A new generation of renters is entering the multifamily market: Generation Z (Gen Z).
This group of young people, born between 1997 and 2012, is already influencing property management across the country. According to Cushman & Wakefield:
- 82% of Gen Z’s want to own a home one day
- 68% of them believe that renting is more flexible
- 63% of them believe that it’s much less stressful than owning a home
Despite the majority of them wanting to buy a house one day, Gen Z won’t be buying anytime soon due to three reasons:
- Home prices
- Interest rate hikes
- Down payment costs
As the oldest gen z’s are turning 25 and getting ready to move out of their parent’s homes, it’s time to start thinking about how you can attract these Gen Z renters.
Why Should You Target them?
The main reason… there are a lot of them out there. Globest.com reported that Gen Z is expected to outnumber millennials as the largest renter group in the multifamily market. They are one of the fastest-growing groups of renters in America. With that said:
- They are open to being influenced by someone who has the information that they need. In other words, they’re open to buying what you’re selling!
- They have not yet developed the bad habits that come with renting over time.
If done right, this represents the perfect opportunity for you to capture them before they become loyal renters of another.
What You Need to Know
Gen Z’s are looking for more than just a place to live but for a community that supports their values and interests. Here are the facts:
- They have been raised on social media and technology. Because of this, Gen Z’s are used to having their voices heard on social media platforms like Instagram, Tiktok, Snapchat, and Facebook.
- They also tend to be more comfortable interacting with people online than face-to-face. This most likely means that property owners or managers who want to reach out to Gen Z tenants will have to do so through these platforms!
- They don’t want your generic apartment building. They want something that reflects their values and interests.
- The market you’re dealing with and what will attract Gen Z renters to your property
- How to advertise your rental properties
- How to use a Property Marketing virtual assistant to save you money
WHAT GEN Z RENTERS ARE LOOKING FOR IN A RENTAL PROPERTY?
Gen Z grew up during the Great Recession and have been exposed to technology their entire lives. They don’t have patience for slow internet speeds or clunky apps — they expect everything online to work seamlessly and quickly, which means you need fast Wi-Fi and an easy-to-use website if you want them to stay on your property website long enough.
To answer the question of what Gen Z renters want from property rentals is they want to live in a place that’s as close to their ideal apartment as possible. Here are some features they are looking for:
They want to live in a community with people their age, not retirees or empty nesters.
They care about sustainability, so they look for places that have been built or renovated using sustainable building materials and practices.
They want to live in a location with great restaurants, bars, and shopping within walking distance.
They want to live in an area where they can walk or bike to work or school without having to drive their car every day.
They want on-site amenities like pools, playgrounds, and fitness centers are important
These days, you can’t just offer a roof over their heads in exchange for rent payment. Millennials have already taught landlords and property managers that they’re willing to pay more if they get a bit of luxury in their lives. Gen Z wants the same thing — but they want it even more.
Gen Z renters are all about experiences and convenience. They don’t want to be tied down by leases or mortgages, so they rent instead of buy. And with the rise of short-term rental sites such as Airbnb and VRBO, they can pick up and go anywhere in the world at a moment’s notice.
The property market is changing fast, and what will work in one place won’t work in another. You want them to pick you over hundreds and thousands of other rental properties. But why would they pick you? This is where your marketing comes in.
HOW TO ATTRACT THEM: 7 TIPS TO MARKET YOUR PROPERTY AND REACH YOUNGER TENANTS
Now that you know what Gen Z renters want and that they are the most digitally savvy generation to date here are 7 things you can do to market your property so it reaches the Gen Z crowd:
1. Be active online
If you aren’t active online already, now’s the time to start! Use social media platforms like Instagram, Snapchat, and Facebook Live to generate interest in your properties. Take advantage of these platforms – they’re great ways of connecting with potential tenants before they even get into contact with you directly. And remember that it’s important not just to post about your property but also about other important things going on. These platforms appeal to younger people because they’re easy and fun (and free!).
2. Use visual content
Gen Z is the most social generation ever. They’re more likely to make decisions based on what their friends think, not on their own research. So, if you want your property to stand out from the crowd, it’s important to use visual content in your marketing strategy.
Make sure your property is well-presented with clear photographs, video, and information on your website, so that when they do come to view they know exactly what they will be getting. Make your listing stand out in search results by including photos of your property as well as amenities like gym access and pet-friendly policies.
Include video walkthroughs of the property – If you’re using an online service to manage your rental listings, make sure you take advantage of all the tools they offer such as virtual tours, video walkthroughs, floor plans, and more.
3. Create a buzz
You can do this by hosting events at your rental properties or by giving away prizes and discounts for new tenants who refer friends to rent at your property. If you’re feeling creative, you could even create a hashtag campaign where people can post photos of themselves living at your property on Instagram and Twitter with a certain hashtag as part of their caption (like #livingatABC). This will allow other potential tenants to see what life is like at ABC and make them more likely to want to live there too!
