PERSON OF THE WEEK: How do you stand out in a crowd of mortgage lenders? For David M. Gaffin, the answer is to show your expertise online. Gaffin, who is a senior loan officer at Greenpark Mortgage Corp. in Needham, Mass., is the creative force behind The Massachusetts Mortgage Blog, which focuses on real estate finance issues that impact his state. MortgageOrb spoke with Gaffin about using a blog to build awareness and bring in new business.
Q: When did you begin The Massachusetts Mortgage Blog, and what was the inspiration for its creation?
Gaffin: I began this blog in July 2010. I had a dedicated website, TheTotalMortgage.com, which I had created at a former employer. However, updating it was difficult. So it just sat there, although I marketed it through the usual methods – e-mail, business cards, etc. I had a steady stream of visitors but a very low conversion rate, and I did not do a great job of lead-capturing.
As part of my marketing legs, I changed chapters of BNI and met a great attorney named Richard Vetstein. He is ahead of the curve when it comes to social media – his blog, Massrealestatelaw.com, is, I believe, the No. 1 blog in New England and No. 2 in the nation for real estate legal blogs. Rich and a partner created a separate enterprise devoted to Realtors to bring them into blogging and social networking.
I was a novice when it came to blogging, but I have opinions on what is happening in the mortgage marketplace and felt that consumers, realtors and others could benefit from learning about these changes and developments. I sought Rich's advice and with his and his company's help, I created The Massachusetts Mortgage Blog.Â
Q: What is the blog's Web traffic, and what kind of feedback have you received to date?
Gaffin: I really had no idea what to expect with the blog, so any traffic I generated was great. At the beginning, I would check the site stats and be thrilled if I got 10 hits in day. One of the important things about blogging and social media for a newbie is that it is a learning process and, if done diligently, should, at some point, grow your traffic and views exponentially.
Currently, I am getting about 1,000 hits a month. I would like to get between 5,000 and 10,000 hits by the blog's anniversary, and I have a lot of work to get it there. I have received very positive feedback from my readers, who are from all over the country and even from the U.K.
I would like to generate more discussions on the site, and my goal is to position myself as a trusted and knowledgeable professional. I use the blog as a secondary introduction when I am networking with Realtors, financial planners, etc. You can meet someone for five minutes at a networking event and hope to make a good impression – but if I can get them to my blog, then they can really see how I think, and how my job is to find the best solutions for my clients.
Q: Have you been able to channel new business from the blog audience to your Greenpark Mortgage Corp. office?
Gaffin: Since its inception, I have picked up five or six deals as a result of the site. In today's market, a Realtor referral is the first step. I ask all of my business partners to refer prospective clients to my blog. Typically, Realtors will give out two or three names to a client for financing, and although I work at the second-largest private lender in Massachusetts, large banks still have consumer recognition. I need an edge to get them to me, and I feel like the blog is that edge.
I often discuss programs like U.S. Department of Agriculture loans on the blog, and many consumers are unsure how these programs work – but have heard they may be good for them. Having that information out there positions me as an ‘expert’ and someone who can help. I have a client who is a financial planner who wasn't sure he was ready to go with me, until he read my blog pieces and recognized that I was more than qualified to help him with his needs.
Q: What advice would you give to loan officers who may be considering starting their own blog?
Gaffin: Blogging is not for everyone, and it should be a coordinated approach along with LinkedIn, Facebook and Twitter. Additionally, if you can get on a popular blog's webroll, you are exposed to a much greater audience than you can generate yourself, which will increase your traffic.
At the beginning, you will spend many hours putting this together, but once you move up the curve, it becomes easier. For many in the industry, given the rapid rate rise, time is more available to be spent on these ideas. All of the social media in the world will not ensure success – you still have to get out and press the flesh – but it can greatly enhance those efforts.
Q: And since we're talking about the Bay State, how would you categorize Massachusetts' residential housing market today?
Gaffin: Well, the weather has finally warmed up a bit and it has stopped snowing. What I see is that in the metro Boston area, the spring market is in full force. This is due to the higher concentration of condos. In the suburbs, while we are seeing buyers, most would like to wait until they can actually see the roof under all the snow and ice and see if, in fact, there is grass on the ground or nothing but dirt before they buy.
I expect the next couple of weeks to pick up. This is especially important for Federal Housing Administration buyers who are facing increased mortgage insurance premium factors for case numbers assigned after the beginning of April.
Appraisals may become more of an issue, due to the lower number of sales in the market. But again, the suburbs and Central and Western Massachusetts will be more affected by this.
