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Marketing to millennials can be a challenging, broad concept

Marketing to millennials can be a challenging, broad concept
Step one on the marketing checklist is to know your target demographic. Then things get a bit more complicated, particularly when millennials are the demo that you’re after. We know that millennials – broadly defined by those with a birth year ranging from 1981 to 2001 – are the most tech-savvy generation and crave instant results. Yesterday typically isn’t soon enough. But an increasing number of multifamily outlets are realizing that millennials are fueling the market and have adjusted their schemes accordingly. To be forthright, this is an involved process featuring multiple tiers, sub-tiers and aspects that frankly are up for debate. This is a long conversation that we’re going to encapsulate here with a few points to be aware of when marketing to this demographic, which if done properly, can keep your communities full. Keep up with the current times, innovationsMillennials aren’t the type to drop off a check at the leasing office or affix a postage stamp and mail rent payment to an owner/operator. Make sure to have online payment options, including sites such as Venmo and PayPal, but better yet, a resident portal app. This allows users to pay rent online, submit service requests, view the community calendar, etc. Keep your listings and photos up to date; be mindful of your online reputationStudies have proven that millennials crave authenticity and legitimacy. Therefore, if your online photos don’t create an accurate depiction of your community, you might have lost potential renters. The same goes for content, in which accurate details, such......
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Generation C: Marketing to the YouTube Generation

Generation C: Marketing to the YouTube Generation

We’ve discussed Generation Y, but have you heard of Generation C (Gen C)? This new force has made a powerful entrance into consumer culture, and describes people who care deeply about these four “C’s”: creation, curation, connection and community. They want their voices to be heard, and they take action by shaping and leading thought. Unlike other generations, Gen C is not defined by age. Rather, it is an attitude and a mindset that brings people together to form this group.

 

Gen C is also referred to as the YouTube Generation, due to its reliance on the popular video search engine as a habitat for entertainment. In fact, Gen C is twice as likely to be a YouTube viewer than the general population. They eat, sleep and breathe the Internet across devices – 91% of Gen C sleeps right beside their smartphone. Generation C is very aware of the impact that they can have on society, and many brands are adapting the way they market to consumers in order to reach this generation. It’s important for  brands to be authentic, transparent, engaging, and collaborative with consumers.

 

As a multifamily professional, understanding how this generation thinks is the first step toward marketing your community to them.

 

 

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Millennial Renters: Marketing to the Generation of Choice

Millennial Renters: Marketing to the Generation of Choice
The Millennial Generation, otherwise known as Generation Y, is made up of those between the ages of 25-34. This group is known for having strong preferences and opinions, plenty of ambition, and a ‘sky's the limit’ mentality when it comes to their abilities. They are very tech-savvy, impatient at times, and are always ‘connected’ via their smartphones or tablets.   These days, millennials are more flexible than ever, seeking out careers across the country or even internationally. Partially due to the sluggish (but improving) economy, young people feel the need to take any good professional opportunity they can, even if it means packing up and moving away from their families. Because of this, millennials are choosing to rent apartments more than ever. It’s important that this group is able to pack up and move at a moment’s notice, so renting is more practical for this stage in their lives.   Making Your Community Millennial-Friendly   As a property manager, it is great news for you to know that there’s an entire generation that is actively seeking out a place to rent. Millennials are a unique group, though, so there are a few things you should know in order to appeal to them. They are dubbed the “Generation of Choice” because of their unrelenting demand for choice in all aspects of their lives. Here are the Four “C’s” that explain this Generation of Choice:   (Ad) Choice - You should advertise your community where this generation spends a lot of their time - on their smartphones ......
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GENERATION Y: Straight Talk From a Gen Y Apartment Manager -Part 2 of 2

