Welcome to the May episode of Learn With A Lender with Joel Schaub of Guaranteed Rate!
In this episode, DJ and Joel discuss an article from MortgageNewsDaily which explains how lower-income renters can likely benefit from home ownership. Joel also talks about the importance of educating clients and giving back to your community and how this impacts branding. Joel discusses the importance of developing trust through learning sessions to help your clients understand every step of the process. Joel also suggests that agents find a mentor, find out what they’re doing in order to be that successful and pick their brain for best practices.
If you’d prefer to watch this interview, click here to view on YouTube!
Joel can be reached at joel@rate.com and 773.654.2049.
Transcript
D.J. Paris 0:00
On this episode of Keeping it real is brought to you by Joel Schaub at guaranteed rate. As a realtor it’s important to partner with only the most trusted name in mortgage lending. Joel has 1000s of satisfied clients and gives $1,500 of his commission back to your buyers on every closing. He is known for his ability to close even complex deals start to finish in only 14 days to learn what 1000s of others already know. Make a note to call Joel at 773-654-2049 or email joel@rate.com Guaranteed Rate is an equal housing lender licensed in all 50 States Consumer Access Number 2611 And now on with the 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. And today once again is our monthly series learn with a lender with Joel shop from guaranteed rate. Now Joel is the vice president of lending at guaranteed rate. He has been doing loans at a high level since 2003. And it’s gotten 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. Last year alone, Joel gave back over 291,000 and closing costs to buyers who worked with him and it puts Joe’s volume in the top 1/10 of 1% of all lenders nationwide. out of 400,000 loan officers in the country. Joel is currently ranked 137. Last year, Joel closed 535 transactions, his highest amount ever. But this year even more impressive. Joel has closed almost 300 transactions already 276 to be exact for 108 million we say this to really impress upon you Joel is an expert, we are so thrilled to have him on the show. So 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 his email address, which is joel@rate.com. Again, joel@rate.com. And you can shoot him a text message or call him at 773-654-2049. Now let’s say hello to the biggest Cubs fan. I know Joel Schaub welcome Joel.
Joel Schaub 2:22
Hey, thanks so much for having me on DJ and all the numbers and accolades. That’s all wonderful, but I love this. I love the ability to come on, give back to agents, and it really helps us all when we give back. We strengthen each other. And I’m excited to be here.
D.J. Paris 2:39
Well, thanks. And I you know, I was thinking for this for this episode to talk about an article that that I saw and that you saw mortgage news daily.com. So want to give them credit, because this really caught my eye and I’m not somebody that that really is, is keyed into mortgage news. All that much other than rates are up rates are down. And I thought this was a particularly interesting article that is a nice reminder of fundamentals of being an agent and a successful agent. And it reminded me of my own journey to homeownership when I got bought my first place in 2005 I believe the only reason I did that is because one day it occurred to me I was renting. Hey, what is it? Like? What is what happens when you buy a home? Like how does it work? I didn’t understand what a mortgage was, I had no idea I truly thought you needed to save up $300,000 If you wanted to buy a $300,000 home, and I certainly did not have that in savings. And I went through maybe there’s another way and I was a bit embarrassed because I have a college degree I don’t think I’m you know, one of the stupid or people that walks around this earth but but boy, I just didn’t understand it. No one ever had explained it to me. And so the only reason I even started looking was I Googled what does it take to buy a home? And I thought what a great opportunity for realtors to, to realize that so many people have never been taught this. They don’t know about it. They don’t understand it, just like me. And you can start having a conversation with renters about you know, what, what would it actually take to purchase a home and this article kind of goes into specifics about it. I’m I can read a little bit from it. But just to get your take on it. So real quickly, I just wanted to cover one part of it, which I thought was really interesting. So in this article from mortgage News Daily, it’s from the May 24. Sort of news, the daily news brief about it, but talks about it this this study that was done. But it’s basically saying in last year in November 2020 If you bought a home for 263,000, even if you financed the entire amount at three and a half percent at a 30 year fixed. You know after all it’s said and done, you’re basically paying just shy of 1500 a month, which would be about $300 less than what comparable rental housing is in this particular study and that’s including, you know some hormone or shift costs, maintenance costs, etc. And I just thought, Boy, I wish somebody would have told me that, you know, back when, in the mid 2000s, when I didn’t understand any of this, and I think there’s just so many people like me out there.
