Ryan Hollis with RESource TV just interviewed Barry Habib on their Masterclass and he dropped this truth bomb in the presentation:
Barry Habib: The big picture that I want everybody to just think about, though, is that yes, we all compete. Of course. Everybody’s competitive. So, you can be broker versus banker or even in the broker community, you compete for a loan.
Or the banker, you compete. Everybody’s competing for that loan. There’s only one person that gets the loan. There’s no second box, right?
Ryan Hollis: Yeah.
Barry Habib: You don’t say, “Oh, you kidding? That guy? Great. He got a new …” It’s winner take all.
Barry Habib: So, but here’s what I want everybody to please understand is that you’re brothers and sisters. Brokers or bankers, these are all good people, number one. And the real enemy that I’m worried about is the FinTech companies, because they …
Barry Habib: Look.
Ryan Hollis: 100%.
Barry Habib: Richard Barton pretty much has said, “He wants to eliminate you.” And he did it to travel agents.
Barry Habib: So, Richard Barton, if you don’t know, he’s the CEO of Zillow, and he’s a genius. He’s brilliant. I mean, these are really smart people with no shortage of funds to back them up that are trying to take your business away from you. So how do we do it? We’ve got to be smarter, we’ve got to be better and serve our customers and our real estate agents to the best of our ability.
Ryan Hollis: Yeah. Yeah, I do. I love both sides. I look at the independent mortgage bankers and brokers, as you said, brothers and sisters competing for business, friendly. But I agree, man. We have a bigger competitor-
Barry Habib: Respectful.
Ryan Hollis: … that has way more money than any of us combined. So, they leverage that. It’s going to be a different world. And so I think we should work together to fight against those Fin Techs. I’m glad you called that out as well.
Barry Habib: Yeah, yeah. I mean that’s an important thing. Like I said, brokers, bankers. They’re all such great people. You know what I mean? They’re good people out there. I do think that it’s very important for us to understand that the way that we’re going to protect ourselves from this onslaught of FinTech is to truly be an advisor and not the BS of putting it on your name tag and calling yourself one. You can’t get what you don’t have. If you want to give advice, you really have …