I keep reading about the importance of millennials in the market. I have been a loan officer and sometimes producing manager for almost 30 years. I am well beyond the age of a millennial and so are most of the real estate agents I serve. How can I become relevant to these younger homebuyers? —Walter from New York
It’s important to learn how to reach millennials through positioning and technology. But there is a big step that we want to accomplish which is more important than all of these: We need to hire more millennials into this industry. Whether you are a manager hiring loan officers, or a loan officer hiring an assistant, hiring someone who is part of that generation will be more effective than any advice I have given thus far.
The next question is, where do we find millennials to hire? I will start by explaining why there are not more millennials in the business today. It comes as no surprise that someone does not go to college to enter the mortgage industry, as there is no curriculum. In the past, many entered into the industry by happenstance or when they purchased a home and got involved in the process. With millennials, many have delayed major life decisions such as purchasing a home and starting a family. While they are purchasing now, they are older than previous generations and more likely to have found their career, and less likely to wander into the industry.
Thus, it is not just a matter of finding them, but also hiring them while they are in a different stage of life as compared to previous generations that started in the industry. The answer to that issue lies in one word: education. —Dave
Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is www.originationpro.com. If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at email@example.com.