Smart marketing involves a hefty investment in reaching millennials, an audience that includes 75.3 million people (Pew Research). It’s a target market that has a technology focus and understands marketing, creating a need for property owners to improve their marketing game plan.
Millennials were born in the last quarter of the 20th Century. They grew up in the age of rapidly-advancing technology, financial prosperity, immediate gratification, and multi-culturalism. To reach them, a multifamily property owner or manager must develop the following:
- Web design and wi-fi: Responsive design is a must for your property’s web site. It must be interactive and straightforward, and your property needs to offer wi-fi. These are the first areas to invest capital if you haven’t done it, because if you skimp on the tech, you lose this audience completely.
- Great content: Social media and blogging aren’t four-letter words. Millennials want to know that you’ll maintain open lines of communication as a property manager, and the best way to establish your own voice is through usable content. Write it in a conversational tone that conveys that you care, and share information on topics such as community events, holiday hours, local attractions, property amenities and improvements, and local news updates. You could even delve into space-saving tips for apartment living. Whatever topics you choose, customize them for your residents.
- Inbound marketing: Millennials put their trust in those who provide honest and practical expert knowledge (see the first two tips). A recent HubSpot article revealed that “outbound marketing methods, like magazine ads, direct mail campaigns, and radio spots, do not impress Millennials.”
- Get their input: This generation wants to be heard, so give them avenues in which they can express opinions through surveys and face-to-face interactions. Do what you can to respond quickly to any issues, and take their suggestions seriously. You’ll retain more residents—of any age—if they feel valued and respected.
Best in Class
Attracting quality residents of any generation requires a dedication to learning what they want and need, and then providing it better than any other property. Provide Millennials with your time, attention, respect and responsiveness, and you’ll create loyal customers who just might turn into long-time residents—and the best referral system available.
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