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By now, I believe that mortgage lenders are aware of the importance of the Millennial generation.
In a world of shrinking opportunities for new originations, this generation represents an oasis for business.
How do you make it through the desert to drink from the Millennial pool when everybody is courting these potential home buyers? You need to know what they want and have what it takes to service them.
First, you need to have the online presence to attract these shoppers. It’s not enough to advertise low rates and different products.
You need to capture their attention through strong digital advertising, with interactive and responsive sites that provide information about your products and services while enticing them to proceed further with your company.
You must include information such as:
- The benefits of owning a home
- The differences between Fixed Rate and Adjustable Rate loans
- How to compare rate quotes using total fees and costs
- What to expect in the loan process
- What they need to do to qualify for a mortgage
- For what size loan will they qualify
These are just some samples of what can and should be included in the content of your website and in social media. In addition, you need to make your company more “personal” by highlighting social and community involvement.
- Do you support charities? If so, with what events are you involved or have you sponsored?
- What is your company doing to make the world a better place? The more a shopper gets to know about you and your business the better, as long as it’s all good stuff.
Which brings us back to the fact that, “Quality and customer service still count.” Reputation means everything. As they say, you don’t get a second chance to make a first impression.
You don’t want to be in the news because of regulatory fines and penalties, or poor service of any kind. Millennials don’t just shop online, they communicate there as well.
They’ll search online, and ask their friends and acquaintances for information on companies with which they may do business. One bad reference and you may be out of the running in a hurry without even knowing it.
Be very careful what you or your employees post on social media and what gets posted about you and your employees.
Word travels fast and, once it’s out there, there’s no taking it back. The digital world can give, but it can take away just as quick, if not quicker.
There is no doubt about it, Millennials are a different kind of consumer and shopper. Like past generations, they want good products at fair prices with good service from a quality company. For Millennials, how that information is delivered and made available to them, will also help them make their decisions.
Today, that is online, in real time, when they want it. It may be time for you to take a closer look at how you’re trying to attract new business.
Do you have what it takes to compete in the digital age?
More importantly, will Millennials pay attention?
