As the next generation – known collectively as ‘millennials’ – begins to make their way into the working world, they’re naturally going to be taking over the housing market as well. This demographic is known for being quite different than those that have come before, so marketing your rental properties to them will take a bit of effort and likely some changes to your current strategy. That said, here are 5 tips to help attract and retain millennial renters for your properties.
Be Honest
One thing that millennials want is to do business with companies that they feel they can trust, so always keep things real. Don’t rely on gimmicks or any practices that could be perceived as “shady”. Stay away from “small print” and just lay it all out there. When your target audience feels that you’re being truthful with them, they’re much more likely to choose your property over someone else’s.
The Property Manager′s Guide to Extraordinary Marketing has all the inspiration and resources you need to get the right message heard by the right people.
Be Visual
With social networks like Pinterest, Instagram and Vimeo becoming more popular by the day, it’s no secret that visual marketing is the wave of the future. Take advantage of this by always making your marketing efforts as visually appealing as possible. Use plenty of pictures and leverage video whenever possible to capture the attention of your younger prospects.
Related Post: 5 Tips for Marketing Rental Properties to Baby Boomers
Be Mobile
An estimated 1 in every 5 people worldwide own some type of smartphone, and 1 in 17 use a tablet. This means that if you want to reach the younger generation, you’ll need to adjust your marketing techniques to meet them where they are – mobile. You should, at the very least, have a mobile version of your website. From there, you can expand further into additional mobile marketing techniques,such as using QR codes and geo-location services (we’ll delve into this topic further in a future post).
Be Communicative
There’s a reason why social media is such a powerful tool for marketing – because it allows businesses to connect and engage with consumers on a more personal level. Millennials want to see the faces and personalities behind the brands they do business with; including those they will find housing through, so communicate openly, honestly and often.
Be Valuable
The challenge with marketing to millennials is that they’re so tech savvy. They’re used to having the internet right at their fingertips and being able to shop around for the best deal. Address this by always offering something of value to your audience. It doesn’t have to be the lowest rent, but figure out what it is about your properties that will make the lives of your prospects easier and showcase these things in all your marketing efforts.
The millennial generation is estimated to currently be at around eighty-six million people. Tapping into this market, however, will take some extra attention and probably require some changes to your current approach. Keep these five things in mind and you’ll have a much easier time reaching the younger generation, and more importantly, winning them over for the long haul.
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