On this episode, Jon Maddux sits down with FundLoans account executive, Alexander Inda. Alexander is a top producing account executive who has funded over $21MM last month alone. The two speak about Alexander’s recent $8.8MM funding, appraisal dispari
Funding Super Jumbo Loans with Wholesale Account Executive Alexander Inda
Here's The Full Transcription
Speaker 1: On this episode, Jon Maddux sits down with FundLoans account executive, Alexander Inda. The two speak about Alexander's recent $8.8 million funding, appraisal disparity in the jumbo loan space, why you should text your account executive at weird times, and much more.
Speaker 2: Welcome to the Million Dollar Mortgage Experience Podcast. Listen in as CEO Jon Maddux of FundLoans reveals tips, secrets, and origination ideas to fill your pipeline with million dollar opportunities.
Jon Maddux: All right, welcome to the podcast. We're here with Alex, our top producer at FundLoans last month, and I think probably most months. Right?
Alexander Inda: Well, recently I've been on a good streak, I'll say.
Jon Maddux: I'd say it was a good streak. I've seen your paycheck, so I know you've been on a good streak.
Alexander Inda: Right.
Jon Maddux: You do some big loans, right? I mean, I know that's what we do. That's what we specialize in, non-QM. We specialize in jumbo. Even some jumbo A. But really, my opinion of non-QM, the word non-QM, is really it's a terrible name. It's like someone thought how can we not say, it's not subprime, but how can we not say nonprime, not subprime? Let's come up with some crazy non-QM type of name. And it's really not representative of what we're doing, because we are qualifying people. They are qualified. But, I understand non-QM comes from the Dodd-Frank and all the stuff that QM represents. What is your definition of non-QM?
Alexander Inda: I would say non-QM was probably a lazy way of labeling it when they first came out.
Jon Maddux: Yeah, I'd say so too.
Alexander Inda: But, you know, it's crazy. In the majority of the files, you'll see anything from 20 to 100 document pages in a file. Because we really do take an extensive look at these borrowers to ensure that they do qualify for a mortgage. So, a lot of times, I think it's even more of a qualified mortgage than some of the products that are out there, like in the traditional sense. Because we do a full scope. But, at the end of the day, these are great loans and we grind it every day, making them work.
Jon Maddux: That's right, that's right. Let's talk about the biggest loan you just closed. Eight?
Alexander Inda: Yeah, it was a $8.8 million loan, just shy of $8.9 million. And, of course, it was tough to get by. Every lender out there wanted it. Every lender out there tried, as you know. You told me right after we closed it.
Jon Maddux: Yeah, we heard some stories that some other lenders had tried to do the loan and they couldn't do it, so it's nice to hear, when we something done others can't do.
Alexander Inda: Yeah, exactly.
Jon Maddux: It's a good feeling.
Alexander Inda: Yeah, exactly. Especially when you can make that call to the broker and say hey, we're good. We funded it. He's ecstatic. He's like all right, let's do the next jumbo, super jumbo loan with you guys. But yeah, I mean, great income in the Orange County area, as you could probably assume in that area. A great house and-
Jon Maddux: It had a pretty good LTV. It was like, 47. Right? Or something.
Alexander Inda: ... Yeah, just shy of 50% loan to value.
Jon Maddux: Mm-hmm (affirmative).
Alexander Inda: Owner occupied, single family. The borrower had three different businesses and we qualified using all of his business bank statements.
Jon Maddux: That's great, yeah. I know you put a lot of work into it, too. It's interesting when you see most loans, I think, that most lenders do are probably an average loan size of like, $300,000 or $400,000. Or even lower, $250,000, $300,000. What is it like to focus and just work on big, jumbo loans? I know you do some smaller loans too, but I think your average loan size is $1 million or more, something like that. Right?
Alexander Inda: Yeah, definitely. I definitely take it all in. Because you-
Jon Maddux: Yeah, you're not going to be a snob. Be like sorry, we don't want your $300,000. I mean, we do have a cutoff, but-
Alexander Inda: ... Right.
Jon Maddux: ... for our tier one brokers, we'll take anything, usually.
Alexander Inda: Right, right. And you'll be surprised, as many brokers as I have send me $1 million plus jumbo loans, they'll have a client or a referral saying hey, would you do this $345,000 loan? All day. Essentially, once you get it down and get your guidelines down in the programs, you just kind of copy and paste to other files and other borrower situations. Yes, there's always going to be a small difference in each file, and you're never going to know unless you ask the question hey, why is this? What else can you tell me about this bank statement loan? Or what have you. By getting that full picture, you're easily able to place it. But, we do love jumbos here. I think our average loan amount is in that jumbo space, for sure. And people could trust us with that jumbo business. We get tons of referrals from it too.
Jon Maddux: Right, right. I think there's a slight difference in the way you care about a loan, and I think part of that is that you don't do ... You did $20 million plus last month. That's a huge number for an account executive, for anybody. But how many units did you do? You did 11? 12? 13?
Alexander Inda: Yeah, it was right around 13 units, mm-hmm (affirmative).
Jon Maddux: So, any other AE that I know of that would do even close to that, even $10 million, would probably have 30, 40, 50 loans in that $10 million box. So, it's harder for an account executive to care about each one of those loans like you do, because you have less loans to care about. But, they're bigger. I think there's something to that. It's kind of like, I mean, this is a weird example, but like someone has six kids. How do they spend that much time with each one of them? I mean, it's harder, even though you love them all the same. But if you have less, not telling you to have less kids, but it's just the reality. It's hard to give quality time to that many loans. You can give really good, quality time because you only have so much bandwidth as a human. Do you see that, too? You're able to really care and really focus and give more time and effort to each loan that you get? Is that something that you find here?
Alexander Inda: Yeah, definitely. And I think the atmosphere kind of sets you up for that. Having everybody here in one roof, for the majority of it. Like upper management and underwriting staff and account managers. Being able to walk down the hall and say hey, on the Johnson file, can we get this, this, and this? Or, what else do we need? Or, how can we move it along? That's a big help in my ability to fund these loans. Because as we touched upon earlier on, we might have 50 to 100 documents in a file, because these are alternate based lending. For example, bank statement. It could be 12 or 24 month alone, in just bank statements. So you really do need to give that extra tender love and care, and being able to be in that environment to succeed is half the battle.
Jon Maddux: That's good.
Alexander Inda: But yeah, you definitely watch these babies go across the finish line one step at a time. Especially that $8.8 million. We really want to ensure that it keeps on the track. Make the extra phone calls, do what you can to get it all across the finish line.
Jon Maddux: I think some people watching, I know if I was watching this I'd be kind of wondering, where the heck do you find these big loans? $8.8 million loan, you don't just stumble across that. Do you know? Do you ever ask your brokers hey, would you get this referral? I'm sure a lot of it comes from relationships and referrals and stuff like that, but do you have any examples that you can share with us and our viewers?
Alexander Inda: Yeah, I think right before this $8.8 million, I funded a $4.7 million the month before.
Jon Maddux: Now you're just bragging, dude. Just kidding.
Alexander Inda: Well, it was funny. Yeah well, maybe I am a little bit.
Jon Maddux: No, that's good.
Alexander Inda: Right. The way it arrived on both those scenarios is they were their clients for a long time. I think what we touched on multiple times over, self-employed borrowers, they're always going to try to succeed in every facet of their life. So, maybe they had that $500K home like, five years ago and then $1 million home four years ago, and then $2 million. Blew up their business, and now they're like you know what? Now I'm having six kids and I want that $8 million home. So, a lot of their clients are referrals they've seen along the way. [crosstalk 00:08:31]
Jon Maddux: Been in the business a long time and they've just kind of helped them buy houses, and then stayed in touch. And then, yeah, as they succeed and you succeed, you stay together. Yeah, I think I can see that.
Alexander Inda: And that's how they got that business. Thus, we advertise with the $15 million. My $4.4 million, I met at a show in Vegas, a conference. Not a lot of non-QM lenders, at the time we were advertising above $2 million and we could go to $15 million. So, it's a no brainer. Priced them out right there at the conference and kind of got it going.
Jon Maddux: That's good, yeah. So, you enjoy doing the big loans.
Alexander Inda: I do, I do.
Jon Maddux: That's good. I do, too. It certainly is a different type of ... It is more work, I will say. It's not always. Sometimes it's easier, right?
Alexander Inda: Yeah.
Jon Maddux: I mean, because people have their shit together in some ways and in other ways they're not. But, you might find someone who has all the help in the world, when it's a jumbo loan, that they can easily just have those people send you the docs or things like that, so it does help. What do you consider jumbo lending? Do you consider it million plus or $500,000 plus? What's your definition?
Alexander Inda: For my jumbo, I kind of consider anything above $2 million, for me. I don't know, just for my mind, I think above $2 million.
Jon Maddux: That's kind of like super jumbo, I'd say.
Alexander Inda: Yep, super jumbo. Just, some non-QM lenders advertise quite a bit above X, Y, and Z to this loan amount. So, that's just kind of like my viewpoint. If I really had to think about it, it would probably be around that range, $1.5 million plus.
Jon Maddux: Yeah, that's good. And that's kind of where you typically need two appraisals.
Alexander Inda: Right, mm-hmm (affirmative).
Jon Maddux: Which kind of brings me to a good subject, appraisals. We've seen a dramatic drop in disparity. Because when you start getting to like, the $2 million plus range or one and a half million plus, then you have to get two appraisals. And then you're ordering through AMCs, and a lot of times one will come in way high, one will come in way low. We've taken a real strong effort to fix that problem, and I think part of that is through our appraisal firewall and our chief appraiser and all that stuff. Have you seen a change ever since we've hired on the chief appraiser? You know what I mean?
Alexander Inda: Yeah, yeah.
Jon Maddux: Have you seen kind of a shift in that? I remember way back when you started, we would get some appraisals that would be different. Like crazy. It's like how can one guy or girl think this is a $3 million and the other one think it's a $4 million?
Alexander Inda: Right. I remember I had one pretty bad that we were trying to go for a $4 million value. One came in at $4 million, the other one came in at $2 million.
Jon Maddux: Yeah, that's a big ... That's either fraud or someone doesn't care and they're not paying attention. Or something weird is going on. Right?
Alexander Inda: Exactly. Our chief appraiser did, right away, this was like right when he got on board, was able to rebut it and we got it up like $1.3 million, something ridiculous. Which he did mention that for an appraiser to come up that much, there's a huge issue with that level of value. For us, being in this space, where we consistently do above $1.5 million to $8 million, $9 million, appraisals are very important.
Jon Maddux: Hugely important.
Alexander Inda: Yeah. LTVs, pricing. Just the ability to do a loan. If you were going for a $21 million value and it came back at $15 million-
Jon Maddux: That's a massive difference.
Alexander Inda: ... you're dead in the water, kind of, depending on the loan amount that you're asking for. So yeah, those conversations of saying hey, this is a tough report, $1 million less, has been few and far between in the last three or four months.
Jon Maddux: I'm glad that that sure helps, somewhat, to your volume. I mean, because without those appraisals with the right values, you're not going to be able to close the deal.
Alexander Inda: Absolutely. Yeah, it doesn't matter how much income you have and things like that.
