The affinity consumers have toward technology impacts how they want to engage with companies, and will ultimately determine where and with whom they do business.
Mortgage lenders and independent agents with tech services that cater to millennials will clearly have the competitive advantage in housing. At which point do you, as a real estate agent, reevaluate how you’re engaging with your clients? What benefits can you offer to streamline the home-buying process?
What’s more, the rate of homeownership among Hispanics increased to 46 percent in 2016, and Latinos out-measure all other demographics in their use of mobile technology to access the internet. With the likelihood of Hispanic homeownership continuing to rise, now’s the time for real estate agents to utilize the technologies their clients are already using.
When Quicken Loans introduced Rocket Mortgage to the country during the Super Bowl in early 2016, we anticipated millennials would flock to the service, and we were right initially. However, as the FinTech service continues to increase adoption, nearly 50 percent of Rocket Mortgage users are not millennials, proving that all age groups are looking for the simplest way to get home financing.
After nearly 30 years in the mortgage and housing industry, I can say that we’re in a precarious position where those who embrace technology will thrive, and those who shun it will struggle. Rocket Mortgage is the first and only end-to-end completely online mortgage process. It enables users to customize their loan and lock their own interest rate in as few as 10 minutes. Rocket Mortgage is so easy to use that a homebuyer could get approved for a mortgage in the midst of an open house.
Adding to the industry-leading technology of Rocket Mortgage is MyQL Agent Insight, which allows real estate agents to stay up-to-date on their clients’ mortgages and how far along they are in the process.
If a prospective homebuyer uses Rocket Mortgage for fast, accurate approvals and a streamlined mortgage process—and their real estate agent uses MyQL Agent Insight to keep track of the mortgage—it not only allows agents to save time and money, but also gives them the opportunity to focus on other aspects of their job, such as marketing and attracting new business.
The Hispanic market is no longer a small segment of the housing industry. It’s fully recognized for the significant value it adds to the growth of homeownership in the U.S. The American Dream is more alive than ever, and this industry is bringing communities from diverse backgrounds together. Technology has connected us to more opportunities to improve our business strategy, and though it’s a rapidly changing medium, it’s proving to be an important tool to connect with the future homebuyers of America.
Shawn Krause is the executive vice president at Quicken Loans. With nearly 30 years of experience in the mortgage and housing industry, she leads the company’s government advocacy program in Washington, D.C.
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