Joel Schaub 5:13
I think the big takeaway, and I’m glad you brought this one up is to be the educator, right? The reason we become successful is that we’re actually taking the next steps. If you’re not a buyer, and you haven’t bought a home before, you’re really looking for a friend, you’re looking for somebody in the industry that can teach you educate you and get you on the right track. And there’s so many more of those people right now that are looking for somebody to take them under their wing and sell them something, but to teach them and help them because they want to take the next step to homeownership. And they want to buy but they don’t want to be sold. So can you take the steps to actually understand the mortgage side, so that you can speak intelligently and your business is going to grow? If you’re the educator in your market?
D.J. Paris 6:02
Yeah, there’s so many Realtors I’ve had on my show that are top producers who have who make their or one of their big marketing pushes to find clients is they do these first time homebuyer webinars or in person events. And it’s you know, there’s a reason why a lot of people do these, right, because they work because most people have never who are renters have never been taught this. It’s certainly not taught in school, or maybe it is now but it wasn’t when I went to school and, and it’s just one of those things where oftentimes to it might be somebody that doesn’t even know that there’s a better path. You know, they just think well, homeownership, I don’t I’m not a rich guy, so I can’t do that, or I’m not a rich woman. And reality of it is is is there’s all these programs right now to make it really affordable. And rates are so attractive right now. And you’re I think you’re right, like whoever educates them, whoever teaches them is probably going to get the business.
Joel Schaub 6:57
You can work your warm sphere and your you know, the people that are around you. But eventually you need to step out and start getting cold people that don’t know you that you can be referred to and close more deals, because if you’re an agent that wants to take it to the next level, you can only work with so many people that you know, and they’ve already been bought a home. So you need to be able to be the person that people come to, because of your education because of the way that you give back and the way that you build the brand. And that’s the thing right now with so much competition out there. The agents that I’m working with, and the agents that I’m not the ones that I see doing so well have have built the brand. And the brand is about education, giving back and being the person that people in the community want to go to for answers.
D.J. Paris 7:45
Yeah, you’re absolutely right. And it’s it’s interesting too, because you know, even if somebody hasn’t yet worked with a realtor, and is just exploring mortgage rates online, they’re a renter, they’re, they’re thinking about it, they’re not totally sure how it works. And they find a website where they put in their information. And they get called by three or four different lenders who may be that website has sold the lead to and now they’re getting talked to about rates and pre qualifications. And and because I’ve gone through that experience, too, when I bought my first place all these many, many years ago, I didn’t have a mortgage lender. And so I just filled out one of those forms online. And it’s probably even more sophisticated now. And I just started getting inundated with calls. But it didn’t seem like anybody really wanted to educate me on the process. They just wanted to tell me how, you know, things they didn’t really understand, like the rates and why that was relevant, and it is relevant. But I didn’t have a guide. And I think a lot of people probably do that. And they don’t and they don’t think necessarily to contact a realtor, because I think it’s intimidating sometimes for a renter to pick up the phone and call a realtor and be like, I don’t really understand how this works. Could you explain it to me, I think most people would probably feel like embarrassed to do that, which they shouldn’t. But I bet a lot of people do. So I think realtors have to go first and really proactively reach out.
