Automation Limits with Peter Savage
Sam Panetta has a chat with the incredible Peter Savage of Savage Money about why you can’t automate every part of the business.
Tech and AI will make home loans easier to do. But they won’t get people’s attention for you, and that’s where every deal starts.
1) Easier loans aren’t the threat
People tell Peter they’re worried tech and AI will make home loans easier and hurt the broker industry. Of course it will make home loans easier, he says, but that misses the point.
- Tech will make loans easier.
- That isn’t the part that matters most.
2) Eyeballs come first
Before the home loan process even starts, you have to bring the person in front of you. You still have to get people’s attention.
- Attention can’t be automated away.
- No eyeballs, no deal.
3) Nobody likes paperwork
Once you’ve got someone’s bank statements, the chances of them going somewhere else are slim. Nobody wants to do the paperwork twice.
- Get the documents and the client tends to stay.
- No one likes paperwork.
4) Where tech does help
Serviceability used to mean running a lender calculator, finding it didn’t service, and running another, sometimes 27 calculators and up until midnight. Tools like Quickli changed that. Peter signed up as soon as it launched and told everyone to try it.
- Automate the grind.
- Keep the people part human.
The biggest lesson from Peter Savage
Use technology to take the grind out of serviceability and paperwork, but don’t expect it to win clients for you. Getting attention is still the broker’s job.
