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.
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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.
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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.