Welcome to the November episode of Learn With A Lender with Joel Schaub of Guaranteed Rate!



In this episode Joel discusses how to guide buyer agents in helping their clients. Joel also talks about how to convince first-time home buyers to buy in this market. Next, Joel Joel explains the 2-1 buydown. D.J. emphasizes the importance of partnering up with a lender to offer first-time home buyers webinars/seminars to help them in their journey. Last, Joel describes how to talk to sellers about rate buydown.



If you’d prefer to watch this interview, click here to view on YouTube!



Joel can be reached at [email protected] and 773.654.2049.



This episode is brought to you by Real Geeks and FollowUpBoss.











Transcript



D.J. Paris 0:00We all know that rates and inventory are challenging right now. But how do you still speak to first time homebuyers? We're going to talk about that today. Stay tuned. This episode of Keeping it real is brought to you by real geeks. How many homes are you going to sell this year? Do you have the right tools? Is your website turning soft leads and interested buyers? Are you spending money on leads that aren't converting? Well real geeks is your solution. Find out why agents across the country choose real geeks as their technology partner. Real geeks was created by an agent for agents. They pride themselves on delivering a sales and marketing solution so that you can easily generate more business. There agent websites are fast and built for lead conversion with a smooth search experience for your visitors. Real geeks also includes an easy to use agent CRM. So once a lead signs up on your website, you can track their interest and have great follow up conversations. Real geeks is loaded with a ton of marketing tools to nurture your leads and increase brand awareness visit real geeks.com forward slash keeping it real pod and find out why Realtors come to real geeks to generate more business again, visit real geeks.com forward slash keeping it real pod. And now on to our show



Welcome to another episode of keepin it real the largest podcast made by real estate agents and for real estate agents. My name is DJ Parris, I'm your guide and host through the show. And today once again, is our monthly series learn with a lender with Joel Schaub from guaranteed rate. Now, Joel is the vice president of lending at guaranteed rate. He's been doing loans at a high level since 2003. And he's got to that level because of what he does specifically for agents, which is that he gives back part of his commission to the buyer on every transaction making you the agent look like a hero. Last year alone, Joel gave back almost $300,000 of his commission to buyers who worked with him and that puts Joe's volume in the top 1/10 of 1% of all loan officers nationwide. Out of in fact, out of 400,000 loan officers Joel is ranked number 137. Again, out of 400,000 loan officers chosen in the top 200 agents in the entire country. Last year, he closed 619 different transactions, his highest ever this year already, even in a year, we know is a bit challenging. He's already close to 286 transactions in all the way through the end of this quarter for 116 million. But more importantly than the numbers is Joel's dedication to education. The way that he built his business is so simpatico to what we tried to do on this podcast, which is trying to educate people so that you can thrive in markets like now. So if you're looking for a loan officer, or if you're looking for a different loan officer to partner with, we cannot more highly recommend Joel he's the very best I've ever worked with. And and anyone I've ever sent to him says the exact same thing. But Joe can be reached by the way you can reach out to him by emailing him [email protected] J [email protected]. Or you can shoot him a text message or call him at 773-654-2049 Let's say hello to the biggest Cubs fan. I know Joel welcome. And once again,



Joel Schaub 3:35DJ, thanks so much for having me on. And those numbers they, when I hear them from you. kind of always blows my mind. But coming on each and every single month. We really like to give back and we really like to share something if I'm an agent listening that can help us get one more transaction, maybe help a new buyer right now in this market, help a seller maybe calm them and talk them off a ledge because properties aren't selling as fast are they?



D.J. Paris 4:06Right? Yeah, it's it seems to be that inventory. Still low properties aren't selling as fast because of course, interest rates have gone up. And I think it's important that we talk about this because I know there's a lot of stress out there in the industry. Right now realtors are stressed loan officers are stressed. And we want to do what we can to alleviate some of the stress and just keep everyone going.



