Select Page

Ernie Graham is our guest in this episode. He is the Founder of Homebot, a unique app that allows loan officers and realtors to help their clients use equity to help fund retirement. We learn about how Ernie came up with this great idea and how it can be used to grow your business.

This episode is sponsored by Finmo. Finmo is Canada’s fastest growing mortgage origination platform. To find out if Finmo is right for your business visit www.finmo.ca/scott

Timestamped Show Notes

(click the timestamp to jump directly to that point in the episode.)

 

Ernie Graham is our guest in this episode. He is the Founder of Homebot, a unique app that allows loan officers and realtors to help their clients use equity to help fund retirement. We learn about how Ernie came up with this great idea and how it can be used to grow your business.

[2:45] What is Homebot and where did the idea come from?

  • It’s a financial dashboard for the homeowner that helps them save money and build wealth with their home. It’s actually a retirement plan.
  • A long time ago, I was in tech but decided to take a year off. I ended up getting into real estate and formed a ten-year career in it. I built up and sold a brokerage before deciding to come back to tech.
  • Homebot is a client portal for all of your past borrowers and current prospects. It’s real-time, private, and personalized.

[6:33] What kind of data points do you collect that people are finding valuable?

  • The first group is what some people call the “bank statement for their home.” We track the home value and loans so that we can track the equity.
  • The second set is showing people what they can do with that equity.
  • To get data initially, we can ingest all of your loan origination system data.
  • We now have the feature of adding multiple homes to a user’s Homebot dashboard.

[11:48] What is the average email open rate of Homebot?

  • The monthly email we send out has an over 70% open rate. It’s high because the email is so personal.
  • A more important statistic is what we call the engagement rate. For every 100 clients that a lender has on Homebot, you can expect 50 of them to be in their account every month.

[14:37] If I’m a loan officer, can I tell who’s been interacting with their app?

  • We’ve created a ticker of all the engagement that shows what every one of your clients is doing on the platform.
  • Every single time that you go in, there will be people who were on in the last 24 hours.

[17:26] After I already have a client database on Homebot, how do I add new loan clients?

  • Wwe have brokers who are simply exporting from their LOS into a CSV file, emailing it to a Homebot customer service rep, and Homebot is ingesting it.
  • We do have an API, but that doesn’t really help the little guy. That’s why we’re integrating Zapier.

[18:59] Who else other than loan officers and mortgage brokers are adopting this platform?

  • Our primary focus is lenders, but the elephant in the room is real estate agents.
  • We created a version of Homebot that an agent can partner with a lender on.
  • Real estate agents are usually brought into the platform by lenders, not by finding us on their own.

[23:59] At some point will there be an option to create custom modules?

  • Brands want their product to be uniquely presented in Homebot, so we’re absolutely going down that path.
  • Video is really important too, so we’re going to allow brokers to add their own video to content modules.

[27:32] Is there anything else I should have asked?

  • One thing we’ve gotten into aggressively over the past few months is buyers.
  • We’re investing heavily on new buyer experiences and being able to nurture them.

If you’re interested in becoming a deal creator, visit http://www.10loansamonth.com/call to find out more.

Finmo: https://finmo.ca/scott

Homebot: https://homebot.ai/

Email Ernie: ernie@homebot.ai

 

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!