Joel Schaub 9:05
And you need to be a storyteller. Okay, just calling up and talking about interest rates being low doesn’t do anything for you, you don’t write the interest rate on your check each month you write the payment. So if you can put it into terms of explaining how you’ve helped other people similar to the person that you’re talking to, then you can build the rapport. And you can do it in a genuine way where you’re actually trying to help them. So whenever I’m talking to clients, even though I’m on the mortgage side DJ, it’s not about rates. You don’t hear me saying use me because we have the lowest rates in town or, or even really about the rate because rates are low. But it’s about the education process, and what the payments are going to be and what the process is going to be. And once they’re comfortable with it and you’re the one that’s differentiating yourself from every other person that’s calling, you’ve won the business and that’s what you need to do as an agent is Be the person that’s giving the knowledge, helping them, and you’ll get clients for life.
D.J. Paris 10:05
Well, I’ll tell the audience Joel, what you did when because Joel was was my agent on when I read just recently purchased a property and, and Joel did something that I thought was was very, it’s probably for him to second nature. But as somebody who’s bought properties before, no one had ever done this for me and I don’t think Joel did it because he’s a guest on my show. He does this for all of his clients. But I thought this was really it was almost like kind of formal, and I was almost taken aback by it. But I really do want to mention this to the listeners. And hopefully this doesn’t embarrass you, Joel, but it was really, it really impacted me. And it was really it really solidified just why you’re You’re so popular and successful. Because Joel said, Okay, we need to carve out 30 minutes, where or however much time it was maybe it was 15 to 30 minutes, and I need to educate you on this entire process. And I was like, Okay, we’re, he was and you said no, no, it’s it. You say? Well, I didn’t say no, but I was kind of like, okay, and then you said no, it’s really, really important, because I want you to understand every step of this, and I went great. And and he did it. And I went Boy, that is just not the experience I’ve had with other lenders. So Joel isn’t just giving this good suggestion, he actually lives this and, and it really put me at ease. I was like, okay, good. And every step of the way, you know, you were just constantly reminding me okay, here’s what’s next. You’re good. Don’t worry, because I was freaking out the whole time for my own reasons. Yeah, well, I mean, it’s stressful. It’s stressful for anybody. And I just thought, gosh, you know, I’ve had other lenders before, and no one ever did that. And it’s not, you know, I’m not here just to to sing your praises, although we always do. But it’s really important, I think, realtors the takeaway is, be that person be the one who says before you go on a showing, or before you even take a buyer out or a seller, you know, you go to their home, let them know what the process is going to be and say, you know, we’re going to spend the first I interviewed I interviewed a woman, once one of the top Realtors here in Chicago, I can’t remember exactly who it was at this moment. But she said, before I ever meet with a buyer, I do a two hour meeting I have I asked almost 100 to 200 questions before I and then I say give me a couple of days to find something for you. Because she wants to know everything about what they want. And then, and I was like, That’s brilliant. And I bet a lot of agents, you know, learn from that. Yeah,
Joel Schaub 12:28
they don’t do that. They think right now even hearing that DJ, I know there are people listening to ours, I don’t have time for that. And maybe you don’t need to damn hours, right. But you do need to dedicate time to the education process and building that out as the main component of your brand. Because buyers, believe it or not, are going to talk to other agents don’t believe that just because you spoke to them first that they aren’t going to have other agents in their ear. So the number one thing you can do when you’re building the brand, if you haven’t already done so you need to have education as the cornerstone of any marketing and branding that you’re doing. So that you stand out when somebody else calls that buyer. And they’re just a salesman or a saleswoman. And buyers want to buy, but they don’t want to be sold. And you can tell from a mile away, DJ when somebody is just that fast talking salesperson, because they’re talking, or somebody who’s an educator, because then they’re listening, right? So take that as the cornerstone of any branding that you’re going to be doing for this year and beyond. And make sure that you are the person that’s giving the education, listening to the clients and providing that value. So that when they do talk to somebody else, they come right back to you. This is somebody who’s got my back, they’re going to remember you as the person who’s educating your clients.
