In the past, we’ve shared a lot of tips for marketing your properties to the Millennial generation, and for good reason, as they are poised to take over the housing market over the next few years. But if you really want your property management company to succeed, you can’t focus on just one group of prospects. In fact, studies indicate that the Baby Boomer generation is actually renting more now than they ever have before. Here are 5 reasons behind this trend and, more importantly, how you can capitalize on it for your business.
They want to downsize
Most seniors have long-since raised their children and as a result, many are faced with the burden of owning homes that are much too large for their current needs. Choosing to downsize into something more manageable and affordable can be a very attractive option, and working with a property manager might be the ideal solution.
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It’s less expensive
While some Boomers are enjoying the results of smart retirement planning and the cushion of things like pensions, others are struggling to live on a fixed income. In some cases, even those who are financially comfortable might be thinking about ways to preserve their retirement savings for as long as possible. For this reason, many seniors are choosing to forgo costly home ownership and rent instead.
They want more flexibility
For those who want to travel and enjoy an active retirement, owning a home can be like carrying around a heavy anchor. Signing a one or two year lease for a rental property, on the other hand, provides the flexibility to roam, explore and experience new places without having to make a long-term commitment. As a property manager, you can position your available properties as the perfect temporary home for those who seek to wander.
They’re looking for convenience
Maintaining a home takes a lot of work, and many seniors prefer to leave these hassles and headaches to the landlord instead. By renting from someone who employs an experienced and attentive property manager (like yourself), older residents don’t have to worry about things like maintenance issues or landscaping.
They want to invest elsewhere
Sometimes those Baby Boomers who do have financial stability prefer to invest their money in ways that will net them a return rather than paying a mortgage every month. Others who have paid off their homes may decide to sell and use the profits to produce a stream of income. In either case, renting versus buying may make the most sense.
These are just a few of the many reasons more and more Baby Boomers are choosing to rent property rather than buy or maintain. As a property manager, you can take advantage of this by positioning your services and your available properties as the ideal solution to their needs. As a result, you’ll end up with clientele that is much more balanced and diverse, which can help you remain profitable and stay a step ahead of the competition.
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