Get Hip to Generation Y e t n
The world’s most technologically advanced consumers deserve marketing attention
Generation Y consists of the most echnologically savvy consum- ers in history. Many people who
comprise this group have similar tastes
and consumption patterns.
As Generation Y enters the homebuy-ing market, mortgage brokers should
learn these traits and market their businesses appropriately.
Although it’s difficult to pin down an
exact range of birth years defining Generation Y, the group consists loosely of
people born in the final two decades
of the 20th century. Depending on who
you count, the group has about 60 million to 75 million members. Members of
Generation Y accounted for a collective
income of about $1.4 trillion in 2008,
which could grow to roughly $2.3 trillion
in 2013, according to a Javelin Strategy &
The oldest members of Generation
Y, now in their early 30s, represent an
important segment of today’s home-
buyers. Many of these consumers
have achieved financial independence
but also can count on downpayment
and other assistance from financially
convenience — and those who leverage social-networking services such as
Facebook, Twitter and Foursquare effectively — can position themselves to
win over these consumers.
Many members of Generation Y don’t
respond to traditional marketing strategies. They expect to engage advertising and marketing offers online and
feel comfortable conducting financial
transactions online. They also demand
interactive online services, such as automatic bill-paying.
Moreover, many members of Generation Y want to participate in and
lead conversations. Often, these interactions take place on mobile devices
such as smart phones, and group
members often respond favorably to
promotions received via text message.
Brokers who can deliver information
and services immediately and with
Green means good
Members of Generation Y believe in
managing their finances electronically
for convenience and security. They also
like doing it for the environment. Their
comfort with online processing makes
them good candidates for electronic
mortgages, digital data storage and
Many are loyal to companies that
support and maintain sustainable
practices. When it comes to homeown-ership, these buyers often place a premium on homes built sustainably and
in walkable neighborhoods.
In turn, brokers should develop relationships with builders, real estate
agents and others who focus on green
building and who operate in neighborhoods where access to amenities
doesn’t require a car.
If you’re not already pursuing these
consumers, a few tips can help you:
• Open a social-networking site dedicated to loan origination. Populate
the site with daily tips and be vigilant
about keeping the site current and
interacting with users.
• Start collecting mobile-phone numbers. Ask prospects to opt in to receive text messages containing
mortgage tips, special offers, inter-est-rate trends and more.
• Move toward sustainability and
advertise efforts that make your
Mortgage brokers who take time to realize this generation’s desires and who
market to its members appropriately can
tap an emerging economic engine. •
Missy Zakett is vice president of sales,
enterprise banking at Western Union Global
Business Payments. She joined the company
in 2001 after working for more than 20 years
in the financial-services and mortgage
industries. Zakett is a member of the Mortgage Bankers Association and the American
Institute of Certified Public Accountants.
She has a bachelor’s degree in accounting
from the University of Florida and is based
in Laguna Niguel, Calif. Reach her at missy.
By Justine Assal
8 Steps to Building Relationships t n
Brokers can deliver the personal touches large retail banks can’t
Independent mortgage brokers face stiff competition from large retail banks. To win customers and grow
your business, you must deliver mortgage prospects something they won’t
likely find at your much-larger rivals —
a meaningful relationship.
As you build your business relationships, remember: The stronger the
bond you create with customers, the
more likely they will keep coming back.
Here are eight tips for doing so:
1. Create systems to store and recall
information about each of your clients, including their names and
their family members’ names. Keep
track of their birthdays and send
cards each year.
2. Respect and value everyone you
meet. When new prospects come
to your office, take time to listen to
them. If you’re busy, then schedule
an appointment that works around
their schedule. Greet them by name
next time you meet.
3. Strive to provide the same prices as
— or as close to them as possible to
— the larger banks down the street.
You can do this by working with mul-
Justine Assal has been the owner of ACM
Financial since 1999 and is a top originator
in volume. She has obtained the National
Association of Mortgage Brokers’ highest
designation, Certified Mortgage Consultant,
and served on its certification committee. She also is a finance instructor for the
Florida Association of Realtors and vice
chair woman of the Orlando Regional International Council. Assal speaks frequently
about mortgage-industry matters and
international relations. Contact her at (407)
397-7300 or firstname.lastname@example.org.