Loan Officers Connecting with Millennials Using Social Media
November 29, 2016 / Jo Fleischer, PR Director, and Shayla Hill, Digital Services Manager
In terms of population, there are now more millennials (ages 18 to 34) than baby boomers, and as this generation reaches their prime home-buying years, millennials remain a puzzle to many loan officers.
This young generation’s reliance on social media—and avoidance of print advertising—presents significant challenges for veteran loan officers. According to an estimate by the Mortgage Bankers Association, the average age of a mortgage loan officer is 54 years old. They’re finding that print advertising, direct mail, and other once-reliable marketing techniques just aren’t as effective with potential home buyers in their 20s and 30s.
Recently, more than 1,000 lender customers registered for our Social Media Strategies for Loan Originators webinar. In the hour-long presentation, we covered the initial steps loan officers can take to use social media to connect with millennials. Marketing experts have dubbed this generation Digital Natives—because most millennials don’t remember a world before Facebook, LinkedIn, and other types of social media.
Our webinar provides tips and strategies to help loan officers like you improve your social media presence without huge investments of money or time. Starting with LinkedIn, we recommend that you assess whether your profile is “Google-Ready” to be viewed by millennials who typically look up your LinkedIn profile and similar information online before contacting you by email or phone.
For example, many lenders created LinkedIn profiles in the distant past with a goal of connecting with current and former colleagues. As a result, your profile may be filled with industry jargon and information that’s not relevant to potential home buyers who will be viewing your profile. The webinar offers a set of steps to make your LinkedIn profile—and other social media accounts—more Google-ready for potential customers.
On Facebook, we recommend that you consider creating a professional Facebook page to keep your personal page (with your vacation snapshots) separate from the housing-related information and insights you can offer potential customers in your local market. The webinar—and our step-by-step guide—leads you through the steps to creating professional Facebook page. We also recommend that you delay investing in advertising for a few weeks or months…until you’ve built out a professional page with a good quantity of compelling content that your potential customers and industry partners will want to re-visit periodically.
This young generation’s reliance on social media ... presents significant challenges for veteran loan officers.
Twitter requires a significant time commitment, with experts recommending that you share tweets with your followers several times a day to keep them engaged. If that seems daunting, it may make more sense to initially focus on developing your other social media accounts—and adding Twitter once you’ve built a solid foundation on LinkedIn and Facebook.
Based on the number of questions asked during the Q&A portion of the webinar and the feedback we received, we believe the participants found the webinar informative and helpful.
The webinar recording, including the slides that were presented, is available on our Social Media Resources for Loan Originators page. Additional resources include:
- A 16-page e-book with detailed information on enhancing your social media accounts to appeal to millennials.
- A step-by-step guide for setting up or enhancing accounts on LinkedIn, Facebook, and Twitter.
We’re planning future events to help loan officers connect with today’s customers, and we’ve love to hear your feedback on what has worked for you in using social media to reach new customers. To share your ideas, please email firstname.lastname@example.org.
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