Communicate Better and Grow Your Property Management Company
The Millennial generation is a huge generation of 80+ million buyers and renters. They already have big spending power and if you want attract, select and retain the cream of that crop, you’ll need to adapt your communications strategy.
For property investors, property management companies and HOA managers, the benefits are real — better tenants, higher rent, less friction, and longer tenancies raise revenues and decrease property management costs. And Generation Y’s love of efficient communications makes things easier.
This is a migrant population, so good communications could improve the ongoing rental vacancy risk and save you time and energy in rental management. You’ve probably had thoughts about how to get on the same page or wavelength with this group, so here’s a good start.
Tips for Communicating with Millennials
Millennials have different values than babyboomers and this generation loves to communicate through digital devices. These devices don’t disrupt like phone calls do when they’re travelling or working. They can respond when they get time. Take texting seriously by providing sufficient information about what they need to do, not as a prelude to a phone call or face to face meeting.
You won’t have to friend them on Facebook, or use special hashtags with your trendy food pics on instagram. They’re looking for convenience, freedom, speed, efficiency, and closeness to friends and work. In fact, renters probably don’t want to friend you on Facebook, Twitter or Snapchat.
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Ask questions, don’t condescend, be brief and provide the right details. Use your property management app to text with them, because they will like it.
Renting Forever – Good News for Investors and Property Managers
Many Millennials will continue to be renters forever, since the housing shortage problem appears to be deepening, especially in California (San Jose, Los Angeles, San Francisco). They dream about owning a home, but surveys show they’re more likely to face the buy vs rent issue with resignation to renting.
Perhaps they need to feel the rental route through life is worthy and relevant?
As we discussed in our series of posts on the Millennial generation (how Millennials think, how to attract Millennial renters, they see themselves as unique leaders, with special interests, with a more collaborative communication style, and perhaps less respect for authority. Stats show they contact more landlords, read more online, check reviews, so that makes them very different from previous generations of renters.
If you’re still using a formal, stiff, administration and communications styles via sporadic phone calls, mail, and announcements, it might not work with most of this group.
There’s a lot for you as a landlord or property manager to communicate to them. There’s the nuts and bolts info regarding documents, building and unit features, bills, and maintenance. And then there’s the value proposition of your rental unit to them and why they should stay.
Bad Communication = High Turnover
Many property managers are passive about communication, so they shouldn’t be surprised by high turnover with any tenants and resistance to higher rent. Millennials are even more likely to terminate a lease and move on.
For property owners with 100+ units, that’s a lot of people coming and going, which means lots of property management tasks and rework.
Communications should be included as one of the top 15 property management trends.
Millennials Love Doing Everything Online
Getting tech enabled is important if you want better performance with this group. They’ve never been without a digital device and you’re going to be on the other end of the connection.
Tenant apps/interfaces: According to research, Millennials love digital and anytime/anywhere online communications. Ensuring they have a tenant portal to submit maintenance tickets, sign leases, pay rent online, and communicate directly is critical to property management success.
Digital Enhancements: They like digital enhancements including home thermostats, security system, locks, and free wifi. Enhancements like this make them feel good, that they’re consistent with their peers or getting an edge, and not falling behind in life.
Digital marketing is vital: Not only should you have a nice website dedicated to informing prospective tenants about building features, amenities and benefits, you should be advertising in relevant platforms and websites too such as Facebook, Google, and the best apartment rental sites.
Make ManageCasa your solution of choice for communicating with Millennials. Make your work easier and connect with the dominant source of renters for the next 10 years.
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