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
- 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.
- 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.
- 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:
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Visit our website to watch replays of our Wednesday "Elevate Business Briefings" at: www.RealEstateAssetAdvisors.org
Download a copy of my book, "If you list, you last!" at www.IfYouListYouLast.com
