Demo Framework

Question 1

1. Pleasantries

Answer 1

a. How their day is going
b. Ask see/hear/camera
c. 30min, hard stop? Sometimes demos go a couple min over

Question 2

2. Agenda

Answer 2

a. I’d love to learn more about you, but given that I was the one who reached out to you, my guess is you’d probably rather have me share some context about me first.
b. Challenges LOs are experiencing
c. Product
d. Cost
e. Curious why they’re looking to Homebot. But anything else to make sure we cover?

Question 3

3. Familiarity

Answer 3

Ask familiarity of Homebot 1-10

Question 4

Challenge #1

Answer 4

a. Competition, losing out to competitors, competitors getting to clients first

Question 5

Root Cause #1

Answer 5

b. Not differentiated enough when it comes to the value they provide. Could close on time, be communicative, all great things but from the hundreds if not thousands of demos I’ve done, I can speak from first hand experience that all loan officers use the same systems and technologies

Question 6

Data #1

Answer 6

c. Do you know what the largest demographic of buyers are? Millennials. And what do they expect? To be met where they’re at which is where? So when 38% of buyers are millennials, it’s critical to provide the best technology to them

Question 7

Challenge #2

Answer 7

Not getting enough referrals from referral partners

Question 8

Root Cause #2

Answer 8

Why? Because loan officers today aren’t providing enough value to them. Days of coffee and donuts are over. What’s the best way to provide value to your agents? Referrals.

Question 9

Data #2

Answer 9

When agents use three lenders on average, question is are you one of them?

Question 10

Challenge #3

Answer 10

Retention, not enough clients come back for another loan, biggest unrealized challenge

Question 11

Root Cause #3

Answer 11

Hard to provide consistent value after the loan is closed in order for them to remember you

Question 12

Data #3

Answer 12

1 in 5 people use the same loan officer twice, thousands of dollars are slipping through the cracks every year

Question 13

5. Experiencing

Answer 13

These are the most common challenges I’m hearing, curious for you, do any of these stand out in your world today?
a. If not, what is the biggest challenge they’re facing?

Question 14

6. Discovery

Answer 14

a. Can you help me understand what you feel like isn’t working?
b. Why do you think that is?
c. Walk me through what you’ve already tried to help with that?
d. Summary rephrase, am I hearing that all correctly?
f. I’m curious, how are you keeping the relationships with past clients and agents warm today?
g. Thanks for sharing

Question 15

7a. Cost

Answer 15

Business for the majority of loan officers looks like this. Heavier on new business, lighter on repeat. Would you agree that this is usually the case?

Question 16

7b. Cost

Answer 16

Why is this a problem?

Question 17

7c. Cost

Answer 17

Costs exponentially more to do brand new business than it is to do repeat business. Can you think of a time when you closed a loan for a repeat client vs a new client? Was probably a totally different experience right?

Question 18

7d. Cost

Answer 18

Most people would reuse or refer their lender. So why is repeat business lighter than new business? You probably have a lot of clients who tell you they’d reuse or refer you right? I can tell you create a great customer experience. But fast forward just one year, the reason why repeat business is lighter than new business is because ¾ of people couldn’t remember their lender’s name.

Question 19

7e. Cost

Answer 19

So if ¾ of people forget their loan officer’s name after just one year, and 10% of databases transact each year, that means there are a lot of transactions slipping through the cracks that most loan officers aren’t aware of.

Question 20

7f. Cost

Answer 20

So if we took 10% of your database, how many people would that be? 50? 100? 200? (Take out calculator)

Question 21

7g. Cost

Answer 21

When thinking about low referrals and low retention, do you have a sense of what that’s costing you every year?

Question 22

7h. Cost

Answer 22

Totally fair, most loan officers I talk to haven’t broken it down like this before either, but is it alright if we figure it out together?

Question 23

7i. Cost

Answer 23

Let’s say these 50 here are from your database. Now 10% of them, are going to transact this year. At this moment in time, do you have a way of knowing who those 5 people are?

Question 24

7j. Cost

Answer 24

So if just 1 of these 5 goes somewhere else, what would that cost?
a. Do you have a sense of what your average loan size is?
b. And I assume you make 1% of the loan?

Question 25

7k. Cost

Answer 25

This is kind of a hard question, but do you have a ballpark, general idea is totally fine, of what your retention rate is if you had to guess?

Question 26

7l. Cost

Answer 26

That’s okay, would it make sense then to go off of industry averages?

Question 27

7m. Cost

Answer 27

The industry average is 20%. Does that feel right to you or do you feel like yours is higher or lower?

Question 28

7n. Cost

Answer 28

How much higher (or lower)?

Question 29

7o. Cost

Answer 29

Great. So out of these 5, based on your retention rate of x%, x will come back but that still leaves x people who won’t which (# of people) x ($ per loan).

Question 30

7p. Cost

Answer 30

Now if we did the same math for x people expected to transact this year, what does that come out to in dollars? So retain x%, what number did you get? I want to make sure it’s the same as mine.

Question 31

7q. Cost

Answer 31

Does that seem right?

Question 32

7r. Cost

Answer 32

If you increased your retention rate by even just a few percent, what would actually change? Like what’s the first thing that comes to mind if you had a few more loans every year?

Question 33

7s. Cost

Answer 33

So now the question is how do we close those gaps so you can make thousands of more dollars every year and (get what they told you would change)?

