No matter where your property is located, reaching the Millennial generation is one thing you cannot afford to struggle with. This group of eager renters can provide revenue for years as they are currently the largest generation of working adults, and Millennials are often renting by choice.
Each year, a new crop of Millennial renters jumps from apartment complex to apartment complex in search of the latest and greatest innovations in apartment living and technology. Oh, and don’t forget the amenities.
In 2018, marketing to Millennials is an art and a science. There are so many important factors when it comes to connecting with Millennials, both online and in person. But first, it’s hugely important to understand who the people actually are that you’re marketing to.
Here’s how you can do just that and drive more business.
Speak Their Language
Millennials take offense to bad marketing and to knowing they’re being marketed to — they want to be a part of the conversation, and they want the marketers to understand what they actually want. You shouldn’t aim to just give away free pizza and beer when showing units; instead, you need to learn what drives happiness for the Millennial renter. There might be more to this group of young professionals than you actually think.
Do Millennials want work-life balance? Do they want a local neighborhood bar within a walking distance? Maybe they want the latest technology in every single unit or even a huge business center to launch their next great startup. The possibilities are endless. So, do your research and find out what things are most important.
You can monitor social media in your location to understand the language Millennials speak to explain what they want; or, you could conduct small focus groups and get the information directly from the source. Also, you can send out surveys with gift cards for those who fill them out and return them to you. No matter which way you conduct your research, let the Millennial words drive your marketing strategy for your property.
Open Up Your Space
Whether it’s to launch a new company, bring friends over for a happy hour, or to conduct small business meetings with tech venture capitalists, Millennials enjoy showing off their living space and the place they call home.
This means having extra space for gathering. When promoting your property, use images of the awesome business center or the large rooftop deck with the strong Wi-Fi signal. Show off the piece of your property that will be most attractive to this generation.
If your units also have huge kitchens, showcase that. Let your future renters know that if they want to have friends over for a Netflix binge, there is plenty of space for that, too! Don’t just list the square footage, but showcase the important and valuable assets in each unit.
Show Flexibility & Innovation
If you’re still demanding rent to be paid by check, then you might be losing out on thousands and thousands of dollars from Millennial renters. Think about adapting to the latest technology at your property. Offer the chance to pay bills online. Bring in new coffee machines into the lobby. Host happy hours with technology companies in your area. Do what you can to let these Millennial renters know that when they sign a lease in your building, they won’t have to go far for the newest innovations in technology and apartment living.
Don’t make the person fit into your apartment; instead, let the apartment fit perfectly into their lives.
Technology to Attract New Renters
The days of paper mail and rent checks are numbered. Here’s what you need:
- Lease signings online.
- Business centers with Smart TVs.
- Electronic keys cards.
- Apple docking stations.
- Charging pods and work stations.
- Wireless networks.
If you’re lagging behind in terms of technology, step up your game and upgrade in order to attract more Millennial renters.
And do not forget to make sure your social media accounts — Instagram, Facebook, YouTube vlogs, Twitters, and Pinterest — are all showing off everything you have to offer. Maybe even take a step further and showcase these fantastic upgrades using Matterport technology for 3D online showings of each individual unit. This will surely be a hit with the Millennial generation.
That Neighborhood and Community Feeling
Millennials love being part of the community. If you have local business partnerships with awesome local breweries or coffee shops, then showcase that in your marketing materials as well. And when a cool new business opens up down the block, make sure everyone is well aware of that. Work to collaborate with businesses near your property to show the Millennial generation that your area is a tight-knit community with plenty of entertainment, food, and drink spots within walking distance.
You can even take this one step further by donating money to local causes, restaurants, shelters, and more. Younger applicants are more likely to rent from a property manager who is invested in the community and someone who really cares about the area.
Millennials love to rent. Whether it’s because they oftentimes struggle to purchase a home or even if they just choose to rent by choice, remember that this group is a huge opportunity for your business.
And Millennials are people who care about their friends and family. So, if you can get them into a lease at your property, you’ll have numerous opportunities to sell their friends and family members on that same lifestyle at your property.
This article has been contributed by our friends at ABODO Apartments.