Joel Schaub 4:33I was having a conversation with an agent that and I fully disagreed with and I think this is a great one to see how many of our listeners agree with this person, right? A little controversial, right? And they had a buyer DJ and they said well, I'm gonna wait until prices come down. And the agent fully agreed that there's a crash coming. They've totally agreed that there was a major price drop happening with mortgage rates going up They were fully on board that we would see an across the board drop in prices. And I said, I have to stop you right there. I'm in the exact opposite camp. And I really believe there's only two ways for prices and all of the markets to go down drastically, and one would be a lot more inventory. Right. Right. And I said, Well, let's walk that line for a minute. How do we get a bunch of additional inventory? are sellers going to start selling in droves? When they already have rates that are locked in in the twos and threes? No. So that will be going out there? Are we going to have a lot of new home start, right with the supply chain issues and the cost of goods going up? Are we going to have so many additional back homes where the supply ends up being so high to drive values down? No, probably either of those are going to be there. Right? And then lastly, do we think there's going to be a big wave of foreclosures? All these people that had their income double and triple checked by a mortgage guy like me, that had good downpayment? Are they somehow going to walk away from home that they put 510 or 20%? Down? Unlikely. So without the big supply, I don't see values across the board going down. And I explained this, then, you know, we agreed to disagree. But I think in certain markets and in certain individual sellers, we will see price reduction, and we will see buyers getting deals and that's what I'm really excited for for buyers that are entering this market that maybe haven't bought before.



D.J. Paris 6:39Yeah, and I think too, it's really important that our listeners who are realtors who are in the industry, take a step outside of the industry from time to time and realize that especially for first time homebuyers, you know rates aren't really as relevant to a first time homebuyer not meaning that they're not important. Of course, they're important, but they're not at the top of usually the list of importance of how to make a decision about buying a property. Right. So we think about the psychology of figuring out, you know, making the transition from renting to buying. I know when I first when I was ready to purchase a property, my very first property I don't know, Joel, if you can relate to this. He had the same experience. I was ready because I knew I had to save a bunch of money for a downpayment, whatever the rates were, they just were like, it wasn't like, well, I didn't, you know, and I think most people sort of work that way. They're like they save up for years, or however long it takes them for, you know, a downpayment, that's, you know, 20% or less, or whatever they can afford. And then it's just Okay, we're ready, let's let's figure it out. And whatever the rates are, you know, that month that, you know, that day is kind of where you're at, because you're ready when you're ready, emotionally. And I just think, you know, it also 7% rates, which is what we're seeing is, you know, a common common number these days. Is not the end of the world too, right? It doesn't, it's not double digits, we're not, you know, oh my gosh, nobody can afford it. But I just think it's important for people to think about like the first time homebuyer I know, I didn't think about it at all. When I was buying my first home, I just went, Okay, I just talked to a lender. And that's what the rate was, what the rate was.



Joel Schaub 8:24If I'm an agent, I need to control the narrative. Because if you watch the TV and all you hear our rates are higher. That's what got a lot of people into the market before when they were rates were low. When rates were so low, people that had no interest in ever buying said well, I better do it because rates are so low. They went in and they bought places 2030 $50,000 over DJ right. They were overspending on the properties. And now that there's an opportunity for buyers to get a good deal they don't want to buy change the narrative, right? You've heard me say this for years, I like buying my shirts on sale. Yeah, like buying shoes on sale. This is the opportunity for buyers to buy real estate on sale. If you're an agent, and you can teach the buyers, there is an opportunity. And the fact that we don't see a major reduction in prices on the horizon that scares people. Right? Why would I buy now? What happens if the value goes down? 20% I just don't see that happening in major markets across the board.



D.J. Paris 9:27Yeah, I was reading an article today by on life hacker which the I'll try to post a link to it but it basically says what a 7% mortgage rate really means for your monthly payment. Now this isn't an industry you know, publication. This is just a for anyone.

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