How to build a $100M Reputation with Rolan Cochran

‍Summary

Roland Cochrun emphasized that a loan officer's personal reputation, authenticity, and likability are the most effective strategies for attracting loans and building genuine referral partnerships, contrasting this with the ineffectiveness of manufactured reputations, traditional marketing, and "hustle culture." Roland Cochrun advised loan officers to focus on sharing their true personal interests to build genuine connections, become more inspiring through unique activities, and shift milestones from monetary goals to staffing and self-removal from daily operations for faster business growth. Alex Hernandez agreed with the need for clarity in identifying dream referral partners and positioning oneself as a linchpin in their partners' businesses, while also highlighting the practical necessity of "hustle" during the initial phases of a business.

Details

• Personal Reputation as a Loan Generation Strategy Roland Cochrun highlighted that a strong reputation is the most effective way for loan officers to attract loans, arguing that manufactured reputations, especially with the prevalence of AI, are ineffective (00:02:21). He emphasized that success in the industry is often not due to having better rates or products, citing examples where top loan officers sell high rates and inferior products (00:05:59). Roland Cochrun shared that their first business exploded in referrals after they quietly quit and started focusing on personal development and sharing those experiences, which proved more successful than traditional marketing (00:08:14).

• Loyalty in Referral Partnerships Roland Cochrun expressed frustration over the lack of loyalty from referral partners, contrasting it with the loyalty observed in other industries, such as their friend's brewery business. They explained that the constant need for nurturing and providing trinkets to maintain loyalty burnt them out (00:03:33). Roland Cochrun noted that the uncertainty of where leads come from is a major issue in the industry (00:05:13).

• The Importance of Likability and Authenticity Roland Cochrun stressed that people choose to work with people they like and that loan officers need to be known and liked to gain a reputation that brings in loans (00:11:34). They advised against pretending to love the job, acknowledging that most people work to finance their lifestyle or eventually transition to a passion project (00:13:18). Roland Cochrun encouraged loan officers to share their true personal interests, such as parenting or real estate investing, to attract attention and build a genuine connection with potential clients (00:14:12).

• Marketing and Client Perception Roland Cochrun criticized traditional loan officer marketing tactics like giving away free items or hosting events, arguing that they often appeal to people who are not ideal clients (00:12:28). They asserted that people use social media for entertainment, not for preparing for a future mortgage (00:13:18). Roland Cochrun stated that loan officers should stop focusing on unique products since many people in the industry offer the same services, and instead focus on becoming someone people genuinely admire (00:10:42) (00:17:39).

• Shifting Economic Dynamics and Trust Roland Cochrun discussed the current economy where traditional marketing methods have been overused, making it difficult to hustle people into purchases. They argued that the primary driver for decisions is whether people want their children to grow up to be like the professional they choose, citing Shayla Gifford as an example of an industry leader with an inspiring personal life (00:15:54). Roland Cochrun mentioned that with widespread awareness of sales funnels, transparency and authenticity are more crucial than ever (00:17:39).

• Becoming More Likable Alex Hernandez asked Roland Cochrun how to become more likable and magnetic to clients (00:18:37). Roland Cochrun responded that likability is not manufactured; instead, individuals must be inspiring and interesting (00:21:07). They encouraged bravery, courage, and engaging in unique and humanizing activities like starting a nonprofit or a jewelry store to stand out from the abundance of "hustlers" (00:22:47).

• Clarity on Target Partners and Positioning Alex Hernandez shared their strategy of focusing conversations on their partners' goals and positioning themself as a "lynchpin" in their partners' businesses by prioritizing their interests and ensuring deals close successfully (00:24:32). They emphasized the need for clarity in identifying the "dream referral partner" and determining the type of person needed to attract them. Roland Cochrun agreed and quoted Seth Godin: "people like us do things like this," suggesting that success comes from aligning with the desired partner (00:26:17).

• The Concept of "Looking Dialed" Roland Cochrun suggested that Alex Hernandez could scale back some efforts because Alex Hernandez already "looks dialed" to clients, which is attractive to "whale" real estate agents (00:27:06). Looking "dialed" means presenting as efficient and organized, which can be communicated through social media posts that detail meticulous workflow processes and continuous optimization (00:27:58). Roland Cochrun noted that the only thing agents truly care about is ensuring the lead is not mishandled (00:28:47).

