The news is no longer “Millennials don’t want to buy homes.”
They do. So how are you going to get them there?
HousingWire hosted its first editorial webinar on Wednesday, with expert panelists Ginger Wilcox, chief industry officer with Sindeo, Joe Caltabiano, senior vice president of Mortgage Lending with Guaranteed Rate and Tim Anderson director of eServices withDocMagic to answer the question.
The topic: How to reach the Millennial first-time homebuyer. Here’s a direct link to purchase the webinar presentation.
The three bring over 60 years of experience in all aspects of the industry and gave a full range of tips on what does and doesn’t work when it comes to reaching Millennials.
Wilcox explained how the industry can better understand Millennials, giving her tips and insight on what does and doesn’t move them, along with their heightened need for transparency.
She gave the example that Millennials are living in a world of radical transparency, noting that we know the exact geographical location of out Uber driver and the exact status of our Dominos pizza in the creation process.
Meanwhile, Caltabiano dug into the issues that are creating a roadblock for Millennials, noting the importance of educating them on what is actually true.
While they are going online first to do their own research, he explained that the industry needs to make sure Millennials are looking at the latest information.
The market is changing on a daily basis, and it’s easy for someone to pull information from an outdated source.
Caltabiano stressed to loan officers who are marketing to young homeowners the importance knowing all the options out there for their clients, ranging anywhere from down payment options to loan options.
It’s important that we as LOs explain to Millennials how the process works and that there’s ton of opportunity out there #HWMillennialTalk
— Brena Swanson (@BrenaSwansonHW) October 28, 2015
DocMagic wrapped up the webinar, touching on the rules and regulations that are consuming the industry.
With eMortgages becoming more normal, lenders need to be aware of what this looks like from the start to closing of the loan, along with how to approach Millennials about the change.