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While Cohen admitted that he wasn’t initially a big fan of social media, his perspective changed approximately two to three years ago. He now recognizes the value of digital marketing channels, favoring them over traditional print methods. One of his notable marketing efforts includes a newsletter that features updates and commentary, which has received a favorable response from his sizable client base of around 5,000 to 6,000 individuals.
“While I understand that other individuals in the industry may have large sales teams and impressive numbers, my focus is on delivering personalized service and maintaining close connections with clients,” he said. “Last year, my business generated $900 million in transactions, which I consider a significant accomplishment given my location in California and the challenges posed by the market size.”
Secret to building resilience
Over the past few years, the industry as a whole has faced numerous challenges. When asked about how he has navigated these difficulties, Cohen shared his strategies for overcoming them.
“The current market dynamics, particularly in the jumbo mortgage segment, are not expected to undergo significant changes,” Cohen said. “This is because major US banks, including Wells Fargo and others, have already reached a saturation point in wholesale business and are more focused on reducing their mortgage operations rather than expanding them.”
While agency paper lines still exist, the current interest rates have significantly reduced the number of transactions in this category. In response, Cohen has shifted his focus to non-qualified mortgage (non-QM) loans, which have a sizable market. By working with two trusted entities in this space, he has gained more control over deals, ensuring efficiency and avoiding unnecessary complications.
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