AJD Powers Mortgage Satisfaction Survey revealed that mil- lennials seek guidance. In fact, 37 percent of millennial borrowers indicated the origination process was not com- pletely explained to them, and 58 percent indicated their
options, terms and fees were not completely explained. Providing videos,
information, how-to guides and online education can help provide millennials the guidance they seek.
According to the National Association of Realtors, 94 percent of millennial
homebuyers start their home search online. So, why not provide education
online on how to qualify, save, plan and go through the homebuying process? This information will help millennials conduct their research, and can
place your branding and marketing in front of potential clients who are
actively searching to purchase a home.
Begin by determining your message. Millennials want information and
education. Consider what you know that will help them through the process. You can use education to market your expertise as well as educate
borrowers throughout the process. It is best to divide your plan into segments that include establishing yourself as an expert and providing answers
to questions, explaining the process and sharing stories.
Show your expertise
Millennials are searching for information, so why not position yourself as
an expert? You can provide education on loan programs, downpayment
assistance plans, saving for a first home, finding the best Realtor, mortgage
insurance, home insurance, appraisals and more. The topics are endless.
Establishing yourself as an expert is one of the most effective ways to
utilize education and build your brand. To broadcast your expertise, consider including videos, blog posts, articles, podcasts, radio shows, webinars and online courses within your expertise as part of your lending plan.
Once you establish your expertise, why not include Q&A webinar segments on your blog or website as a way to answer questions posed by
millennials? You can even partner with local real estate agents to hold
online Q&A forums. Set it up as a webinar where you interview agents who
can invite potential homebuyers, who are allowed to ask questions upon
You can start a Q&A segment with as few as five to seven questions and
build from there. Make your blog searchable with key words and include a
recording of your webinars. You can build on your Q&As by holding a
monthly webinar and inviting real estate agents to invite their guests as well.
Millennials want answers, so provide them a means to ask questions,
and then utilize the opportunity to establish yourself as the expert and
build your business.
Explain the process
Mortgage processing is where most millennials get lost and an area that
few originators focus on. Think about it: When you meet a borrower to
take an application, you go through a laundry list of information. You may
shoot them an e-mail afterward that explains some of the process, but
that can get lost in translation.
The best way to explain the process is by creating a series of how-to
videos that provide step-by-step instructions borrowers can review. Go
through the timelines; documents they will need; how to submit information; what happens in underwriting; and information to help them understand disclosures, mortgage insurance, downpayments and debt-to-income
Just like establishing yourself as an expert, explaining the lending process has limitless topics. Keep your information flowing in a way that makes
sense, however, and deliver it in a way borrowers can access on their own
time. You can deliver videos in an online university or blog, for example,
organized chronologically from application to closing.
Millennials want stories about others who have been able to save to buy a
home. They want to hear about homes in their neighborhoods. This is the
last piece of your millennial education plan.
To build a collection of stories, always ask your clients for testimonials
and successes. See if your new homebuyers will let you join them as they
cross the door into their first home, then record the event for them. Create
a cool emotional video set to music and call it your “Coming Home” series.
Be sure to have your clients release the video to you and allow you
to post it on your website, social media channels and YouTube. Add a
header, and your branding and contact information, in the footer of the
video. The great thing about video is that it gets watched and shared.
Be sure to share the video with your new homeowners and watch how
often the video is shared.
Now that you have a plan, let’s look at some technology tools you can
use to create that millennial homebuying education program.
Video is king
If you are not using video content you won’t reach the millennial market.
According to online marketing site WordStream, marketers who use video
grow revenue 49 percent faster than nonvideo users, and social video
generates 1,200 percent more shares than text and images combined.
“You can use education to market your expertise as
well as educate borrowers
throughout the process.”
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