4. Get your property listed on the right channels
Listing your property on the right channels is the first step to marketing your property. It’s important to ensure that you have a web presence and that you’re using the most relevant social media channels to market yourself.
The best way to advertise is to use every available channel, but make sure that you target your audience as much as possible. Focus on finding the best media outlets for your property and advertising it there, rather than trying to be everywhere at once.
5. Invest in video marketing
Video marketing is one of the fastest-growing forms of digital marketing, so it makes sense that landlords should invest in this area as well as any other form of digital marketing they can afford. It’s also worth investing in a drone if you can get hold of one – drones are becoming more popular for real estate photography and video production, so having one at your disposal could give you an edge over other landlords who don’t have access to one yet!
6. Invest in Online Paid Ads and Below the line Advertising
Create online ads that feature photos of young people enjoying themselves at various activities around town (e.g., concerts), which will attract those who want a similar lifestyle experience in their new home.
Don’t forget about print media! Consider placing ads in college newspapers or other publications that target students near your properties’ locations.
7. Make your site mobile friendly
If you don’t have a website, create one now – and make sure it’s mobile-friendly. If you already have a site, check it out on your phone and see how well it works there. If it doesn’t look good or load quickly, change it! They’re the most likely to use social media and online resources to find their next apartment, so your property must be on those sites. This means you need a website and social media presence. Also, be sure your listing is on popular apartment search websites like Rent.com, ApartmentGuide.com, and Apartments.com.
Sounds like a lot? With so much on your plate, it is easy for things to fall through the cracks. But what if there was someone who could help you with all these tasks? What if there was someone who could handle all of them for you?
In today’s competitive world, it is very important for property investors to market their properties in the best way possible. While there are many ways to do this, one of the most effective ways is by using a virtual assistant.
SAVE THOUSANDS ON PROPERTY MARKETING WITH A VA
The term virtual assistant (VA) refers to any person who provides services remotely for another business or individual. Generally speaking, this typically involves hiring someone from another country or region to do work for you at a lower cost without sacrificing the quality. And YES they speak English! No communication barriers!
Property management is a very competitive industry, and it’s only getting more so. So why not outsource the marketing and save thousands on property marketing with VA?
While there are many advantages to working with a virtual assistant, here are just a few:
Virtual assistants are much more affordable than full-time employees because they don’t require any office space, equipment or benefits packages. You can get a VA to take on your marketing tasks at a fraction of the cost.
A virtual assistant can cost as little as $10 – $12 per hour. This is much cheaper than hiring an agency or full-time employee who will require a salary, benefits, equipment, and more.
From finding leads through PPC campaigns or even handling customer inquiries via email or phone calls; there are many ways in which they can save you money by doing these tasks for you! This keeps costs down while still allowing you access to the quality services you need.
A VA will free up your time so that you can focus on other tasks within your business or on other aspects of your life. This gives you more freedom to make decisions about how to allocate your time and resources, leading to greater productivity and efficiency within your organization.
In other words, you get more work done in less time! VAs have the ability to multitask and complete projects faster.
If you have too much on your plate and don’t know where to start, let virtual assistants take care of it for you. They can take care of the various tasks so that you can focus on growing your business instead!
VAs are flexible!
Their schedules are completely up to you so they can easily adjust their hours around yours if needed which makes it easier for both parties involved – especially if you travel often!
A VA will be able to work on your project at their own pace 24/7, meaning that there’s no need for them to have set hours or days off like with an employee. This means they can work when they’re most productive, which will mean fewer mistakes!
Save on hiring and training costs
You don’t have to look or train them! With a Rocket Station virtual assistant, there’s no need for you to post ads, and wait for applications to start filing in. Nor do you have to worry about their training period because they know what they’re doing right away! They already know how everything works before you hire them!
They can help simplify and streamline tasks so your team members already know what to do and what to focus on while you handle growing your business.
Virtual assistants have experience in multiple fields such as marketing, bookkeeping, social media management, and office management, among others — making them perfect for helping out with property marketing tasks such as content creation (blog posts), social media management (Facebook ads), and email marketing campaigns.
WHAT CAN A PROPERTY MARKETING VA DO FOR YOU?
A virtual assistant is a great way to ensure that your property marketing is done in a professional way and that it gets the results you want. Here are some ways a property marketing virtual assistant can help
- Social media marketing. This includes creating content on social media such as Facebook, Instagram, and Twitter. They will manage your social media accounts so that they are always updated and relevant. They will post information about new properties as soon as they are available for rent or sale, so interested Gen Z renters don’t miss out on anything new.
