Thriving and Surviving: Strategies for Every Mortgage Market (With Joanne Russell) – Episode 183

Posted December 5, 2023

This episode is sponsored by Fundloans

In this episode, host JP Hussey is joined by Joanne Russell, Broker Owner of the Mortgage Place.

Joanne has been a champion for the Broker channel for 25 years. She’s seen all of the ebbs and flows that the mortgage industry could possibly offer; though she’s been a broker since 1997, she’s been in the mortgage industry for 35 years. She was early in her Wholesale career when Black Monday happened. She persevered as a Broker through the 2008 crash. She helped the channel during its rebuilding period and helped restore the good name of Brokers through the 2010s. She had firsthand experience of the dysregulation 2020 had on the mortgage industry, as well as the rebound year that 2021 was for homebuyers and Brokers alike, all leading into the market we’re experiencing today.

Joanne’s experience makes her wealth of knowledge, wisdom, and perspective on all forms of mortgage markets, especially as Brokers everywhere are preparing for the coming year. Joanne shares how to persevere through the tougher markets, and how to capitalize on the markets when they’re strong, to bolster your business through thick & thin markets and become resistant to the changes. 

While Joanne has empowered Brokers since the 90s, she also has an amazing knack for empowering agents and homebuyers regardless of the state of the market. Her secret? Education:

“You can’t make the market. You can’t force people to sell houses and you can’t force people to buy them. So, the best thing that you can do is educate the community you do business with. Whether it be realtors or consumers, directly get them educated. Educate yourself. Take this time to really hone your craft and really understand how to put a deal together. Know what makes Brokers so valuable, especially when compared to somebody who’s just answering a phone at a bank or a retail shop. Really know all the ins and outs, even if you have to make a niche of what you’re doing, whether it be government loans or renovation loans, just make sure you take this opportunity to really learn. Go back to basics. None of us are above going to an open house on a Sunday to go introduce yourself and see if you can help a realtor out and in turn meet some buyers. All of these things will help you get through these months or maybe even a year until the market improves.”

Key Points:

1:00 – 35 Years in the mortgage Industry, 25 years in the Broker channel

5:12 – Taking care of the consumer

13:14 – Weathering the storm” and surviving changing markets

21:03 – The Agent / Broker dynamic going into 2024

24:50 – Empowering first-time homebuyers with education

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