You already know that millennials are the largest age demographic of homebuyers in the U.S. According to data provider CoreLogic, not only have millennials made up the biggest share of home purchase mortgage applications over the last six years, but they also constituted more than half of these applications, overall, in 2022.
Data shows that more than 12 in 1,000 Millennials aged 29 were first time homebuyers last year, and there are scores of individuals still under 30 who have not yet taken the plunge – meaning demand should remain strong for some time.
You also know that this particular age group can be a tricky one to please.
As mortgage lenders and loan officers, it’s important to understand what motivates millennial homebuyers so you can better assist them in their buying journey. To help you out, here are just five great tips for winning the hearts of this particular “in crowd.”
- Focus on Convenience: More than any other generation, millennials value a vendor that can make their lives easier. So, if you want to reach this coveted demographic, you need to make sure your services are as streamlined and user-friendly as possible. From applications to document exchanges, simplify your processes so that it’s easy and quick for millennials to use your services. And when it comes to marketing? Don’t ask them to seek out your sales pitch. Mail it to them directly.
- Don’t Overcomplicate Things. We’re not saying young people have short attention spans, but they DO lead busy lifestyles and are CONSTANTLY bombarded by businesses vying for their attention or polling their opinion or attempting to sell them something. When reaching out, don’t swarm them with too much information or too many choices at once. Instead, streamline your communications and provide just enough information to pique their interest. Give them time to digest your message before moving on to the next step.
- Show Them You’re Human: It’s well documented: millennials want to work with lenders who aren’t afraid to show their empathetic, vulnerable side — after all, they’re gearing up to make one of life’s biggest purchases. Be sure your marketing materials include images of actual staff members, not just rote stock photos of nameless smiling faces. Emphasize customer service. And be sure that buyers know that they can reach out at any time if they have questions or concerns during the loan process.
- Appeal to their Frugal Nature. Millennials have grown up in a time of economic uncertainty, so it makes sense that they’re budget conscious when it comes to making large purchases – like a home. It pays to showcase any features your company offers that can help buyers save money in the long run. You can also attract millennials by offering products that simplify the loan process or make it easier for them to pay back the loan faster than traditional terms would allow.
- Keep Up with Trends: The most important thing when marketing mortgages to millennials is staying aware of current trends in their purchasing habits—especially since those trends tend to change quickly. Data-driven insights from market reports tailored specifically towards millennial homebuyers will help you know exactly what they’re looking for before they do.
At Camber Marketing Group, for example, our team takes the guesswork out of marketing for the mortgage industry. Working alongside account managers, we use millions of data points to build better direct mail campaigns around the most effective information available. That means campaigns are tailored specifically to your business goals.
With the above tips in mind, you should have no trouble reaching out to millennial homebuyers and helping them find the perfect loan option for their needs. Keep in mind: 90% of millennials believe Direct Mail Marketing is a more reliable form of advertising. Camber can help you win over those hearts faster than you ever imagined. Reach out to us today to learn more about our direct mail marketing solutions.