Episode 56 - The January Jumpstart Appointment Strategy For Agents!!

Introduction

• Host: Bob Mangold, the Listing Coach.
• Podcast: If You List, You Last.
• Purpose: Share strategies for building a better real estate business.
• Highlight: Introduction of the EquityMAX Annual Review Strategy as a New Year’s gift to agents.
• Reminder: Join the Real Estate Asset Advisor Facebook group and connect at www.bobmangold.com.

Overview of EquityMAX Annual Review Strategy

• What is EquityMAX?
  • Proprietary software and process for debt elimination.
  • Helps clients pay off personal debts and mortgages in 7-10 years.
  • Redirects previous debt payments toward retirement savings.
  • Goal: Debt-free clients with $1M in cash over 30 years.
• Why Use This Strategy?
  • Positions agents as trusted advisors.
  • Potential to generate more clients in January than the rest of the year.
  • Focuses on managing clients' primary asset—their home.
  • Builds long-term relationships and generates referrals.

Implementation Steps

1. Schedule 25 In-Person Meetings
   • Target: Hot leads, past clients, sphere of influence, referral partners.
   • Focus on discussing debt elimination, asset management, and financial planning.
2. Approach Clients as Trusted Advisors
   • Similar to CPAs or financial planners managing portfolios.
   • Provide expertise on debt management and home value growth.
   • Position as a long-term partner in financial success.
3. Build Relationships and Referrals
   • Example questions:
     • “Who do you know that wants to be debt-free in 7-10 years?”
   • Provide free planning sessions for referred clients.
   • Encourage clients to text referrals on your behalf.

Execution Details

• Conversation Framework:
  • Annual review of debt, cash flow, home value, and credit score.
  • Create urgency by offering limited appointment slots.
  • Reassure clients even if they haven’t implemented the previous year’s plan.
• Data Gathering for Meetings:
  • Request:
    • Free credit reports (or perform a soft pull).
    • Last mortgage statement.
    • Homeowner’s insurance declaration page.
    • Property tax bills.
  • Identify opportunities for savings (e.g., refinancing, insurance quotes).
• Analysis:
  • Determine current home value, equity growth, and debt reduction.
  • Discuss long-term equity and opportunities for leveraging it (e.g., upgrades, new homes, investments).

Impact and Benefits

• Client Benefits:
  • Save hundreds of thousands in interest payments.
  • Build equity faster and achieve financial goals.
• Agent Benefits:
  • Generate additional transactions and referrals.
  • Establish a pipeline of future clients.
  • Enhance reputation as a knowledgeable, trusted advisor.

Examples and Case Studies

• Scenario 1:
  • Clients reduced debt from $58K to $20K and gained unexpected equity.
  • Refinancing converted non-tax-deductible debt into deductible mortgage debt, saving $1,400/month.
• Scenario 2:
  • Annu

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Transcript

hey, welcome fellow listing agents, Bob Mangold, the listing coach here with this week's episode of the If You List, You Last podcast. Now, as always, thanks so much for listening, sharing, and downloading. I'm hoping that all this information is helping you really gear yourself towards building a better business now on the podcast today I'm going to share a concept and a process with you that I coach all of our agents on So that they get a big jump start to their business in january So this is my New Year's gift to you guys.

This is really, it's a big part of our Real Estate Asset Advisor certification program. It's going to require a little bit of outside the box thinking here. Now, just as a reminder, make sure you join our Real Estate Asset Advisor Facebook group. As you can join in on the conversation, share your thoughts, comments, or questions on any of the topics that podcast.

And as always, You can connect with me at www. bobmangold. com. So let's grab a cup of coffee, settle in, and let's get to it.

Now, the process I'm sharing with you today is our EquityMAX Annual Review Strategy. Now, in case you don't know what the EquityMAX process is, let me give you a quick overview. I've covered it in some of the other podcasts, but let me just give you a quick overview. It's our proprietary software and debt elimination process of helping people pay off all personal debt.

And their homes in seven to ten years now once their debt is gone and the mortgage is paid off and all that's completed We then take the payments that they were already making towards the debts in the mortgage And we use that to fund their retirement plan Now the goal is simple help them become debt free and accumulate a million dollars in cash In the same 30 year period, is any other agent will have them pay off their home?

Let's be honest, who would you rather work with? The agent that helped you buy a home and pay it off in 30 years? Or the agent that helped you become debt free and accumulate a million dollars in cash.  Now,  if you implement this in January, you potentially could generate more new clients than everything else you're going to do for the rest of the year.

