Management rights owners need to be familiar with all the makings of a good tenant. Honest, respectful, friendly and pays the rent diligently — these are the traits all landlords look for, but there’s one thing lacking: millennial. Dubbed as Generation Rent, millennials make up the biggest portion in the rental market.
These people have become so used to renting that paying on time and fulfilling various tenant responsibilities have become second nature to them. This is what makes them good tenants; so if you’re not targeting these people, you are missing out.
The only way you can target and market successfully your property to millennials is by giving them what they want. Know what millennials want to see in rental properties; management rights providers from ResortBrokers.com.au enumerate these here:
Millennials care about the environment and green living, so make sure to provide amenities that accommodate this interest. Place recycling bins in the complex or furnish properties with energy-efficient appliances, like low-flow toilets and water-saving showerheads. It’s important to have proper insulation as well, not just to allow more energy and money savings, but also increased comfort. Discuss these improvements with property owners.
Beyond eco-friendliness, millennials are into fitness. If your complex is located near gyms, parks or ski resorts, trust that it will be easier to attract millennials. Highlight the property’s proximity to these areas when you market the property.
Of course, support for millennials’ active lifestyle doesn’t stop in referring them to recreation sites. Make the complex itself a fitness centre by converting a common area into a gym or a similar facility. Talk to the property owners how you can achieve this.
Millennials are tech-dependent — from buying clothes, ordering food, and yes, finding rental properties and paying rent, they do everything online.
Evaluate your marketing efforts and redirect most of it to digital. Offer online rent payments as well, and discuss concerns with them through SMS texts or emails. This will make it so much easier to reach the market you are trying to target.
Are you catering to the biggest portion of the rental market? Consider millennials in your marketing strategies to attract tenants that will drive up your profits.