The key to success with any group is to understand them. So, if we want to understand first-time buyers, we need to be acutely aware of their common questions and concerns, along with what they expect from their lending experience. With the current state of affairs in the industry, there is no better time to up your first-time buyer game. A high percentage of first-time buyers are millennials, so getting familiar with the wants and needs of that demographic will help immensely. Here’s what I’ve learned that first-time buyers want from their loan officer:
They Want You to Be Accessible
The millennial generation grew up with technological convenience — email, mobile phones, and text messaging have been in their lives as far back as they can remember. When you provide accessibility through the communication medium they prefer, it immediately makes them feel more comfortable; and providing comfort is incredibly important when you’re working with someone going through the biggest financial transaction of their lives. Increasing your accessibility will make the transaction smoother and reduce much of the stress that first-time buyers can be feeling. Now, I’m a big advocate for work/life balance, so by all means, set some boundaries here.
They Want In-Person Meetings
A common misconception with millennials is that they prefer digital communication above all else. This is not true. Be sure to prioritize in-person meetings with your first-time buyers. Meeting in person is particularly important in the beginning stages of the loan process; there’s no better way to build a real relationship with your clients than meeting face to face. When you begin that way, you’ll have an easier time earning trust and confidence, and likely, the entire transaction will go more smoothly. In-person meetings are the best format for explaining what to expect from the process and what you’ll need from your clients.
They Want to Be Educated
First-time borrowers from the millennial generation value education. They grew up with a world of information at their fingertips. Don’t rush them through the process — take time to ensure they understand every step before moving forward. This will go a long way to building the kind of relationship that results in repeat business and referrals. With millennials especially, providing education is an effective way to stand out from the competition and appeal to more prospects.
I hope using these tips will help you become an asset to your first-time borrower clients, resulting in stronger relationships, smoother transactions, and future referrals. Your emphasis should be less on marketing and sales, and more on building confidence and trust.
Good luck and please let me know how these tips may have helped you!
If you’re a loan officer, sales manager, or branch manager considering new opportunities, don’t hesitate to get in touch. I’d love to share with you all of the things that make American Pacific Mortgage the best company to align yourself with.
Area Manager — American Pacific Mortgage