At present, Millennials hold the spot as the largest generation on our planet. Furthermore, it is projected that this powerful demographic will have the greatest spending power of any generation by the year 2018. That means these youngsters will soon be taking over not only the business world, but also the housing market. Many of these soon-to-buy renters and property owners are currently wrapping up their college education, which means the student population is a highly lucrative marketing opportunity, particularly in terms of the property management industry.
First, it’s important to point out that Millennials view the world around them quite differently than their older counterparts, which makes marketing to them a unique challenge. For instance, they tend to spend less time working at one organization, which means they may be more likely to relocate geographically. They also value things like work-life balance, which means they like to cook at home, spend time with family and friends, and share their lives with animals. All of these things can be leveraged to make your property management firm stand out, whether it’s as a service or to help attract suitable rental candidates.
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To drill down even further, Millennials that are still in school may be looking for specific amenities when assessing potential housing, either for themselves or as an investment property. Your property management company can leverage this knowledge by incorporating some or all of the following:
- Access to WiFi
- Onsite property management and/or maintenance teams
- Modern, functional kitchens
- Ample storage (particularly outside for bikes)
- Energy efficient appliances
- Proximity and access to public transportation
Adapting and enhancing your property management services to incorporate these things and marketing in a way that tends to reach the student population (i.e. via mobile and social) can really help your organization and/or rental properties stand out amongst the competition. Furthermore, having the right property management software in place can also solidify your position within the industry. For instance, the ability to offer online portals for payments, maintenance requests and account access can really set your company apart and attract this younger, tech-savvy and highly-intelligent crowd.
For more tips and tricks on marketing to Millennials, check out this previous blog post and start applying some of the principles to your own marketing strategy. By doing so, you’ll ensure that your property management company will continue to remain a step ahead of the curve.
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