The mortgage industry is radically changing. How? Within five years, roughly 70% of mortgage clients will be from Generation Y, also called the Millennial Generation.
As a mortgage professional, how do you approach a generation that has experienced the housing boom, the stock market crash, and the proceeding recession? In what ways can you connect with a generation that grew up with technology at their fingertips, where they can access more information about the loan and mortgage world than ever before?
To complicate things even further, skeptical Generation X is still on the scene, bringing different needs and perspectives to financial conversations.
As a result, mortgage loan officers are facing different challenges than those faced with Baby Boomer clients. So how can the mortgage industry take those challenges and turn them into avenues for success?
I was invited to speak on Dave Savage’s Mortgage Coach show to address that very topic. Mortgage Coach develops unique tools that empower loan officers to improve closing ratios, increase referrals, stay compliant, and grow revenue. Twice a month, Savage hosts calls with outside speakers; I was one of those speakers, alongside loan officer Dan Keller.
You can listen to our call in the video below, which includes a slideshow presentation I use to help people understand how to communicate with Baby Boomers, Generation X, and Generation Y. Specifically, I discuss how to create trust and eventually close the deal by understanding what political, technological and societal influences shaped each generation.
I would love to hear any personal insight into effectively communicating with different generations. Share your experience or ask me a question in the comment box below, via email or find me on Twitter.