10 Essential Rules for Capturing MILLENNIAL MORTGAGE BUSINESS “Millennials”—or those who were born between the early 1980s and the early 2000s—now make up the majority of the American workforce. Sometimes referred to as “Generation Y,” these youngsters grew up during the most serious financial crisis since the great depression, thus are less likely to trust large financial institutions than “Generation X” or the “Baby Boomers” before them. Millennials are more racially and culturally diverse, and are self-described “digital natives” who look to the Internet and social media for their news and social interaction. Millennials have come of age and many of them are ready to buy their first homes. While student loan debt and a faltering economy may have slowed them down, they are generally more highly educated than the previous generation and are upbeat about their own prospects for the future. Winning their trust, however, means adapting to their needs.
Here are 10 ways to connect and engage with the next generation of homebuyers looking to fulfill their American dream.
1
Engage and Stay Connected Millennials manage their lives through their mobile devices. Social media connects them with family, friends and colleagues. They prefer to text rather than talk, but they are quick to respond when you choose the appropriate channel.
2
Be proficient in Social Media Build credibility and establish a working relationship with Gen Y by speaking their language and using the platforms they use. A working knowledge of Facebook, LinkedIn, Twitter and Instagram goes a long way toward opening lines of communication. Don’t hesitate to ask their preference.
3
Have a Mobile App Branding and brand loyalty are highly valued among Millennials. A branded iOS and Android app or mobile-friendly website are great additions to social media and an excellent way to communicate directly with a Millennial
4
Build Relationships Not Leads Gaining trust means building relationships. Take the time to get to know them and give them time to get to know you. Millennials value authenticity.
5
Educate Millennials are interested in processes and want to understand. Offer that education by directing them to short helpful articles on subjects such as managing credit, renting versus buying, and the long-term benefits of building equity.
6
Tell a Story Millennials may prefer “short and sweet” when it comes to information, but that doesn’t mean they’re not smart. From tax advantages, to equity building, Millennials are eager to understand how things work. Take the time to tell the story.
7
Online and In-App Reviews Matter Millennials do their research. Whether they’re buying a book, choosing a restaurant, a Realtor, or looking for a loan, they’ll check Yelp and look to other online sources for feedback on products, personal performance, and service.
8
Don’t Sell a Mortgage, Share an Experience Millennials are social. They enjoy being part of a community. Pride of ownership in a particular community may be key in their home search.
Equal Opportunity Employer.
9
Be Socially Responsible When you work in an industry where referrals are key, it’s important to know that Millennials reward companies with loyalty when a brand gives back. Share you and your company’s involvement in local and national charitable, environmental, and other efforts.
10
Custom, Not Customer Service Be real, be patient, be informative, stay connected, and share.
Millennials use new tools and their values are informed by a post 9/11 world. You’ll find they value your experience when you focus less on selling and more on helping them navigate the mortgage and buying process. There are many myths about Millennials, but their hopes and desires are, most likely, not much different than the generations that came before them.
Eric Winblad Branch Manager NMLS # 1020512
909-287-2650 eric@afncorp.com
Equal Opportunity Employer. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the Finance Lenders Law License (6038771) and holds a CA Bureau of Real Estate, Real Estate Broker’s License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 237341. Broker is performing acts for which a license is required. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where AFN is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (909) 606-3905 (NMLS ID#237341). This information is intended to assist Real Estate Brokers, Agents, and other Industry Professionals, and is not an advertisement for consumer credit as defined in 12 CFR 1026.2(a)(2). This information is not intended for consumers and may not be duplicated or disseminated to the public.