The Millennial Mortgage Boom: How to Reach & Speak to This Growing Generation of Homebuyers
The Millennial Mortgage Boom
The millennial population is about to make up a significant part of the home buying power in the nation. This growing generation of homebuyers millennials make up a large part of the purchasing power in the United States, and they have their sights set on new heights: home buying. As young professionals under the age of 35 move into the workforce and develop necessary means, they seek information on how to purchase their first home. TransUnion correctly estimated millennials will make up the majority of first-time homebuyers in 2017, and that trend will continue into 2018. In order for mortgage brokers to effectively provide service for these young dreamers, they need to reach millennials where they are most active. Earlier this year, a University of Michigan study found that 68% of millennials looking to purchase a home said that they would first go to a bank for their home loan. This tells us that most millennials who may purchase a home aren’t necessarily looking at brokers to start the process. Brokers need to market directly to millennials in their spaces to increase awareness of the benefits of using a mortgage broker.
Watch Your Reputation Just as millennials trust technology and digital strategies to find them the best home, they trust reviews, ratings, and overall reputation to tell them who is the best broker, lending service, or bank to use for their home loan. And they’re not just looking for the lowest price, either. Millennials care about how systems treat people. They care about the well-being of the world as a whole. Therefore, they are going to care about how their broker has treated others in the past. Brokers would be wise to nurture their reputation, showing a strong ethic for their clients’ well-being.
Be Real with Millennials The American population under the age of 35 knows all too well the hijinks of false salespeople. The broker that communicates clearly, honestly, and efficiently with their millennial borrower is sure to find success among the demographic. They want the truth, the real price, and the full timeline right away; they see right through smokescreens and hidden fees.
Speak the Millennial Language Millennials are “digital natives,” meaning that they grew up in an era of new technologies emerging every other day. Over 90% of millennials start the search for their home online, and they are using their phones to do so. Mobile-optimized websites, fast response times, and strong online presence will put brokers in the right hand of millennial borrowers. These young home buyers aren’t looking for a voicemail; they want a text message. They don’t need a long phone conversation; a concise email will do the trick. For those without teenage daughters at home, bookmark this quick guide to the quickest, hippest text lingo:
POV- Point of View BRB – Be Right Back BTW – By The Way B4N – Bye For Now FWIW – For What It’s Worth GR8 – Great IMHO – In My Humble Opinion L8R – Later LOL – Laughing Out Loud
OMG – Oh My God TKS – Thanks
TTYL- Talk to you later WTF – What The F
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