Jon Maddux: Right, right. You consistently put up big numbers. I see you, you're here before I am, and oftentimes you're here after I am. That's something. You're working really hard. You're always there for your brokers. You're putting in the hours, and it shows. It's like some people put in hours and then they don't have the results like you do, but there's got to be something beyond that. That's part of it. That's part. Like when I first started the company, I was working nonstop, 24 hours a day. I've been able to take off a little bit of time here and there because we're doing well and things and there's guys like you working really hard, but what else is it? What other things attribute to your success, would you say?
Alexander Inda: I think it's my internal motor just kind of gets me going every day. As you know-
Jon Maddux: Do you have a routine in the morning? Do you just get up-
Alexander Inda: ... Kind of.
Jon Maddux: ... and look at yourself in the mirror and say you can do this?
Alexander Inda: Well, you know I'm commission only. So, nobody is driving this train but me. One thing I've learned from you guys a lot is nobody cares about your loans as much as you do.
Jon Maddux: It's so true.
Alexander Inda: So I'll get on the road as early as 5:30 in the morning and stay here, recently, until 9:00 PM. Part of it is because I need to get better with time management and things like that, but part of it too is-
Jon Maddux: You must enjoy it a little bit.
Alexander Inda: ... Love it. And these files, I look closely at the borrowers and when I prequalify, I want to do it 100% of the time. We're fortunate enough to have a lot of different ties to programs, to where if something were to fall off the track for the slightest bit, I already know in my head how we can cascade down. So, a lot of the times I'm spending troubleshooting and things like that, with not only everybody in this room, but our team out there. I think that drives the boat just as much as my work ethic or my time, the team out there. Definitely.
Jon Maddux: If an underwriter wants us to spend a file, they call you and they talk to you about it. I think that's something that ... Let's talk a little bit about cover letters. Do you do that a lot? Do you make your brokers do cover letters? Or do you help them do it?
Alexander Inda: The majority of the files I'll do my own cover letter for the broker and for the file.
Jon Maddux: For the broker?
Alexander Inda: Mm-hmm (affirmative).
Jon Maddux: Wow, okay.
Alexander Inda: Yes, because I know how our staff works and our underwriting team and our account managers. I speak with them daily. Our underwriters will talk to brokers, depending on what the circumstances are, but if I'm next to an underwriter every day, I know kind of what they're thinking. I can put into words before this happens and say hey, this is what we have in file. This is what I was thinking. Hopefully we match up at the end.
Jon Maddux: I think that shows ... I don't know if you guys every shop, like people shop at Macy's or Nordstrom's or whatever. I've been to Macy's before and it's cheaper than Nordstrom, but you look around and there's like nobody there to help you. You're like you got this in a different size? And there's no one there. You go up to the counter and there's still maybe nobody there. Finally, there might be someone there. But, you go to Nordstrom and there's someone always asking hey, can I get you sizes? Do you need this? Do you need that? And as soon as you pay, they walk around the counter, give you a pat on the back, hand you your ... It's like a different experience.
Jon Maddux: I know our pricing is good, but maybe we're not like the scrapy bottom, lowest price, and I know that matters in some cases, in a lot of cases, but it doesn't matter if the deal never closes. Especially if you have a big loan. So, I think service matters. And what you're saying really resonates with the service that we preach and that we talk about. It's very important to a broker that they can make sure that they close this loan and they know that someone cares about it as much as they do on the other end. Because it's true, a lot of people don't care about a loan as much as the broker does. The broker cares a lot. Usually the next person to care is the processor, and the processor does not care as much as the broker. And then the next person after that is maybe the owner of the company. You know what I mean?
Alexander Inda: Right.
Jon Maddux: There's very limited people that care about a loan. But, when you have an AE like you, who's fighting for that deal just as much as the broker is, like as a team. And, I know you're big on teams. You're into team now. Do you feel like you're a team member with a broker? Do you guys feel like you're a team, with most of your brokers? Or, how does that work?
Alexander Inda: Yeah, I think, speaking with your broker multiple times a day or a week, every broker is going to be different. Some want you to call them once a week. Some want to talk to you every day. I have no problem talking to you every day. I have no problem calling you once a week. Everybody is a little bit different, but I think getting to that level of understanding each other and saying hey, Alexander, you only have to all me every other Tuesday. Or, let's go over the conditions once. You'll have everything. I have a broker that conditional approval comes out Tuesday night. Wednesday morning, I have everything on my desk.
Jon Maddux: That's awesome.
Alexander Inda: And other brokers, you really have to go through it. It might be their first non-QM deal. They might need to talk to an underwriter, get the full picture. Either way, I'm more than happy to do either one of those because at the end of the day, as long as we fund the loan, then it makes sense. My repeat brokers are getting more from the non-QM side. My first time broker, hopefully we slam it out of the park so he could have the confidence of getting more non-QM business, too. That's equally as important.
Jon Maddux: I think when you do non-QM successfully and good and well, other business comes your way. I think a lot of people may be watching, they're like I don't know if I want to get into non-QM or I don't know if I want to do this. But once you do it and you do it well, people start referring you loans. I'm sure you've probably seen when you do a good job for a broker, they start sending you more business. And they probably get more business out of that too, right?
Alexander Inda: Yeah.
Jon Maddux: I mean, I know as an originator, I've always got referrals from people when I do a good job. And if it's a tricky, hard loan, because a lot of times they, I don't know want to say rich people, but just entrepreneurs or self employed people, they hang out. They talk. Just like everyone else. Like if you're a veteran and your specialty is VA loans, they all hang. They talk to other veterans and there's just a circle that people have. That little sphere of influence in their groups. I think entrepreneurs have groups and organizations that they're part of and they talk about stuff. Oh yeah, I had trouble getting a loan. Oh, you should call my guy. And then it just turns into more business, when you're good at something. I think having, as a mortgage broker, on your tool belt, having a really great non-QM AE like you or a company like FundLoans is a huge benefit to being able to get more referrals. Would you agree?
Alexander Inda: Yeah, absolutely.
Jon Maddux: I think it really helps. I mean, because there's companies out there, I'm not going to name names, who do every kind of loan under the sun, and then they have a non-QM product. And then it's like their underwriter is underwriting FHA in the morning and a VA at lunch, and then they're trying to get a non-QM done before the end of the day, and it's like, there's just no way they can do that. It's like someone who's an eye doctor trying to do the ears or something different. You know?
Alexander Inda: Yeah. You might not mess up too bad, but ...
Jon Maddux: You want [crosstalk 00:20:13] someone working on your eyes that's an eye doctor, that's all they do.
Alexander Inda: Right, exactly.
Jon Maddux: All right, so we've said in the past, we have some videos out, we're the Spartans of non-QM. We pride ourselves. This is what we do, this is what we focus on. Where have you seen that in your business? Like where being highly focused on something just makes you that much sharper, makes you that much better? The Spartans were special because they were professional soldiers. Like that movie we talked about, I think in the last podcast, the 300. Where the Greek guys, one's a potter, one's a baker, one's a fisherman or whatever. And then the other guys, that's all they do, is they're fighters. They're soldiers. They're professionally trained killers. When an AE at another company that does a ton of different business, they got to remember FHA guidelines. They got to remember all these different types of guidelines. Then, to try to remember guidelines for non-QM, which are so different. I mean, a loan is a loan, but there is a lot of differences, right?
Alexander Inda: Mm-hmm (affirmative).
Jon Maddux: Have you ever gotten feedback from brokers that have said hey, wow, you know this right off the top of your head. Or, you know this information. I want to work with you. Have you seen that happen? Like, where someone's talked to a Carrington or someone like that and then they call you?
Alexander Inda: Yeah, I think quite a bit. Especially with our bank statement programs. The number one question I get, usually, after a bank statement scenario is how do you calculate income? I say well, we have over eight different ways. And they're like what do you mean? What do you mean eight different ways? They're not used to that kind of level of options. The way I explain it is not every one way is going to fit every self employed borrower. If you're a CPA that works from home or if you're a construction guy that has 100 employees, it's not fair to do a straight 50%. Things like that. So, usually when I have this conversation with a broker, they're like holy cow. You really do, not one, know your stuff, but two, have the tools for me to be successful in my business. I think that's the name of the game, giving our brokers tools for them to go get more business so we get more loans. Not only in the jumbo space, but all non-QM atmosphere in general. But, going back to your Spartan reference, I think one of the big things that they were known for too is the formation and moving all in the same speed at the same time, and knowing their role. We really know our role here at FundLoans in this non-QM space. As long as you move in the same direction, everybody is going in the right direction.
Jon Maddux: Right. Yeah, it's helpful when everyone is paddling the same way, right?
Alexander Inda: Right, exactly.
Jon Maddux: When you've got a weak link, you're only as strong as that. One thing I will say that you've probably seen over the years, because you've worked here what? How many years now?
Alexander Inda: It's about a year and four months now.
Jon Maddux: So, a little over a year. Non-QM is still fairly new. I mean, it's starting to come of age. When we really all work together as a team, part of that is because we've done enough loans together. Especially these big, tougher loans. We've done enough of those to where we can really kind of see, and through the experience. It's like if you're going out on a trail somewhere, like Machu Picchu or something, you're going to want someone that's been there many times and can tell you where to go. You don't want to go this way, there's scorpions.
Alexander Inda: Right, yeah.
Jon Maddux: We've been there. We've been down this path so many times and we've finished these loans. Especially the big ones that are tough. I mean, lot of things that people don't understand about big loans is that unless you have billions of dollars as a company, it's really tough to fund really large loans. Because one, the warehouse banks don't want you to do it. They're like, it's over our limit. Two, the investors might say we want it, but then what if they don't after a certain point? We pool our loans together. We also have great relationships with our investors. It's a tough thing to do these big loans, but you've seen it. I mean, tell a little bit. Do you have any stories about where a broker brought a loan to you, didn't like the price maybe, and then left and then came back because someone couldn't do it?
Alexander Inda: Yeah, absolutely.
Jon Maddux: Tell us about that, because I've heard you talk about that a few times.
Alexander Inda: Yeah, and that's why sometimes ... I've said this before. I don't know if I've said it in the podcast, but usually the first conversation with the broker is about price and the second one is never about price. Because you realize there's so many people now doing non-QM. As you were mentioning, they might have a traditional FHA program plus a non-QM program so they could blend their rates maybe. I don't know what they do, but they go there. They try to make it work, spend 30 days. Next thing I know, I get a call saying hey, remember that scenario? Do you take transit appraisals? I love that question, do you take transit appraisals? Yes, I take transit appraisals.
Jon Maddux: That's awesome.
Alexander Inda: Yes, we can do your scenario because I remember I did your bank statement analysis 45 days ago.
Jon Maddux: You already did the work, right.
Alexander Inda: Yeah, so now we're ready to go. Let's get it in. But, no hard feels. At the end of the day, can I service you better? Can I get you the loan? Can I get your borrower a loan? Yes. Okay, let's do this and then next time let's not have a conversation about price.
Jon Maddux: I think part of it is too, say another lender, they only have maybe one or two ways of doing bank statements, let's say. So, they have their little, narrow non-QM product. And maybe they have really good pricing on that non-QM product. Really low pricing. But, they're going to get a select number of loans that way.
