On Millennials & Marketing

Mike Cass

On Millennials and Marketing

By Mike Cass

Millennials in Mankato: I keep reading about the importance of marketing to millennials – anything you can share on this topic and how I can make the most of it as a real estate agent?

CASS: Millennials are cited in study after study as the key to turning on the housing engine in the United States. The link below summarizes the perspective of many that 2018 will be a breakout year for this segment – citing only 34.6 percent of Americans under age 35 are homeowners, but that 78 percent plan to buy a home in the future in our Twin Cities. http://realtormag.realtor.org/daily-news/2015/07/28/millennial-buyers-reach-tippingpoint-in-2018

A similar perspective was shared as part of the NAR study “Hurdles To Homeownership,” citing both the problems millennials face with homeownership (tight credit, shortage of listings, student loan debt) as well as the good news that these same millennials have a continued dream of homeownership.http://narnewsline.blogs.realtor.org/2017/06/09/leaping-over-the-hurdles-to-homeownership/

Millennials in Mankato: What can I do to share in the millennials entry into the housing market from a home financing perspective?

Work With A “Millennial Friendly” Lender With A Digital Lending Experience. Millennials are looking for a lending experience that suits their lifestyle. Your lender should offer easy to follow online application experience, online and instant verification of income and assets, automated in-process updates, the ability to upload documents by phone, and more.

Identify Lenders That Support Income Based Repayment (IBR). Student loan debt is a major obstacle to homeownership but many of those borrowers are not familiar with how they can lower their monthly payments on their student loan debt using IBR and working with a lender that supports this option.

Make the Most of Limited Inventory. A challenge for all homebuyers, but limited inventory is especially challenging for the millennials due to peak demand for entry level housing. You can maximize your opportunities in several ways:

Renovation Lending. Work with a lender that offers FHA’s 203(k) or conventional Renovation program with Fannie Mae or Freddie Mac to allow for renovations to an “almost perfect” home versus continuing the search for months to come for the perfect home…save yourself some gas money while you are at it !

Win the Bidding War. With multiple offers the standard in today’s market, improve your buyer’s chances by flashing a full approval letter from a lender when you hand in your offer. Most sellers are wary of pre-qualification or pre-approval letters and are increasingly looking for a letter that indicates the borrower approval has been reviewed by a loan underwriter with full review of income and assets.

The Millennials are Coming. Make sure you are preparing your 2018 business plan with partners that support that opportunity!


Mike Cass invites you to submit your questions to be addressed in future columns. Questions may be edited for space or clarity. Send your questions to mcass@resultsmortgage.com. Mike Cass has served in various mortgage roles including loan origination, loan processing, underwriting, closing, post-closing and finance. He draws on these experiences as president of Results Mortgage LLC, a Twin Cities based lender.