Just when you thought you’d mastered your marketing strategy to Millennial (Gen Y) homebuyers, there’s a whole new homebuyer demographic to understand. Centennials, also known as Gen Z, were born from 1997 to the present, so the oldest is currently 24 years old.
Many Centennials are getting their financial feet wet with credit cards and auto loans. If you learn how to adapt your marketing to attract them to your business now and keep them engaged as they build their credit history, you’ll be more likely to capture their mortgage business later.
What motivates Centennials to select a company for their business?
Centennials have similar motivations to Millennials when selecting a company for their business. They value diversity and are socially conscious of a wide range of issues, so they prefer companies whose ethics align with their own and make brand choices based on their values.
Connect with Centennials by showing who you are by promoting your company story and mission. Start by posting to your website, which you’ll share to social media, all activities where you or your team gives back to the communities you serve.
How to engage with Centennial homebuyers
While Millennials are tech-savvy, Centennials grew up using computers and the internet. As a result, they shop online and expect all brands to provide the same convenience as Amazon, including those they select for their financial transactions.
Connect with Centennials through short-form viral videos and images on Instagram, Snapchat, and TikTok. Facebook and Twitter are still in the mix but much less popular.
Centennials don’t want to just hear from you. They also refer to reviews and testimonials before making a business decision. This is when you should embrace Zillow and Google My Business. These websites are highly ranked on Google Search results, so they can supplement the testimonials you’re receiving on Social Survey, MortgageSAT, TrustSpot, etc., and posting to social media.
If you aren’t already doing this every time you close a loan, ask your borrowers to post a review or testimonial. Make it easy for your borrowers by providing a link to your preferred testimonial site. If they don’t do it immediately, call them in a week or two, after they’ve moved into their new home, to see how they are settling in.
Be a trusted advisor to Centennial homebuyers
Freddie Mac research indicates that 86% of Centennials want to own a home someday, yet 65% don’t feel confident about their knowledge of the mortgage process. While 58% would turn to a real estate agent to learn more, and 54% the internet, only 41% would turn to a bank or mortgage lender. When you post informative blogs to your website or make educational social videos and share them on social media, you have the opportunity to become the trusted financial advisor they seek.
Gen Z is the first generation of “digital natives.” They turn to technology because it makes their lives easier. FinLocker can be the technological solution that keeps your future Gen Z homebuyers engaged with your brand while improving their credit, saving their down payment, paying down their student loans, and increasing their knowledge of the mortgage process and homeownership.