Alexander Inda: Correct.
Jon Maddux: You might price a loan out on the spectrum because you know, well, you're not going to fit in this little box, but we have these four other boxes. So, you're going to quote them this box. Not this box or this box, the lowest. Where these guys don't even know any better because it's all they have, is this box of non-QM. You could've quoted them probably a rate very similar, but with the experience that you have, you'd be like, you're not going to qualify for that. Brokers typically are looking for the best rate. Unless they're very thorough and they've done a lot. If they've done a lot and they know that's not going to fit in that little box. I'm not going to risk it and waste 45 days with these guys. One thing, I don't know if people do this ever, but do you ever tell your broker well, why don't you just leave it here? Let us get it approved. Let's get the docs. And, if you get them the docs too, at the three and a half percent or four, whatever the rate is. Take that one, but at least don't waste time and let us get you the docs. Have you ever done that strategy?
Alexander Inda: Yeah, absolutely. It's funny, I just kind of had a situation like that a couple weeks ago. It was submitted with another lender. They gave us a call. I knew exactly what program they were talking about based off what they were saying that they needed an exception for to get that one approved. The exception was for multiple bank statements for a bank statement loan. We have no limit to the amount of bank statements we could use, so I knew it was an exception for us in this prime program. They were trying to go for this prime plus program, which I knew what it was and the rate was the same for us as it was for the competitor. I told them on the phone, I said look, we have the exact same prime plus. You're not going to qualify. Here's your rate for a prime [crosstalk 00:27:56] loan. This is like an eighth of a rate.
Alexander Inda: I said we can try it this way, but I'm letting you know I know exactly why you're getting denied over there. But, the good thing about us is we have all these other different options. They have one, we have a ton. So, she brought it in. Condition approval out the next week. I don't know if they ever got the exception, but the next think you know we're ordering both appraisals. I will dissuade my brokers to double submitting, what have you, like you were mentioning, because you know what? If somebody else says they can do this for me at three and a half percent, go ahead. David always mentions [inaudible 00:28:31] saying go ahead, tell them to lock it as soon as they can because that's a great deal. If we're off by a point or half a point, I know we'll match if it's like for like. But, we believe in what we can do here. I don't believe a concession is always warranted. If it's one of my repeat brokers that's really saying hey, this is close, then yeah, let's have the conversation. But I believe in our ability to fund these things.
Jon Maddux: That's good.
Alexander Inda: Versus everybody else's.
Jon Maddux: Yeah, I like that. I mean, it's like being in the desert with no water. You'd trade anything you have for that water. It's like if you can't close a loan, then a 3% rate doesn't matter. It can't close.
Alexander Inda: Yeah, exactly.
Jon Maddux: You got to just be realistic, I think, about ... I think people have to realize that yeah, rates do matter. But not if they can't qualify.
Alexander Inda: Right. Another broker of mine just said we have to put a pause on an approval on an appraisal which you already have back because somebody else told me they could get three and a half rate. And they're not at three and a half bar. We're doing 90% interest only, complicated tax returns. We're using bonus off the new W-2 and the new pay stubs. Just changed businesses a year and four months ago.
Jon Maddux: Have you ever fired a broker? You're just wasting your time so much that you're just like I'm not going to talk to you anymore.
Alexander Inda: Have I fired a broker? I've wanted to so many times.
Jon Maddux: But nobody that's watching, obviously.
Alexander Inda: Right. Nobody that's watching, obviously. But, that's not my temperament. Sometimes in this business-
Jon Maddux: You're a kind AE.
Alexander Inda: ... Right.
Jon Maddux: And anyone is lucky to work with you, so I get that you wouldn't just fire someone. There are some AEs in my past, where I worked with, and they're like oh, it's Jon Maddux. I don't want to answer this. He asks me the same question for or five times.
Alexander Inda: Well, I flat out said hey, Jim, we talk to each other not the best of ways. Do you still want to work together? They're like, you know what, Alex? I do. They'll call me back a week later, give me a new scenario. I'm like okay, so we're on the same page. I think as long as you're on the same page, you can have an honest conversation. Be like hey, Jim, you know what? I'm sorry. And then he's like you know what? I'm sorry, too. And then, it's like you move on. Because we're in the business of funding loans. No hard feelings. We don't have to grab a beer afterwards. I would love to grab a beer if you want to, but if you don't want to, no problem. Just keep [crosstalk 00:30:56] business.
Jon Maddux: We're here to help lift the loans across the finish line. That's very true. What would you say you like best about ... Anything you could give? Like, any tips that you could give? Besides, obviously, the cover letter, what else helps separate the bad loans from the good loans? Like, one of your brokers. What's a good tip for your brokers?
Alexander Inda: I think I get this more so with new brokers versus experienced brokers, but you'll get ... Again, I'm not familiar with the FHA or the government loans, but-
Jon Maddux: Well, that's a good thing, because you only have so much bandwidth in everyone's brains. It's like, if you had all those guidelines in your head, you would be less effective, I think.
Alexander Inda: ... Yeah. Like, we don't do 100% down. No finance. We don't have those products. So sometimes when you get like a 90% loan to value, they'll be like oh, what do you mean? We need reserves? It just takes a little more time to go over those humps. But, I mean, my recommendation is, if you're a new broker or established broker, I would just text your AE at weird times of the day just to see how fast he responds, or if he does respond. Because if he's responding, he knows the business, he's working the business. He might be at work, he might be at home working. One of my brokers called me, he was in Florida, he called me at 5:30 California time. He called me and I answered. He's like hey, I know it's 5:30, but rise and shine. Loans don't sleep.
Jon Maddux: That's right.
Alexander Inda: It was funny, but at the same time, he knew I would always try to answer my phone. Sometimes you can't answer your phone.
Jon Maddux: Right. No.
Alexander Inda: If you're in a meeting.
Jon Maddux: In the showers.
Alexander Inda: Yeah, things like that. Dinner with the wife. My wife got tired of me answering-
Jon Maddux: You don't answer?
Alexander Inda: ... She got tired of me answering the phone, but I still do. I'll be like hey, I'll be right back. But, if I was a broker, I'd text my AE at weird times and go hey, what you doing? I think it's-
Jon Maddux: Do you want to work on a loan?
Alexander Inda: ... Right.
Jon Maddux: It's 2:00 in the morning.
Alexander Inda: Yeah, because if they're up and they're at them, or if they're responding at least, or if they ... Don't, I mean, [crosstalk 00:33:05]
Jon Maddux: I think what you're saying is brokers should be looking for people that care about their loans as much as they do.
Alexander Inda: Right, exactly. That's my point.
Jon Maddux: I mean, if I was doing a lot of loans out there, I would want to be working with an AE like that.
Alexander Inda: Right.
Jon Maddux: Yeah. It's hard to find someone that cares about a loan like you do. You know what I mean? Like, when you're the broker, you're talking to the borrower, it's all on your shoulders. And when you have someone on the team that's very into it and making sure that the deal is going to get done and you can trust them, that matters. It makes a huge difference, I think.
Alexander Inda: I just care about the borrowers in general.
Jon Maddux: Yeah. I mean, they're human beings. When they're going to the closing table or they're ... It matters.
Alexander Inda: Right.
Jon Maddux: It's their life. It's not just numbers and a paper that you just saw. It's like you know there's humans on the other end of these who have to make their mortgage payments, but they also have to close or they have to ...
Alexander Inda: Right, yeah.
Jon Maddux: We don't close loans, we don't get paid. That's what we're here for.
Alexander Inda: Exactly.
Jon Maddux: Closing loans. Talk to us about team Inda. Just give us a little overview of team Inda.
Alexander Inda: I hired both my brothers, Quinn and Joseph Inda. They joined the team. I think they just finished month one and a half, so it's their second month.
Jon Maddux: Cool.
Alexander Inda: They funded just north of $2 million their second month.
Jon Maddux: Nice.
Alexander Inda: And they're on track to do just north of $5 million their third month.
Jon Maddux: Nice.
Alexander Inda: They're just hungry. They're hungry. Obviously, they're [crosstalk 00:34:38]
Jon Maddux: They're like sponges, too.
Alexander Inda: Like sponges.
Jon Maddux: They're just learning so much.
Alexander Inda: Right. Kind of like the Sparta of non-QM. If I go right, they go right kind of thing. But they both bring completely different things to the table, and that's why I knew they would be good as a team-
Jon Maddux: That's good.
Alexander Inda: ... with me helping or guiding. They help me too sometimes. My plan is to grow the team to where we could deliver the service to all of our brokers to answer the phone call every time. So, if I don't answer, you know Quinn or Joseph are going to answer, and vice versa. Because my plan is to really take team Inda inside FundLoans. I want to do $30 million as a unit by the end of the year, and I think that's highly attainable.
Jon Maddux: Awesome.
Alexander Inda: That's kind of the brief over.
Jon Maddux: Have you already thought about what you're going to spend it on?
Alexander Inda: No. Well, there's a bunch of stuff. I want to get a new house and things like that, but my wife wants to have kids in the next year.
Jon Maddux: Nice.
Alexander Inda: So do I.
Jon Maddux: Six kids. Six kids.
Alexander Inda: Six kids. Yeah, we'll do six kids all the way next year. Just pound it out.
Jon Maddux: That's cool. Well, when you make good money, I mean, it doesn't matter if you're making money, you can have a lot of kids. But, it's just great. Family is great. Having a goal. Having what you want your future to be is huge.
Alexander Inda: With this business, you get what you put into it.
Jon Maddux: You do.
Alexander Inda: If you're a 9:00 to 5:00 guy, you're going to get a 9:00 to 5:00 paycheck. If you're just grinding it out, trying your best to do best and doing your internal work to learn the business and get better in your own aspect, you're going to pay some good dividends.
Jon Maddux: Yeah, they say work smarter, not harder. But you can do both, work smarter and harder.
Alexander Inda: Right. I need to work on being more efficient, but that's why I'm here from 6:00 to 9:00 PM, because obviously I'm not.
Jon Maddux: But, I think as you grow and as you get more experience, there's ways that you can put together a plan and then know I got this covered with Joseph or this covered with your brothers. You can put stuff in place to scale, I think. I think that's what a lot of people do, is they grow in their businesses. Like brokers, they'll hire loans assistants and they'll hire more processors or different ... You have a big team. There's big broker teams that do huge numbers and they just scale it. They just know what they're good at. They know okay, my highest and best is not doing the bank statement calculations. I just can't do that. So I'm going to find someone that can take care of that. My best is just to be on the phone all day with borrowers. So, people make calls for them and then they get on the phone and then they transfer it. There's all kinds of ways you can leverage your highest and best use, I think. Finding that and knowing yourself is a key to success. If you know you're good at this, do more of that. If you know you're bad at this, don't do that. Hire someone else that's great at that, put them in that seat. Like you said with your brothers. They both have different strengths, right?
Alexander Inda: Mm-hmm (affirmative).
Jon Maddux: By doing that, you're able to grow and scale your business, which is just going to get you to $30 million sooner.
Alexander Inda: Right. Yeah, for six months we plan to be at full pistons.
