The millennial demographic is a key player in the mortgage industry. With so many first-time buyers coming of age and others ready to move out of their starter homes into something larger, there is a wealth of business in this demographic for loan officers. Loan officers can keep their pipelines flowing when they succeed with this generation of buyers. The real key is figuring out how to tap into that. What allows some loan officers to excel with millennials while others struggle to attract their business? Let’s take a look at some things loan officers can do to earn the business of this valuable demographic:
Produce Great Content
Millennials do the majority of their searching for a loan officer online, and content is a great way to make yourself stand out. When loan officers tune in to the questions and concerns of this demographic, they can speak to these things in their content. Maybe that’s assessing the value of buying over renting or discussing the different programs and options for first-time buyers. When millennials see that you’re active online and you demonstrate your expertise in the areas that matter to them most, you’ll rise to the top of their lists.
Speak Their Language
Many millennials are first-time buyers meaning they’re completely new to the mortgage process. Loan officers who overlook this fact and flood conversations with industry jargon without explanation can quickly turn millennials off. It’s important to meet this demographic where they are. Speak to them on their level. Millennials want to feel informed and confident in their decisions. When loan officers empower them by demystifying the process, they’re more likely to earn their positive reviews and referrals down the line.
Millennials are a demographic that tends to value convenience, and having a simple, streamlined process can make you an appealing choice. Are you easily accessible? How do you support millennials through the process? Can they sign documents electronically and email them to you as opposed to needing to print and deliver? Maybe you have a mortgage app they can use to stay on track? How you incorporate convenience will depend on your style as a loan officer, but keeping this principle in mind when working to expand your business with millennials is a smart idea.
The best way to get more millennial business is from past millennial business. This generation is always on the lookout for unbiased reviews and honest testimonials. They tend to ask friends and family members for recommendations on service providers and purchases before making their decision. The best way to earn these valuable referrals? Exceed expectations. Deliver a level of service that goes above and beyond. Ensure your clients feel like your number one priority and strive to design a client experience that supports this. When loan officers invest in the individual experience of each millennial client, they’re investing in more millennial businesses from rave reviews and referrals.
Do you have a strategy when it comes to millennial borrowers? Are they an important part of your client base? Are you striving to increase this type of business? If you’d like to talk more about working with millennials, don’t hesitate to reach out.
VP – Retail Market Leader