TheRealDeal • September 29, 2022
How to remove the pain of home closing for Millennial buyers
Millennials that were slow to make the transition from renting to owning a home are making up for lost time.
This demographic has become a powerful force in the home buying market. The 66 million Millennials in the U.S. now range in age between 24 and 42, which puts them firmly in that “sweet spot” for homebuyers. In fact, Millennials are expected to form 25 million new households by 2025.
Whether they are shopping for a first home, upgrade or relocation, Millennials are the fastest growing group of homebuyers. According to the National Association of REALTORS, Millennials represent 43 percent of all homebuyers. “Millennials are a critical audience to win based on their buying power, and the secret to winning them over starts with understanding them better,” says Katie Smith, executive director of field excellence at Doma, a title & escrow company.
Meeting Millennials where they live – online
Millennials grew up in the Internet age, and they are accustomed to seamless, on-demand digital experiences. They use smartphones to order everything from a mocha latte to furniture, and increasingly, they are relying on mobile apps for a variety of important transactions, such as banking, financial planning and managing their healthcare.
Millennials not only want the convenience of being able to transact at any time and from anywhere, they want that real-time result. “This is not a generation that knows what it’s like to actually drive to a Blockbuster in order to rent a movie and battle for the last copy of that latest release. They are used to clicking a button from the coziness of their couch and PJs to stream that movie instantly,” says Mini Peiris, Doma’s chief marketing officer. Millennials bring those same expectations with them when it comes to that home-buying and home-closing experience, she adds.
This generation also demands transparency into transactions and instant communication. When they place that Amazon order, they receive that immediate order confirmation text or email, and they expect notifications every step of the way from when the time it leaves the warehouse to when it arrives on their doorstep.
Last, but certainly not least, is social media. This is where Millennials live. It is critical for real estate professionals to be familiar with and comfortable navigating the Big Four social media platforms – Facebook, Instagram, Tik Tok and LinkedIn – so that they can engage and connect with those potential clients, notes Doma Managing Director Julie Shroyer.
Streamlining the closing experience
Serving the Millennial customer requires delivering information and an overall experience that is fast, convenient and frictionless.
Education:
Many Millennials are first-time buyers. As such, it is important to explain the escrow process and answer questions. For example, not everyone knows what an easement is or why it’s important. Doma has easy-to-use guides to walk clients through important parts of the closing process, like title prelims and signing. These guides, along with consistent updates from Doma throughout the process, help agents build confidence and trust with their clients. “Being transparent and focusing on educating clients at every step of the process goes a long way to building trust with millennials and that will keep them coming back to you for any and all future transactions as well,” says Shroyer.
Technology:
Real estate professionals need to be able to engage digitally with clients and leverage technology tools to provide a better experience. Doma has patented machine intelligence that can return title prelims within minutes rather than days as is the norm with most title companies. “That quick turnaround allows the real estate professional to review the document with their client more quickly,” says Smith. Doma also provides proactive notifications and on-demand digital access that gives the homebuyer visibility and a sense of control into the entire transaction, she adds.
Flexibility:
When it comes to the closing, flexibility is the key. Millennials don’t necessarily want to be stuck in a small room at a specifically scheduled day and time. They want options. Some prefer to be fully in person so someone is there to walk them through page by page and answer questions, whereas others might prefer to be fully remote with a remote online notary (RON) from the comfort of their home – or a hybrid of the two. Doma helps agents accommodate the right closing option for their clients early in the process, and ensures that documents are sent to all parties with as much review time as possible so that millennial homebuyers feel prepared and comfortable on one of the most important days of their lives – closing day.
Any realtor knows that between that euphoric moment when your offer is accepted to the celebration on move-in day, there can be a lot of pain points in between. Frankly, title and escrow can be a tedious and frustrating part of the closing process. However, it doesn’t have to be, notes Shroyer. Real estate professionals can help to bridge the gap. “Your clients look to you as the informed expert guiding them through the entire home-buying process,” she says. “Working with title and escrow partners who can help you create a differentiated experience leaves a lasting positive impression that helps to generate referrals and repeat business.”
As read on TheRealDeal (New York Real Estate News) https://trd.media/ny/Onat5Y
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
At Novation Title, we take immense pride in being recognized on the 2024 Top Latino-Owned Business List ! As a Latino-owned company, we are passionate about empowering our community through homeownership—one of the fastest ways for Latinos to build generational wealth in America. Why Hispanic Homeownership Matters Homeownership is more than just buying property; it's about creating stability, financial security, and opportunities for future generations. We believe in providing the resources and education needed to help our Latino community navigate the path to homeownership with confidence. Educating & Supporting Latino Homebuyers Our team uses key insights from the NAHREP (National Association of Hispanic Real Estate Professionals) reports to share real data on Latino homeownership growth and opportunities. We know that numbers don’t lie , and we want to ensure that every aspiring homeowner and entrepreneur has access to the right information. Advice for Latino Entrepreneurs For those looking to start a business in the title and real estate industry, our advice is simple: educate yourself and lean on data. By understanding the numbers and trends, you can position yourself for long-term success. Thank you to our community and partners for trusting Novation Title. Together, we continue to break barriers and build wealth through homeownership!
Welcome, 2020! We made it through the first week of the New Year and are already excited for what’s to come in this brand new decade. Anything can happen, and we have so much to create! Whether you’re a fan of long-term resolutions or prefer setting smaller, short-term goals, it feels good to start the year off with a desire to change for the better. If you know us, you know our approach at Novation Title has always been goal-centric, not only within our business but in our personal lives and out in the community. In today’s world where we are constantly connected (and distracted), it’s no wonder that we increasingly find ourselves overwhelmed mentally and physically drained. Often, the issues in everyday life are the ones that prevent us from enjoying the very same everyday life! How can we balance this out? We believe we can do better. That is why we are introducing meditation into our workspace. While meditation has been practiced for over 5,000 years, it is increasingly becoming a necessary way for us to unplug from the modern world. But what, exactly, is it? Meditation is a practice where an individual uses a technique — such as mindfulness — to train attention and thoughts. Mindfulness is awareness, it is a state of peace. It is being in the present moment, intentional and serene. It is the process of being aware of your thoughts while also disconnecting from them so you can connect within. Connecting within is the highest form of intelligence and results in proven mental, emotional and spiritual health benefits. Here are just a few science-based benefits of meditation: Reduces blood pressure Increases serotonin production that improves mood and behavior Improves immune system Increase in energy levels Lessens stress and anxiety Increases happiness and creativity Clarity and peace of mind Increased memory retention and recall Enhances self-awareness and self-acceptance Each one of us, regardless of gender, age or other factors, undergo daily stress and tension at some level or the other. That’s why we’re so excited to introduce #NovationMeditation into our business and we encourage others to join us this year. We can ALL benefit from improved mental and physical health in 2020. Who’s with us?!