Jon Maddux: Yeah, firing.
Alexander Inda: Broker visits. Everything every which way. Just show up at a broker office and say hey, here we are. Let's go through every file you guys have and all of us be subject matter experts.
Jon Maddux: That's good. Well, how does someone get approved with us and how does someone get to have you as their AE?
Alexander Inda: It's quite easy to get approved. We utilize Comergence and our broker package is pretty quick to go through. It was just redone. We just revamped the whole broker approval process, so onboarding has been pretty efficient and with a nice greeting at the end. Once you get approved, usually it takes about 24 to 48 hours, depending on the package and some things that the brokers need to collect, then we can start submitting right away.
Jon Maddux: Nice.
Alexander Inda: We have a pool of AEs here in the office. On the website, you could find us. LinkedIn, big presence there. Things like that. So, there's a lot of different ways to find an AE here at FundLoans.
Jon Maddux: So you're not just in one state or one city, you can work with brokers any part of the country that they want to do loans in the states that we're licensed in. Right?
Alexander Inda: Yep. [crosstalk 00:39:11] closing loans in Texas, Florida, Hawaii, Oregon, Washington, and California this month.
Jon Maddux: Nice.
Alexander Inda: But we're licensed in Colorado, Utah, Maine, Wyoming, Georgia.
Jon Maddux: Did you say Maine? Maine? Are we in Maine?
Alexander Inda: Montana. Montana.
Jon Maddux: Don't send us any Maine loans.
Alexander Inda: Not Maine, Montana.
Jon Maddux: Not, it's true. But we're adding states too, so there's a few others that are on track to be getting us to 20 states, I think, here soon. So, that's good. Also, we have some announcements coming up pretty soon for automation, which is really cool. So, some cool stuff coming for non-QM. Even though we hate the name non-QM, it's what we do.
Alexander Inda: Right, exactly.
Jon Maddux: Anything else you want to leave the broker community today?
Alexander Inda: I mean, just be out there grinding. I'll be grinding with you guys. Let's do it one loan at a time. Not every loan is going to be easy, but we're going to be able to get them done.
Jon Maddux: That's awesome. Please like, share, subscribe, and tell your friends about our podcast. It'll not only help you, but help them, help us. And call Alex.
Alexander Inda: Call me.
Jon Maddux: See you next time. Thank you for listening to our podcast. If you guys are looking for more content like this, we have a FundLoans YouTube channel, where we give away more tips, secrets, and origination ideas. You can also email us at firstname.lastname@example.org. And if you've made it this far, I think it's safe to say you like our content, so please subscribe, share, and send us your scenarios. Let's FundLoans together.
On this episode, Jon Maddux speaks with Productivity Coach and Top-Producing Realtor, Tina King. Tina has over 26 years of experience selling Real Estate and is known for her ability to drastically increase production on an individual and company basis.
"Million Dollar Results" With Tina King, As Featured On FundLoans' Vlog "The Million Dollar Mortgage Experience"
Here's The Transcription
Speaker 1: 00:00 On this episode, Jon Maddux speaks with productivity coach and top producing realtor Tina King. Tina has over 26 years of experience selling real estate and is known for her ability to drastically increase production on an individual and company basis.
Speaker 1: 00:18 Listen closely as the two speak about how you can hack your schedule, get attention on LinkedIn and much, much more.
Speaker 2: 00:26 Welcome to the Million Dollar Mortgage Experience Podcast. Listen in as CEO, Jon Maddux of Fund Loans reveals and tips, secrets and origination ideas, and fill your pipeline with the million dollar opportunity.
Jon Maddux: 00:40 Welcome to the show. I'm here with Tina King. How are you doing today, Tina?
Tina King: 00:46 I'm great. How are you?
Jon Maddux: 00:47 Doing great. It's fun... the sun's finally out so it's made a...
Tina King: 00:50 Its been a little toasty the last couple of days for sure.
Jon Maddux: 00:52 It has, and we've needed it. I know we needed a rain here in California, but sun is also needed, so that's good.
Tina King: 00:58 It was getting a little on the depressed side there for a minute.
Jon Maddux: 01:00 It does. It affects your mood, right?
Tina King: 01:01 It does.
Jon Maddux: 01:03 Being in cloudy days all the time.
Tina King: 01:04 Yeah.
Jon Maddux: 01:05 Does that affect... I know as a coach... I mean it affects people's mood. So moods affect sales, right? Tell us about how that might correlate.
Tina King: 01:14 My first rule is you can't be moody, get over yourself, right?
Jon Maddux: 01:18 Yeah.
Tina King: 01:19 Cloudy or raining or whatever we're going through. We have to keep going. We don't keep moving through it.
Jon Maddux: 01:25 Yeah. It kind of comes back to you actually taking charge of your own reality or your own life. Right?
Tina King: 01:33 One of my mentors said, whether it be a cloudy day or pressure or things aren't working right, you just press harder.
Jon Maddux: 01:40 Right.
Tina King: 01:40 You press through it. That's what I teach.
Jon Maddux: 01:43 That's good.
Tina King: 01:44 It's hard, but it's doable.
Jon Maddux: 01:46 Tell us a little bit about yourself.
Tina King: 01:48 Okay. So do you want to know the business side of me or the personal side of me?
Jon Maddux: 01:52 Let's hear a little about the business side.
Tina King: 01:56 [inaudible 00:01:56] almost 27 years now in the business. I started out in Arizona. Keller Williams came to town, and we all joined them. We were with a company called Realty Executives at the time. I was in alignment with another top producer there, and I was fairly new at the time, so I was his buyer's agent.
Jon Maddux: 02:11 Okay.
Tina King: 02:12 We all went over to Keller Williams. I was anti-education and anti-coaching at the time.
Jon Maddux: 02:20 You were?
Tina King: 02:20 Yeah. I wasn't into it. It wasn't for me. I just wanted to go, go, go. I'm super type A.
Jon Maddux: 02:24 Yeah.
Tina King: 02:26 So then what happened was, I was very successful and doing really well. Keller has a big educational model, right?
Jon Maddux: 02:33 Yeah.
Tina King: 02:34 I started kind of paying attention and cause people were passing me up in production, and I started paying attention to that, and I thought to myself, maybe I should look into this. So I started getting into it and learning the systems and the models and how to run a true business versus just seat on my pants. And it literally lit my business on fire.
Jon Maddux: 02:52 Wow.
Tina King: 02:53 Then I started building my own team after a certain time. I've aligned myself with other professionals throughout the years, as business partners. I'm kind of a team player, so I really like to do things with other people versus just the loan ranger person that a lot of people like to be. To me, together we're more successful. So that always worked out well for me.
Tina King: 03:12 Anyway, I became like a productivity coach with them. That's fast forward quite a few years, and we created that model, around some other people across the nation that were trying some things out. And I sat down with my, at the time, team leader at the Keller Williams office, and we put our heads together on that. We created this model, and we just tried it. And within a year, the company dollar just went through the roof. We increased it by, I don't remember what the percentage was, but it was pretty high. Then The National, Keller Williams took notice and made it part of their model and then some other great folks at maps coaching took it to a whole nother level, and it just went crazy from there. So I'm pretty proud of that.
Jon Maddux: 03:55 Yeah.
Tina King: 03:56 Is My name on a plaque somewhere because of it? No, it's okay. I was part of that chain that needed to happen to create that model, and we made it very successful. I'm pretty excited about that. That was really good lift in my career. It catapulted me into more of the management, more coaching. Took me out of sales at that point.
Tina King: 04:17 I did that for almost 10 years with different companies throughout, coaching and leading regional management, management, growing companies. My favorite is turnarounds, when there's a company in trouble.
Jon Maddux: 04:32 Yep.
Tina King: 04:33 My favorite is turnarounds and there's one specific one that was not doing well here in San Diego, doing well in other parts of the country. We are literally number 41 out of 41...
Jon Maddux: 04:43 Wow.
Tina King: 04:44 ... Offices in the nation. I got in the seat and took it from a negative million in revenue to eight and a half million in revenue in the first year.
Jon Maddux: 04:50 Awesome.
Tina King: 04:51 So there's different ways that I was able to accomplish that coming from a strong Keller Williams background. That was really helpful for me.
Jon Maddux: 04:57 That's awesome. Is that the only time you've done that? Where you've taken a company from negative to positive or have you gone around and done that with other companies?
Tina King: 05:07 I've done a start up. Not a start up, but a start up in a row in a region from another company is very successful in Las Vegas and they were doing pretty well in Orange County and then they decided they wanted San Diego.
Tina King: 05:18 I started San Diego from the ground up, finding the offices, the leasing, the recruiting. I was also a branch manager, got it to a certain level of success and then they handed the baton to someone else, which is fine.
Jon Maddux: 05:31 Yeah.
Tina King: 05:32 Then that took me back into the market of sales at that moment. But I was okay with that. I did get it to a level of success, probably not where they want it, but I did get it to a place where now somebody else could take it to the next level.
Jon Maddux: 05:45 That's cool. There's certain strengths people have, right? Like some people are starters, and some people are growers, and some people are managers, and some people can sustain something great.
Tina King: 05:57 That's boring.
Jon Maddux: 05:58 Yeah. That's boring for some people. Some people might love it, but for someone like you, I can see where your drive, and your ambition is what drives you to grow things, right?
Tina King: 06:08 The challenge. Right?
Jon Maddux: 06:09 Yeah. And turn things around right. From a negative point.
Tina King: 06:12 Its totally a challenge. I love that part of it. It is hard on me, but I think it would be boring if it wasn't.
Jon Maddux: 06:18 Yeah.
Tina King: 06:18 Yeah.
Jon Maddux: 06:19 That's cool. So you sold a lot of homes. You've worked with a ton of realtors, like you said. What would you say is kind of like a theme across a bunch of salespeople? What is a theme of something that's actually changed their business? Is there, I wouldn't say like a secret, but is there something that really makes a difference kind of across, hundreds of people that you've done? Is it a mindset? Is it just working harder? Is there something that's kind of a theme to the success?
Tina King: 06:51 The goal is to not work harder of course. Some people think it is, they want to go forward like a ball, and they think it'll just all work out and everything's breaking around them.
Jon Maddux: 07:00 Right?
Tina King: 07:00 They'll have some success, but they'll end up burning out. And so really, the educational piece that I learned, obviously the proper training, right?
Jon Maddux: 07:10 Right.
Tina King: 07:11 There's a level of people out there, or a class of people in our industries that will get stuck in the training side. Like, the perpetual student.
Jon Maddux: 07:20 Right?
Tina King: 07:21 Why they get stuck there, I don't really know. They may not have the success level that others will take. I believe in taking a sip of education and going out and trying it and failing.
Jon Maddux: 07:31 Yeah. You gotta fail. Yeah.
Tina King: 07:33 There'll be some success in that as well. But failure is part of it, right? Failing Forward by John Maxwell. It's a great book. The common theme for Change and for them to get it, is the education piece. Making sure they're trained. Now you've got some top producers and then you've got a whole nother level below that. Right? So it's a different mentality. You've got great mindset for the most part, on the top end because they've already done the education piece, they've got the confidence level, they've got the success under their belt, they've got the performance habits, they've got those things.
