There are many myths swirling about what Millennials want out of the home buying experience, and one expert helps sort out the truth from fiction.
At the NEXT women’s mortgage technology conference, Doug Foral, general manager of Mortech, a Zillow business, sat down with HW Content Solutions Managing Editor Sarah Wheeler for the panel The Millennial Effect: Surprising Truths about Millennial Buyers, How Lenders Can Keep Pace.
Foral explained one of the greatest myths surrounding Millennials is their preferred method of communication. While some may think Millennials prefer fully digital interaction, or even interaction through social media forums, this is simply not the case.
In fact, Millennials are much like previous generations in that they use all the traditional methods of communication such as phone calls, face-to-face interaction, texting or even emails.
The difference comes, however, in the level of technology Millennials demand.
“The way that we’re engaging with Millennials needs to change,” Foral said during the panel.
He explained Millennials rely heavily on, and even expect their lender to use technology to help ease the pain of buying a home. A recent study even showed 88% of Millennials use online resources when buying a home.
Millennials also prefer to have lenders help educate them throughout the home buying process. A full 70% of Millennials answered that they are looking to lenders to educate them as part of the home buying process.
As far as what’s ahead for 2018 for this generation? Foral claimed, “It’s gonna be the year of adoption.”
While previously point of sales and technology have been readily available, the adoption of this technology hasn’t. However, in the year ahead, Foral forecasted more and more companies will begin to adopt new methods and technology which will improve the home buying experience and provide Millennials with the standard they have come to expect.