And the approach is it's really simple. It involves conducting 25 in person meetings with any, let's say, hot listing leads, past clients, sphere of influence, maybe referral partners.  So we're going to take and open up 25 time slots to meet with those people that are open to this conversation. Now, as a certified real estate asset advisor, we consider our client's properties is assets under management.

Very similar CPA and mostly financial planners, they're manage their client's portfolio, right? Your financial advisor may, might say, I have, 400 million in assets under management. If we're helping them manage their number one asset, which is their home, for most people, their home is their number one asset.

And we're helping them understand the future value of their home, the debt structure on the home, how to pay it off, and literally how to save hundreds of thousands of dollars and turn it into a million dollars in cash.  Aren't we managing their assets? Let me know if that makes sense for you. Now, if we're saving them hundreds of thousands of dollars, hundreds of thousands of dollars in payments and interest by working with us, and we're monitoring the value of the real estate, we provide them with resources and expertise to make smart money decisions, right?

It doesn't have to be us telling them where to invest the money. But we certainly could be referring them to other financial advisors and CPAs and things like that, right? We become a resource then? Then aren't we looked at and more importantly treated as a trusted advisor? So tell me if you disagree with this.

In today's real estate environment, is it more beneficial to be considered a trusted advisor? Or just some real estate agent.  Now, let me give you an example of how powerful this could be in your business. And I'm just going to share some group numbers with you over the last three years, my group has sold more than 7 billion that's right, billion with a B in real estate,  that means.

We simply have assets in excess of 7 billion  under management.  We've closed 11, 667 transactions just in the last three years. Now, of those three years, remember this, one year was really good, 2022 was really good, 23 slowed down, 24 slowed down even more.  But we've sold over 7 billion in almost 12, 000 transactions.

What does that matter? Think of it this way. Imagine if doing these annual reviews, you would just get three additional transactions and, or referrals from every client that would be 35, 001, 35, 001 additional transactions. Now let's be realistic. They are all not going to happen immediately, right?

You may meet with somebody today And they're thinking about selling a home, but it's not for several years You know when the kids leave school or whatever it might be All those transactions and referrals aren't going to happen immediately Okay, so let's be realistic on that. It's just not going to happen that way, but would it be okay if maybe that happened over the next 36 months.

That's almost a thousand transactions per month as a group that we could do. That would be as much additional production every single year than we did in the previous three years combined. 2022, 2023, and 2024. Simply by doing one strategy, one process.  And that's why the EquityMax annual review process is so critical to our future production.

Now let me give you some important notes to consider as I walk you through what this looks like. It's a huge part of our lead conversion strategy. So when we first started working with people, one of the ways that we're able to do that, let me give you the example of Oh, somebody came into an open house.

They we asked the question. Hey, what did you think of the house? I go. Nah, we don't really care for it  Great. Has anybody ever showed you how to buy a house in this price range this area? And maybe have it paid off in seven or eight years and let's just say it was a four hundred thousand dollar house And we could show you how to have it paid off in seven years in six months  And you save 402, 000 in payments and interest.

Would you be opposed to having a conversation on how you could do that? What I can tell you folks, is nobody ever says no to that. Because this is such a big part of our lead conversion strategy, our conversations that when we have with clients, One of the things that we tell them is that when you work with us, yeah, we're going to do this up front, but we're going to meet with you every single year to review where you're at, monitor your progress, figure out how we can help do some different things, right?

So this isn't a cold call that we're making.  It's a preplanned appointment every single year. We tell them we're going to be reaching out in January  every year to take and review where you're at.  Now, what would that sound like if we were going to  talk to somebody, right? Our normal approach goes something like this.

Hey Bob, as I promised when we first started working together, I was going to meet with you once a year and we're going to review your debt and cash flow plan, make any adjustments, to see if there are any additional cash flow strategies that we could put in place for the new year, update you on the value of your home, and review your credit score.

Now what I tell them is I've set aside 15  appoint, or 15 time slots  to be able to do this.  Now why would I say 15? Because I want to build some scarcity and urgency. I can only do 15 of these this month if you want to do that. Now, this is what we said we were going to do with you. Do you want to meet and go through that?

A lot of people, folks, full disclosure go, Oh my gosh, I really haven't done anything with that. Most agents will just quit there and go, no, I understand. Let's see if we can do better next year. It's not what we do. We just go, Hey, I get that. But remember, I promised you, I was going to help you work with you.