Jon Maddux: 08:03 Right.
Tina King: 08:03 Where they need work, is just consistency and leverage. Like we talked earlier before we went online about get the housekeeper, buy your groceries online, plan your family vacations, don't mow over your family because divorce happens.
Tina King: 08:19 So there's some balancing act that we have to do at the top. Right. And I also believe education doesn't stop for the top producer.
Jon Maddux: 08:27 Continued.
Tina King: 08:27 Yeah. Your mid level folks in San Diego, I would say your people doing six to maybe 20 transactions, somewhere in that range, those folks are in need of some assistance, they are in need of some education around business, P and L, setting up a real business and making sure that they're doing and putting in systems in place and maybe hiring their first assistant. So there's a level there that we want to look at. We call them tiers. I'm actually a coach at this time with an organization called Club Wealth.
Jon Maddux: 08:59 Okay.
Tina King: 08:59 We do everything in tiers. I'm in tier three now with my business partner, Siri Raul. We're in Tier three coaching. What that is, is a certain level of transactions. A tier four coach is our coach. So they've been there where we were in there, they're above us. So there's different needs at each level. Our level now is recruiting. So at a tier three level, 75 plus transactions.
Jon Maddux: 09:24 How important is it to get a personal assistant? Let's say you're just a high producing loan officer, or even you're just a mid level producing loan officer, do you think that by hiring yourself an assistant, even though you maybe can't afford it yet or you can't... you don't maybe have a full time job for them yet? Is that a smart thing to do?
Tina King: 09:44 Yes.
Jon Maddux: 09:45 Tell us why.
Tina King: 09:46 Why? Because you need that time leverage, and you need to clear your mind, so you can do the dollar productive activities.
Jon Maddux: 09:51 Right.
Tina King: 09:52 I'm kind of a handy person. So just a quick example of my life, I had some ring flood lights I wanted to put up. I could do it pretty easy, but if they sat in the box for six months, I hired an electrician, paid him $125, and I stood there and watched him do it while I was, setting up a listing appointment.
Jon Maddux: 10:10 Right.
Tina King: 10:13 You got to make those kinds of decisions and it may mean more time with your family, right?
Jon Maddux: 10:17 Yeah. Which is priceless.
Tina King: 10:19 Right? It is priceless. So by me not doing the grocery shopping for an hour, hour and a half, whatever that is, I can be home with them, having a nice meal or whatever. So you gotta think that through and yes, spend a little money because you're going to make a lot more. Just cut out all the fat of life.
Jon Maddux: 10:37 It's important.
Tina King: 10:38 Yeah.
Jon Maddux: 10:38 That's good. Some of us it takes that extra push like, okay, do it. Go get an assistant or hire somebody because like you said, a lot of us are hands on people. We do... I'll just do it myself. But then if we do that and we continue to do that, we never have a chance to grow or to scale or leverage. Like you said, that's very good advice.
Tina King: 11:00 Well, I just want you to know I learned that the hard way because I'm the one who wants to fix it all. Do it all, be it all, right. I'm not for the attention of it, but just that's how I'm wired.
Jon Maddux: 11:07 Right. You are a doer.
Tina King: 11:07 It's been really hard. My business partner, Siri Raul... actually me being a coach and helping others with that has been great. But I need a coach too. And so I have one plus Siri, my business partner, she's more systems focused. We probably have one of the best set up business organizations for a small organization than I've seen in some of even the largest companies I've run.
Tina King: 11:27 I've run some of the largest companies in the nation and I'm telling you, I have a realtor that I'm aligned with now and this goes for the mortgage process with teams or whatever. Make sure you have systems in place for the business side to leverage your time as well.
Johnny: 11:42 Technology.
Tina King: 11:43 Yeah. Technology, whether it be a really robust CRM or an automatic drip systems, just that simple kind of stuff that many people don't even know. Your sphere of influence, how do you stay in touch with the people that you've already done business with?
Tina King: 11:57 Depending on whether you're on the broker side or wherever you're at. So yeah. You have to have those systems or you're not going to do it, you're going to just think about it. It's just gonna take up way too much mind share for you.
Jon Maddux: 12:06 Right. The last podcast we did Johnny was I'm with someone who really preached that you should get a coach. So if you're in the mortgage business and you're a mortgage broker, he was like, you need a coach. He's like, that's one of my biggest pieces of advice is get a coach. What do you know? We have a coach here sitting here.
Johnny: 12:28 Yeah.
Jon Maddux: 12:29 So...
Tina King: 12:29 Right on hire me. I'm just kidding.
Jon Maddux: 12:32 Tell us why. He told us a little bit why, I'd love to hear from a coach's perspective. Why is it worth the money to hire a coach?
Tina King: 12:41 Well, firstly before we go there, a coach, what kind of coach?
Jon Maddux: 12:47 Right. Well, business sales coach.
Tina King: 12:49 I think the mistake is, it's not a one size fits all. And so you can go to, and I'm not going to name company names, but there's a coaching organization that's pretty big and basically all they're going to say to you is how many calls did you make? How many this? how many of that? What are you going to do differently next week?
Jon Maddux: 13:05 Right.
Tina King: 13:06 And that's as far as it goes. Maybe that's the type of coach somebody needs. There're other coaches that will dig into the systems. So I believe that you elevate from one style of coach to another at the lower level of production, excuse me, of salespeople, whether it be in mortgage or in real estate, I would say you need that accountability coach.
Tina King: 13:28 You need somebody who's going to kick you in the butt and just to put it all together for you on the other question you asked me. For all levels, consistency is what helps people get to the next place.
Jon Maddux: 13:39 Consistency.
Tina King: 13:39 Consistency in the right activities, right? So it's very simple. So that coach may be that person to instill that in them and help them build the right habits. The next level might be that mid range where now we're teaching or coaching, excuse me, and teaching, because coaches do teach, the systems and the leverage and how to hire properly and those kinds of things. So you have to find that kind of coach for the level that you're at and the level you want to get to. So that to me is very important cause people will say, coaching didn't work for me. Well what did they do? Well, they just told me to make calls. Okay, well I make my calls already. Okay, well then that wasn't the right coach or maybe the right coaching organization.
Jon Maddux: 14:17 Sure.
Tina King: 14:17 Yeah.
Jon Maddux: 14:18 That's good.
Tina King: 14:18 Yeah.
Jon Maddux: 14:19 I mean you think even like the top, top people that you can think of, like Tony Robbins has a coach. So coaches even have coaches, right. Cause you believe in that, you believe that's gonna help you do what you need to do. I think for a lot of people out there that might be like, oh, I don't need a coach. Right. They blow it off. But we're not here selling anything. I'm not trying to push anyone's coaching.
Tina King: 14:43 No.
Jon Maddux: 14:44 I've personally had a coach maybe once in my life. I don't have one right now, but it's certainly something I'm thinking about doing. I'm thinking of getting myself an assistant. So if you guys know anyone that's a great assistant, please send them my way. But also a coach, like someone that can really get me to the next level, because we all can improve. The Sky's the limit. I think that's great advice.
Tina King: 15:08 Your coach needs to also, show you what a great assistant is. Someone could walk in here and you're like, I love that person. They are so awesome. They're like me. Don't hire them. Right.
Jon Maddux: 15:21 Because you need someone not like you. Right.
Tina King: 15:23 Right.
Jon Maddux: 15:23 Yeah.
Tina King: 15:23 There's some assessments out there like the DiSC, that are helpful for those kinds of things. And they can teach you, if they know their stuff, what you need to look for in that hiring process.
Jon Maddux: 15:35 Or an assistant. That's good. That's really good. So let's talk about... I mean I think our viewers really interested in referrals. Where do we do jumbo loans? We're trying to find jumbo loans out there.
Jon Maddux: 15:49 People buy leads, people go obviously go to the regular low hanging fruit, like go find their local agent and try to get referrals from them. What is some cool places that you've seen agents get referrals from or mortgage people getting referrals.
Tina King: 16:05 It doesn't matter the business. Okay. So the first line I was going to say out of my mouth was, I'm never too busy for your referrals.
Jon Maddux: 16:11 Right. That's a good line. I've seen that on people's signatures, right?
Tina King: 16:15 Right.
Jon Maddux: 16:15 Is that a Brian Buffini thing?
Tina King: 16:17 It is Brian Buffini but it works. It's not the only... that's just the tip of the iceberg or what needs to be done.
Jon Maddux: 16:23 Right.
Tina King: 16:24 So in building a referral business, it's a longer growth to do that.
Jon Maddux: 16:30 Right.
Tina King: 16:30 Everybody wants the now business.
Jon Maddux: 16:33 The now loans.
Tina King: 16:34 So there are many top producers that I've coached that have no clue about how to get referrals. Some just come to them just because they've been in the business and they've helped the generations of the family and it just happens. But they are not taking a proactive approach towards their database that they have a gold mine in already. It's a huge mistake and they're spending $150,000 a year on leads or more.
Jon Maddux: 16:57 And they're not paying attention to their existing databases. Is that what you're saying?
Tina King: 17:00 Right. So they're just taking the quick stuff that comes to them. Right?
Jon Maddux: 17:02 Sure.
Tina King: 17:03 And that is across the board for mortgage folks. That's across the board. It's a mentality of it, right? I believe in both and on that, I believe in having a database of, enriching relationships.
Jon Maddux: 17:15 Right.
Tina King: 17:15 So if it's mortgage, you're out there building relationships with agents. So how do we do that? So we need a backup to that, right? How do I even penetrate that market? Like do I go stand with caravan at the back wall and hope to get eye contact with somebody? Maybe that's part of it, right? You got to get out there.
Jon Maddux: 17:34 You have to do a lot of things.
Tina King: 17:36 So relationship building, something like you're doing, providing value to your industry, is going to bring people to you because they see that you have... you're bringing them value.
Tina King: 17:48 So items of value, what is that for a mortgage person to give to the industry.
Jon Maddux: 17:53 Right.
Tina King: 17:54 It might be just a rates video that they do or video is pretty big right now. It might be something like, but it has to be, I said the word earlier, consistent.
Jon Maddux: 18:02 Yeah, you can just do one video on Instagram and be like, I didn't really work for me. I didn't get any. I got a couple of likes and...
Tina King: 18:08 Exactly.
Jon Maddux: 18:08 Nobody called me and you're like, well nobody called you because you only did one.
Tina King: 18:12 Yeah.
Jon Maddux: 18:12 Yeah.
Tina King: 18:12 So that's ground level. You have to build that.
Jon Maddux: 18:15 Right.
Tina King: 18:15 And start getting the value out there and getting some attention. So if you don't already have success under your belt, you're really going to have to double down on that. Okay. Success will help you grow relationships because people were heads are starting to turn, right.
Jon Maddux: 18:29 You want to work with people that are successful.
Tina King: 18:30 We're huge on Yelp.
Jon Maddux: 18:31 Yeah.
Tina King: 18:32 We get three to five transactions a month on Yelp. Some people are anti Yelp, but we have amazing reviews. So reviews are another aspect that you want to point your target at and really work on getting some reviews built up. I used to just basically throw my reviews away back in the day because there wasn't really a platform. I'm super old everybody.
