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



In this episode Joel discusses how important it is to educate the first-time home-buyers about the opportunities, rates and rents. Joel also describes why the strategy that makes most sense is being comfortable with payments and today's rates. Last, Joel sends a message to new agents which is to take off your selling shoes and put up your education and helping shoes.



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.











Transcript



D.J. Paris 0:00Do you have clients that feel they missed the 3% rates of 2019? Well, there's a solution for that. It's called a two one or a three to one buy down. We're going to talk about it 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. Their 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 Keeping 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 today, once again is our monthly series called Learn with a lender with Joel shop from guaranteed rate. 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 he gives back part of his commission to the buyer on every transaction. Now last year alone, Joel gave back over $300,000 in closing costs to buyers have worked with them. And that put Jolles production in the top 1/10 of 1% of all lenders nationwide. In fact, out of 400,000 loan officers in this country, Joel is currently ranked number 137. Now last year he closed 319 transactions is and that was over $126 million. Now if you're looking for a loan officer, we cannot more highly recommend Joel he's the very best we've ever worked with Joel can be reached at Joel his emails [email protected] J [email protected]. Or you can shoot him a text message or call him 773-654-2049. Let's say hello to the biggest Cubs fan. I know Joel, good to see you again.



Joel Schaub 2:54A DJ, thanks so much. I love hearing the numbers. But it's just so important to be here and give back. We love coming on and being able to share what I'm seeing out there in the industry. And it really is making a difference for agents who listen.



D.J. Paris 3:10Yes, it really is. And I'm so grateful that you do come on. Because you know, oftentimes, our loan officers are calling agents asking for business trying to, you know, build a relationship with an agent, but not always providing a ton of value, right? There's loan officers who will call and say we've got this new product, we've got this new service. And that's very interesting. But I love the you know, having conversations with you because you really instruct our audience on how to actually grow their business. And oh, by the way, you also do loans on the site. So I just think that's just a tremendous value to our audience. So I appreciate the dedication you've had to our show for all these years.



Joel Schaub 3:50We've talked about this offline where years ago, I realized DJ like I could not control the rates. I couldn't control what happened in the market. But I can control how much I gave. Right. So I gave my time. And I gave money and I figured out ways that I can contribute. And if you're an agent, you need to be doing the exact same thing. Find out who your core sphere is, and figure out ways that you can give back to them, because it's gonna be a wild year here in 2023. And you need people that are on your team and ready to promote you and help you grow your business.



D.J. Paris 4:28Yeah, and I think that it is it is a good point because, you know, let's face it, there was a little bit of order taking going on on the agent side and even on the ello side, you know, while rates were at, you know, almost historic lows. So I think now it's it's a great reminder for everyone to you know, really ramp up your activity ramp up the amount of value you can provide so that when clients are ready to start buying, selling, you know that you're the person that's providing It's so much value along the way that they it's called in, in a psychological principle called the, the rest of the rest of the reciprocal principle, which is you provide so much value to somebody they feel a psychological need to pay you back in that could be in the form of using your goods and services. So just something to keep in mind, not to Joel, of course, because that's Joe's whole business was built on that exact model. But it's something to really keep in mind as you move through this year where we know activities a little slower right now.



Joel Schaub 5:31Luckily, just finished 2022, where the mortgage brokers Association came out with the stat this week that the applications were at 26. year lows means that we gotta go out and actually drum up the business and be providing value, the days of waiting for the phones to ring are over. And this year is literally going to be the year where you have to get out, do the work and provide value. And so if you're listening here today, one of the things that you can do is make sure that you know where your leads are coming from, who you're getting ready to give back to and put a plan in place.



D.J. Paris 6:10Yeah, I let's dive into that. I think that's all great stuff.



Joel Schaub 6:15Well, right now we were talking about the air about buyers that come to you as an agent that say, I think I'm gonna wait until rates come down, right? I don't want to buy it. Okay. And so let's flush this idea out so that we have a response. If you're listening, right now, you've heard a buyer say this, sure, think I'm gonna wait until rates come down,



D.J. Paris 6:34I missed the 3%, boom. And now I don't want to pay, you know, six plus percent. And I'm gonna wait.



Joel Schaub 6:44And what happens, if all of a sudden rates dropped two points, there's going to be a flood of buyers back into the market, we're going to see it again. So the strategy that makes the most sense, is be comfortable with the payments, where the rates are at today. Go out and buy a property when there's not much competition, and then refinance the loan down the line, we have to be comfortable explaining and teaching the story. Okay. We can't wait for rates to drop to jump into the market. We need to be able to buy a property now and be comfortable that when rates come down, not if when they do, we'll be able to refinance that mortgage.



D.J. Paris 7:24I think that's this is a good point, you know, I'm thinking about what agents might even say to their clients, like you were you were just mentioning, because I think we can, well, a lot of clients who weren't ready to buy back when rates were at those lows, don't didn't really know how tough it was to actually buy or buy a property back then. So I think that's part of the problem, too, is that we see the 3% rate, which we're not at currently. And we go, Oh, I missed it. But the reality of it was, you were pretty lucky if you were able to buy a property during that time. And you probably overpaid for it based on all the all the competition. So Joel, what you just said is is so important, because you're right, if if the rates dropped by 200 basis points tomorrow, you know, they go down 2%, well, gosh, think about how much competition is now flooding that same market good, great for sellers, not necessarily great for buyers.



Joel Schaub 8:17And if I'm a realtor, we'll get to that business when it comes Okay, when rates do come down, we'll have all that business as well. But the strategy right now is finding those that maybe are spending too much money on rent, and you can find them an equivalent type of property, you can get out there and buy because if you're paying X number of dollars in rent, there's definitely properties in your market that you can buy even with smaller down payments. And that's kind of taking the time to partner with a loan officer and figure out what those numbers look like, so that you can actually provide value back to the buyers.



D.J. Paris 8:50I think that's great. You know, it's one of the great joys of my life, you'll you'll get a kick out of this because you're in this business. But one of the great unexpected joys of my life, because I don't know, maybe I'm just was ignorant around how, you know, loans worked. I'm still somewhat ignorant about how they work. But when I bought my first property, and I was not in this industry in any capacity, I was I was at the time, what was I doing? Anyway, doesn't matter wasn't working for an IT company. But regardless, I didn't know the tax benefits that were coming my way through having a mortgage and they were significant.

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