Question 34

7t. Cost

Answer 34

So as I mentioned before, after talking to hundreds, if not thousands of loan officers, they all have pretty much the same systems because that’s just what they were given and taught.

Question 35

7u. Cost

Answer 35

And unfortunately, those systems don’t cover the entire customer journey, because if they did, the industry average retention rate wouldn’t be 20%. Right? And for the systems that do cover the entire journey, it’s usually 4-5 different tools that are a hassle to keep track of and cost $100 or more for each one. Sound familiar?

Question 36

7v. Cost

Answer 36

So if we use an analogy here for a moment, and just a quick warning, it’s a little cheesy so hang in there but it’s effective okay? Imagine your clients are driving a car down a road, and in the road, there are potholes everywhere and if they hit one which is inevitable, especially where I live in Denver, they get a flat tire. Now that flat tire, represents a life event. That could be marriage and buying their first home, having a baby and buying more space, a new job and needing to move, whatever it is, every time your client gets a flat tire, aka has a life event, that’s an opportunity for your client to go somewhere else and Homebot fills every hole in that road so they stay with you throughout their entire journey.

Question 37

7w. Cost

Answer 37

Now how Homebot actually fills those holes, is by surfacing the people, that 10% we talked about, who are most likely to transact in the next 9 months.

Question 38

7x. Cost

Answer 38

So we identify opportunities for you based on their engagement within our platform so you get to them before anyone else does and aren’t chasing people who aren’t ready to buy.

Question 39

7y. Cost

Answer 39

The best part, is that instead of having 5 different subscriptions for 5 different tools, everything is under one roof and simplifies everything. The predictive analytics, the lead gen, the retention, the agent intelligence. All of it. All we’re doing is simply just optimizing your database so you help the people who are ready, while we nurture the rest.

Question 40

7z. Cost

Answer 40

Now since our inception, we’ve sent out almost half a billion Homebot reports. The only reason why that number actually means anything is not because it’s a massive number, but because clients actually look at their Homebot. We see an email open rate of 75% month over month, and a unique monthly engagement rate of 32%. Compare that to the industry averages of 21.7% and 3.6%, Homebot becomes a no-brainer.

Question 41

7aa Cost.

Answer 41

Now if Homebot still isn’t a no-brainer, when your clients get Homebot from you and are moderately engaged, they’re 1.5x more likely to transact with you. And your clients who are highly engaged, are almost 4x more likely to transact with you. To translate, loan officers who are not providing Homebot to their clients are literally shooting themselves in the foot.

Question 42

7bb. Cost

Answer 42

Ultimately, Homebot will help you close more loans, so your business goes from looking like this… to this…

Question 43

7cc. Cost

Answer 43

Now we’re about to go into the product itself, but before we do I’m want to touch on what Homebot comes out to on a monthly basis. Do you have a specific budget in mind for solving the retention problem we talked about earlier?

Question 44

7dd. Cost

Answer 44

Totally fair, so instead of paying $500 a month for 5 different tools, Homebot is entirely month-to-month, no contracts, and only $200 a month. Now some top producers using Homebot today are paying up to $2,000 a month since they have massive databases. Do you see yourself anywhere in that range of $200-$2000?
a. (No) Totally fair, I know everyone is looking to keep their expenses low so I completely understand. Having said that, this may be a pretty short conversation. I do have one last question for you though if that’s alright?
b. Take me, take Homebot out of the picture, after we hop off this call, what’s your plan moving forward to prevent $x from falling through the cracks every year?
c. Does it make sense to keep going then?

Question 45

7ee. Cost

Answer 45

Cool. And for most loan officers, they have a lot of flexibility when it comes to the tools they use, is that the case for you as well, or what does that look like for you?

Question 46

7ff. Cost

Answer 46

I really appreciate everything you’ve shared. Without going too deep into the product, we’re going to cover the 4 main parts. Homebot for Homeowners, your past clients, Homebot for Buyers, anyone you’re actively working with today or in the future, partnering with real estate agents, and our agent intelligence tool.

Question 47

7gg. Cost

Answer 47

Any comments, questions, or concerns before we go into the product?

Question 48

8b. Partner Intel

Answer 48

Absolute game changer. It’s easier and more intuitive to use than any market intelligence tool out there

Question 48

8a. Partner Intel

Answer 48

We know agent partnerships are at the heart of everything LOs do

Question 49

8c. Partner Intel

Answer 49

Significantly better data, across 100 zip codes, listings in Partner Intel appear 12 days before our industry competitor, 11k more, resulting in $5.9B gap in transaction volume, only 100 zip codes

Question 50

8d. Partner Intel

Answer 50

You’ve heard of chatgpt right? We’ve essentially created our own which is being released In a few weeks, and you’ll be able to ask extremely complex questions like “who are the top 10 agents with the highest buy-side volume in Denver with the largest portion of jumbo loans?” Just insane. Absolutely game changing, no one else will have this.

Question 51

9a. Closing

Answer 51

Based on the math we did earlier we know if nothing changes, there’s potentially $x that will fall through the cracks this year and if we increased your retention by even just a few percent that would allow you to (get what they wanted). Based on all that, does it make sense to get you set up?

Question 52

10a. Objection Handling

Answer 52

a. How many loans would you need to close for Homebot to pay for itself?
b. And if 10% of your database is expected to transact this year, how many is that again?
c. So with that, and considering Homebot is entirely month to month, what do you see being the worst case scenario?