Jon Maddux: 18:52 You don't look old.
Tina King: 18:54 But I am. So back then it was like it didn't really... I'll put it on my letterhead and send it out on my monthly mailing.
Jon Maddux: 19:02 Frame it, put it up.
Tina King: 19:03 I really didn't know what to do with it. But now there's all these platforms that are available that you can...
Jon Maddux: 19:09 LinkedIn, Yelp, Google Reviews.
Tina King: 19:12 Exactly. And there's a way to find clients and build relationships on Linkedin. Just looking for commonalities in LinkedIn. That's how we do it as realtors, or some do, not very many, but we do, you go on LinkedIn, you find commonality, whether it be a hobby or whether it be something to do with the business or you're into boating, whatever that might be.
Jon Maddux: 19:32 How do you get someone's attention on LinkedIn though, because I'll be honest with you, I have LinkedIn and a lot of "friends" on LinkedIn, but I get hit up on LinkedIn every single day, 10, 20 emails a day.
Jon Maddux: 19:47 And most of them I would a glance at, I don't even give them more than two seconds because there's so much content that they put in there, like they put links and they put hi... It looks like a copy paste message. Right?
Tina King: 20:01 Well there's your problem right there.
Jon Maddux: 20:02 So how would you...I mean I know how I would.
Tina King: 20:05 Not your problem.
Jon Maddux: 20:05 Yeah their problem.
Tina King: 20:05 Right. Their problem. Somebody else did it.
Jon Maddux: 20:08 I know how to reach someone on LinkedIn or at least I know how to improve my odds of reaching someone on LinkedIn. I would love to hear a coach's perspective on that.
Tina King: 20:18 Okay. A proven method is again, backing up to find something in your searches of commonality. Okay.
Jon Maddux: 20:26 You have to do a little work before you...
Tina King: 20:28 You have to do some work ahead of time.
Jon Maddux: 20:29 Copy, Paste, send. Right?
Tina King: 20:30 Actually, I've actually taught a class on this. So you have to do some work and then you design the message accordingly.
Jon Maddux: 20:37 So it's work, right?
Tina King: 20:37 It's consistency on there to.
Jon Maddux: 20:40 It's work and consistency. What I see is a lot of laziness. People just copy pasting and playing the numbers game, right? Somebody's going to respond...
Tina King: 20:51 Maybe.
Jon Maddux: 20:52 Maybe.
Tina King: 20:52 I don't.
Jon Maddux: 20:53 But they don't. The ones that you want to get don't respond.
Tina King: 20:57 Right.
Jon Maddux: 20:57 They just pass you over. Right. When actually there could be something there that could be beneficial and add value.
Tina King: 21:04 Right.
Jon Maddux: 21:05 If they could catch my attention, and I read it and made sense for me to engage. Right.
Tina King: 21:10 I'd be like, this is just an example cause I used to ride a Harley years ago.
Jon Maddux: 21:14 Cool.
Tina King: 21:14 This is just a quick example, right? So I put it out there. Find people who are in the industry. If I were looking for that, right?
Jon Maddux: 21:22 Yeah.
Tina King: 21:23 Other realtors, if I was in mortgage, and I would have a picture of my Harley and I would send that out in a personal message to them, I would connect and see if they will connect with me and say, let's go on a day ride sometime.
Jon Maddux: 21:33 Yes.
Tina King: 21:34 You know, I live in Encinitas or whatever. Right? So, if they don't respond, they don't respond. But it's still not that one hit. It's next time you go back with congratulations or happy birthday or some way of shaping a connection. And you have to not just one person, you have to do a good handful because there's going to be a percentage that they just don't respond no matter what you do.
Jon Maddux: 21:56 Your busy.
Tina King: 21:57 But if you get one or two or three that you never had before and now it results in a huge transaction or two or just building a great relationship and now they... it's not really about them. It's about who they know. Right.
Jon Maddux: 22:08 Yeah.
Tina King: 22:08 Who are they going to refer to you. Right.
Jon Maddux: 22:09 Who is in their circle.
Tina King: 22:11 I had a realtor come to me the other day, and we were looking at her to join the company. We have a small brokerage that we've started as well as our amazing team that we have. She came to us the other day, and she said, you know what, I have a database of people, this is the mentality thing for even mortgage folks. I have a database of people, but I don't think they have very much money and Dah, Dah, Dah, Dah. I go, you know what? It's who they know.
Jon Maddux: 22:34 Yeah.
Tina King: 22:35 Right.
Jon Maddux: 22:35 Right.
Tina King: 22:35 Brian Buffini I think tells a story or used to on stage about a janitor, that he befriended and built a relationship and then ended up referring a ton of people to him. Right.
Jon Maddux: 22:47 You never know. And you can't judge a book by its cover.
Tina King: 22:50 There's no judgment.
Jon Maddux: 22:50 Yeah.
Tina King: 22:51 There's no judgment. There's just connection and there's no boundaries to that. You just connect.
Jon Maddux: 22:56 You never know what's going to happen.
Tina King: 22:56 Yeah.
Jon Maddux: 22:58 And you can't judge a book by its cover. We've had times when we've gone into brokers offices and, you might have a person sitting there in a small little desk, and they're not the boss, they're not the manager, they're just so, loan officer and its so easy to walk by them. Maybe they're wearing shorts and a hat and you just don't think that they're doing much business.
Tina King: 23:18 Or vans.
Jon Maddux: 23:18 Yeah. But then you go and talk to them and then they have like five loans on their desk, and they're the exact... so you got to... I think you're right. You can't just judge a book by its cover, and you've got to reach out with commonality and just... right. It's more of consistency.
Tina King: 23:39 Its a process. So it is a long game.
Jon Maddux: 23:41 Yeah.
Tina King: 23:41 Okay. However, it needs to be happening while you're hitting the now business.
Jon Maddux: 23:46 Right.
Tina King: 23:47 So to me it's a both and balance. If you're so focused on buying leads and trying to get your 3% or whatever your conversion rates are, not really sure, but you are going to get what comes at you, and a lot of times it's people you don't even want to work with, right?
Jon Maddux: 24:03 Had a couple of those.
Tina King: 24:05 So let's build a business is going to be fun, over time, and you're going to take and pick from those people, from the now business and go, I want to repeat those people five times.
Tina King: 24:16 So now you put them in your attention database, and you're going to stay in touch with them and there're items of value or videos that you send out to them or a newsletter, something that keeps in front of them that continues to bring value to those people long after the transactions' over.
Tina King: 24:32 The majority of realtors and probably I would say mortgage folks, next right? What was her name again? They don't mean to, they're busy. Next thing is happening. However, that's where systems come into play again. We've got to have some systems in place to help you with those things. And so it might take some investment of money, investment of time. Most type A people like myself don't want to deal with that, so hire somebody to do it.
Jon Maddux: 24:56 Yeah you can.
Tina King: 24:56 But do it.
Jon Maddux: 24:57 You can hire someone who's really good at paying attention to detail and going after and finding the commonalities that you have between people. That would be a great job for someone that could be an assistant and could look on LinkedIn for, oh you like Harley's, so go find me. All the real estate agents are all the mortgage people that also like Harley's and go on Facebook and then you give me a list and then you can go. It makes sense.
Tina King: 25:23 The next assignment for your Business Development Manager if you have one here. Absolutely.
Jon Maddux: 25:29 Yeah.
Tina King: 25:29 So there you go.
Jon Maddux: 25:29 It's really like... I think that it takes a little bit of brain power, a little bit of thinking, a little bit of planning, a little bit of energy and effort and...
Tina King: 25:37 It's not rocket science. It's actually pretty easy. However, it's hard to get to it, right?
Jon Maddux: 25:43 People are people You've got to find out what makes them tick.
Tina King: 25:48 And that's why I go back to the coaching.
Tina King: 25:50 Each individual's different, each level that they're at is different. And so we have to find out what that is and what we need to correct. Everybody has something broken.
Jon Maddux: 26:01 What do you do when you have... so some of our viewers probably have loan officers that worked for them.
Tina King: 26:06 Right.
Jon Maddux: 26:07 What do you do when you have loan officers that are just not productive?
Tina King: 26:10 Okay. Well in the beginning there needs to be an expectation set. So it might be a 90 day, or a 120 day ride.
Jon Maddux: 26:17 Right?
Tina King: 26:18 Right. So you're already set up for that and you onboard them properly, which most companies struggle with an onboarding process, that everyone that I've run, right. We're perfecting ours. So you've got to have a really good onboarding. You've got to wow them just as much as they need to wow you. They're actually your client as well.
Jon Maddux: 26:38 Right.
Tina King: 26:38 They're helping feed your family, too. So, you need to wow them with whatever it is your models about. Makes sure that they're following the steps that they need to do and following instruction. So they've got that ride for 90 days. So you have investment upfront.
Jon Maddux: 26:52 Yup.
Tina King: 26:52 Yup. Right. And a lot of companies don't want to do that kind of investment because they're like, well, what if they don't work out? Well, what if they do?
Jon Maddux: 27:01 Right. You got to put your best foot forward and at least if you're hiring them, you got to hope that they're going to do good. Right?
Tina King: 27:07 Right. And that goes back to the personality assessments as well. You might want to plug into like a DiSC format or something to...
Jon Maddux: 27:15 What if you are like six months or eight months in and you didn't do all those things and now you've got some unproductive loan officers.
Tina King: 27:21 They're unproductive. Okay. What I've always done with agents is, I literally put them on like a 60 day, like performance improvement, almost like a corporate, but I don't try to be...
Jon Maddux: 27:30 A PIP.
Tina King: 27:30 A PIP.
Jon Maddux: 27:31 Performance Improvement Plan.
Tina King: 27:32 That's right. I've never been on one myself, but I haven't put a few people on them. So like a PIP.
Jon Maddux: 27:38 How do you do that where its positive? I think a lot of people get a PIP and then they're like, they want to get rid of me.
Tina King: 27:46 I want to call it a positive...
Jon Maddux: 27:47 Improvement Plan.
Tina King: 27:48 Yes.
Jon Maddux: 27:48 Okay.
Tina King: 27:49 That's what I want to call it. And that's what I call it. And so it is a positive, and you create it. It's a coaching experience for 90 days. Right. So they have to go back to square one, and they have to go baby steps again, and you give them that recharge.
Tina King: 28:04 If they don't do it then, you got to release them to the marketplace because you are probably doing them a favor anyway. Right.
Jon Maddux: 28:10 That's true.
Tina King: 28:10 At that point, you know there's going to be investment. Let's hope you get it right out the gate, but it doesn't always happen.
Jon Maddux: 28:15 Yeah.
Tina King: 28:16 Right.
Jon Maddux: 28:16 So I watched this show called Billions and there's a person... Do you ever watch that show Billions?
Tina King: 28:21 No, I have not.
Jon Maddux: 28:21 So there's a person on there who... I forget her name, but she works for this hedge fund, and she's a coach, but she works for the company, and she's kind of like HR, but she's really a powerful coach, and it's so impactful what she does for the... it's a hedge funds, so they are all traders.
Tina King: 28:42 Right.
