It continuously blows me away how many borrowers are satisfied with their LO or realtor, but then don’t repeat business when it’s time to sell their home or buy another. There are many likely factors that contribute to this phenomenon, but the biggest cause may just be communication.
A simple communication breakdown can be what makes the difference for referrals and repeat business. With that in mind, let’s talk about how to communicate with your borrowers to ensure they have a great experience that keeps them coming back.
Keep It Personalized
Everyone will have different communication styles and preferences which can be based on everything from age to personal preference. According to Entrepreneur, each generation has a distinct communication style that runs through most of the age group. Baby Boomers, for example, tend to appreciate formal and direct communication with a preference for either face-to-face, phone, or email interactions. They value having background information and details, whereas Gen Xers appreciate less formal communications over email, phone, or text and they value professional etiquette. Millennials, on the other hand, usually want quick communication via text, chat, and email. They value efficiency and convenience through a digital-first approach. Finally, Gen Zers prefer visual communications, often opting for face-to-face or video and, of course, a mobile-only format.
But remember, as much as research can help you craft a personalized communication style to start with, it’s up to you to ask your borrowers what they prefer. There will always be a few outliers, so never assume you know what your borrower wants or expects out of your communication style simply based on their age.