According to Coventry for intermediaries, the first-time buyer (FTB) market is approaching a boom, expected to be worth £73.1bn by 2024, with FTB mortgages accounting for three in ten property transactions. With many of those taking their first steps on to the property ladder unsure and unaware of what is involved when it comes to homeownership, the expertise of brokers cannot be overstated. However, it’s important that brokers are able to reach and communicate with the traditionally younger first-time buyer – and no channel is more suitable than via a digitally-ed service which this particular demographic has come to expect as the norm.
Research commissioned by Appnovation showed that many consumers now see online interactions with brands as being more important than face-to-face contact. It’s clear that meeting customer expectations for speed and personalisation will ultimately lead to stronger customer engagement, especially for younger generations who will be even more inclined to use these services. A platform, such as Smartr365’s, will enable brokers to do this while allowing for the many time-saving and efficiency benefits it is designed to provide.
Tech adoption can even go one step further. As reported in FTAdviser earlier this year, some brokers have successfully engaged with younger audiences through TikTok, a platform which is fast becoming one of the most popular social media platforms in the world. It’s on platforms such as these that brokers can demystify confusing industry jargon, explain how the house buying journey works and advise how young people can improve their credit score.
The burgeoning FTB market of the future is an exciting prospect for mortgage brokers, but it’s vital that they have the tools necessary to reach their target audience and engage with them in a manner young prospective homeowners are familiar with.
Learn more about how tech can help you speak to a younger audience here.