Factors that contribute to mortgage brokers adopting the use of social media

The objective of this qualitative, exploratory study was to yield thick, in-depth descriptions of the experiences of mortgage change leaders as they experienced employee resistance during change initiatives. Mortgage brokers must maintain their competitive advantage to remain relevant. Social media use via the Internet is increasing. Effective organizational leaders acknowledge that change management is one of the main factors governing a company's success. The change created due to the growth of social media has created a dilemma for mortgage brokers. Mortgage brokers must weigh the benefits against the pitfalls of adopting social media strategies. The problem faced by mortgage brokers is that social media can influence people in far greater numbers. A dissatisfied consumer will share their dissatisfaction with between eight and 10 people. However, with the tools offered by social media, one dissatisfied customer can easily tell 10 million people about their dissatisfaction. A mortgage broker's reputation largely determines his or her success. The sample was comprised of three women (25%) and nine men (75%) between the ages of 40 and 70. Each participant had between five and 65 direct reports. Semi-structured interview questions were chosen to allow for flexibility, as qualitative research often builds upon itself during the data collection process. The study concluded that mortgage brokers are integrating nascent technologies, such as social media applications, in order to remain competitive. Participants confirmed that a social media presence has become ubiquitous for mortgage brokers.