How can millennial brokers win the business of customers 10 years their senior? BorrowRight broker Iva Rasic, explains
Brokers are inundated with tips on how to secure millennial clients, but what if the tables were turned and instead we spoke about attracting millennials to the industry as brokers?
Gen Y, millennials or, as others call us, ‘those kids who are always on their phones’ – whatever the preferred term, our advantage is clear: we know our market, we know what we do and don’t like, and we have our own networks of young potential clients.
What we don’t know is how to get business from everyone else. Let’s face it, most of the big-ticket clients with multiple properties and large savings pots are over the age of 35. Why would someone as much as a decade older than the average millennial trust us with their finances?
Well, here are a few reasons why they should.
Experience isn’t everything
While I’d never dismiss veteran brokers who have bravely weathered several financial crises, experience can only get you so far in this industry.
I think we can all agree that the never-ending policy changes, industry rules and market conditions make broking a somewhat dynamic job. What was true yesterday is not always true today. This puts the new entrant on a level pegging with their experienced peers, but you can’t tell a customer that, actually, experience isn’t everything.
The simplest way is to show that you know your stuff. Flood all of your socials with articles, tips, tricks and industry news. Make sure they’re insightful and from reputable sources – and give yourself extra points if you’re writing the articles personally.
Send links to this content to your existing database, and be consistent. Don’t send or upload five articles one week then none for a month; instead pick the days you’ll share content, and download a media management platform to help you along the way.
It also helps to actually know your stuff so when you’re chatting to clients you are professional, informed and competent. The plus side to a lack of experience is that you’re often underestimated, meaning it’s easy to dazzle clients with extensive industry knowledge.
We are always on our phones
I sometimes ask my clients why they stuck with me rather than a bank or competing broker, and their answer is always the response times.
Unless it’s roughly between the hours of 10pm and 7am, we’re in an appointment, or the internet is down, we are usually (always) on our devices. Many customers understand – and expect – that we will be responsive outside of normal office hours, and as millennials we are already used to it.
For example, one of my first clients sent me a text at around 9pm asking if he could call. Both of my parents who work in mortgages said that maybe I shouldn’t call this late, but honestly, I didn’t see a problem with it. I’m on my phone anyway? Clearly he is too.
Millennials are used to being switched on almost 24/7, and the anxious client benefits from that. However, not everyone likes being contacted after hours, and as brokers we have to be good at reading people. We can usually gauge which customers are happy to have their call returned in the evening and which ones we should leave until the morning.
Although we millennials are criticised for our obsession with technology – and we will all, most likely, develop permanent claw hand from overusing our mobile phones – there are positives for the client. Being available and responsive is key to getting and keeping business. In my opinion, claw hand is a small price to pay for a successful and lucrative brokerage.
Masters of the universe
OK, masters of the universe may be pushing it, but we are the most educated generation to date. Growing up in the Information Age, with the world at our fingertips, has positioned us well for the dynamic and contact-driven profession of broking. The industry is forever evolving, and we are not only open to change but very fast at learning how to navigate and leverage change.
Our multitasking skills are advanced, making us incredibly resourceful, and we are the kind of people you want around if you need something done fast and efficiently.
All in all, millennials have a lot to bring to the table. We are tech-savvy problem-solvers who are always looking for a way to complete tasks more efficiently and effectively. We are the motivated, bright-eyed and bushy-tailed future, and we are up for any challenge thrown at us – unless you ask us to give up our phones.