I told you I couldn't do the work for you, but I'm going to work with you to try and make sure that this happens. Because again, if you remember folks, one of the questions I asked them is, Hey, would that 402, 000 in payments and interest that you could save, is that better off in your pocket or the bank's?

Now I promised them I was going to help them put it in their pocket. So I go, great, then we need to revisit your plan from last year that you didn't implement, figure out why, and take it from there. Makes sense? So we just don't quit so easily on them. We want to help them be able to do that. Remember this folks, the faster people can build equity,  the more opportunities they have.

Whether that's to buy a new and bigger house,  they're older, they could downsize and have cash. They could move closer to their kids.  They could use it to go and buy a second home. They could use it to invest in real estate. The more you're with them, holding their hand, reviewing what their house is worth, how fast you're paying that down, which means how much equity do they have, and whatever adjustments you can make to their cash flow, so they can get that debt down faster,  the more likely they are to do more transactions.

So it's in their best interest, make no mistake about it, but it's also in yours.  Make sense? Now, in preparation for the meeting, here's what I usually ask them to put together. Hey, either order free credit reports from the three bureaus and I'll email you the links where you can do that, right? Cause people can order a credit report once a year from the three main bureaus.

It's not a, it's not a hard pull. It doesn't affect their credit at all. They get it by law, or because we have a mortgage division, I can also do a soft pull for them. Either one. For me personally, or for us personally, I try and do the soft pull simply because it'll get done. If we waited for them to order a credit report, it could take forever.

I want them to have their last mortgage statement so I can see how much balance they paid down. I want them to have their homeowner's insurance declaration pages, and I want them to have their property tax billing, right? So one of the reasons we do it in January, Usually again, depending on where you're listening this to this ad in Arizona, they come out in October and November.

But guess what folks are property taxes going up? Yes. Is homeowners insurance going up? Yes. Doesn't that impact their cashflow then? So we have to look at that. Now, as a side note, what you should do is get with an insurance agent. Preferably somebody who's a broker  and maybe put three or four quotes together for them.

That way you could look at what they're paying and if they can save more money again, you just became a resource for them, right? Now what i've done for my group is i've arranged with an insurance broker that has about 60 different Insurance companies they work with that our agents can go directly to that website and get a quote From these different companies.

So when our agents do this review, they already have quotes in hand So if they can save people money,  then it makes sense to do it, right? Again, you go how much could they save on homeowner's insurance? Hey, I've seen as much as 200 a month. And if you're in Florida or Texas, or any place where they're having hurricanes, there are people paying 10, a year.

For homeowners insurance for three four five hundred thousand dollar homes So homeowner's insurance is getting to be a bigger and bigger deal Restricting affordability. So don't just side swipe that so easily and oh, yeah, by the way guys It's an another opportunity for you to go out and build referral partners with people who have databases of clients Now, when we do this review, one of the things that we want to do is let's figure out what the house is worth. 

So we're going to do an analysis form on what we think the house is worth.  I'm not a proponent of you having to go to their house to do this. This is something that you should be able to do on zoom. Now you could ask them, Hey, have you done any major renovations or updates or upgrades this year? And if they have, honestly, guys,  Have them take your computer and just walk you through what they look like, because that will give you an idea of how much their home is appreciated.

Right? And again, I know most people think, Oh, homes are not appreciating. And the answer is yes, they are. They're 4. 1 percent for 2024. So at the end of the day, if somebody bought a 400, 000 house last year, or let's say January of this year, Probably going to be worse. Somewhere around 415, 000, 416, 000. If you help them pay an extra, I don't know, call it five or 10, 000 off the principal of their loan.

They have considerably more equity than they thought they did even after a year, right? So we want to take and give them a good idea of what their home is worth.  We want to make sure that nothing's happened to their credit  because there may be some opportunity to refinance a loan, and I'll talk about that as I give you an example.

And doesn't matter what the interest rate is right now. So get over that one But it also affords them to be able to borrow money at the cheapest cost So let me give you an example of a client that we have can't use their names and i'll  Be a little bit more not as specific on the dollar amounts, but they had a house.

They were thinking of selling next year when we did their analysis, the house was worth about 40, 000 more than they thought it was worth. And they hadn't done anything to really pay down the principle of the mortgage, but they did do a pretty good job. debt. Now, when I say a pretty good job, they went from about 58, 000 in total debt, that's car payments, credit cards, student loans, down to about 20, 000.

