Marketing for Millennials: Leasing Tips for Property Managers
While our primary focus is on property operations, management, and compliance, we know some of you pull double-duty and are also responsible for leasing. With that said, we’ve collected some marketing-related best practices in our conversations with industry leaders, and we wanted to share them with you!
One of the most nerve-racking aspects of any business is customer acquisition – and for residential property managers, this means determining who your future tenants will be.
Millennials are becoming an increasingly important part of the housing market. According to sources like Realtor.com, millennials will represent the largest demographic – comprising 33% of the real estate market by 2017.
Born between the years 1980 – 2000, the 92 million-strong millennial population is rapidly emerging as a dominant buying force, especially in the rental market. In the eyes of a generation who values freedom over stability, the flexibility of renting is much more appealing than the permanence of home ownership – over 60% of millennials are now choosing rentals instead of buying homes.
All of this means that millennials are a huge part of the target market for residential properties. But how can property managers attract this tech-savvy generation?
In the age of the internet, your website is like the front yard – the first thing people see. Having a clean, aesthetically appealing website can help make a great first impression, especially as your website will often be the first resource people use to find more information about your business. Of course, it’s important that the website not only look good, but also function well. Make sure your website is easy to navigate and readily offers all the information a customer might want – a list of properties and services you offer, your location base, and contact information.
Four times as many consumers would prefer to watch a video about a product than to read about it. Try incorporating photos and videos of your property into your website to help potential customers envision what it might be like to live in your buildings.
When Google is the most commonly used tool to navigate the web, maximizing your Search Engine Optimization (SEO) can have huge benefits for driving traffic to your site. Click here to check out a comprehensive guide to SEO.
A positive experience for one client gives you a winning reputation in their mind, but imagine how that review could impact a wider breadth of prospects. Taking the time to ask your current tenants to leave a public review after a great interaction turns them into marketers for your company, helping to win over prospects and keep current residents.