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Catering to Your Demographic

Catering to Your Demographic

Who are you targeting? Probably the most common question in the rental and housing industry today, but also the most necessary thought to ponder in order to fully understand why your property is succeeding or struggling. This very topic was discussed at the CFAA Rental Housing Conference at a Marketing Roundtable session.

Knowing who your client base is, targeting them, and then ensuring that you cater to your property’s demographic is key to establishing a successful community. Of course, we all know that core demographics exist, whether they be students, elderly, families, young professionals etc., but how we choose to attract them makes all the difference.

Rolling out the same tactic across the board may not always be the best idea, even though it may be the most time efficient, most automated or easiest for the team. For example, putting everything online and creating digital platforms may be great for students, however, chances are, you would be much less likely to reach your elderly market. Students may want to text, but a family may want an in-person interaction. Remaining open and responsive to the needs of your tenants and prospects is key.

The reality is that prospects are not ready to buy and are looking for condo style living in an apartment. Knowing what your prospect is looking for or what matters most to them is essential to keeping them happy in the long run. Know the differences between your buildings, what they offer, and the demographic that makes up that specific community.

Pulling prospective tenants in can be an easy road if you know who you are targeting, whereas keeping them and retaining them can be tricky if they feel a disconnect once they have arrived. Building a sense of community is essential in achieving the larger picture. 

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  • Hi Jennifer,

    Your post brings up an interesting topic of focusing on your client base and how to best target them. The multi-family housing industry draws upon a wide demographic, including students, families with young children, and older adults, and it’s important to establish a community.

    One way to establish a successful community is by targeting a common theme that renters can identify with. For example, many of today’s renters are especially tech savvy, and property managers must recognize the impact technology has on the housing industry. And property managers are able to increase the attractiveness of their facility by implementing amenities that are controlled via smart devices or credentials, such as smart locks, including Schlage Control™, offer increased convenience and could therefore entice more potential residents.

    By implementing an electronic access control system, residents can enter their living facility using a single smart credential, such as a smartphone. To your point, knowing what your prospects are looking for and what matters most is essential to their happiness, and the importance of technology in today’s society is a key element in the multi-family industry.

    Do you think smart home technology in the housing industry is a key element to keeping renters happy now and in the future?