BankingBridge Blog

Society is constantly changing, evolving and moving forward, which can be a real nightmare for mortgage lenders. Not only do they have to gather intel on the largest faction of potential homeowners, but they also have to find a way to target them. Now, the industry is currently saturated with millennials who are ready and waiting to join the property ladder.

But, the millennial generation has claimed a reputation for being difficult to convince. So, while they may be eager to secure a loan and purchase their first piece of real estate, they’ll still need to be approached effectively. The only way you’re going to survive as a lender is to learn how to market and target them. Here are some really simple tips to get started…

1. Forge a noticeable online presence

Millennials have been fully submerged in the digital age all of their lives, so it’s important that you create an online presence. Although, it’s not as simple as having a website. No, you need an informative site, ideally an intuitive smartphone app, and a profile across all social media platforms. Then, you’ll need to push engagement to new heights, by consistently posting, answering questions and ensuring everything is seamless.

2. Remain completely transparent

To put it simply – millennials will not use your service if you hide important aspects of it from them. They want to feel a serious connection to your brand, and that’s only possible if you’re honest and build a level of trust. So, refrain from hiding any of your rates until they’ve submitted a form, displaying any inaccurate ads, or posting things that don’t align with their ethos.

3. Utilize BankingBridge

A great addition to your marketing campaign could be to use BankingBridge. As a lender, you’ll be able to join a community full of millennials looking to buy, and realtors who can help you establish a relationship with them. Ultimately, despite millennials loving digital methods, realtors who can explain the full picture are still extremely powerful. Also, it can also increase your online presence and can be linked to your social media profiles.

4. Data is the key

Millennials are surrounded by tons of data every single day, but they still want more of it. But, other than providing them with additional data, you could use it to enhance your targeting efforts. For instance, if you incorporated location, purchasing history, education, current income and common interests into your marketing, you’d be able to laser-focus, communicate more effectively, and connect with them on a personal level.

5. Be a knowledge base

By unceasingly educating millennials, you can not only demonstrate how authoritative you are with the amount of knowledge you possess, but you can also give the impression that they’re in control. Millennials don’t like to be commanded, and if you make them feel like they know everything, they’ll be more inclined to use your services because they’ve chosen to.