Episode 10: JP Conklin, Founder and President of Loan Boss and Pensford: Are All Entrepreneurs Salespeople? Intellectual Curiosity as the Sales Superpower, the Importance of Empathy, Overlooked Opportunities for Collaboration, and much more!

In this podcast episode, Mordecai Rosenberg hosts Eric Rosenstock, a seasoned loan originator, to discuss various aspects of the multifamily mortgage industry. They start by discussing Eric's career journey, noting the importance of persistence, self-belief, and willingness to learn in achieving success. Eric's multifaceted role at Greystone involves building relationships, analyzing deal structures, and coordinating with various teams to ensure successful transactions.

 Discussing the multifamily loan origination process, they highlight how originators must understand the needs of multifamily owners and recommend suitable loan products. The conversation underlines the importance of trust in these relationships, emphasizing that originators must truly understand their clients' needs and communicate effectively to foster this trust.

The conversation wraps up with a discussion on market challenges, the importance of execution, and the value of knowledge and experience. They delve into the complexity of the current market, noting the challenges presented by rising interest rates and the ongoing impact of the pandemic. The pair suggest that in the face of these obstacles, more sophisticated producers with a deep understanding of their product and the market stand a better chance of success.

What separates the top salespeople from the rest of the industry. (0:15)
What’s the sales process like when you’re starting out? (1:43)
Perseverance in the face of competition. (6:44)
What’s an originator? -. (14:54)
Selling on knowledge vs. selling on sales. (17:00)
Balancing origination with family. (25:24)
How to avoid big mistakes in business and life. (30:41)
The importance of having a relationship with your clients -. (36:24)
The importance of having a mentor in the industry. (42:07)
What are you doing if you’re starting out? (49:05)
What’s the return on equity? -. (54:05)

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

In this episode, Mike Kemether, Executive Vice Chair at Cushman and Wakefield, discusses his engineering background and how he applies engineering principles to sales in commercial real estate. He emphasizes collaboration and building a team to provide the best service to clients, and shares his perspective on the state of the real estate market and the importance of strong partnerships.

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

 The story highlights the speaker's experience as a teenager working at a phone repair kiosk, where customers would frequently ask if he could fix their broken screens. The speaker then taught himself how to fix screens and began selling them at a profit, eventually sourcing them in bulk from Alibaba to lower the cost. The story also touches on the theme of listening to customer needs and responding to them in order to create a profitable business.

00:01  Introduction to this episode.
07:13  Selling screen protectors.
13:01  Being data-driven and sharing information.
15:00  Transparency creates value for both sides.
18:58  Lessons learned from John’s pitch.
25:50  The importance of having committed clients.
31:21  Comparison of debt service on a deal by deal basis.
36:45  Risk of taking a gamble.
40:38  Long term maturities and extensions.

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

SUMMARY:
Gideon Gil, Executive Managing Director at Cushman and Wakefield, is interviewed on the origination podcast. Gil talks about his early sales experiences, the importance of storytelling in sales, and how to create a sense of calm for clients during chaotic market conditions. He also discusses the trend towards bigger deals in the multifamily industry, and the role of relationships in closing transactions.

TIMESTAMPS:
0:15 - Introduction to this episode.

1:40 - What Gideon’s earliest sales experience looks like in his life

7:08 - Never Split The Difference

9:42 - What are some of the war stories that come to mind for you?

15:22 - Advice for people who want to get into the industry

20:23 - Presenting deals to an investment committee with 30 years of experience

24:47 - What is the key to telling a good story?

29:39 - How to use social media to get your message out

34:39 - Is there a “one size fits all” answer?

40:43 - The importance of getting ahead of the market in order to be ready when the market breaks

46:55 - Are there any banks or lenders starting to sell loans in distressed markets?

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

SUMMARY:
On this episode, I had the pleasure of speaking to Henry Stimler who is an Executive Managing Director at Newmark. Henry certainly knows how to go hunting for whales. Yeah, he actually closed new marks largest agency deal, clocking in at $1.85 billion. That's the kind of loan that every originator fantasizes about. Henry came to the country from England with foreign dollars, and no industry background, but somehow was able to land those types of deals within just about 10 years from entering the industry. So how did he do it? There are a couple of themes that I think you'll hear you're one is the enthusiasm and energy with which Henry approaches the business. Energy is attractive. energy and enthusiasm you make people want to be around you. And you'll hear that come across very clearly in my conversation with him. The other component that you'll hear is the idea of really focusing on the client and what's in it for them, how can you help them grow their business, it's not about selling a product, it's about helping them achieve their future. This is really an awesome conversation. 

TIMESTAMPS:
0:00 - What separates the top performers from the rest.

1:57 - What’s your earliest sales experience?

