- Education: Develop educational resources that cater to millennials. Design a shareable, graphically appealing breakdown of the mortgage process that showcases programs targeted to first-time homebuyers and focuses on the benefits of homeownership over renting.
- Communication Preferences: Meet millennials where they go for their information by investing in online marketing through targeted social media ads across a variety of platforms. Ask prospective customers how they like to communicate – text, email, phone, or in person. Use testimonials from existing millennial clients, photos, videos, and even interactive features.
- Technology: Make sure that the application process is easy to understand and be thorough in initial requests for documentation to minimize follow up requests. Millennials grew up with the internet, so it is essential that lenders catering to this group offer an easy to follow application process.
According to a recent study, 80% of millennials would like to purchase real estate, but many lack savings for a down payment*. It is important to develop an outreach program for first-time homebuyers to educate them on the fact that they may be able to finance a home through an FHA loan for as little as 3.5% down.
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