Kristin Messerli is the Founder and CEO of Cultural Outreach Solutions, specializing in helping companies in the mortgage industry better reach and serve Millennial and multicultural homebuyers. To bridge the gap between consumers and providers, she launched a subscription social media service with content, delivery and coaching, called ModernLoanOfficer.com. Contact firstname.lastname@example.org for more information.
[Op-Ed] Leading companies are using multicultural marketing strategies on the front line as part of their total market strategy. The ones who are effective are not simply translating their flyers or adding diversity to their ads. Through their marketing efforts and customer experience, the best companies are reflecting the country’s shift in cultural norms and expectations to connect with today’s diverse consumers.
[Expert commentary] Today’s consumers are accustomed to making instant banking transactions and home searches from the palms of their hands, and they expect this kind of ease of use across industries. Ultimately, the best lenders are those who will bring greater transparency to the borrower, which often requires the adoption of new technology as it comes available. Here are different categories of technology every lender should be using and key considerations in choosing and adopting the right vendor.
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.
[Subscribers only] Multigenerational living, where two or more adult generations live under the same roof, is becoming a growing trend in the U.S. Currently about 19% of Americans now live in a multigenerational household, the highest level since 1950. That amounts to about 60.6 million adults in 2014, up from 57 million adults in 2012. And homebuilders have taken notice, designing houses specifically catered to this segment.
Would-be homeowners are inundated with picture-perfect examples of new and remodeled homes brimming with upgrades. But in the real world, homebuilders and investors must calculate the rate of return on these sometimes fleeting trends, weighing what buyers want with what they can actually afford. This feature looks at which features buyers of different age demographics consider the most important, and what that means for sellers.
We’ve found that the handling and posting of payments during bankruptcy has been a widespread issue in our testing environment. Specifically, there is increased risk exposure in pre-and post-petition payment application and treatment, both inside and outside of the bankruptcy plan. Servicers and sub-servicers have created manual workflow workarounds to address the issue, however, it does open the servicer up to more exposure to calculation errors.