Times are changing. Millennials are rapidly entering the mortgage borrowing marketplace and they do business differently. One major difference is their mode of communication. Whether it’s social media, email or text, millennials tend to be more compatible with different modes of communication than the original snail mail and phone call.
Technology is constantly changing, and in this digital information era where “sharing” is at the forefront of our society, everyone needs to be on the same page (no pun intended). As a service provider, you will need to know how to interact with your clients on these new terms. Speaking of terms, study after study has shown that millennials are tech-savvy and prefer to conduct personal finance business on their own terms.
Additionally, more and more clients are expecting an easy and fast resolution to any problem. Whether it be asking a question to an actual human or applying for a loan quickly and easily, the absence of long customer service wait times are becoming more and more important. A recent study by the Aspect Consumer Experience Index: Millennial Research on Customer Service Expectations found that 69% of millennials said that they feel good about both themselves and the company they’re doing business with when they don’t have to deal with customer service.
These trends will continue to have a significant impact on not only the mortgage industry, but the real estate industry as a whole. All fields involved with real estate have long been based on word of mouth referral and grass roots marketing. Service providers must adapt to capture the new waves of clients entering the marketplace.
In short, it’s essential that you stay up to date with technology and your client’s expectations. Customer service has never been more important.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer