We are continuing our series of articles dedicated to how to properly market to millennials. Follow these links to read and Part 2: How To Communicate.
Today we’d like to talk about technology and how you can leverage this technology to increase your business with millennials.
Introduction
Every generation out there comes with its own “go-to” technology that Loan Officers, Marketeers and others use to reach out to them. For Baby Boomers it was regular mail, for Generation X it was (and still is) email and for Millennials it’s online services that can be accessed from any device.
Your task, as a Loan Officer, is to provide millennials with services that utilize the technology they prefer. You also have to be available wherever and whenever they are. You need to provide them with an opportunity to talk to you, or not talk to you, and still get the mortgage process going.
We know this can be quite tricky, so here are some online/mobile instruments that are very useful for doing business with millennials.
Online Document Management
The first thing that you need to do is enable your millennial clients to upload their documents remotely. There is absolutely no need for them to have to come to you personally and bring those documents. Faxing is not an option either, because most of them do not own a fax machine.
Mobile applications that allow document uploading is a huge bonus. Millennials tend to tell their friends via social channels about how good (or bad) their experience was in any given situation. If you provide them with the best service, i.e. mobile app with document management – rest assured that you are going to receive a lot of advocations and referrals. Such applications are bringing the mortgage experience for millennials to the next level, while simplifying your job as an LO.
Another advantage that comes from this mobile app is Push Notifications. Push Notifications are small messages that you see on the Home screen of your smartphone. You may ask how Push Notifications will help you manage documents?
Imagine this: as soon as you request a document, your client will receive a push notification allowing him to react instantly. He then sends a document to you and you receive a push notification right to your app. If both parties are online, the whole process will take five minutes tops. Remember, being notified and keeping your clients and partners notified is the key to a successful mortgage business.
Online 1003 Form
One document in the mortgage process deserves our special attention – the 1003 Form. Providing this form online is a huge “+” for millennials. Without a doubt, a millennial that wants a mortgage will go through the pain of getting to the office to fill out this form. But wouldn’t it be better if he or she could fill out this form on a couch at home?
Make sure your Online 1003 Form has the ability to save the progress for each applicant. No one likes to fill out the same form over and over again, especially millennials. It is very important for you not to miss this when you set up your service.
Mobile Communications
We went through this in great detail in our previous article, but repetition is a path to victory, right? Long story short, mobile communication is a must-have technology for every mortgage professional out there. Communication is hands down the single most important thing in the mortgage process and you should polish it till it sparkles.
Millennials like it when you talk to them in their language and through their channels. So, if you have the opportunity to be in their smartphones, take it – it is a huge advantage over your competition. Click on the image below to proceed to our article “Millennials Mortgage Marketing: How To Communicate”.
Cross-device
This is not exactly a technology, it is more like a strategy you have to provide a flawless mortgage experience. You have to present millennials with a seamless transfer of your communications, document management, 1003 form, etc., from one device to another.
Here are a few examples:
1. You chat with a borrower on a mobile app. He chats with you using an online interface. You both have the same history of messages no matter what device you use.
2. You’ve sent a document request from your desktop. The borrower received the request on his/her phone via a push notification. The borrower opens it up, makes a photo of a document with his phone and sends it to you. You then operate with a document on your desktop. However, it could’ve been vise versa, you on the mobile and borrower on their desktop, and it would still work.
We understand that it can be a lot to take in, but you will be able to see a huge positive feedback as soon as you implement it and make it accessible to millennials.
Conclusion
Leveraging the technology is just one of the steps on your way to becoming a Top Mortgage Producer, but it is a very important step. Use everything that we’ve talked about and success will follow.