- Email marketing. This includes creating subject lines and copy for email marketing campaigns. Have your VA create an auto-responder, which will inform visitors about your business hours and days of operation, as well as direct them to other relevant information about your company, such as social media profiles and other relevant email addresses to reach.
- Have your VA set up an appointment scheduler. This allows visitors to schedule time for viewing properties or signing documents. So you won’t have to worry about any unanswered phone calls or emails all day long. If a visitor wants more information about the property but cannot make the scheduled viewing time, they will be able to leave their contact details with the virtual assistant scheduler so that you can reach out when it suits both parties better (i.e., if they want more information on another property).
- Ask your VA to take photos of properties and upload them online so potential buyers can see what they look like before signing. The more pictures you have up on these sites (Zillow, Trulia, and Realtor.com), the better chance you’ll have of attracting potential buyers who might be looking online rather than seeing a physical sign in front of your properties.
- Ask your VA to keep an eye on the latest trends and developments and adapt accordingly. Keeping up-to-date with market trends will help ensure you remain competitive in attracting new tenants who want to rent and at some point in the future buy but don’t want to take out a mortgage just yet!
- List building. This includes collecting email addresses of potential buyers for future marketing campaigns such as cold-calling or lead generation through promotional materials.
- Hire A VA For Screening Prospective Tenants. While it’s important to screen, it can be time-consuming and frustrating. There’s no reason to go through this process alone, especially when there are VAs who can help you out!
They want instant gratification, so if you can’t provide it on your website, they’ll go elsewhere. If you want to attract the attention of the Gen Z group, you need to be able to provide them with what they want quickly and efficiently.
This means that you need to make sure your website is easy to use and it’s always active with someone there to attend to them. If potential tenants want to see your property straight away, then you need to make sure that it’s available when they want it to – not just when you’re ready! Your best solution is to hire a property marketing virtual assistant.
But now that you’ve got their attention, what can you do to hook them in?
HOW TO CONVINCE YOUNG & FIRST-TIMERS TO RENT YOUR PROPERTY
When it comes to renting, Generation Z is not your typical generation. These are the people who are probably renting because they don’t have enough savings to buy a home yet. The good news for property managers is that Gen Z renters are more likely than other generations to rent long-term instead of buying a home. They also tend to stay put once they find an apartment they like — so if you can get them in as tenants, chances are they’ll stay with you for years.
As a property manager, you need to be aware of the fact that these people have different needs. If you want a piece of the action, you’ll need to convince a Gen Z renter that your property is worth their time. Here are some tips:
Offer flexible terms
Gen Z renters want flexibility and convenience. As first-timers, they are more likely to not sign a lease that locks them into a property for years at a time, so offer shorter terms with little or no security deposit required.
This makes it easier for them to decide and would also give you an opportunity to build a good relationship with them in order to secure future rentals.
Make it easy for them to rent from you
Make the process of renting from you as painless as possible by offering online applications and payment systems that allow tenants to complete everything online — even signing documents digitally if possible (many states allow this). Offer 24/7 customer service by phone or chat so renters can reach someone when they need help
Make sure your property is safe and secure
If you want young professionals to think about moving into your rental unit, make sure it’s clean and safe from crime. This means investing in security upgrades like cameras or key fobs that can help deter break-ins and vandalism.
Offer pet-friendly apartments
Millennials and Generation Z are both known for being pet lovers — especially when it comes to dogs — so offering pet-friendly apartments can help attract young renters to your community.
Be flexible on move-in dates
Many Gen Z renters want flexibility in when they move into their new apartment or house — even if it means paying extra rent each month until then — so make sure your application process allows them to select an ideal move-in date that works best for them
Show off your amenities
While millennials are known for wanting the latest technology and eco-friendly features in their apartments, Gen Z renters are looking for more than just perks like bike storage or laundry on-site. They want access to things like gyms, pools, and other common areas where they can socialize with friends or meet new people.
If you are in the property business, you know that marketing your properties can be a daunting task. You have to keep up with the latest trends, stay ahead of the competition and make sure that you are reaching out to as many people as possible.
It’s a fact that property management and real estate is a people business. In this industry, you need people to be able to make your deals happen. You need to be able to reach out and connect with buyers, sellers and investors. You need real professionals who can help you market your properties.
This is where having a virtual assistant comes in handy. A VA can take on some or all of the more time-consuming tasks of property marketing so that you don’t have to spend so much time doing them yourself. This frees up your time for other things like meeting with clients or finding new deals for your portfolio!
As the oldest Gen Zers graduate from university, enter the workforce and dive into the rental market, it’s important for property owners and managers to focus on capturing and attracting this demographic. Property marketing can be a pain, but if you get it right, you’ll have more tenants knocking on your door than you can handle.