How to Appeal to Baby Boomers as an Independent Mortgage Broker
Baby boomers are defined as those born between 1946 and 1964 and account for roughly 43 million of today’s homeowners. They typically have a strong work ethic, are goal-centric and disciplined and pride themselves on their decision-making skills.
As an independent mortgage broker or loan officer, it’s important that you don’t overlook this population, and even more important that you know how to reach and appeal to them. Let’s take a look at some important factors to keep in mind when working with baby boomers.
1. Customer service is key
Exceptional customer service is key when it comes to working with baby boomers. They want to be heard, taken care of and confident in your services, especially because it involves their finances.
Don’t forget the impact exceptional customer service can have on word-of-mouth referrals as well. Baby boomers can refer you to their kids, likely in the millennial group, as well as their friends, meaning more business coming in your door.
2. Traditional advertising isn’t dead
It’s important to remember that advertising strategies that work to attract your millennial clients may not make an impact on your potential baby boomer clients. Don’t push aside traditional advertising methods such as print ads and direct mail. This generation tends to respond well to these tactics. Check with your lender partners, as some may even offer marketing materials you can utilize.
That being said, don’t throw digital marketing tactics aside either. While baby boomers may not be as active on social media platforms such as Twitter, Instagram or Snapchat, they are big fans of Facebook. Consider spending some time developing a social strategy specifically for this channel.
3. Educational counseling is key
Even though many baby boomers have taken out a mortgage loan at least once in their life, the process could still be confusing to them, and they’ll look to you for guidance. The mortgage industry is ever-changing, meaning certain things may have changed completely since the last time they took out a home loan.
When it comes to homeownership, baby boomers are typically looking to age in place. This means they may be looking for a final home to settle into, or they may prefer to stay where they’re at, but will look to renovate or update their current space. Each circumstance gives you the opportunity connect with them and find the best loan option. For example, if they’re looking to renovate, this could be the perfect time to talk to them about a cash-out refinance.
Baby boomers are a unique, niche audience who can help grow your business. It’s important to remember they also have other financial needs on their mind, including funding retirement and healthcare costs, so it’ll be up to you to find mortgage loan options that specifically suit them.
Are you interested in building a career as an independent mortgage broker or loan officer that helps your clients finance their future needs? It’s easier than you might think and our team at BeAMortgageBroker.com is here to help you every step of the way.