The rental market is strong in many parts of the country, thanks to a low 13.2 percent homeownership rate among millennials.
However, these renters aren't looking for the types of rentals or features favored by previous generations.
They're used to high-tech solutions, and they browse for these amenities.
To appeal to this group, you'll need to identify and implement the features they seek; along the way, you can also discover time-saving options that help you run your property management business more efficiently and productively.
Social Media Marketing
You may need to grab your prospective tenant's attention away from a smartphone when you're showing the rental.
Is this always a negative? Not necessarily.
Attachment to social media works out well in other aspects of your business.
Social media marketing helps you reach prospective tenants with a presence on Facebook, Twitter and other social media sites.
You can post about unique features of your property, share stories of other tenants and engage with prospective tenants through social media channels.
Software such as Hootsuite makes it easy to manage your pages and post new content.
Electronic Rental Payment Services
Fumbling with a check or cash adds extra work for you and your tenant.
You want to make payments easy, and you'll find one of the easiest methods is an electronic rental payment service.
Outside of minimizing the payment hassle, these services help you check whether a tenant has made a payment, provide attractive rent payment options for millennials and Generation X renters, and keep your renters' credit card information safe.
The smartphone has become an important part of the rental search experience.
Mobile-optimized websites, particularly those targeting hyper-local search results, provide you with valuable tools for reaching a new audience.
The typical mobile-optimized site provides vital information for the searcher, such as the location of the property, contact numbers, and a mobile-friendly option for viewing house tours.
The mobile-optimized website could also show nearby attractions, such as grocery stores, restaurants and shopping plazas.
Online Maintenance Tracking
Keeping up on rental maintenance is an important aspect of property management, but some tenants have a hard time calling in for help.
This is especially true if they're experience a minor problem; in many cases fixing the small problem prevents it from becoming a larger problem.
When tenants can submit maintenance requests through an online system, it's easier for them to get the fixes they need for a happy, well-maintained home.
For your part, you can see maintenance history for each unit, schedule maintenance based on the problem's priority, and cut down on the time spent checking voicemail to determine the problem.
Listing on multiple sites is often vital for efficient and productive rental marketing; however, you may find maintaining each listing on a case-by-case basis takes up significant time.
Instead of doing this by hand, some property management platforms use one centralized rental listing, which is duplicated across every platform.
You only need to change one listing instead of 20, which streamlines your concerns and alleviates those of potential renters.
They can relax knowing the listings on the system are up-to-date, accurate and ready for their applications.
Technology makes many property management duties easier to handle, thus freeing up your time to focus on the aspects of the business that require your personal touch.
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