In this episode we’re joined again by Dave Sims from Floify, which is an app that allows you to manage your deal process. Dave was first a guest back in December 2016, and Floify has had considerable growth since then.
Timestamped Show Notes
(click the timestamp to jump directly to that point in the episode.)
[2:57] How did you get into this? I know you didn’t start with a mortgage background.
- I’ve always been a software developer, and I have another company that continues to go strong.
- My wide and I moved to Boulder, Colorado and refinanced our home seven years ago.
- Going through that process, I knew that it could be done in a much better way for everybody involved.
[4:37] How did you go from seeing the process was broken to actually building a solution?
- I had been thinking about it and talking to a couple of close colleagues, and we just decided to go ahead and do something about it.
[6:36] Where did the name Floify some from?
- The other company I have is all about workflows, so we tried a different play on that.
[7:34] What is something you failed at and what was the lesson in it?
- I’ve tried to start multiple businesses, and only two of them have worked out. It’s important to know when to throw in the towel and when to keep going.
- I remember wondering if Floify was still worth working so hard for, and then I suddenly had a great sales month.
- We bought and hit a mailing list of loan officers. It’s not really cool, and we only did it that one time. That’s what brought us the success that month. It was a last-ditch effort.
[13:51] At what point did you realize Floify would be even bigger than you thought?
- Our monthly recurring revenue got high enough to make me think it was time to hire a salesperson.
- One thing I learned along the way was when you’re ready to hire your first salesperson, don’t hire one. Hire two.
[15:54] How did you teach your salespeople to be effective?
- When I was training my first two salespeople, I just trained them on what I did.
- In the beginning, I hired people that I would want to buy from, and it worked. As we got bigger, that changed.
[18:04] If you were to start a new software business, what do you think you would do?
- I would not start a third business. It’s very hard.
[19:20] How would you describe Floify in thirty seconds?
- “Floify streamlines and simplifies the mortgage process.”
[20:24] Have you ever done any analysis on how much time Floify saves the average loan officer?
- Our highest-producing customers tell us that they have been able to cut days off of their process.
- One of our highest producers does about five-hundred loans per year with a team of about six people.
[21:22] What do you think is the one thing that’s made you successful in building your company?
- I move fast and try to talk to customers as early as possible.
[21:45] When a customer comes to you with an idea, how do you know if it’s a good one?
- We talk to our customer-facing staff about what they are hearing, and then we talk to our customers.
[24:16] What is one book you would recommend?
- I will give you a name instead: Jason Lemkin. He’s a software guy, and I’ve learned so much from him.
[24:50] If you had to invest $1,000,000 in business, where would you spend it?
- I’d put it in post-sales customer service and support. We love taking care of our customers after the sale.
If you’re interested in becoming a deal creator, visit http://www.10loansamonth.com/call to find out more.
Broker Help: https://www.brokerhelp.ca/
Dave on Twitter: https://twitter.com/floifydave
Dave on Instagram: https://www.instagram.com/floifydave/