A lot of weight is being placed on marketing properties and property management services to millennials, and for good reason. These young up-and-comers are in the process of taking over the marketplace. But that doesn’t mean you should give up on the older generation. To the contrary, many Baby Boomers are at a transitional stage in their life when renting property is the ideal option. That said, here are a few ways you can better reach, connect with and market to this demographic.
Showcase your one-stories.
According to a recent study, Baby Boomers are 4 ½ times more likely to prefer a single-level floor plan than their millennial counterparts. That means if you’ve got any one-story properties in your portfolio, you could be sitting on a gold mine. Even if it doesn’t attract older renters, it won’t hurt your chances with other prospects either.
Make them look good
While millennials may turn to social media to search for available properties, Baby Boomers tend to take the more traditional route, which means they’re probably going to drive by your properties first before inquiring. As such, part of your property management efforts should be dedicated to increasing curb appeal. If you’re trying to catch the interest of older renters, invest in things like clear signage, attractive landscaping and good lighting.
Make security a priority
There are a number of ways you can make your properties safer, which will in turn make them more attractive to your older prospects. And since Baby Boomers tend to be less price sensitive than renters from other generations, investing the extra money into things like surveillance cameras, proper lighting and even a security detail may pay off in the long run.
Create or update and showcase recreational areas
Retired Baby Boomers often look for things like pools, tennis courts, shuffleboard and other activities to help them pass the time and stay active. If your properties already have such amenities, make sure they’re up to date and then showcase them in your property management listings. If you don’t have these options available, consider the value of adding them. If it helps you get more long-term, quality tenants, it may be well worth the investment.
Highlight larger units
Many Baby Boomers who are looking to rent previously owned their own homes, which mean they often have a decent amount of furniture and other belongings. Downsizing is one thing, but trying to squeeze a lifetime of property into 750 square feet is a bit much. As such, showcasing your larger units, like those with multiple bedrooms, can sometimes help you attract renters in this situation. And again, price isn’t typically a factor with Boomers, so you don’t really have to worry about them being able to afford it.
While millennials are certainly a good demographic to market to, Baby Boomers represent a great opportunity as well. The tips above should help you position your properties and/or your property management services to attract quality tenants of every generation.