always started out having this passion for systems?

spk_0:   36:33
I don't know that I started that way. Um, it developed over time. I always had a passion for learning. I've all I've always been insatiably curious. Um, like it's to the point where you know, I'll be driving down the same street every day. And if there's a building that in my in my routine that I don't understand that building like I'll pull over, I'll just walk in because I need to understand. Like there's a building on my half that I don't understand. Why is there and what it does? And it's crazy, you know? But that's certainly wants in a strong way. I walked into a building I didn't understand. It turned out it was the statewide Realtor credit union. Oh, and I signed up the Realtor credit union. I was their exclusive mortgage provider because I was the only person ever walked in. I didn't understand with. And so But by being insatiably curious, I'm always asking, you know, how does that work? Well, then what? But then what do you do? Yeah, well, how does that work? And Barry was pivotal in my career back in 2004 right? I was closing a lot of loans and Barry came toe many absolute Minnesota didn't know. Then I got to tell him the story recently, and, uh, I was bouncing off about 10 loans a month because in Minnesota. It's a wet state. And so I feel like I do it all my closing because everything's funny right there at the table. And so I said to bury, you know, I'm a 10 little Samantha. I'm struggling getting past 10 loans, you know, Any advice for me? So why do you think you're starting again? Loans. I said, Well, I have to go on my closings and all closes in the last 23 days of the Montana I don't know how to get more than 10 closings in those in that amount of time. He said, Well, why do you have to go to your closing? So I explained to him what I believe to be true at the time. If I don't go, the title comes gonna throw me on the bus Realtor You're throwing on the boss. I got to be in the room. It's ever etcetera. So any Give me some suggestions, you know, why don't you send them form a week at a time that was staying ahead of time? Here's what you're gonna expect. I'm not gonna be a closing, but my team will be accessible to you. Here's a copy. This side of the story to say that you're going to see it and just pre empted all Now you don't need to close Goto closings and boom without one suggestion, right catapult me to the next level because it changed what I believe to be true. He gave me something new. And so you know, my my belief is for anybody listening. This is what is your ability. So listen to those people. They're qualified and change quickly, you know? And we're all crazy right now, and I get it right now. Today, this moment just closed. They just closed many of those you can. I'm not saying stop doing what you're doing. Keep doing what you're doing. Pound the phones, pounder Teams be grateful. Be respectful to your underwriters there to investigate. Cam, we're all we're all intimidated right now. But at the same time, you know, in the back, your mind nights and weekends, you know, you gotta be looking at what's coming and how even change adapt to that that war, that finda cos we're bringing to us.

spk_1:   39:37
One thing I really love is I feel like we've talked a lot about the systematic processes that we can go ahead and scale. And you've mentioned that you always been this forever, learner. But you've also mentioned that you really love routine, and so I can tell within your story that all these things mess really well. But at the same time, I feel like there have with Ben points in your lives. Like, did you get better attacked and quickly to changing us? Believe so that you could change behavior or this is room. Was there like a learning process where ultimately the shift it? Yeah,

spk_0:   40:22
all of my change. Andi, I think I'm similar to anybody else listening here. All all of my change When I look back on my life where I meet massive change came from a place of massive pain. Yeah, right. Like when we're so there's a book called Good To Great, right. The enemy of great is good, because when you're good, you don't change No, right. You only change when you're in pain. You have to be bad to get too great. And so, like many Lister's, right, I've had significant pain in my life. Um, and so that pain drove me to change. Um, and I guess what I'm trying to help people with is avoiding that same pain. Right? When you go through pain, you trying war another, you try and say, Whoa, everybody, hold on this this hurts. You should You should really try hard not to do this. Um and you know, I don't want anybody going through pain. I don't want to be going through a career change. I don't Anybody going through, Ah, slump. I don't want everybody, you know, having a month. You know where they can't feed their family or if Bill's I want anything. I don't want that for anybody. And so, you know, I just know that with margin compression technology and fintech and all the things they're coming down the road, you know, you have to be ready now. Yeah, you have to start getting ready now, like right now is like being on a river that's calm and peaceful and sunny and blissful. Knowing that Niagara Falls is is a mile down, down the way. You better start deal with Agra falls even though it's sunny and blissful right now. And and so I see clear as day all the leadership that I speak to you, they all see it clear as day now. How do we get a loan originators to see? See what we see.

spk_1:   42:06
Yeah, it reminds me of this. Both the barrio says that it's hard to be hungry when you're well said. Yeah, and right now everyone is being well said. But I also feel like there is a fear with this industry, and people are starting to realize that it's changing. But it's hard for them to make that train from yourself. Well said, Right now they're not having to go out there and make those phone calls to get the business or, you know, make that extra step, make that extra relationship without parole are so I kind of want to summarize this question. What is that loan officers should be doing right now, even though they're well said, What are just some actionable steps that they should do right now? Attach themselves?

spk_0:   42:55
You don't forget your realtors, right? Whatever realtor partnerships you have, right, those have got to take a bravery, just like for us as a company. Our purchase underwrites take priority over revise. We're always gonna prioritize Realtors, a za loan originator. You've gotta prioritize your referral. Barbers farm. Your database, of course. Farm your batteries, of course. Closer advise, of course. Clothes and may Loes. You can absolutely Just don't don't lose that focus on your purchase business. Um, because if you do, you're opening up those realtors toe, leave you and go somewhere else. And getting new Realtor partnerships is a lot more work than maintaining existing ones on. And so don't lose focus that there's still a lot of purchase business happening. There's still the Realtors we're still doing. A lot of transactions. Rate's dropping. Are driving buyers into the market, right? And so So you've got to recognize the purchases Have to be your priority. Um, and that reef eyes are just gravy. Take the gravy. Absolutely. Take it. We're not saying Don't do it. Yes, of course you do it. Keep your eye on the ball with your referral apartments Don't don't lose. Those are for a purpose.