Jon Maddux: 28:43 Whatever she does, her coaching just completely changes their performance. I could see where that works. Does that resonate at all. Do you think companies should hire a coach that works at their offices?
Tina King: 28:56 What is that book?
Jon Maddux: 28:56 I don't know.
Tina King: 28:59 There's a book that's all about that.
Jon Maddux: 29:00 Yeah.
Tina King: 29:01 I can't think of it right now. One of my mentors says that, that book reminds her of me. I read... I can't think of... I'll think of it hopefully in a moment, but yes.
Jon Maddux: 29:11 Someone that works at your office...
Tina King: 29:13 In the company
Jon Maddux: 29:14 In the company, and they are like the go-to, like someone's bummed out that day, go see Julia or whatever.
Tina King: 29:19 That's the idea around the productivity coaching program at Keller Williams. It was just a hyper focus approach on, that's all I did. I didn't sell.
Jon Maddux: 29:26 You go see Julia she just gets you fired up, and then send you out.
Tina King: 29:31 Right. So we fire him up sometimes where a cheerleader, right.
Jon Maddux: 29:34 Yeah.
Tina King: 29:35 Sometimes we've delivered bad news. Sometimes where we... it's tough love. So depends on the person and the situation.
Jon Maddux: 29:43 Right.
Tina King: 29:43 So yes, I think that's key. You will have better retention, and you'll have higher productivity.
Jon Maddux: 29:49 Interesting.
Tina King: 29:50 That's how I took a company from negative million to eight and a half million in revenue in their first year. It is a tough love.
Jon Maddux: 29:55 Where you that person in the company?
Tina King: 29:58 I was the be all in all. I was the... and I hired a recruiter. So that took that off of me, and I had a broker. So I didn't have to worry about that. I had to grow and retain people. And take care of my staff. Nobody else in the past eight years had any success. It was losing money hand over fist. And I went in there, and I asked the CEO, what do you want to see from me?
Jon Maddux: 30:20 What did he say?
Tina King: 30:21 He said, "I want to see the same, up over 7 million." And I'm like, great. He didn't give me a timeline, and I did it in a year, did eight and a half. It was the worst position I ever had. But the best. Okay.
Jon Maddux: 30:35 You made a huge impact.
Tina King: 30:37 Well they tried to micromanage me. They we're based out of San Francisco and I was here in San Diego. They basically tried to micromanage me. That's another thing you need to be aware of. There are people that are self starters that know their stuff.
Tina King: 30:49 Now, I didn't know their model, it is very high tech based real estate in coming leads. I just came off of Keller Williams, it is a whole different world.
Jon Maddux: 30:57 Sure.
Tina King: 30:57 However, I took that torch and brought it in and instilled the culture. Culture is also important, and I think a coach can help with in your organization or if you have a coach, or you're the CEO of a company, you need to bring good culture to the company.
Jon Maddux: 31:11 Culture is huge.
Tina King: 31:12 So we can talk about that if you want to. I mean, we could probably talk for four hours.
Jon Maddux: 31:16 There's so many good things to talk about.
Tina King: 31:18 Totally, right. Just some simple ingredients though that I think are key.
Jon Maddux: 31:22 Yeah, that's good. That's really good. You've worked with a lot of successful realtors. What would you say, if you were a mortgage broker right now, and you know, rates are good. Non-QM is a new side of the business, it's what we're doing.
Jon Maddux: 31:43 You know the rates are gonna go back down. Sorry. You know the rates are going to go back up at some point. What would you do to go out and make new referral sources? Like how would you get it? Would you go after... because everyone goes after realtors, right? So there's probably some good ways to go after a realtor, and some bad ways to go after a realtor.Tell us about what you think would be the best way to approach.
Tina King: 32:03 It depends, if they have a success track record that's going to get the door open much quicker. If they flat out don't know these realtors, they're trying to touch a lot of mortgage officers out there, lead with rate. I don't know that's always the best, we signed up...
Jon Maddux: 32:21 Then you can lose tomorrow if the next person has a lower rate. So it's a little hard to...
Tina King: 32:27 And that's how some of the consumer shop, right?
Jon Maddux: 32:30 Yeah.
Tina King: 32:30 When we're working with them on the real estate side, we're going, oh no, we have no idea who this loan company is. There are somewhere online. Oh my gosh. There are a number. So we kept treating number one people like people, right?
Jon Maddux: 32:42 Right.
Tina King: 32:42 So take the whole number of question out of it.
Tina King: 32:44 So we've had a loan officer that we were using best rates ever. I mean even when the rates were higher, but horrendous customer service.
Jon Maddux: 32:55 Yeah.
Tina King: 32:56 Our name is on that.
Jon Maddux: 32:57 Yeah.
Tina King: 32:58 Right. So the customer is the buyer, mortgage person is taking care of the loan.
Jon Maddux: 33:04 Yeah.
Tina King: 33:05 They totally derail the whole thing. The mud gets slung at us. Up goes bad Yelp review, about us. So you got to build that trust first.
Jon Maddux: 33:16 You do.
Tina King: 33:17 Hopefully you have some success track record that'll get you in that door.
Jon Maddux: 33:21 Right.
Tina King: 33:21 So how do you do that? So again, let's back up to, you got to bring value, right? You got to bring value. Maybe you're sending a video for tips for realtors. Maybe you're some way to pierce that door to get in that door with that realtor. It's not going to be the rate sheet.
Jon Maddux: 33:36 Yeah.
Tina King: 33:37 Okay. They ought to make sure that you're going to take good care of their clients. Period. End of story.
Jon Maddux: 33:41 They have to trust you like you said. I think a lot of that comes from just relationship building.
Tina King: 33:45 It is, and it takes time. Again, all of this takes time, and most of us don't have the patience for it and you need to be consistent with it.
Jon Maddux: 33:54 It kind of goes back to doing what you said where it's like, it takes time. So you need to allow yourself to have time by shopping online, by having an assistant take care of the light bulbs or having the electrician do that. Or you know what I mean? Like you need to value your time so that... I think so many of us, someone told me one time, busy is a choice. We all are busy, right? We're all doing things. We all can, can make our lives busy and eat up our time by little things like that.
Jon Maddux: 34:27 We choose to do, the choice thing. If we just value our time and keep it sacred and let all these little busy things like grocery shopping and doing our bills and checking her Facebook, all these little things that we think are so important. If we move those over, and take the time that we need to invest into ourselves and into our business, I think we'll find a...
Tina King: 34:53 So let me give you a tip on how to accomplish that.
Jon Maddux: 34:54 Yeah.
Tina King: 34:56 Anybody can do this. What we do with you in coaching is, we want to create... and there's nothing perfect about a schedule, but let's create a perfect schedule. And you can literally just take a spreadsheet put Monday, Monday, Tuesday, Tuesday, Wednesday, Wednesday, Thursday, Thursday, Friday, Friday, Saturday, Saturday, Sunday, Sunday.
Tina King: 35:11 Why am I doing two? Well, one is going to be, what do I feel my perfect, if I really carved everything out, got that assistant and leveraged my grocery shopping and all those things, what would my perfect day look like?
Tina King: 35:23 There better be at least three hours of prospecting and following up in there, right?
Jon Maddux: 35:27 There has to be.
Tina King: 35:28 Then there's gotta be some appointment time, and those important dollar productive things need to be in that block of time, and you color code them, right? And then the next day and you do it and you do it for the whole week, and then family time and family time at night, whatever that's going to be for you.
Tina King: 35:42 Then the next day you literally are journaling what you are actually doing because we're all creatures of habit. And what you're talking about is that busy work, those are all habits that you already have.
Jon Maddux: 35:51 Right? Really your subconscious doing it.
Tina King: 35:53 Right.
Jon Maddux: 35:54 Your not even aware that you're doing.
Tina King: 35:55 Do you go and get a juice every day.
Jon Maddux: 35:56 No, that was the first in months.
Tina King: 35:59 Back that out. Edit that out.
Tina King: 36:00 However, some people may go right to Starbucks or whatever. Right. So they could go there and not even realize they went there because that's what they do. Or brushing your teeth, right?
Jon Maddux: 36:08 Yeah.
Tina King: 36:09 So this busy stuff is the same thing. It's just how we've trained our mind. So this schedule, and you must look at it every day, it can't be on your iPad or your computer or your iPhone. It has to be in front of you. And you literally have to adhere to journaling that for at least two weeks.
Jon Maddux: 36:24 You can compare it?
Tina King: 36:26 You got to compare it. You can put it on the computer, but you want to print it every day, and you can have your color code. So you can see how far are you off just by just looking at color. So if you've got green for prospecting and follow up, but you're not seeing any green on that next day or the next year and the next day, and that's every day on your perfect schedule, you got a problem man, we got to figure this out, right?
Jon Maddux: 36:45 Yeah.
Tina King: 36:46 No wonder you don't have any money, right?
Jon Maddux: 36:47 Right.
Tina King: 36:48 So what is your activities that are going to bring your results, right?
Jon Maddux: 36:52 Right.
Tina King: 36:52 So over time, we don't want a business like this. And I know you know people that are on that roller coaster. We want to build an exponential growth business, right? So exponential growth and exponential is your results. So, and it's not a perfect line, just like an airplane flying across the country. It doesn't go perfectly straight across the country to Florida.
Tina King: 37:08 It makes course correction all along the way. What we don't want to happen is we don't want you to get off into flying off into some other country.
Jon Maddux: 37:17 Cuba or Mexico.
Tina King: 37:18 And get shot down, right? That's what your schedule is. It's designed to help keep you between some kind of lines and keep you more consistent.
Jon Maddux: 37:25 It kind of makes you aware what you're actually doing.
Tina King: 37:28 Makes you super aware. And because we're not, right?
Jon Maddux: 37:31 Right.
Tina King: 37:31 I'm guilty of it too. I keep falling back into my old habits sometimes. And guess what, if you're not getting your workouts in, this is a great way to get that started. If you can at least nail that, you can accomplish the rest of it.
Tina King: 37:43 So if you say, I'm going to take a walk with my dog every day at 7:00 AM and you haven't done it for like three years, and your dog is like 20 pounds overweight and so are you, try it, get out there. And you'll be surprised. You'll start to see those results.
Tina King: 37:57 Here's why people give up. They don't see the results.
Jon Maddux: 38:01 Yes, that's true.
Tina King: 38:02 Right? Subconsciously, they just go right back into their old habits. So having it visually in front of you, following the steps and having someone look at it, I don't care if it's your wife or your manager.
Jon Maddux: 38:13 That goes back to having a coach. Because, I think why people give up is because they don't have a coach.
Tina King: 38:19 True.
Jon Maddux: 38:19 Right. They give up because they don't see results. But if you had a coach...
Tina King: 38:23 Blame it on the coach.
Jon Maddux: 38:26 I think if you were like maybe a month in, you haven't seen results, but then the coach is like, look, it doesn't take a month. It takes two or three months.
Tina King: 38:34 Just that reminder.
Jon Maddux: 38:35 And you're like, you're right. You're right.
Tina King: 38:37 Exactly.
Jon Maddux: 38:37 Then you just keep going, then you will start seeing results. But I think that's a huge point. That's amazing that like you got to be patient, and you got to wait.
