According to Pew Research, millennials have officially eclipsed Baby Boomers as the largest generation. What this means from a business standpoint is that the audience you are marketing to has changed. And given the fact that the younger generation that now wields the strongest buying power also happens to be a relatively fickle group, this can be a challenge.
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Marketing 101 dictates that in order to be successful, you need to know your audience so you can cater to their specific needs, desires and preferences. Given that millennials are now officially the largest generation, and perhaps more importantly – that 60% of them choose to rent rather than own – it only stands to reason that property managers and landlords need to understand who these people are and what they are looking for in terms of amenities. To help you better position your properties so they’re more attractive to younger renters, here are a few things to consider.
One of the keys to success in an industry that’s as fast-paced as commercial property management is staying abreast of the latest trends. Things evolve at a rapid rate, so the ability to shift gears and address the changing demands is essential to remaining competitive. To make things a little easier for you, we’ve done some of the legwork and uncovered four commercial property management trends that we think should be on your radar. Take a look below.