How to Reach Generation Y Renters
Generation Y is rapidly entering the marketplace and staying for longer. Also known as “millennials,” these 20- and 30-somethings are drawn to urban, walkable areas that reflect their lifestyles. Gen Y renters are extremely connected to the Web and social media, which gives them different habits and influences when they make consumer choices. By knowing how they connect with the world and make decisions, you can improve your rental marketing and attract millennial renters.
Be where Gen Y is
Gen Y renters will be less likely to read the classifieds and housing magazines in their housing search. Instead, they’ll be using rental websites and doing their search online. Remember that these renters can also access anything on the go with their smartphones. Whether it’s listings, social media sites or review sites like Yelp, Gen Y renters are constantly connected. Make sure your website is always up to date with new listings, and create a mobile-friendly version as well.
Gen Y is connected — are you? If you’re not up to speed on the latest tools in real estate, you could fall behind your competition. Modern real estate professionals use technology to be connected at all times and to stay organized through the cloud. Smartphones allow you to respond to renters in a timely and efficient way, and tablets allow you to travel lightly with all your necessary documents. Forget about flipping through folders full of papers; you could be zipping through vacancies with a swipe of a finger and helping your renters sign paperwork digitally.
Engage with Gen Y on social media
Join in their conversation by engaging with them on social media. Facebook and Twitter accounts are a must for rental professionals today. Use yours to start connecting with renters. Don’t broadcast your service — social media isn’t the place for in-your-face advertising! Be there to create a presence, show renters how you can assist their housing search and help answer their questions.
Don’t underestimate the value of online reviews
The popularity of social media and user review sites means it’s easy for people to share their experience. According to a study by Mr. Youth, a New York marketing agency, 70 percent of millennials prefer to make decisions when their peers approve of the decision. A RentJuice survey of renters found that when deciding on their next apartment, 82 percent of renters will look at reviews and certifications for the property management company or apartment complex. While you’re not marketing on user review sites, tenants with good experiences will do the marketing for you if they’ve had a positive experience.
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