What Do Loan Officers Need to Know About Millennials?

Millennials are a demographic that’s much too valuable to overlook. While for some loan officers, millennials may feel like a challenging client base to understand, others have found ways to succeed with them. If you want to attract more millennial prospects and excel with your millennial clients, there are many things you can do. While you might find plenty of quick-trick pieces of advice out there, this generation is more engaged by honest businesses and quality service. If you’d like to work with more millennials or elevate the level of service you provide, here are some key things you need to know about them:

They Want Authenticity.

Most millennials see through flashy ads and fake service. They want authenticity, and they’re willing to put in the work to seek it out. Because many millennials will start their search online, paying attention to your online presence and brand is key. Ensure that these things reflect you, not just a business. If a millennial prospect were to visit your website or Facebook page, for example, what would they find? Are there photos and content to give them a sense of who you are? Do your reviews support the things you highlight in your brand? When millennials don’t get that sense of authenticity, they’ll often continue their search.

They Want Connection.

The desire for authenticity continues when millennials become your clients. This demographic highly values connection, so loan officers need to ensure that they’re building relationships with them. Asking questions, creating a dialogue, tuning into their unique needs, and delivering personalized service are the ways to provide a top-notch experience, especially when it comes to this demographic. Get to know your millennial clients, and let them get to know you as well. Prioritizing that connection will establish trust and put them at ease.

They Respond to Value.

To impress millennials, you need to provide more than just a service. Loan officers need to ask themselves how they can provide value. This starts with your marketing efforts and continues through your client experience. When you create value for prospects, by sharing useful articles on your Facebook page, for example, you demonstrate that you have something to offer, not just that you want their business. For clients, creating value means going beyond a transactional process. How can you educate your clients, address their concerns, and go above and beyond to make it a positive experience? These questions are key.

They’re Tech Savvy.

Most millennials grew up with technology as a regular part of their lives. When it comes to services, they’ll expect the same. Loan officers need to integrate smooth technology into their work to win over millennial clients. From a well-designed website and up-to-date social-media pages to online platforms for clients to upload documents and connect with you, loan officers should pay attention to how they can use technology to create an elevated experience.

The good news about millennials is that they’re not all that different from other clients. Loan officers don’t need to overhaul their entire business to excel here. The key is understanding what matters most to this demographic and directing your focus towards these things. They’re likely already a part of your business strategy. Simply tune into these areas from a millennial perspective and ensure they’re up to par. How do you work to grow your business with millennials? I’d love to hear your thoughts.