7:46 - How to get into the world of multifamily finance.

11:14 - How he got into the real estate finance business.

16:55 - What is the best piece of advice you can give someone trying to make it?

22:10 - You can act confident even if you don’t feel courageous.

28:21 - The most important thing in the multifamily business is your ability to raise equity -.

33:21 - How to get your foot in the door -.

37:03 - What’s your approach when you’re working with an originator who doesn’t want to close a deal.

41:41 - What’s the future of fixed-rate finance?

45:29 - How do you stay in contact with clients and provide value in a non-transactional environment?

52:01 - The first thing that people lose in times of distress is their future.

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

Summary:

On this episode, Mordecai speaks with Craig Branton, who is a vice chairman with Cushman and Wakefield, recorded at the end of October 2022. The multifamily market is kind of in turmoil, interest rates are up by several points, and so sales have grounded to a halt and refinancing has slowed. So what do you do as a salesperson? What do you have, when you don't have something to sell at that current moment where the where the market is not very transactional. We dive into these questions with Craig, who shares really great ideas on what you can do during this time. 

Timestamps:

0:15 - What Do You Do When You Don't Have Something To Sell?
1:41 - Craig’s Earliest Sales Experience
4:57 - How Sales Training Is Different From Sales Training
11:07 - The Importance Of Cold Calling vs. Networking
17:11 - Demonstrating Differentiated value
22:04 - What Is The Most Difficult Part Of The Business?
25:37 - The Importance Of Taking On Deals That Have A Reasonable Chance Of Going Sideways
31:35 - Selling People Like To Get High And Hope
36:21 - Why People Do Business With You
43:31 - Advice To Clients
47:40 - What’s Happening With FHA Financing
51:41 - What’s Going On In The Multifamily Market Today
56:35 - How To Measure The Success Of Your Database

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

Building knowledge is incredibly important, but the anticipation of what's around the corner can be even more important for an originator. Aaron Krawitz is excellent at both. He is the founder and CEO of Bravo Capital, and offers his perspective on the importance of the originator's role in loan sign ups, how to build your brand, and how to continuously grow and build your skills and knowledge.

TIMESTAMPS: 

1:22 - Aaron's Earliest Sales Experiences

8:04 -  We’ve Surrounded Ourselves with an Exceptional Team

15:48 - Starting as an Analyst vs. an Underwriter

20:22 - How to Make a Craft at Origination 

25:32 - What’s Your Formula for Underwriting and Closing?

31:31 - Preparing Your Team for Their Next Job

35:29 - Building Your Own Brand and Building Your Own Platform

42:16 - The Benefits of Having a Regional Approach in the FHA Space.

48:04 - What is the Off Ramp From Origination?

53:51 - How Do I Best Serve My Customers?

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

Andrew Dansker has carved out a niche in the origination world, and has used his unique value proposition to create an incredibly strong referral source of business. He walks us through his journey during this episode, as well as discusses that impossible thing for a sales person: work life balance.

TIMESTAMPS: 

11:23: How To Align My Interests With the Interests of People I'd Like to Have as Referral Sources

13:06: Understanding What You're Selling

27:32: Growth and Learning Over Time 

29:30: What You Do vs What You Do Well 

37:39: Making Your Referral Source Look Good 

38:39: Work Life Balance 

46:41: At What Point Can You Start Setting Limits 

51:09: Advice For Newer Salespeople 

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

Mordecai interviews top originator, Shana Daby of Greystone, in this 34th episode. Shana discusses her path from underwriter to originator, the similarities between selling and teaching, focusing on service, and her drive to take on the complex and "hairy" deals.

TIMESTAMPS: 

02:00-05:07   Early Sales Experience 

05:07-07:13   Transition into Lending

08:38-11:16    Selling vs Teaching: The Similarities

12:41-15:11    Selling the Long Term

15:11-20:07    Inflation 

23:10- 30:03    Brokered vs Direct Business

30:04-32:59    Focus on Service Over Product

37:42-40:24    You Can Do Nothing Wrong and Still Lose

44:40-49:07   Accountability

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt

What do you do when interest rates start to move on you? What do you do when they're now up half a point or a point from where you started? How do you keep the client still invested in the outcome? Tune in and learn from the best, the professor himself, Joe Averbook. 

TIMESTAMPS: 

02:00-05:07  Early Sales Experience 

05:07-07:13  Transition into Lending

08:38-11:16  Selling vs Teaching: The Similarities

12:41-15:11  Selling the Long Term

15:11-20:07  Inflation 

23:10-29:59  Brokered vs Direct Business

30:04-32:59  Focus on Service Over Product

37:42-40:24  You Can Do Nothing Wrong and Still Lose

44:40-49:07  Accountability

lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt