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Homeownership has long been the apex of the American dream. Even so, many millennials worry about the cost.
Mortgage brokers and lenders have to work hard to showcase their value to younger buyers. Here are five ways to stand out among millennial borrowers.
If you already have a website, make sure it’s clean, modern, and up-to-date. Most millennials browse the web using their phones. As such, it’s particularly important for your web content to look great across all devices.
Update your social media page updated as often as you can. This is where a customer relationship management (CRM) system can be helpful.
A good mortgage CRM can provide curated content. This, in turn, makes it easier to upload a steady stream of quality content.
Most young millennials (age 18-31) are first-time buyers. This information comes from survey data from the National Association of Realtors (NAR). These borrowers may be unfamiliar with the mortgage process.
This is an opportunity for you to offer educational content and guidance. It also shows the importance of fostering regular communication. Bridge-building solidifies the borrower relationship.
Millennial borrowers value convenience and efficiency above all else. One way to provide that is through a customer portal. These helpful online tools allow borrowers to submit important documents. They can also sign forms and send messages without coming to your office.
Self-serve technology also provides greater visibility of the lending process. With a customized portal, younger borrowers can experience faster results and full transparency.
Younger shoppers are more willing to watch a video than read a blog post. Create video content that informs millennials about the borrowing process.
A solid mortgage CRM can help you create this video content. Most social media platforms allow you to pull these videos into your marketing content. This can help you drive engagement among millennial borrowers.
Your mortgage marketing strategy should include reviews and testimonies from former clients. No content could be more authentic than the real stories of satisfied customers. Focus on the stories of millennial borrowers. This can help future customers understand how you can help them achieve their dreams.
Again, you can use a mortgage CRM to gather and curate these reviews. Post customer stories on your webpage or social media channels. The best CRM systems even let you screen and respond to negative reviews before they go public.
With the right mortgage CRM system, you’ll be able to connect with a variety of customers.
Millennials will appreciate the easy communication and online customer portal. But the BNTouch platform offers advanced marketing tools. You can use these tools to drive engagement and grow your business.
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Millennials now makeup 43% of homebuyers. Data from the National Association of Realtors (NAR) reveals that these young shoppers are often buying their first home. Is your mortgage marketing strategy optimized to reach millennials? If you’re not sure where to start, then keep reading. The following strategies can help you tap into this growing market.
Understanding your target audience can help you adapt your mortgage marketing strategy. So what should you know about millennials?
Millennials consist of those born between 1981 and 1996, though the exact years can be a bit fluid. The 2019 census identified 72.1 million millennials living in the United States. The 2022 NAR survey found that millennials represent 43% of homebuyers, and a quarter of this group are older millennials (ages 32 to 41).
Younger millennials are more likely to be first-time buyers. But millennials are concerned about the affordability of home ownership. As such, your mortgage marketing efforts should focus on education and guidance.
Why should millennials choose your mortgage company? What makes you stand out from the competition? Your mortgage marketing content should create a story that answers these questions and helps millennials see the value of your brokerage services.
Many millennials assume home ownership is out of reach due to limited inventory and rising interest rates. Your unique branding can help them see things differently.
Emphasize the possibilities that you provide to millennial home buyers. This will encourage them to make home ownership a greater priority and may prompt them to turn to your company for assistance.
For millennials, the home shopping journey starts with a Google search. And with so many competitors, you’ll need to find ways to increase the visibility of your website.
Search engine optimization (SEO) refers to a set of practices that help your web content rise to the top of search engine results pages.
The easiest way to do this is to sprinkle relevant keywords throughout your website. For example, you might include things like: “first-time buyer programs” or “mortgage brokers near me.” When a web user searches for these terms, your website will be more likely to appear in the search results.
Millennials are natives of the digital universe, but that doesn’t guarantee they’re shopping from a desktop computer. More than half of millennials surf the web by scrolling and swiping on their cell phones and tablets.
Make sure that your website uses responsive design. This means that your website looks great on any device. Mobile users should be able to navigate your content with ease. Otherwise, they will quickly abandon your site to search for a competitor.
A good mortgage CRM (customer relationship management) platform can streamline your web development. This also ensures that your website is clean and responsive, helping younger visitors access the content they need.
According to data from PR Newswire, young adults discover new brands while scrolling through social media. If you want to reach millennials, it’s important to cultivate your social media presence.
Unfortunately, it’s easy to create a business page and then neglect it for weeks (or months) at a time. A mortgage CRM platform can provide you with templates and curated content that give you material to post on your social media feeds.
It also helps to find the right channel. Facebook offers a broad approach, but Instagram is especially popular among millennials. Staying active on sites preferred by young adults can help you increase your visibility.
With so many companies competing for attention on social media, you’ll need content that stands out.
