By now, most loan officers know that millennials are a valuable target market. Representing a large portion of the population with a large buying power, millennials are a demographic that’s worth investing in. LOs need to market to them effectively to gain them as clients and deliver great service to strengthen their credibility. This is a group that tends to put a lot of stock in reviews, testimonials, and word-of-mouth referrals, so success with one can often lead to more business down the line. While most LOs don’t need to overhaul their customer experience just to cater to millennial clients, a few tweaks and adjustments can go along way. Read on for a few tips to succeed with millennial clients:
Fulfill an educator role
Millennials are often first-time homebuyers, meaning they’re new to the lending process. This means they’ll need your help learning the in’s and out’s of the process. They’ll want to feel involved, so LOs should act as a resource, breaking down complex topics to make them more manageable without being condescending Patiently walk millennials through the process, giving them options and consulting them; they’ll appreciate your effort and approach.
Use more digital tools
One standout way to please millennial clients is to embrace digital options in the lending process. The generation known as “digital natives” will appreciate you having online options for applying, submitting documents, and communicating. If you don’t already use a mobile app with clients, it’s an appealing feature to many millennials who appreciate an easy means to send and receive simple paperwork and communicate quickly and efficiently. Apps also create an easy way to set up tasks and notify each person when one is completed, making the process more streamlined.
Be flexible and accessible
Despite what some negative stereotypes may suggest, millennials actually tend to be hardworking. When it comes to work, they’re often expected to be “on” at all times, meaning they’ll answer work emails at all hours. As a generation that grew up with cell phones, instant communication is their norm. Because of these tendencies, millennials often expect similar accessibility form their loan officer. The more flexible you can be with your availability for meetings and calls, the more likely you’ll be to win them over. Though maintaining work-life boundaries are important, having some extended windows for checking emails and texts is often appreciated by this generation.
Stay up-to-date with technology
Research shows that the average age of loan officers today is 54 years old. This means that many grew up with a different connection to technology than millennials did. Whether you grew up with a smartphone in hand or not, keeping up to date with technology trends and advancements will help keep you on the same page as your millennial clients. The last thing you want is to appear out of touch. This demographic tends to trust LOs who understand newer technology and can use it to make the lending process more efficient and streamlined. This begins by having a strong online presence to reach them in the first place. Once you’ve earned them as clients, continue to keep digital lines of communication open.
Prioritize in-person engagement
Though staying current with technology is key, it shouldn’t be at the expense of in-person communication. Make sure you provide a means to connect with millennial clients more personally. Negative stereotypes paint the narrative that millennials would rather interact with robots, but real research shows this isn’t usually the case. In general, studies show that the average millennial values a personal connection with their loan originator just as much as they value efficient digital communication options. They want to be able to meet in person and form a connection with their LO, so originators need to maintain a balance between the different forms of communicating and connecting with clients.
With millennials taking charge in the housing market, loan officers need to effectively deliver quality service to meet their unique needs and preferences. With many millennials in the habit of leaving online reviews, seeking advice from their community, and looking for testimonial evidence, delivering great service to them can help your mortgage business thrive.