Tina King: 38:48 You've got to write it out because nobody really knows. You could tell me what you're doing, and I'll be like, okay, you might want to try this. That's not good enough. It has to be literally looked at, examined and followed.
Tina King: 39:00 That's just a tip that I think anybody can do.
Jon Maddux: 39:02 I think you'd be surprised if we went back and looked and saw. We wrote down what we thought we were going to do and then you go back, and you look and see what you actually did. Like it'd be a shocker.
Tina King: 39:12 Just do it for two weeks without really judging it. I think that any organization can do that right now without a coach and have a little mastermind group shaped. Like the brokers out there with their teams, I think they could do a little mastermind group around that and make it fun. And just make it a process.
Jon Maddux: 39:30 How do you make it fun?
Tina King: 39:31 I think it'd just be fun for everybody to collectively get together and share how bad they're messing up and then hold each other accountable. Maybe they have accountability buddy, or it's just the group. There's just different little things you can do to help tweak productivity. But one of it is teamwork, helping your fellow teammate do better.
Jon Maddux: 39:51 Right.
Tina King: 39:52 So that creates bonds. And they might even be looking at one schedule and say, oh my gosh, I didn't know you'd like to surf. Dude, I've been sitting next to you for two years. He's like, well, let's go surfing some time.
Jon Maddux: 40:03 Yeah. That's cool.
Tina King: 40:04 It's on my perfect schedule at 6:30 AM every day. Wow. It's on mine at seven. I can make an exception. Let's go. Right.
Jon Maddux: 40:10 I like that.
Tina King: 40:10 So now they're out there surfing and there masterminding about business.
Jon Maddux: 40:14 We call those board meetings.
Tina King: 40:16 Yeah, those are board meetings. I've never been on one of those boards. It was one of my items that I wanted to do and I moved here back in 2005 and I still haven't done it, so I need to get out there.
Jon Maddux: 40:24 Yeah. The weather's getting warmer.
Tina King: 40:27 The water is cold [inaudible 00:40:28]
Tina King: 40:28 I used to do triathlon out there. I used to see shadows.
Jon Maddux: 40:36 This happened here in San Diego recently.
Tina King: 40:37 Exactly.
Jon Maddux: 40:38 So scary. You never know.
Tina King: 40:40 Dress like a fish. You might become somebody's meal.
Jon Maddux: 40:45 Yes. You don't want that.
Jon Maddux: 40:47 What do you think is a good way for a mortgage broker to stand out from the crowd?
Tina King: 40:55 Success leaves clues, right? Getting some success, being with potentially... I'm not so much about brand, but brand might come into play in some instances. Having those reviews. Having some evidence, you have to have some evidence.
Jon Maddux: 41:13 Right.
Tina King: 41:14 And if you're new, get on the coattails of someone who has that.
Jon Maddux: 41:18 That's smart.
Tina King: 41:19 Its super smart.
Jon Maddux: 41:20 Yeah.
Tina King: 41:21 I've got to tell you the general public, after being in management and coaching for 10 years of my sales career out of 26 27 years, I came out the gate just over a year and a half ago and aligned myself with somebody I actually mentored back in 2005 and she was doing 50 transactions a year on her own just by herself and absolutely getting sick over the whole thing. I came along and now we're going to be closing well over a hundred this year. I've only been with her since, actually May of last year.
Tina King: 41:48 So that's what I'm saying about... I didn't jump on her coattails cause I needed leads. Mine was very different, because I was trying to decompress from the big corporate world, but I still have the passion to grow people, and so she helps me to feed me with that.
Tina King: 42:05 So find what works for you and what you're looking for and go out and get it. Now we have agents come to us wanting leads and I call it like, crap.
Jon Maddux: 42:13 Give me some drugs.
Tina King: 42:15 Running [inaudible 00:42:16] it was much like that. So it was all leads, right? And so anyway, that's a whole nother story. You attract that though. So you're leading with, hey I've got leads. Don't do that. Lead with what your success is. Lead with what that is, and that'll attract the right people into your life. That includes realtors to work with you. So if you're not successful yet, get with somebody who is.
Jon Maddux: 42:40 That's smart.
Tina King: 42:40 Right? Makes sure that you're getting that out there. The video... I keep going back to this. You got to keep just putting them...
Jon Maddux: 42:46 You gotta put it out there.
Tina King: 42:48 Our industry is saturated.
Jon Maddux: 42:51 Yeah.
Tina King: 42:52 Everybody's got a real estate license, everybody's doing mortgages.
Jon Maddux: 42:55 Aunt Jackie's got a real estate license, so she's just going to handle it for us. Whatever you're like.
Tina King: 43:01 Yeah. And so same for mortgage, right? So, I really think that the way to stand out is get a couple successes and let everybody know about it. It's just like when we're farming in a neighborhood, I do kind of like an inside out farming method where I'm not just beating them with a bunch of propaganda.
Tina King: 43:18 I have a success and then I tout that success as much as possible.
Jon Maddux: 43:23 Sure.
Tina King: 43:24 I make phone calls in the neighborhood. I let them know we sold that house for more than anybody has since 1969, sold in two days. They don't know that other houses are selling in two days.
Jon Maddux: 43:34 Right.
Tina King: 43:35 I am going out there..
Jon Maddux: 43:35 But they are not hearing it. You got to hear it from somebody.
Tina King: 43:37 Nobody is telling the story. Tell your story.
Jon Maddux: 43:41 Right.
Tina King: 43:42 It takes time though. Have that patience. You might have to or want to buy some leads as well too. You should always have that infill stuff going on, but don't put all your eggs in any one basket. You have to build different pillars in your business.
Jon Maddux: 43:54 That's good. I love it. What I usually ask my viewers... the last question is what's your favorite failure? And the reason I asked that is that we all have to have failures to be successful. It's like, the Thomas Edison, how many times did he fail making the light bulb? It wasn't, failure to him. It was that many times that he found out a way not to make a light bulb.
Jon Maddux: 44:17 What would be something that you think is like your favorite failure or something that you learned a cool lesson from?
Tina King: 44:23 There are so many, and I know you've probably heard that before because I believe anybody who's successful has failed several times.
Jon Maddux: 44:31 You have to have.
Tina King: 44:33 I am not sure if I can call it a failure, but when I went into the seat at Zip Realty, it was an unknown model to me is real estate. But it was an unknown model, they were beating me up. You'd go to the board meetings and it was more about all the things you didn't do versus the great things that you did do. So it was like constant, like stomach ache.
Jon Maddux: 44:52 You don't want to go there.
Tina King: 44:53 It was a horrible culture. I had people in my face every day screaming at me, realtors angry over whatever. It took me awhile, but I also turned that around and that was the greatest success and it was probably the best thing I ever on my resume to be honest over all the things I've ever done.
Jon Maddux: 45:10 Its turning things around.
Tina King: 45:12 I left there on a high note, they didn't excuse me or anything like that. I literally said, listen, I got to get back to my mojo because this model's not really speaks to me even though I did a lot of great things here. Thank you so much. Got to go. They didn't want me to leave of course.
Tina King: 45:27 It was that, and then a personal one, I moved here. I was making well over $250,000 a year in Arizona, which is, goes a lot further than $250,000 a year. I moved here and literally went bankrupt in five months.
Jon Maddux: 45:46 Wow.
Tina King: 45:47 But I met my life love, and I have a beautiful daughter, which I would have never even experienced that. I've had the opportunity to meet so many amazing people, but I got to tell you, it was living H-E-double toothpicks in the beginning. And I'm like, why did I do that? I lost everything.
Jon Maddux: 46:05 Wow.
Tina King: 46:07 I came over here without a plan. I just, one day after 41 years in Arizona said, I'm leaving. And I left. I didn't tell anybody. I didn't tell my parents. I didn't tell anybody.
Jon Maddux: 46:16 It would have felt like a failure at the time, I imagine.
Tina King: 46:19 It was a huge failure.
Jon Maddux: 46:20 Then you turned it around.
Tina King: 46:21 I was starving. I was working for Brian Buffini, nothing against him, but the salary was very low and I was like, I'm following my passion. What am I not doing right.
Jon Maddux: 46:32 Right.
Tina King: 46:33 So, of course he always welcomed me back for everyone to come back. But I had to go after the first year because I wasn't financially making it. I was dying. And so, I went and I created that productivity coaching program.
Tina King: 46:45 So when times are tough and Gary Keller says this, the seeds of failure are planted in the times of success and then, the seeds of success are planted in the times of failure. Did I say that right? I now need lunch. Did I say it right?
Jon Maddux: 47:03 No, I mean that goes a long way. The last a guest we had was, Hard Times Create Strong Men.
Tina King: 47:11 Yeah.
Jon Maddux: 47:12 Or strong people.
Tina King: 47:13 Honor the struggle.
Jon Maddux: 47:14 Yup.
Tina King: 47:16 Also in structure there is freedom. So, get your systems in place you guys and make sure you're getting the assistance you need. You can't do it all. Your type A, you think you can. you can't do it all.
Jon Maddux: 47:27 Can't do it all, and you're definitely not using leverage or scaling if you're just doing it all yourself.
Tina King: 47:33 You won't scale. You'll burnout. I burned out once in my real estate career. I basically just gave up. I'm like, I was selling so much real estate and I had a team and it was very... that was another failure, I would say. It was not a good thing to walk into my team and puke negativity all over them.
Jon Maddux: 47:49 No. It's never.
Tina King: 47:50 I'll never forget that. And so, I recreated myself all... we've all recruited. If you're not recreating yourself, you're dying. Like you gotta constantly evolve. So, that's what I would say. That's my strongest advice, get that in order. Get that perfect...
Jon Maddux: 48:04 Get an assistance, get a coach.
Tina King: 48:05 Yeah.
Jon Maddux: 48:05 I'm going to do it.
Tina King: 48:06 The right coach.
Jon Maddux: 48:07 The right coach.
Tina King: 48:08 You might have to not kiss a few toes to get that coach, but do your research.
Jon Maddux: 48:13 Well, thankfully, like you said, Yelp and there's reviews out there. You can ask people, you could probably post something and say, "Hey, I need a coach, does anyone have any good referrals?" And then go with a referral, not just the person that pops up with the ad.
Tina King: 48:25 Go with the referral. Check it out and build a relationship with all those people.
Jon Maddux: 48:28 Right
Tina King: 48:29 Stay in touch.
Jon Maddux: 48:30 That's right.
Tina King: 48:30 Okay.
Jon Maddux: 48:31 That's very good.
Tina King: 48:31 Thanks guys.
Jon Maddux: 48:32 Thank you for coming on.
Tina King: 48:33 All right. Thank you for having me.
Jon Maddux: 48:33 Thanks for watching. Please like, share and subscribe. See you on the next one.
Jon Maddux: 48:37 Thank you for listening to our podcast. If you guys are looking for more content like this, we have a fund loads YouTube Channel, where we give away more tips, secrets and origination ideas. You can also email us at email@example.com.
Jon Maddux: 48:51 If you've made it this far, I think it's safe to say you like our content, so please subscribe, share, and send us your scenarios. Let's fund loans together.