Are you scrambling to close loans now that the total share of business is down 50% from last year? You’re not alone– many mortgage professionals are striving to generate leads and more opportunities for themselves and their referral partners.

It’s time to tap into the First Time Home Buyer market and we have the perfect playbook and script for your initial outreach.

What is our Predictive First-Time Home Buyer Alert?

• This alert occurs when a contact in your database has a high probability of purchasing a home in the short term and has never had a mortgage before. This alert offers an incredible opportunity to refer a buyer to an agent ahead of your competitors!

How is this alert triggered?

• The contact must meet the minimum credit criteria set by your organization AND meets ONE of the following criteria:
• A mortgage inquiry in the past 18 months that did not lead to a mortgage from the attempt. This borrower has also worked to reduce revolving debt utilization in the last 6 months.
• The contact has a high home buyer predictive score because they have voluntarily closed multiple credit lines in the past 6 months. 

The value of any first-time home buyer campaign is that they might not have a buyer’s agent to work with yet. If you refer a soon-to-be buyer to an agent, you will likely gain more of their business as referral partners. 

Buying a new home, especially a first home, is intimidating and might take a long time. Not all of these people will need a mortgage right now. It’s okay! If you reach out and initiate the conversation, they will want to work with you when they are in the market. Follow the process, repeat it, optimize it, and you will see consistent results within a few months. 

The only alert that guarantees someone is in the market is a credit inquiry, but that means they have already started with someone else. Our methods are designed to help you get AHEAD of the curve so that when a contact hits our predictive score, you know they are statistically more likely to be in the market. 

The contact might not be in the market, or they are thinking about getting a mortgage but not quite ready, or they are interested and ready to move forward. You won’t know whom you are reaching out to out of those three sets of people, which is why we have a comprehensive script below for your initial outreach.

Reach out to sales@monitorbase.com or visit our website to learn more about our Predictive First Time Home Buyer Alert!

Script Example:

This script is one example, feel free to make it your own and communicate the message in your own words. 

Hi (First Name),

It's (Your Name) from (Your Company).  

Make the Connection: At this point, you want to remind them of how you know each other.  This will change the tone of the conversation from a cold call to a warm call.  For example, if you helped them with financing to buy a home 2 years ago, bring that up.  If this is a contact that an agent provided to you, let the client know the connection, for example:

We worked together a couple of years ago to buy my SUV...

OR 

I work closely with (Agent Name)'s clients...

OR

You used to work with my brother…

You get the picture: Now the conversation has relevance, now it's time to start talking about them…

You may have seen the letter or email from me recently, my system periodically reaches out to qualified clients that may be in the market, and your name popped up so I thought I would just give you a quick call and see if I could answer any housing market or mortgage related questions for you.  

Now let them talk, ask follow-up questions that will get them talking about their future plans, for example... 

Have you been looking at any new homes or thought about a move anytime in the future?

Have you looked into the value of your home, or would you be interested in having (Agent Name) give you a good idea of your home value?

Give Value: Let the conversation continue from here, with you asking questions about them.  Let them tell you how you could help them.  Remember, selling and buying a home is a complicated process.  All you are looking for in the initial call is if they have any intentions of selling in the coming months.  People don't want mortgages, they want homes.  The more value you can give, in the form of insight or answering questions, the more likely they are to open up and have a meaningful discussion.  

Differentiate Yourself: Talking about rates and terms will put them to sleep.  Rates and Terms will sound very similar from one lender to the next.  Tell them how you are unique compared to other lenders and why you like helping them find their dream home.  

Possible Next Steps:

1. They are interested and moving forward in the short term. 
2. They are thinking about it but not ready right now, maybe in the medium term they will be interested. 
1. If nothing else, follow up with an email thanking them for the time.  Now that you got them thinking, you want it to be easy to find your contact info if they do want to discuss further. 

1. Schedule a follow-up in your calendar for the next follow-up, especially if they said they might be in the market to sell in the next year. 
2. If they are thinking of selling and they want to connect with an agent, make sure to make the introduction!  
3. If they asked for follow-up information, provide that quickly and let them know you will check back after they have reviewed it.  It's up to you to always take the next action.

3. They aren't in the market 

1. Set a nurture campaign in your CRM of choice, doesn’t need to be every week, maybe just every few months. 

If they don’t answer: 

• Leave a voicemail using the above script as an outline. 
• Send a Text, if you can, with similar messaging as the voicemail. 
• Send a follow-up email. 
• Set a reminder to try again in 1-2 weeks