For example, posts with images generate more engagements than those without. But most millennials would prefer a video over a blog post. Creating video content can be an easy, direct way to convey information about your brokerage services. Most social media platforms allow you to create video ads that users can click on without leaving the platform.
Posting survey questions can also encourage interaction on your social media page. Just make sure to respond quickly to comments, which can help you engage your target market more directly.
Many millennials are first-time buyers. As such, they may lack familiarity with the lending process. Your mortgage marketing content should educate them on their available options and give them an idea of what to expect.
Nowadays, millennials are wary of the traditional sales pitch. As much as possible, focus on providing valuable content that offers objective data. Avoid trying to sell your services too early, which can apply unwanted pressure and drive customers away.
Similarly, avoid using a lot of slang or trendy jargon when talking to millennials. It gives your content a short shelf life, and it can come across as unnatural from a company in such a serious industry.
The most authentic mortgage marketing content comes from your other customers. Incorporate customer reviews and testimonials into your website or social media pages. This will highlight the value of your company, as well as give prospective customers an idea of what to expect.
For best results, gather testimonials from millennial home buyers. Customers may connect more readily to their own generation. Reviews or even videos of satisfied clients can give your business greater credibility in the eyes of millennial shoppers.
Here is yet another way a mortgage CRM system can help. The right mortgage CRM can be used to request customer reviews and organize them for later use. The best platforms even allow you to screen and respond to negative reviews, allowing you to resolve the issue before the review goes public.
You might remember the ABCs of sales: Always Be Closing. But when you interact with millennials, the key is to build relationships rather than seal the deal.
Sure, your long-term goal is to sell a mortgage product. But in the short term, it’s important to present yourself as a partner who can walk with your clients through the process. For example, you might follow up with millennial leads by asking if they have additional questions. This keeps the dialogue going and anchors you as a resource rather than a salesman.
This can be particularly important for millennials. Many young adults live far away from home and may miss the guidance they once received from their parents. Offering stable, reliable input can foster a stronger connection and provide a foundation for a working relationship.
Since so many millennials are first-time buyers, it makes sense to emphasize relevant options. For example, you might produce content such as “tips for first-time buyers.” This sort of content can educate as well as point toward the unique value of your company.
While the web is a great place to publish solid content, do not underestimate the possibilities of in-person events. Offering a seminar on first-time mortgage options can give you an audience of interested millennials in your area. You can gather information from attendees, enter them into your customer pipeline, and follow up later.
Millennials do everything online. This includes job hunting, dating, and banking. Why should the mortgage process be any different?
A quality mortgage CRM can provide a customer portal that millennials can use to complete forms, ask questions, and more. This minimizes the need to come to your office to complete each phase of the process.
Advertising the ease of this customer portal may attract millennials who are used to this sort of do-it-yourself approach. Some millennials will be willing to choose your company over others due to the simplicity of your interface.
Millennials are more willing to invest in a company that shares their values. Mortgage brokers can connect to younger generations by remaining active in their local community. Participating in charity drives, service projects, or other community events can demonstrate that your values run deeper than the mortgage industry alone.
If you’re not sure where to start, you might consider collaborating with other industry professionals in your area. Even a simple neighborhood cleanup day can speak volumes about your priorities.
At the very least, a mortgage CRM system allows you to go paperless. This is just a small way to go green, which can help you connect with millennials who have a passion for the environment.
As a mortgage broker, you have a lot on your plate. That’s why you need a customer relationship management platform that works for you. The right mortgage CRM can help you create and implement a marketing plan that speaks to millennials.
The BNTouch platform can do just that. Using our innovative tools and features, you can create customized content, manage your social channels, and do much more.
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Rising interest rates and economic uncertainty have triggered major pullback from consumers, underscoring the necessity for mortgage professionals to revamp and fortify every angle of their business.
Further still, forward-thinking lenders understand that this downturn doesn’t just warrant an immediate response to weather the storm but also to prepare for when the market is white hot again –and that means upgrading the most critical areas now.
Buying a home remains an amazing opportunity for those with the resources. With higher interest rates potentially leveling off in the near future, consumers will be looking to mortgage professionals to help them understand their options better – including buydown products that will help them manage their rate for the first couple of years of their loan.
Home affordability is top of mind for government-sponsored entities (GSEs) right now, and they continue to roll out policy updates so that more people can purchase a home. With sound policies from GSEs and access to information through mortgage professionals like you, consumers are becoming more confident, and homeownership will no longer feel like an elusive dream.
This year, your focus should be on retaining clients. Building a booming refinance market starts with purchases and creating great experiences that keep borrowers coming back for more! Tailor your technology to allow maximum speed and efficiency in closing loans quickly – within two weeks or less – so everyone involved gets an incredible experience at every stage of the process. Doing this will create lots of opportunities for those looking to refi down the road, not only now but well into 2023 too!