D.J. Paris 13:54
Yeah, we see it time and time again. And you know, I, we’ve been, I’ve been doing the show for years now. And it’s, it’s sometimes I always think I keep we keep basically not just not with you job in particular. But on these episodes, when I talk to top producer and say how did you become successful? And oftentimes, they’re very similar stories. It’s, well I did this, I did this, I did this. And here’s here are the daily disciplines. And it almost always comes to education. I mean, it almost always does. So I I oftentimes just think, well, everyone does that. But here’s how I know they don’t. And this is this is more about Joel. So when I was working with before, you know, I for sure was working with Joel. I was like, I should get a couple other quotes. That’s the responsible thing to do. So exactly what Joel said, you know, even though I knew I was gonna go with Joel, I just wanted to make sure that there weren’t anything else out there that was really attractive. And boy, you know, there’s that What’s that book? It’s never crowded along the extra mile, right? Because I was like, wow, I got a lot of phone calls. And then people would drift away and they’d send me an email saying, Great, I want to help you with your mortgage and then they’d fall away and I’d write
Joel Schaub 14:58
no follow up.
D.J. Paris 14:58
No foul. Follow on. And I was I was, and it’s more than that, of course, you do a lot more than that. But I was like, wow, there it is not crowded along the extra mile. So if you just become the educator, and the person who follows up, you know, that’ll just it’s it’s almost sad. What’s what what a lot of other agents and loan officers are doing, because they must eat, they must just be so busy, they don’t have time to write back. I don’t know what’s going on. But I was like, well, here we go. I’m, I’m going to work with Joel regardless, but he’s the only one that’s actually seeming to take an interest in this loan. And I will always go with somebody who wants to take interest in it turns out, you probably did have the lowest rate. But but you know, if rates fluctuate, and that changes, of course, and someone, someone’s always can beat the rate, I guess. But I wanted somebody that I knew is going to take care of me and that I trusted, and you develop that you develop that trust. I mean, I already trusted you, of course. But you know, for people that don’t yet know You, you develop that trust through those learning sessions.
Joel Schaub 15:59
By listening, the number one thing you’re going to figure out is, what is it that the client needs and when you actually are just talking the entire time, and you never actually get to hear it? Alright, so the old phrase, there are two ears and one mouth use them in that order, right? There are two ears. So we should be listening twice as much as we are talking to our clients. And you could always be busy DJ. And I always think of people that are doing even a lot more than me, or people that are doing less than me and wondering, how can he close 50 or 60 transactions every single month, there’s just no way. But I speak to everybody, I take the time, and I listen. And it’s taken years to get there. But even if you’re doing two or three transactions a month, you find yourself being busy, okay. But there are people doing more. So find that mentor, somebody who’s doing just a few transactions more that you want to get to, and then just pick their brain on what they’re doing. And what you’ll find is most of its education.
D.J. Paris 17:01
Yeah, education and communication, you know, it’s listening and making sure the client, their needs are being anticipated. And you you do a fantastic job of both of those of being a good listener, and also being a great guide, and making sure that the client, you know, again, I can speak from experience. And there’s a reason why you’re so successful. And I know this sounds like just a session where I’m lavishing praise on you, but I really am because you’ve gone
Unknown Speaker 17:30
lower. You’re You’re
D.J. Paris 17:33
such a you’re such a great example, though, of, of what you know, this podcast is about which is highlighting the disciplines of top producers, in this case, you know, and on the loan side on the lending side, and and finding out what what you do and there isn’t this magic bullet necessarily. And the magic bullet for some people might think, Wow, if I have the lowest rates, and I’m a loan officer, I’m gonna have the most business. I don’t know, I bet that’s not true in most cases. In fact, that’s I’m sure that isn’t true.