• Effective Communication with Real Estate Agents Roland Cochrun recounted an interaction with a successful real estate agent who expressed dislike for loan officers calling or visiting their office to ask for business. They suggested that social media offers a less intrusive way for agents to learn about a loan officer's reputation and expertise than traditional methods like bringing donuts (00:29:35). Roland Cochrun advised that if a loan officer lacks an interesting life, they should make their life more interesting to be a desirable referral partner (00:31:23).

• Critique of "Hustle Culture" Roland Cochrun expressed an anti-hustle culture stance, describing it as a "shitty way to live" and only useful if there is a plan to stop. They argued that hustle often involves selling something invented by others and hinders the pursuit of purpose or calling (00:32:21). Roland Cochrun stated that "hustle's for amateurs" and is generally unimpressive, while "value makes you money" (00:34:16).
• Hustle and Business Phases Alex Hernandez acknowledged Roland Cochrun's perspective but highlighted that there are phases in business, and a new loan officer might need to hustle more to gain initial momentum (00:35:48). Alex Hernandez shared their personal strategy of defining work volume based on funding specific investment goals, such as paying off real estate assets, rather than just hitting a random loan volume goal (00:36:35).
• Shifting Milestones from Cash to Staffing Roland Cochrun encouraged loan officers to shift their focus from money milestones to staffing milestones, defining the volume needed to replace themself and hire additional staff (00:37:36) (00:39:45). They suggested that a business owner's mindset focuses on consistent referrals and self-removal from the daily operations, leading to cash flow (00:39:45) (00:41:37). Roland Cochrun emphasized that getting out of the business allows for "full-time reputation building," which drives business growth faster than being bogged down with loan processing (00:40:42).

• Financial Management in a Cyclical Business Regarding managing finances in a cyclical industry, Roland Cochrun stated that most people's dreams are misaligned with their spending habits (00:47:24). They advised living beneath one's means to maintain "nimbleness" and the ability to deploy marketing efforts (00:48:19). Roland Cochrun recommended dedicating funds to coaching and masterminds rather than expensive marketing, suggesting that most effective marketing is free (00:50:17).

• Strategic Investment in Coaching and Education Roland Cochrun recommended hiring a one-on-one coach for a minimum of $2,500 per month and attending two to three conferences annually for industry stimulation (00:51:12). They also advised attending "intensives" focused on specific skill sets outside of the mortgage industry to gain new marketing and communication strategies (00:52:02). Roland Cochrun cautioned against hiring coaches whose first success was coaching and encouraged ensuring credibility (00:54:26).

• Marketing to "Whales" Roland Cochrun noted that "whales" (top real estate agents) have seen everything and are typically interested in self-mastery and topics beyond business. They suggested engaging them through discussions on personal growth, like sharing experiences from their ISA trips (00:55:18). Roland Cochrun shared a strategy of hosting high-level masterminds focused on self-mastery and entrepreneurial thinking that are "way bigger than business," often bringing in external experts for the first event (00:56:11).

• Charging for Masterminds Regarding charging agents for masterminds, Roland Cochrun presented two views: charging ensures attention, but not charging often results in higher attendance, especially from "whales" who view low costs as an indicator of low value. They preferred to offer masterminds for free unless the expenses were substantial, encouraging selectiveness in invitations to maintain a high-caliber group of attendees (00:56:53).

• Mastermind Group Composition Roland Cochrun advised that mastermind groups should consist of individuals at the elite level, whom they referred to as "whales". Cochrun emphasized that it is more beneficial to hire only "whales" and noted that these individuals prefer networking with "whales" from different industries rather than their direct competitors (00:57:45).

• Preferred Networking Environment Roland Cochrun expressed that while they do not mind competitors being present at a "whale party," they would prefer to be invited alongside "heavy hitter[s]" from other sectors, such as insurance, CPA, or a big law firm. Alex Hernandez agreed with this approach, finding the idea of including more whales from other industries "fantastic" (00:57:45).

• Meeting Conclusion Alex Hernandez noted that the discussion had lasted one hour and indicated that they did not want to take up too much more of Roland Cochrun's time. Roland Cochrun confirmed the need to conclude the call, stating they had another group to attend (00:57:45).

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