The term millennial, while not having an ‘official’ definition, generally refers to people born in the period from the early ’80s to the mid ’00s. With their oldest cohorts now in their early 30s and their youngest in their early teens, the millennial generation has been involved in the workforce for some time now, and is just starting to take their first steps on the property ladder.
But what can these young people bring to your mortgage broker business?
The vigour and drive of youth
Despite having a poor reputation among some, millennials are working just as hard as anyone else. Results from the 2017 Delloite Millennial Survey shows that millennials are loyal to their companies, and can contribute greatly when their employers allow flexible work options and contribute to social causes in some way. Don’t believe those who say that the young ones are this or that – it seems to be a truism of life that generations will unfairly berate the ones below them.
You should also try not to be turned off by the relative inexperience of millennials. What they might be missing in that department they make up for in the level of excitement and enthusiasm they can bring to a job – things that, sometimes, older folks have long since lost. An office environment always benefits from a mix of personalities and ages, not just for morale and social reasons, but also so you can minimise your potential age-related blind spots too.
Connect with young, first-time home buyers
It’s almost a given that in today’s fast changing world, members of different generations struggle to understand the mindset and desires of one another. If some of your employees are millennials, your business can become more knowledgeable on how to best serve their generation’s needs, and how best to communicate with them.
On that front, Australian millennials are mostly yet to purchase property. Only 28 percent of Australians between the ages of 19 and 36 have bought a home, according to survey data from HSBC Holdings PLC. This is not particularly surprising, seeing as the average age for entering the property market in Australia is 32, according to the Commbank Connected Future report. This age has not changed much in the last 20 years.
So while millennials are entering the homeowners club slowly, having other millennials in your business that more acutely understand how their peers feel about buying property will prove invaluable when their generation begins to enter the market in greater numbers.
Whether you’re looking for a change in career, or you’re already an established mortgage broker, the team at Redrock is here to help. Get in contact today to find out what we can do to help you reach your business goals.