Joel Schaub 18:03
Relationships. Yeah, TJ, you’re exactly right. It’s, there’s always only one person with the lowest rate. But on the mortgage side, most of the rates are about the same, there’s not that much of a difference out there. So it’s all about the teaching and education. And with rates being as low as they are right now. We never thought they would be at this level. So there’s no competition, there’s a plenty of business to go around, find your niche and build that brand more than anything right now. You need to have a brand because there’s so many people out there even in your own market, that people come and they gravitate to something that they understand and know. So be part business, but also personable, especially on the social media. Right now what I’m doing is about a 50 50% on my social media in terms of just me and my wife, and me and my puppy, and then the business guy. And it’s not just every single closing where you’re showing that and that’s the only thing you’re doing, you need to be a real person and build a brand and figure out what it is that is your brand. And make sure that you are not just doing the advertising, but actually building something so that people recognize you on every single post, or the phone calls that you make if it’s something that’s specific to the education piece that I always get back to be the people that they want to go to for the answers.
D.J. Paris 19:30
And you have to earn that and you have to earn that over time. Right? So it’s a consistent effort of reaching out educating and listening. And if you just do those three things consistently, you know, success is in your future is in anyone’s future. For in this business, at least. And but it’s also you know, it’s one of those things too that should be the most fun part of the business is deepening relationships with people and making them feel heard and appreciated and and You know, that’s, that’s that’s the key. And I wanted to ask Joel, you know, you also help agents, partner you do partnership opportunities. I’m curious if you would just be willing to speak to that?
Joel Schaub 20:12
Well, of course, I’ve actually done a lot through the keepin it real podcast, and you guys can always reach out to me and literally just testing me literally send me an email, you’ll see that I personally, am the one making the replies, I am the one that’s actually following up with the phone calls. And people have said, Hey, I just have a question for you. Let me pick your brain. And I’ve gotten on phone calls, because of your show for clients, that are agents in multiple different states, and just help them through branding questions, how I do my events, what my team looks like the number of people that are on my staff, and so that they can then do some modeling based on hiring, and what they do for ad spend, etc. So if you’re an agent that’s out of state, if you’re an agent that’s in state, reach out to me, and even if we don’t formulate a partnership, I’m all about giving back and helping.
D.J. Paris 21:04
Yeah, and he, you know, Boy, you really do and it’s a great model for, which is why you’re such a great fit on the show, because we attempt to do the same thing here by extracting the wisdom of people like yourself. So we are super grateful. And I think that’s a good place for us to pause and, you know, wrap up this episode, and you know, obviously, see what happens in the next month, because gosh, things are moving so quickly right now. But this is a good as just a quick reminder, good opportunity to reach out to everyone who’s a renter right now and say, Hey, I know you probably maybe even say I know you probably already understand how this works. But if you have a minute, I just wanted to go over it with you just to see what your thoughts were for the future. And I bet you’ll find a lot of people would go Gosh, I really don’t know how it works. But Joel is right. Listen, reach out. And, you know, deepen your relationships and just be be the teacher. Teachers are always valued. All right, great well on, we want to thank you all for coming on you guys. She’s been coming on for years. And we are so thrilled to have him and he is he is a real joy on our show. And we are so excited to continue to watch Joel’s success and also all the wisdom that he brings to our listeners and viewers. So on behalf of the listeners and viewers, Joel, thank you for once again, coming on the show. And on behalf of Joel and myself to everyone out there listening and viewing. Thank you for continuing to support our show, please, please, please send. Send us I’m sorry. Let me start that over. So please, I’m a little out of it today just got back from the gym, and sweating and sweat is pouring down. You can’t see it. But please tell a friend about our show. Think of one other agent that could benefit from hearing from people like Joel and send them a link to our website. Easiest way to do that is just have them visit keeping it real pod.com and or pull up a podcast app look search for keeping it real and hit the subscribe button and reach out to Joel as well. You can find him at his email address which is joel@rate.com. Or you can send him a text at 773-654-2049 Guaranteed Rate is licensed in all 50 states. So if you don’t have a great relationship with a lender, or maybe you’re a buyer or a seller and investor or maybe you’re a renter listening to the show, you don’t have an agent and you’re thinking about buying reach out to Joel or if you’re an agent you don’t have a great lender to work with. Reach out to Joel he’s he’s the very best. So, Joel, thank you so much for being on our show. We’ll see everyone next time. Thank you
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