Mortgage marketers know that it’s vital to target generation x and millennials if they want to increases their first time home buyer business.
I read an article in NationalMortgageProfessional.com today about the homeownership rate amongst adults in the U.S. According to Money Magazine, is increasingly dropping and is now close to 60 percent.
The article explained that a majority of the current housing market is being propped by the Baby Boomers. This is why Generation X (born between1965-1980) and the Millennials (born between1981-2000) are becoming the main focus of marketing campaigns nationwide.
And these new generations aren’t buying homes or refinancing at the same rates as their predecessors.
The number of homeowners ages 35-39 has dropped significantly in the last 10 years. The lack of trading up activity in the market is increasing rental prices and making it harder to save for a down-payment. People ages 35-44 have “stagnant” wages. People ages 45-54 have the lowest wages since the end of the 1960s. Bottom line, mortgage marketers need to find a way to market to these younger generations.
Multi-Channel Marketing
The key is reaching these generations via more than one marketing channel.
An effective multi-channel marketing campaign means getting in front of the prospects both online and in their homes. There are definite key channels. They include direct mail, online advertising (PPC-SEO-Social Media), Internet leads, digital display and e-mail marketing. Mortgage marketers need to use all of these channels to attract the attention of qualified buyers.
Mortgage marketers have to target the same person several different ways in order to build credibility and attract them to their business. Let them know you want to talk to them. Let them know that they are qualified. Educate them. While many members of the younger generations don’t understand what it takes to qualify for a loan. They don’t know what programs are available to them to buy or refinance their home. A multi-channel marketing campaign that incorporates both an online and an offline (even a pre-screened credit offer) direct marketing approach will increase response.
There are companies like Dataman Group Direct in Boca Raton that specialize in providing the right list for Mortgage Companies to use in their direct mail. Gen X and Millennial Households on the Dataman Group First Time Home Buyers list are the prime prospects.
Mortgage marketers – Don’t wait. The key to success is closing loans is getting the message into your prospect’s homes and doing it now.
