Millennial mortgage market a game-changer for the industry

Technology and the internet can deliver an improved customer service experience and more efficient workflow for brokers – something our millennial brokers are working hard on within the current climate.

But tech isn’t the only thing that sets this new generation of finance professionals apart from the crowd.

MPA asked some of its profiled Young Guns how millennials can change the mortgage broking industry for the better.

For most, while tech played a central part in improving systems and processes, collaboration, confidence and adaptability were core to strengthening the industry and their roles within it.

Becoming a millennial friendly mortgage broker

Director of Surf Coast Finance and volunteer firefighter Nicola Tucker says staying abreast of new technology is an essential way of connecting with millennial clients, who tend to prefer doing business online.

The 32-year-old Young Gun says tech is the way forward for the industry because it enables brokers to focus on the goals of the client rather than collecting data.

“I never get pushed back now with clients doing the online fact find or using bankstatements.com,” she says, explaining that the process saves both the client and broker a lot of time.

“We have really great strategy meetings with our clients around what they are looking to do now and into the future.”

 “We can set things up properly for them now so that it doesn’t impact them down the track.”

AMA winner Adam Wadley agrees.

“Brokers that thrive for the next decade are going to be the ones that utilise technology – and that’s utilising technology to enhance the customer value proposition as opposed to technology replacing that role.”

The 33-year-old director of Numero Uno Finance and 2019 Young Gun of the Year – Franchisee says by doing Zoom meetings throughout the COVID-19 lockdown he has been able to see more clients than he could face-to-face.

“The more time you can take away from me doing admin work or travel, the more time I can actually spend in front of referral partners or in front of clients helping them find solutions.”

He says finding ways to create efficiencies through tech that enable and enhance the customer value proposition will be a key part of this transition.

Improving the mortgage process through collaboration

For 27-year-old Young Gun Keith Ho, transparency over the internet equals a wealth of opportunity.

“We are very lucky, this generation. There is a lot more information floating around.”

The director of JKK Solutions says while transparency of information makes it harder for mortgage brokers in some respects, it also creates plenty of good opportunities.

“It is a good way for you to start a conversation with the customer. It shows you are experienced and you know what you’re talking about.”

Collaboration is a key way that millennials can improve the industry moving forward. He says Facebook groups such as Finance and Coffee help brokers bounce ideas off each other in a non-critical, forum-based space.

“I believe we should leverage the internet, we should leverage transparency of information and we should leverage each other to make our industry a lot better.”

Agility in a changing industry

Partner at Mortgage Choice Erina Katie Dowton says millennials are good at adapting to change – an essential quality for brokers following the Royal Commission and the pandemic.

Like other new-to-industry brokers, the 22-year-old Young Gun entered the industry at a time when constant change was the new normal.

“A lot of older brokers have said this is such a challenging time, but for us, I think this is just the way that we’ve learned.”

“I think that we understand that things change all the time and you have to be able to adapt to it, otherwise, you won’t succeed.

Client engagement in a millennial mortgage market

Faris Dedic believes millennials should be confident to make their own mark in the industry. The 26-year-old director of Red Door Financial says too often the younger generation fall into the ways of the industry without acting to change it.

“You need to respect the elders in the industry and respect the processes that are there but don’t follow them.”

“You need to have your own opinion. You need to form your own strengths – you have a unique advantage.”

He says his oldest client is a 68-year-old developer who values what Dedic can bring to the table as a member of the younger generation.

“He needs to focus on what individuals such as myself look like, what kind of stock we would buy, what we would do in our lives.”

“Gone are the days where he can focus on his generation buying properties.”

“I value and build confidence in myself because I’m giving him a different opinion and a different view point to what he’s doing based on my age.”