So they made good headway on that. But now they had additional equity in the process. Remember this, folks.  Car loans. Do you get to write off the interest on that? No.  Credit cards. Write off the interest? No. Student loan. Write off the interest? No. If we did a refinance for them,  paid off that credit card debt,  paid off the car loans, that now became tax deductible debt, they actually have a much bigger tax break than they did before, right?

Because that 30, 000 in debt is now completely tax deductible because they put it onto their mortgage.  When it was all said and done, with paying off the cars and everything else, they had an extra 1, 400 in change, in excess cash flow to do that. The plan was put together, now they want to move within the next two years.

They want to start making a dent on the mortgage now. So they could double the size or the value of the house that they have now. They know they're more expensive and be able to be in the same position financially as they are now. We save them a bunch of money that they're going to use to pay down the mortgage principle.

But when they go buy another house, when they get rid of that debt, They can afford a more expensive home.  Now that's the ideal situation. There's somebody we know in two years is going to move. But the other reason that you do these, just because we talked to him two years ago or three years ago, and they said they were going to move  folks.

How many times have you had it happen where I don't know, maybe their parents got ill and they had to move back home. I have a friend of mine who moved from Florida back to Chicago because the parents got sick. That wasn't a plan. Originally, but that's what happens by staying in touch with these people and being a resource for them and staying out in front of them Virtually guarantees you're going to get that business So by being out in front of that we can get that business But it gets even better than that because it's the referrals that we can also get now typically in real estate the way that we tell people to Ask for a referral is to go.

Hey, do you know anybody who's thinking about selling buying or investing folks? I would submit to you that if I asked a hundred real estate agents, maybe ten of them could say yeah I actually do know somebody so the average person isn't sitting there thinking like hey Who do I know that's thinking about maybe buying or selling?

So we ask it a different way. Hey, who do you know that would be, would like to be completely debt free in the next seven to ten years? Now the answer is, gosh, everybody I know. And so then we just have a conversation with them and let them know, hey, part of our process and our service is to help the friends of our friends. 

I don't care if they bought a house yesterday. We want to help them do that. We're willing to sit down with them, put a plan together for them, just like we do for you, and help them become debt free. Would they be okay with that? And remember, we're not charging them for that. And we know they're not looking to sell their house or buy right now.

We know all that. So it's not a problem. We just want to help as many people as possible  learn how to manage their real estate to become wealthy. The way that it works folks is they'll give you three, four, five, six people. Yeah. My brother, my uncle Jim or whoever it is. And I'd say, great. Could you do me a favor?

 I don't want to just cold call somebody out of the blue. Could you maybe send them a text message and just say, Hey, I just met with my real estate asset advisor and I gave him your name. I hope it's okay that I gave him your name because what he's done is help me pay off all of my debt and my house should be paid off in less than 10 years.

I thought that might help you guys out. Is it okay if I have him call and you can say, Hey, it's free. He's not charging anything. Folks. They do that all the time. And then they text these people and go yeah, I'd be open to that. Yeah. Now there's referrals that we're now adding into our database every single year that we're now becoming a resource.

We're becoming a trusted advisor to those people that we didn't know a month ago. Again, don't sit there and think short term Oh, what's that going to do to get me business next month?  You're playing the long game here in real estate.  You're filling your pipeline two, three, five years from now, ten years from now.

So you got to play the long game and then obviously we have to play the short game. What's the short game in real estate? FSBOs, cancels, expires.  Flippers. Seniors.  That's your short game. Those are the people that are going to be doing something right now. People getting divorced. Those are your short game.

This is the long game that we're building. You're playing. You have to stop thinking about real estate is next month.  It's got to be about three months from now. Cause let's be honest folks, the work you're doing in January at best, you'll close it at the end of March or early April. 

We have to start thinking three months ahead.  Then we have to think a year ahead and then two years ahead.  This equity max annual review is what does that for us. Now,  do you have to be a certified EquityMax advisor to implement this? Of course not. You can just build a similar process and implement it all.

But if you do want a done for you system, you can always go to www. bobmangold. com and check out EquityMax there. And become a member if you want, and then we'll teach you how to do that. Make sense, but you're under no obligation to do it. You can do this on your own. It only took me a few years to put it all together, but it's absolutely there and available for you.

So folks, that's all I've got for you this week. So let's wrap this up. There you have it. It's a great way to get a jumpstart for the new year. And until next time, keep crushing it out there. And remember, if you list you last talk to you soon.