By Bobbi Jo Dallas
In 2019, the last class of millennials graduated from college. As a result, in 2020, we are beginning to see a brand new generation start to enter the workforce. That’s me – a Gen Z.
For many years, the chatter in the industry has revolved around millennials. What are they like? How do they process information? What are their consumption patterns? And in what ways will they change the ways of home lending? Just when you think you have begun to understand the millennial generation, it’s time to start asking those same questions all over again about our newest, upcoming generation, Generation Z. It is clear the borrower is changed forever, and we need to alter our strategies, journeys, and conversations to adapt.
I just recently went through my own homebuying journey, and I can honestly say that this process was, in fact, a journey. To give you some background on me: I’m 21 years old, working my first full-time job, one year out of college, and have only ever rented. Where do you even start? Can I even afford this? There is no way I have enough money saved up for a down payment. I grew up with both my parents in the mortgage industry, and, still, I felt like I had no idea what I was doing throughout most of the process. I had never before owned my own home, and I had no idea if I could even afford a house by myself. But, the one thing I did know for sure was that I could not stand renting anymore.
For most Gen Z’s like me, this is the exact thought process that goes on in their minds. Now, don’t get confused. We all dream about owning a home someday, but the problem is that we tend to dwell too much upon the word “someday.” Homeownership seems like something that has to happen in the far distant future, something that we have to wait for until we have the perfect family or the perfect career or the perfect friends, you name it. We tell ourselves all these excuses, well, because no one has ever told us differently. What if you were the person who decided to change that? What if you were that one person to tell us the truth: that “someday” could be today. I am convinced that if we can adapt our marketing strategies to show this generation that homeownership is in reach, the market would see a new wave of borrowers ready to take the plunge.
I have provided three pieces of advice for you as you start to think about how you may adapt your marketing strategies to reach this new generation.
