What Do Millennials Want From Their Loan Officer

How can loan officers thrive with the millennial demographic? While their needs aren’t entirely different from other clients, there are certain qualities that tend to top millennials’ lists. You’re likely already doing these things anyway, but knowing how to highlight them and where to direct your focus can help you excel with this demographic. While some loan officers fall into the habit of looking to stereotypes to inform them about the needs of their millennial demographic, this can often backfire. Let’s take a look at what really matters to millennials:

Connection

Millennials want to know who you are. In order for them to develop a sense of trust in you, they need to make a genuine connection. Loan officers can do this by ensuring they view each client as an individual. Don’t go on autopilot and assume you can anticipate all the needs of your clients. Instead, make sure that you have time to slow down and have real conversations. Ask questions, take notes, clarify the details. Show your clients that you’re invested in getting to know them. Building this rapport with millennials helps to ensure that they feel a sense of connection with you.

Customization

Beyond a personal connection, millennials also want a personal experience. With so many services prioritizing efficiency, it’s understandable that millennials are sick of cookie-cutter experiences. How can you make the loan process feel like it is designed for them? When loan officers send personalized emails, remember details from past conversations, and respond to the information they learn from their clients in real-time, they create an experience that feels unique. Even though you may have worked with hundreds of clients over the course of your career, your current clients shouldn’t feel like cogs in a machine. It’s great to be efficient. Just make sure that doesn’t overtake the personal feeling of the experience.

Education

Millennials want to be informed. For many millennial clients, it’s their first time taking out a mortgage. They want to work with a loan officer who is willing to break down the information for them so they can move forward with confidence. Don’t forget that a key part of this is asking them questions. Loan officers need to regularly confirm their millennial clients’ understanding and open up the conversation for them to voice any confusion. By sharing what you know, you help your clients feel confident and empowered in the process.

Convenience

Millennials are used to convenience. Growing up in such a technology-filled era, this generation is no stranger to instant gratification. They also are less likely than earlier generations to follow a strict 9am-5pm schedule. Loan officers who strive to make the experience as convenient as possible show their clients that they value their time. It might be having flexibility in your schedule for meeting times or allowing your clients to upload documents online from home. However you incorporate it, convenience is a something millennials have come to expect in a high-quality experience.

Millennials aren’t as mysterious as some would make them out to be. Though this generation may feel challenging to pin down at times, ultimately, we need to remember that they’re individual clients whose needs aren’t that different from any other client. We don’t need to look for trendy strategies or quick tips to succeed. Instead, we need to focus on the things that matter most to them and ensure those are front and center in the service that we provide.

At our team – we focus on FIRST finding out what our clients want, then crafting solutions that meet their needs and provide profitable business for us. Would you like to discuss how we do this?