spk_1:   44:08
Do you think that within tech companies coming in do you think realtors are greater risk becoming obsolete? This business and lover shooters,

spk_0:   44:18
I think I think they're in the same risk, right? I think realtors the adopt adopt technology to high level or replace Realtors that don't I think it's the exact same map. Did Ken Realtors protect their 6% commission? Absolutely. They can write if they're valuable. Radiance is what's their value? Um, and so, you know, I'm I'm partnered with the number one ReMax agent the world Craig Proctor. Um and, you know, he teaches what he coaches Realtors is how to be valuable. And so, uh, tapping into what that means and not dismissing it because I listen to people. Oh, that's just bunco, guys. Just how you trying to sell coaching? Okay, Well, meanwhile, Craig Proctor's number one Realtor student, I think last year made somewhere around $12 million as a realtor nest, right? And so it's like, Well, uh, maybe it works. I don't know why he did it. He made $12 million. I don't know. You weighed $90,000 maybe tried their way, you know, instead of dismissing in saying it's not riel, no, be like me. You know, I looked at Greg Frost said, Hey, man, I'm just going to whatever you tell me to do. I'm just gonna stop thinking. And it served me real well because it changed my belief systems

spk_1:   45:41
it really comes down to being able to change those belief systems. And reefer in it

spk_0:   45:48
for sure does, for sure does. Whatever. Whatever you believe to be true is what's gonna drive your activities. So do you believe you're not valuable? Right? It's only about Christ and not such a good talk about, because that's what you believe to be true if you So here's your here's my guess. My final understandably systems. If you believe the economy is bad, right, the stock market's crashing economy is bad. There's no jobs. Oh my God, can you find evidence to support that belief? Yes. You know, I sort of You're invited Now if you believe there's never been a better time to be a multimillionaire and that there's unlimited opportunities to become a multimillionaire, can you find evidence to support that? Yes, either. So it doesn't matter what you believe. There's evidence to support both right, and so what I would suggest to the listeners is, Just change what you believe. That's it, just you, and then it'll change your activities.

spk_1:   46:50
Challenging. Did it happen? It's doable holes in the fake beliefs bringing those anyone's

spk_0:   46:56
yeah, and our families. We love them, but they don't help, right? Because they're the ones saying, Oh, wait a second. That's risky. Oh, wait a second, you know, And so sometimes you just you gotta figure it out on your own and and take action and listen to those that are qualified. Like like you, and bury all the other coaches that we're friends with. Me. There's a ton of qualified people.

spk_1:   47:18
You surround yourself with people that have those beliefs that you want brute. That's another key thing to throw those that are listening here and they want to find out more about you. Where? In the gun?

spk_0:   47:32
Yes. So you can find me on lengthen Eric Mitchell, E r I c m I t c h e l l That's got all my contact information in my bio and everything's right there. Arlington. And that's easiest way to retreat.

spk_1:   47:46
Perfect. One more question for all the listeners here. So for everyone that is listening, that maybe is going through a struggle going through a hardship right now, is that ready to break through? What are some words of wisdom that want to leave?

spk_0:   48:03
Yeah, Well, my my honest goodness believed is, um if if you're in a place where you're ready for a breakthrough, I understand that if you're gonna take your business to the next level, if you're gonna earn the amount of money you say you want to earn, why do you want to earn it? Um, And if you wanted to contact me, I'll send you some free videos. There's no, they're not sales pitches or anything. It's just some videos of help. You understand your why? Um, Tim Brahim introduced me to the concept, you know, probably 15 years ago. 16 years ago. Um, I understand your wife You read about Simon. Cynic, understand your why talking about your why what is your wine and I'm gonna say to you is if you can talk about your Why, whatever that is for you and not cry If you can describe your white to me and why you're describing it to me, you're not crying. I'm gonna say to you that's not your wife. Because if I dig deep, anybody I've ever spoken to the moment I dig deep just a little bit, we have we done, we pull back several layers of the onion. You know, tears started coming out fast and heavy. And me too. I'm the same, right? It's not like I'm not saying that I don't have high. Oh, man, you get me talking about my wife, I'll sob on your shoulder. Right? And but that's what's gonna drive the activities, if you are. If you aren't tapped into is like it's like creating New Year's resolution, right then you've already given up and it started in the end of January because you didn't tie it to something that mattered. Right? I want to lose weight. I want to make more money. I want Why? Why do you want to lose more weight? Well, I want to feel better. Okay. Why would you know? You know there's more. Wait, are you know now do you want to lose weight? Because your spouse is gonna divorce you if you don't. Okay, now you're gonna lose the weight. Now there's enough. Now there's a motivation that I understand that's gonna drive these activities. You want to make a $1,000,000 because your kids are about to go through college and you don't want them coming out with $100,000 for the student debt. Right? And It's about your kids, right? OK, now I understand why you want my knowledge. If you If you say Well, I want security. No, I know. You know, do the argument. Because the changes too hard, you won't do it. It's just too hard.

spk_1:   50:19
Yes, I get it. Now you do. Well, thank you for coming on the podcast today. I appreciate you taking time. That's

spk_0:   50:31
how you doing.