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If you want to capture the Millennial homebuyers, you may need to provide some upfront education. Studies have found that many of this generation, although being tech savvy, know little about the home buying and financing process (Millennial Knowledge).
Millennials are now moving into the home buying stage and will be shopping for their homes and related financing. Most will be heavy users of the internet to get information about available homes and mortgage financing.
As a lender, you want to be in the mix for the latter and need to ensure you are on the internet with information about your product and services. It would also be beneficial if you offered information and education about the process, what it means to buy and own a home, and the related expenses and responsibilities.
Provide the shopper, whether they are Millennials or from other generations, with complete information about your company, its background, focus, services, products, rates, fees, and costs. Include information about what they may expect in the home buying and financing process. Things like: what takes place on the application, what information and documentation will be required, and what are the upfront costs.
Briefly explain the loan approval process and all the additional documentation that may be required, and why. Lastly, let them know their responsibilities in preparing for the closing, what will take place there and what final expenses they will incur, in addition to the down payment and related financing fees.
The Millennials are an information generation. They are careful in what they do and will research your company as extensively as they do your products and services. The more information you provide to help present a clear and complete picture, the better chance you’ll have of capturing their business.
They are morally and physically responsible and will do business with companies that they believe are the same. Provide information that will help your company stand out from the pack. Some examples are information about charitable donations or affiliations, activities to help the environment, e.g. paperless application/loan process, and services provided to help low to moderate income and minority homebuyers and neighborhoods. These will help the shopper get a much better and more complete picture of your company and why they want to do business with you.
Can you take online applications? Does your website present a clear and complete picture of your company and products? Do you educate?
Are you prepared to service the new digital homebuyers?
There’s no mystery. The game has changed. It’s time to play different.
