By 2017, Gen Y will be the largest generation. This fact, more than any other, will demand a new mindset for sales organizations who want to capture business from this critical population segment of potential home buyers.
A number of recent surveys indicate that the new generation will impact the marketplace in the following ways:
• Gen Y wants sales professionals who are experts and not just friendly. Sales organizations will not only need to ensure that their sales people are tested and knowledgeable but be prepared to deliver more value to the borrower. The NMLS is only the minimum effort.
• Gen Ys like name brands and companies that are socially minded. Companies will need to invest in culitvating brand awareness but also in developing a social position in the marketplace and becoming more community minded. Social media is a required component if a sales group wants to establish a positive reputation in the marketplace.
• In the Gen Y marketplace, more women (87%) than men (79%) see owning a home as a top lifetime goal. The impact of this difference is huge. Sales groups need to reconfigure their front line sales force to ensure that the right voices are being heard who can sell and market to younger women.
• Half of the new generation wants answers within 12 hours for questions that they have regarding their accounts. The 24-hour rule that some companies have is out the window. This tech savvy generation doesn’t want to wait.
Are you ready to meet the new generation’s sales requirements? Do you have sales professionals who are experts and social media-driven? If not, what are you doing to adapt your originators? Are you investing in bringing on that next generation of originators?