CAUTION: Her transparency might be more than you can handle. This is the second post in a two-part series on “Straight Talk from a Gen Y Apartment Manager.” A friend of mine recently sent me a link to a Harvard Business Review (HBR) blog post, “Solving Gen Y’s Passion Problem.” I strongly encourage you to take the time to read this in its entirety. In a nutshell, the HBR blog addresses the fact that members of Generation Y demand a lot from their working life right away and are frequently disappointed about what they experience instead. This has resulted in a “passion” problem in the workplace.I immediately shared this blog on Facebook, LinkedIn, and sent out a tweet. While a few of my social contacts replied with, “I agree” or “I still don’t get them” a few had more to say about it. One individual completely opened the “door to understanding.” She is a member of Gen Y and an Apartment Manager—jackpot!  She has some interesting thoughts to share about her generation, our industry, and why she believes this “passion problem” exists. The rest of this blog is dedicated to her, as she responds to “Solving Gen Y’s Passion Problem” in her own words.   5.    Paying Our Dues While I feel like I still have a good grasp on the concept of paying my dues to get where I want to go, I do find myself feeling like that process is sometimes slower than I expected. And the feeling that......
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GENERATION Y: Straight Talk From A Gen Y Apartment Manager- Part 1 of 2

Generation Y CAUTION: Her transparency might be more than you can handle A friend of mine recently sent me a link to a Harvard Business Review (HBR) blog post, “Solving Gen Y’s Passion Problem.” I strongly encourage you to take the time to read this in its entirety. In a nutshell, the HBR blog addresses the fact that members of Generation Y demand a lot from their working life right away and are frequently disappointed about what they experience instead. This has resulted in a “passion” problem in the workplace. I immediately shared this blog on Facebook, LinkedIn, and sent out a tweet. While a few of my social contacts replied with, “I agree” or “I still don’t get them” a few had more to say about it. One individual completely opened the “door to understanding.” She is a member of Gen Y and an Apartment Manager—jackpot!  She has some interesting thoughts to share about her generation, our industry, and why she believes this “passion problem” exists. The rest of this blog is dedicated to her, as she responds to “Solving Gen Y’s Passion Problem” in her own words and sheds some light into potential Gen Y retention strategies. This is the first post in a two-part series on “Straight Talk from a Gen Y Apartment Manager.”  1.    The Sky Is the Limit I do agree with the author’s assessment of the “passion problem.”  I, for one, have certainly been fed a TON of “do what you love” and “the sky’s the limit”......
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GENERATION Y: The Employee with the Dragon Tattoo

When I have the rare opportunity to communicate face-to-face with an adult (other than my husband) during the week, it is usually with a Gen Y mom. Our children are playmates, even though I had mine at 40 and they had theirs at 20. We have great conversations and always support and learn from each other. Quite frequently our conversations (social media and texting) inspire my blog posts. This week’s Facebook topic was tattoos.   Friend A: I'm finally going to do it! Does anyone know of a good tattoo place that's not crazy expensive? This will theoretically be on me forever, so I really want someone that's good, but I'm also not loaded. There were 53 responses to her post. Here is a small sampling:  ·         Ask for X at X. He is the best, and he is a great guy. My husband grew up with him. He is the only person we will ever use.  ·         X is good however last time I went in there they treated me horribly and refused to give me what I wanted. So I went right down the road to their competitor and they gave me exactly what I wanted for a great price!!!   ·         X is good but I will NEVER go there again after the way they treated me....I'll message you a pic of my newest one!  ·         What are you getting? X and I were just talking about getting bird tattoos!  ·         I have seen some beautiful white ink tattoos on pinterest! ......
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GENERATION Y: When I Grow Up I Want to "Share" a Car

