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NMBD CONNECT presents Broker to Broker Episode 195! This is an essential listen for mortgage brokers in 2024. Today, we learn how brokers must navigate the looming industry shifts from NAR’s settlement, with vital guidance from the Broker Owner of Left Coast Leaders, Amir Nurani.
Amir has his finger on the pulse of the market and industry fallout from NAR’s recent lawsuit settlements. Amir breaks down what the settlement means, how it will affect LOs and their clients, and what proactive action brokers need to take to navigate the changing market. Amir gives us the exact steps for how brokers can adapt to a consumer-direct business model to future-proof brokerages.
Key Points:
1:27 – Entering, Leaving, and Finally Returning to Wholesale
10:50 – Left Coast Leaders: Returning to Wholesale After 15 Years
13:57 – NAR Lawsuit: How it Affects Brokers & Consumers
17:43 – The Current and Future Market: Why it Needs Consumer Direct
34:05 – Play Where the Puck Is Going to Be: Converting to a Consumer Direct Model
“Companies like Zillow and Redfin offer services at a fraction of agent costs. They are 100% going to go after customers before it ever gets to the realtor and offer their service at a fraction of the cost.” Amir breaks down what brokers can do to adapt: “What do you think the world of real estate mortgage will look like in five years? Not what it looks like today. What will it look like in five years? Is your strategy conducive to that vision? When you look at what a consumer direct model means, it’s getting to the customer first. Get them early in the funnel, not waiting for somebody to bring it over to me. Get in front of things like social media, buying leads, running ads, and get there early. So you are capturing the data first. The next step of our business is going to be data aggregation and conversion, whether you like it or not. That’s where we’re going. If you’re still functioning with an Excel spreadsheet or a great piece of paper and writing out all your contacts, you will be extinct. It’s not even a matter of if. It’s just a matter of when.”