Tips On How to Reach Millennials That Are Buying Homes
What You Need to Know About Millennial Homebuyers
Millennials are defined as those born between 1981 through 1996 and are the largest generation in United States history. They are described as being optimistic, technologically savvy, and multitaskers.
When it comes to buying behaviors, millennials are heavily influenced by word-of-mouth recommendations. For example, if their friends have recommended you as an independent mortgage broker for a home loan, they are more likely to make the same decision.
Today, millennials make up the majority of the first-time homebuyer demographic, making them a key audience you’ll want to market to for home purchase loans.
Tips on Marketing to Millennial Buyers
1. Have a reputable online presence
It’s no secret millennials are experts when it comes to all things digital, so use this to your advantage. Update your professional presence across online channels and create a website that represents you and your brand effectively and accurately.
Ensure you have established:
A professional-looking, user-friendly website
Consistent social media presence (LinkedIn, Facebook, Instagram, etc.)
A verified Google My Business Profile
A poor social media profile or hard-to-maneuver website can make or break your relationship with a prospective millennial borrower. Millennials are always on the go and want things quickly, so if they don’t like what they see, or can’t find something easily, from a quick Google search, they will likely move on and find someone else.
2. Be the mortgage expert for their specific financial situation
Student debt is known to have caused a massive burden on the millennial population. Keep this in mind as you discuss finances with them.
For example, most millennials will have to pull significant funds from their savings for a down payment on a home. Help them out by suggesting money-saving tips or discuss ways in which they can get the most bang for their buck during the home buying process. This might include:
Getting them pre-approved before house shopping to understand their buying power
Advice on how to raise their credit score
Guidance on viable home loan product options
Education on gift funds or other allowable down payment options
Help throughout the entire mortgage process from application to closing
3. Provide exceptional service with personalized communication
Many millennials purchasing a home for the first time will likely be nervous and overwhelmed by the complexity of the process. Use this as an opportunity to build a trusting relationship. Position yourself as their go-to mortgage expert who is accessible whenever they need you to ensure they know you want to get them into their dream home as quickly and smoothly as possible.
Millennials move quickly and have become accustomed to finding answers on-demand. While you might be fielding a phone call on a Friday night or a text message on a Sunday afternoon from a millennial borrower, your accessibility when they need you is a sign that you care and that they can trust you – making them more likely to send referrals your way in the future.
4. Stand out in your local community
Prospective borrowers are likely to see TV and online ads on a daily basis from big banks and online lenders. But millennials tend to value authenticity and businesses that care about their communities. And that’s where you have an advantage – you work in their local community and have likely helped their friends and family. Consider ramping up your social media posts with engaging content, including posts that showcase your clients’ experiences with you, as well as your presence in and knowledge of your local market – and you can always budget a small amount of money (even just a few dollars for a few days) to help boost reach and engagement beyond your own personal network. Spend time developing partnerships with real estate agents and other local professionals in adjacent industries who are also likely to have clients, friends and family members who will be in need of mortgage expertise at some point. Just focus on what makes your services unique and market how you can help solve potential home financing challenges as a local independent mortgage broker or loan officer.
Regardless of the sales or marketing strategy, you decide on, it’s essential to build a memorable relationship with your borrowers by providing a positive home financing experience and establishing yourself as a reliable partner to who they’ll be happy to refer their personal networks.
Are you interested in helping millennials finance their dream home by becoming an independent mortgage professional? Our team at BeAMortgageBroker.com is here to help you every step of the way.