Millennials are a different kind of buyer compared to baby boomers and Gen Xers. These buyers research first, come to the table with clear ideas of what they want, and they will test your integrity by asking you questions that they already know the answer to.
The reason why is that what they’re searching for isn’t a simple transaction – they want a relationship with the person that will support them through one of the most important purchases of their lives. They’re looking to do business with people who aren’t afraid to say, “I don’t know, but I’ll figure it out for you.”
Millennials, those who were born from 1980 to 1997, will account for more than 50% of mortgage originations this year, according to Realtor.com’s 2020 housing forecast. Millennial buyers are savvy and they value relationships more than saving money. That’s good news for you.
Before you can close the deal, however, you need to learn how to attract millennial prospects in the first place. Here are a few ways you can utilize marketing trends used by millennial influencers that are working in today’s marketplace.
Powerful tool
Millennials utilize video and livestreaming to see if they click with the people they’re thinking of doing business with. That’s why, more than ever before, having a video phobia can be crippling to a business’s growth.
It’s important that you have at least a few videos that your audience can watch so they can get to know you. Making value-driven videos for your audience on a regular basis is ideal, but if the idea of putting your face on camera each week sends you into a panic attack, focus on only a handful of core videos.
The first video will be an introduction that tells your audience who you are, what you specialize in, what you do and what makes you different from other loan officers. Another key video will focus on what to look for, telling your audience what they need to be aware of and what to avoid when working with a loan officer. By showing them the checklist of things that are important must-haves, as well as the red flags to watch out for, you begin building trust and enter adviser territory.
Another option is a video that goes into common problems, telling your audience where people usually get stuck in the process and how to avoid it or get through it. This demonstrates your experience and helps you become a trusted adviser for your audience. A video that shares your top resources with audience members is always useful. By helping them get closer to their goal of buying a house, you can become the originator who can win their business.
A powerful video is one that tells the prospective borrower how to choose. This is all about putting your interests aside so that your audience can make the best decision for themselves. You can show them how to choose the right real estate agent, the right loan officer and even the right home for themselves. A video like this helps to establish the trust factor while also helping your audience make better decisions, which makes for higher-quality deals.
Being adaptable is a necessity. Just because something worked in the past doesn’t mean it’ll continue to work in the future.
Personal connection
Social media has blurred the lines a bit between public and private lives, and millennial buyers tend to expect a certain level of vulnerability from brands and businesses. In order to build trust with your prospects, there’s a demand for imperfection as opposed to the polish that was popular pre-Facebook.
This is good news because it means you don’t need to worry about losing weight, making sure your hair is perfect or trying to get Spielberg-worthy footage to create compelling videos or content that will actually build a connection with your audience. What your audience is looking for is simple and straightforward.
They want you to have strong personal opinions about your area of authority. They want to know why you do what you do. And they want to know that you genuinely care about helping them. In other words, they want to know that you can help them, understand them and support them so they can trust you.
Your content is a great way to show your audience all of these things and then some. Focus on the stories and information that will help your audience make stronger decisions and set them up for getting the house they want. For example, someone may have overlooked your advice, chosen another originator because they had lower rates and then lost the house they wanted. Or maybe your audience is being given information that is either wrong, incomplete or situation-dependent, and you can set the record straight.
Are there common misunderstandings in the homebuying experience that you can help your prospects through? Can you talk about a story of helping someone get the home of their dreams and how you felt about it? Additionally, you can let your audience see the things that are important to you, such as charitable events, sports, entertainment, family or anything else you may be interested in (outside of closing loans).
These examples are just the tip of the iceberg for creating compelling content that genuinely helps your audience. When in doubt, remember these guidelines for content:
- Take a stand.
- Be vulnerable.
- Share your feelings.
- Provide real value to your audience.
You don’t have to have all of these things in every video. But you should check off at least one of these components in each piece of content.
Adaptable approach
Millennial influencers (and buyers) are adaptable. Between new social media platforms, algorithm changes and markets shifting faster than ever before, being adaptable is a necessity. Just because something worked in the past doesn’t mean it’ll continue to work in the future.
This is vital for originators to understand because the constant evolution in the virtual landscape and marketplace will change how you need to interact with and nurture your prospects. By keeping an open mind, you can leverage social media more effectively and open up to new systems that will make your job easier and your relationships stronger.
Originators who struggle to keep an open mind or make excuses for why they can’t be adaptable (e.g., “I’m not very techie — I can’t do that”) are the same loan officers and brokers who struggle month after month to reach their income ceilings. The truth is that great service in the modern world is all about adapting to how your prospects need to communicate with you. If you feel reluctant to make content for your prospects or build relationships differently than in the past, remember that the faster you adapt in a changing market, the more success you’ll usually have.
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Marketing is simply a way of connecting to your prospects in a meaningful way so that you can build real trust and help borrowers make informed decisions. The best way to market effectively is by meeting your prospects where they’re hanging out and communicating in a way they can clearly understand. By keeping an open mind and prioritizing your audience’s communication needs, you’ll find the number and quality of your prospects is likely to rise.
