The Road Less Traveled: An Interview with Mike Moffitt!

Mike Moffitt, US Bank Home Mortgage, says that if you are hurting for business and are not working with first-time homebuyers—“you are missing the boat”!   1st timers made 40% of all purchases over the last ten years.  So, if you are not working with this group of people, you are instantly eliminating 4 out of 10 home buying clients. 

Hey, maybe you want to compete with everyone else for the other 6 clients. But then again, you may want to take the road less traveled.  

Read Mike’s Interview for

Why loan officers don’t like to work with 1^st time homebuyers.

How to market to this niche.

How to get them to attend seminars.

What the seminar content should cover (Hint: It’s not loan programs).

How to refer them to real estate agents.

Karen:  If 4 out of 10 purchase transactions are 1^st time home buyers, why don’t all originators work with this niche?

Mike:  There are several reasons.  One of them is that they may not be able to offer FHA, no down or 103% mortgage options.  A second reason is that it could be 6 to 8 months after you start to work with them—that they are ready to buy a home.  Another reason is that they may not know HOW to market to them. 

Now, that’s the average time period, but it doesn’t mean that everyone is that way.  Some are immediate.  But if you stick it out and market to them on a consistent basis, then all of a sudden, you’re starting to get very significant amounts of business from your efforts.

Karen: You have said that one of the quickest ways to build your database is to regularly hold 1^st time homebuyer seminars.  What are some of the marketing tactics you have used to get people to attend?

Mike:  The really great thing about marketing to them is that you know where to find them.

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