Millennials are the future of the business both in terms of home buyers and the next generation of originators. How is marketing to them different from previous generations?
That’s the question we asked Amy Holmes, founder and president of Level 3 Lending.
“When marketing to Millennials, they actually want more information. They want to understand the process from forward to back. So, previous generations, they went along a little more (like) ‘OK, I understand this is how the system works to get a mortgage,’ but they didn’t really understand (the process). They just took the word of someone wearing a suit,” she told Mortgage Professional America. “But Millennials want to know what’s going on. That’s really how you (earn their business) and keep hold of them.”
And Holmes would know: Half her workforce is comprised of Millennials.
“Properly recruiting is actually getting out of the mindset of you have … to look a certain way and act a certain way as well. So (with) Millennials you have to have a certain understanding that they’re coming from an entirely different generation where they’re not going to look the same,” she said. “They’re not going to act the same as we’re used to. To be able to recruit them, you really, honestly, have to get out. You can’t sit in your Eiffel Tower – you have to talk to them and really get to know them.
“Once they get to know you and understand this is something they can do that’s how you get them. Keeping them is another story; again, it’s more information. The more education they have the better off your chances are to keep them.”
Level 3 Lending prides itself on its distinctive and inclusive culture; one that’s based on attracting the top talent and earning clients for life.
“I don’t call my loan officers mortgage loan originators; we call them dream makers. Basically what that means is that anybody who’s out there, regardless if they’re an employee or a potential borrower, we really focus on what their dream is,” Holmes said. “It’s not just about the bottom dollar as far as let me get this loan done for you; I’m going to be your dream maker for life. Whether this is your first home, your investment home, your second home, vacation home, you name it – we want to be there for life. We want to help you make your dreams come true.
“Same thing with my loan officers. If they have a dream outside of the lending industry that’s the first thing we’re going to do. Let’s help them focus on that dream.”
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We spoke to one expert about attracting the next generation of originator – and home buyer – as well as creating an inclusive company culture.