We are entering a new era in mortgage brokering, with brokers currently accounting for 22% of loan originations and predicted to surge up to 33% by 2026. Aside from the several thousand in savings that can come with using a broker, consumers are looking for personalized guidance and education –a niche that plugged-in brokers are particularly dominant in.
Even without a definitive answer on when the market tides will turn, mortgage professionals must strategize to win in the present and the future.
To be clear, this article isn’t about helping you to “stay afloat” in a challenging market.
It’s about making the necessary technological transformations that help you win in any market –going beyond surviving a storm and shifting into mastering it and having the tools required to service the inevitable demand in the times ahead.
Let’s break down what that will look like in 2023.
Consumers are becoming more and more self-sufficient when it comes to accessing their personal finances. From shopping for a new credit card to comparing car loans (and home finance options), their next financial venture is just a few clicks away. In fact, upwards of 85% of Americans prefer to use a mobile app for their financial and credit needs.
But instant gratification or self-sufficiency isn’t the main differentiator that you think it is.
Consumers have voted with their dollars and made it overwhelmingly clear that they demand an exceptional customer experience.
Have you already made the necessary changes to ensure you’re offering it? Are you delivering it consistently across all platforms and executing it better than your competition? Remember that a customer experience that converts goes beyond convenience.
It captivates, delights, excites, and provides access to a bright future they’re ready to make a reality.
The mortgage industry has become a highly tech-savvy space, with rapidly evolving technology and user demands affecting every loan transaction. Yet amid all this advancement, we can’t forget human interaction still plays an essential role in generating success.
This could be seen through your online reputation – consumers trust their peers when deciding who they should work with for critical financial matters such as a mortgage.
It’s even more true regarding realtor partners; referrals from this network can make or break your pipeline, no matter the market.
Working together, agents and mortgage professionals are a robust partnership with the same mission: to make home buyers happy! Building an effective working relationship requires more than just teamwork. It takes communication, trust, and the ideal lending ecosystem that optimizes collaboration.
Depending on where you’re currently in your digital transformation, it could be as simple as filling in existing technology gaps or possibly an entire mortgage tech stack overhaul. Whatever the case, building a wider referral network and developing deeper relationships with realtors should be based on creating the ultimate experience for agents, borrowers, and mortgage professionals.
Competition is always high in our industry, so building and maintaining your powerhouse team is even more paramount during challenging markets. It’s also all the more difficult.
One of the best ways to achieve this is by equipping your team with tools that nurture and fuel a healthy pipeline of qualified leads. Intuitive mortgage technology like that from LenderHomePage is designed to delight and capture those high-priority consumers – the lifeblood of your top producers.
Plus, intelligent mortgage tech streamlines the process and provides your decision-makers with the insight they need to hyper-focus on qualified candidates while seamlessly nurturing the rest.
Out of all the marketing efforts available, the one that is often considered most paralyzing by LOs is precisely the one that is the most critical for 2023 — social media!
Consumers are overwhelmingly savvy about using the internet to support their home-buying process, including social media. By making it a priority to capture that mindshare of those browsing social media and asserting yourself as an expert, you can build your brand and earn the trust of potential borrowers.
While paid social media ads are still king for capturing leads, simply having an active and engaging social media presence is a robust way to expand your sphere of influence, increase lead-generating opportunities, and drive action.
While social media can be daunting, it by no means has to overtake your workday productivity.
Take advantage of our social media mortgage marketing services that automate the process (from providing the content to automated publishing to done-for-you-branding), and never be worried about leaving “money on the table” by ignoring social media marketing.
There’s no way around it; the mortgage industry is bracing for a formidable next two years as housing demand and interest rates continue on their path to correction.
But don’t let that distract you from the immense opportunity that is still available –and will multiply.
McKinsey reported as early as 2021 on a powerful trend for both bank and nonbank lenders. Investments in third-party technology and data resulted in massively improved customer experience. However, it also demonstrated that it could similarly turn data-driven insights into a marketing strategy that can help lenders navigate the ever-shifting lending environments.
For example, data could be used to predict a consumer’s propensity to apply for a new mortgage within a specified period of time. By combining traditional credit data and Fair Credit Report Act-compliant alternative credit data* (or expanded FCRA-regulated data), lenders could increase the likelihood of connecting with qualified consumers. Essentially, lenders can leverage the data to analyze who is qualified based on their credit criteria, plus the possibility that they will apply for a mortgage loan.
However, propensity models are only part of the equation.
Data is also the foundation to hyper-segment your marketing reach, which is particularly critical in times like these when you’re trying to extend your marketing budget. By incorporating your internal CRM data with non-FCRA data, you can further distinguish look-alike populations to customize your messaging across all your marketing channels.
Once you have your look-alike prospects, you must nurture them in a digital ecosystem that ultimately converts them to clients.
