Kickstart Your Week ~ The Green Light, Yellow Light, Red Light Conversation
Quick recap
In this 82nd call, the group discussed various aspects of mortgage business operations and strategies. Josh, a branch manager, shared insights on growing market share, client communication, and community involvement, emphasizing the importance of thorough documentation and strong relationships. The meeting also covered the introduction of a new motivational website for employees and concluded with reflections on the value of having a strong personal motivation in the mortgage industry.
Next steps
Josh to email the client consultation form to the Igniters group.
All participants to consider implementing Josh's consultation note sheet for future client interactions.
All participants to explore using group texts or finding solutions for keeping clients engaged in group communications.
All participants to review their "why" for being in the mortgage industry and how it impacts their client interactions.
All participants to consider asking clients how they plan to make their lender decision before discussing rates.
All participants to explore integrating community involvement and nonprofit partnerships into their business strategy.
All participants to consider implementing the red light, yellow light, green light payment zone concept with clients and realtors.
Summary
Cathy and Josh Discuss Business Growth
The meeting begins with informal conversation as participants join the call. Nino and Cathy, the hosts, welcome everyone and mention this is the 82nd call in the series. The group discusses recent social media posts and upcoming travel plans. Nino starts to show a video about conquering challenges, but experiences technical difficulties. In his absence, Cathy asks Josh to share insights about his market in Cheyenne, Wyoming, and his recent business growth as a branch manager.
New Website Fuel for Employees
Rachel informs the team about a new website called Fuel, purchased by Steve for all company employees. The website offers motivational videos and skill-building content, accessible through individual logins. Nino adds that the website is created by Todd Duncan, a well-known industry figure, and a partner. Josh, who had temporarily left the meeting, returns and expresses interest in hearing Rachel's update.
Fairway's Market Share Growth Strategy
Josh explains how his team at Fairway has grown their market share to between 28% and 40% in their area. He emphasizes their focus on doing the right thing for clients, constantly learning guidelines, and maintaining strong relationships with internal teams. Josh describes their process of keeping detailed digital notes on clients and using group chats to share information among team members. When Nino comments that this seems like a lot of work, Josh acknowledges that high production indeed requires significant effort.
Thorough Documentation in Mortgage Process
Josh explains the benefits of thorough upfront documentation and note-taking in the mortgage process. He shares that his team does 90% of the work in the first few days after an application, which helps them address issues quickly and efficiently. Josh uses a detailed consultation note sheet for each client, which includes key questions and reminders. He offers to share this form with the group. Cathy encourages everyone to start using such a process immediately, even if it's not perfect. Josh also discusses how he communicates with realtors, sharing client information and payment preferences, which helps maintain strong relationships with all parties involved in the home-buying process.
Effective Communication and Community Involvement
Josh discusses communication strategies for keeping team members informed during transactions. He mentions that title companies are updated through TE journeys, while insurance agents primarily need to know about closing date changes. Group texts are used for realtors and lending teams, but Josh notes that buyers often text him directly outside the group, causing manual updates. To address this, Josh plans to ask clients to pin the group chat. Regarding community presence, Josh emphasizes the importance of giving back through partnerships with nonprofits, involvement with the military and Chamber of Commerce, and hosting events such as realtor lunch-and-learns and client appreciation events. He stresses the value of stewardship and the need to be seen as more than just a loan company in the community.
Mortgage Motivation and Client Relationships
Josh emphasizes the importance of having a strong "why" in the mortgage business, as it helps push through challenging days. He shares that his personal motivation is to help and encourage people, often going beyond just providing loans to offer life advice and resources. Josh and Nino discuss how mortgage professionals have a unique insight into clients' lives, which allows them to provide more comprehensive advice. Josh explains his approach to understanding clients' future plans by discussing house choices in relation to their long-term goals, which helps build stronger relationships and reduces the likelihood of being shopped based solely on interest rates.
Josh's Presentation Praised and Celebrated
The group concludes the meeting by praising Josh's presentation, particularly his approach to client relationships and decision-making processes. Cathy highlights Josh's systemized approach, emphasizing its benefits for clients and realtors. Nino reminds everyone of the importance of celebrating achievements and leaning into supportive communities. The meeting ends with expressions of gratitude, well-wishes for Cinco de Mayo, and a final reminder from Nino to communicate effectively.