Kristin Messerli is the managing director of Cultural Outreach Solutions, specializing in helping companies in the mortgage industry better reach and serve Millennial and multicultural homebuyers through marketing, customer service and recruitment strategies. She is currently rolling out the first Millennial-focused product to empower loan officers through cutting-edge training and marketing solutions. Contact email@example.com for more information.
The majority of homebuyers, especially Millennials, do extensive research online and on their mobile devices before making any purchase — especially for something as large as a home. While many lenders are jumping on the trend to incorporate technology into their customer experience, they are often ignoring the reasons why the technology matters. Here are five reasons why mobile technology should be key to every lender’s strategy.
This summer you may have noticed more young people than usual walking down the street staring intensely at their cell phones (sometimes to the point of physical injury!). While it may appear laughable to some, mortgage and real estate professionals can incorporate the game into their marketing strategy. Don’t believe me? Here’s how others are doing it.
Millennials and the general market, alike, have changed the way they approach purchasing decisions, along with their expectations of a good service experience. They now expect to be empowered through lenders to make informed decisions through mobile and digital communication. Are you delivering that?
While the call to action seems obvious, lenders continue to struggle with adapting digital technology. Mobile technology is no longer an optional luxury. It's become a necessity to compete in today’s market.
It’s not that Millennials aren’t loyal or uninterested in mortgages, it’s that they put less emphasis on the job and more on the experience. In order to secure and retain more young employees, you will need to adjust how you do business. These examples will help you gauge how to adapt.
When Millennials start doing their research online to buy a home, they will look to the individual employee’s social media presence and customer reviews - not the company’s. This highlights the importance of the social media presence of loan officers and real estate agents in order to be successful and competitive in the market. Here is a list of “do’s and don’ts” for employees to follow.
The opportunity to reach the Millennial surge of buyers is not years away, and it won’t happen automatically. They are not happy with the way most providers in today’s environment are reaching them, which means there is an opportunity today to capture the current 1 in 3 purchasers and the countless other Millennials considering their next steps as financially stable households. Are you prepared for them?
Millennials often get a bad name, but we are nonetheless the future of our economy. Here are six Millennial stereotypes that explain how changes in consumer behavior impact the survival of your business and changes you should make to capture the opportunity.
The upcoming TILA/RESPA disclosure integrations and the growing mound of regulatory requirements are causing a lot of concern in the industry, but rather than being focused on staying afloat with compliance, lenders need to change their perspective. The key to capturing new market share might be just around the corner.
With the recent announcement of President Obama’s Executive Order on immigration reform, responses from both sides of the political spectrum have been mixed. However, the reform can be expected to spur new opportunities for growth in the housing market.
The mortgage industry is leveraging technology like never before, streamlining processes across the spectrum of lending, servicing, investing and real estate. The combination of regulatory pressure and consumer expectations have set a high standard for efficiency and transparency, requiring a significant investment of time, money and talent to hit the right notes for both.
Ironically, the monkey on the mortgage industry’s back for the past 10 years — increasing regulation — is the very thing that forced companies to find efficiencies in every part of the process, which serves them well as they look to engage tech-savvy consumers. Even as the enforcement of some of those regulations is now in question, the long-lasting benefits of investing in automation will stand.
Mortgage banks have traditionally been slow to embrace new technologies, and while the technology that has improved efficiency, security and customer experience in a multitude of other industries (transportation, education and retail, to name a few) is finding its way into the loan production process, a lot of opportunity still exists in other stages of the mortgage life cycle.