|Interpretive CommentsWhat Has Changed?
We are living in a time when two super generations have collided into potential clients. Those are the Baby Boomers and the Millennials. Market opportunity demands that you have marketing strategies in place to accommodate them both!
Boomers (and I am one of them) tend to be more “old school”. This generation is more likely to consider their agent’s opinion when it comes to “who to trust” for financing. Or, they’ve already purchased and sold so many homes that they “know” someone to go to.
Millennials question EVERYTHING! They don’t believe anything until they hear it from close friends that they trust (network) or they research it online. This means that they may not be led as easily to a lender by a Real Estate agent as their parents were. Additionally, they came into adulthood during the great recession and were bombarded with the messaging that banks are evil, lenders are evil, don’t trust them. So, they don’t! However, once one of them trusts you, the others will too.
I’m not advocating that your present referral sources should be ignored. Of course, you would want to keep those in place as they drive income into your business. Instead, I am advocating that you want to expand your marketing efforts to include the younger generations since the market is moving in that direction. They are network oriented vs. trusted-advisor oriented.
There used to be a time when soliciting consumers directly involved mailers, billboards, radio or TV ads and other costly measures. This is why it made sense to talk to real estate agents who had already done that and had the client. It was more efficient and less expensive for the originator.
Now, the tide has shifted!
Consumer Direct = Social Media because the Millennials live there, and they are the largest growing segment of homebuyers right now. And the best part is that this type of marketing is free or close to free!
Here is my advice:
Future Homebuyers live in “Technology Land,” and so you (or a proxy) must live there as well.
This means building a very strong social media presence which will likely require a young
Millennial to guide you with. Facebook, Instagram (more popular than FB now), LinkedIn, Twitter and You Tube are just the basics. For instance, I thought I was posting enough on social media until my Millennial sons, who work for me, told me I wasn’t even close! So, I turned it over to them and their SEO expert friends to define a Social Media strategy that is in line with what is expected in today’s world.
What Does This Mean for Originators?
Millennials are hungry for education! They see memes, videos and all of that type of posting from others, so when LOs do that, they just fade into the background noise. They also don’t want postings about how special you are or how special your company is. Let others tell them about you, as this is the only way they believe it. Notice that Apple® does not say “we are special”. They show you with the solutions they put out, and then others pass on how wonderful they are. Boomers liked the status stuff, Millennials don’t – and think it’s just BS anyway. You need to position yourself as the smart one in the group by passing on tips, techniques, education. This will resonate with them. And you guessed it, Mortgage Currentcy is the never-ending content source for exactly this!
The MC team has created a new Chart that outlines a basic strategy to get you started.
You don’t have to say a lot in your posting, because this generation will barely read it anyway and are hyper-focused on pictures to reel them into the message. Just short snippets. MC has a whole database of Social Media posts to start with.
Now don’t freak out because it seems like a lot of effort! It is just a new market strategy, and after the first couple of times you will find it takes less than 2 hours per week to create or curate all of your content. Hire a young Millennial or part-time student so they can make it happen for you. You fill in the content on a spreadsheet and hand it to them!
Even though the number of times posted seems shocking, remember that you are posting the same message on varying platforms. So, at the most you are looking at 2-3 original postings per day or 10-20 per week depending on how many days you post. Think about how much time you put into driving around and marketing to your real estate sources and this time investment will seem like a real bargain!
I believe you will be shocked by the results when you consistently apply this strategy. And the coolest thing about it is that social media is free to use, and your MC subscription gives you never-ending content!
Loan Originator Interpretation
Embrace this strategy and watch your business soar!Processor/Closer Interpretation
Pass this on to your originator friends to help their business grow.
This is the way to move your branch numbers into the stratosphere. Think of ways that you can assist your originators by providing a branch employee that can execute this strategy for your originators.