Selling Millennials on Property Management
The United States is in the midst of a millennial hiring boom. Every industry wants the creative, unconventional ideas the generation offers and their ability to sell to their own age group. It makes sense too.
As the largest generation in US history, the millennials are set to redefine the economic landscape during the next few decades as they reach their peak buying periods for real estate, automobiles and consumerism in general. Thus far, they have been less quick to jump than their predecessors. Growing up with technology, they often compare prices due to easy accessibility. They don’t prioritize marriage and home buying. Given their eccentricities compared to others, they are also one of the most studied demographics, but the question still remains: how do we sell millennials on our industry?
More specifically, how do we get them on the property management bandwagon? They are perfect customers and employees. They are less likely to own their home making them a prime tenant candidate. Secondly, because they relate on a personal level, millennial employees are more likely to understand this consumers wants and needs.
Leveraging Tech as a Recruitment Tool
As Nat Kunes mentions, “The average age of property managers today is over 50 years old,” which means 10 to 15 years from now, they will probably retire. It’s time for property owners and investors to consider who could and should fill these property management roles in the future. If you want to recruit the millennial demographic, the obvious approach is via technology. Using digital platforms to find potential employees, you want to think about where the people you want are going to look. Sites like Glassdoor and Linkedin are obviously popular amongst many, including the younger generation.
Not to mention, technology offers a promising opportunity to simplify and streamline the work day, one of the very incentives that entice these younger employees. With cell phones, managers can easily capture and track property conditions and store any notes. As tech improves the work experience, property management careers only become even more appealing.
Marketing Properties to Millennials
Along with employment, marketing properties also changed as a result of this age group. You have to consider how they shop. They prefer online and simplified consumer experiences. As a result, consider spending more time or money on digital interfaces to promote your properties or positions.
As explained on Forbes, “The resistance to typical marketing funnels has turned the attention to digital marketing channels as the real breadwinners of new business. However, some property management companies are taking the opportunity to appropriate traditional marketing collateral in a distinctly digital format.” Pick a path that is the most feasible for you and your business. Do you have a hefty marketing budget? It might be time for a complete website revamp where customers can ‘shop’ for their next place. If you’re short on time or marketing funds, just edit your platforms to ensure that all your properties are at least online. You can also always reallocate money from another area to put a greater emphasis on going digital.