In an essay for National Mortgage News, Susan Woodard makes the case that real estate agents could use a little help from lenders to get this generation to buy more homes.
She notes that this under-35 crowd is skeptical of real estate and lending, is more digital savvy than any other generation, and is the most educated generation to date. Yet, the average Realtor is a 53-year-old woman with only some college education. The rate of Millennials becoming real estate agents has only increased 2% in four years.
Mortgage companies and loan officers should pitch to real estate agents that they work in conjunction, but in reality, the lender should do most of the work using automation and content in a Real Estate Settlement Procedures Act-compliant way. The loan officer can get buy-in from real estate agents on messages, timelines and different target groups and then track, manage and nurture the leads. Agents will appreciate having this type of work done for them and the lender looks like a hero when delivering a solid prospect or client. This builds loyalty and establishes originators as partners rather than vendors.