                   According to a recent Consumer Expenditure Survey, released by the Bureau of Labor Statistics, half of a typical family’s spending today goes to transportation and housing—unless you are a member of Generation Y. It appears that this often misunderstood generation has now turned against owning a car. ·         According to research, in 2010, adults between the ages of 21 and 34 bought just 27 percent of all new vehicles sold in America, down from the peak of 38 percent in 1985. Miles driven are down and the proportion of teenagers with a license fell, by 28 percent, between 1998 and 2008. Auto makers are deeply concerned that Generation Y does not care about vehicles nearly as much as they do about their iPhone. General Motors has enlisted the youth-brand consultants at MTV Scratch to give their vehicles a Gen Y edge while Subaru is trying to get the emotional connection right with Gen Y using social media. Generation Y (80+ million) is even larger than the highly influential Baby Boomers (78 million) and their lack of interest in owning an automobile is alarming. They are “hugely significant in terms of raw numbers alone,” said Sage Marie, a senior manager at American Honda. “Capturing their business and ensuring their loyalty is crucial for the future. Understanding this generation is a step that cannot be overlooked when attempting to market to and retain them.” While automobile sales are down, car –share is up! Have you ever heard of Zipcar? It is a car-sharing......
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GENERATION Y: Are They Transforming Your Workplace?

“More Than Meets The Eye!” This was the tagline for the “The Transformers,” a line of toys that was introduced to the USA in 1984. Their remarkable transforming play features piqued the interest of both children and adults all over America at a time when we all needed a little distraction. Today, we have a new line of “Transformers” and their name is Generation Y. Whether you see them as the heroic Autobots or the evil Decepticons, they are transforming Corporate America and are here to stay! Some older generations may view them as lazy, lacking commitment, drive and discipline. In reality, they are highly educated, media-savvy, tech-dependent, flexible, loyal, adaptable and group-anchored. Generation Y is uniquely different than their parent’s generation and they are transforming the way we do business— inside and out. The fast-track does not appeal to this young generation and they are willing to trade high paying jobs for flexible schedules and a better work/life balance. Things that make you go hmmm… While some companies are standing their ground and sticking to the “This is the way we have always done it” philosophy, others are taking the position, “If you can’t beat them—join them.” They are causing many business leaders to scratch their heads as they seek to understand this generation of workers and customers.     How do we attract Gen Y as customers and employees? How do we motivate Gen Y to buy and to join our company? How do we retain Gen Y as c......
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The Boom of the Next Generation of Renters

Call them what you will—Millennials, Gen Y, Generation Next or Echo Boomers—they are all descriptors for the next generation of renters hitting the multifamily housing industry. A key characteristic of this demographic (who were born between 1982 and 1995 and are either the children or grandchildren of Baby Boomers) is that they are the most informed prospects that you have likely ever encountered. These potential renters are approximately 80 million strong, range in age from 16-29 and are highly educated as well as technologically savvy. Before stepping foot on your actual property, they will already have a good idea of what it looks like from photos and videos online—some of which have been posted by prior or current renters, some of them possibly posted by your company. Members of this next generation know the amenities your community offers, how much rent will cost them each month and they have unprecedented access to communication with your past and present residents via various social media avenues like Facebook and Twitter. They will most likely find out about your property through the Internet by using a laptop, iPad or Android, Web-enabled mobile device like an iPhone, and even more likely, a combination of all of the above. When they come to visit, they will have specific questions based on all of the information they have gathered, and they will want amenities and features that are quite a departure from your current, standard apartment fare like Wi-Fi, cathedral ceilings, limited floor plan options and possibly......
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LEADING GENERATION Y: Are your Great Property Managers ALSO Great Leaders?

Have you ever worked for a Wizard? I have. You know the type—the ones that love to hide behind their title and use it as a power tool. The only thing they inspire employees to do is leave!  According to research, the hierarchical distance the Baby Boomer generation accepted and Generation X struggled with is not acceptable to Generation Y. This new generation expects more out of leaders.  Generation Y: Value integrity in their leader Will change jobs at a moment’s notice to be on a team they find more meaningful Are loyal to those they see walking the talk—those that have a vision Value teamwork and open communication Value the example set more than the advice---they value action Leadership is much more than telling people to go down the yellow brick road—it’s about authentically engaging them in the adventure. The days of leading from behind the curtain, title, door or desk are over. Leaders with vision, brains, heart and courage not only appeal to Generation Y but can inspire anyone to greatness—even a skeptical Gen Xer like me!  Let’s break it down!  1.      VISION can energize a team When you think of Dorothy as a leader it seems all wrong—or does it? She was a young girl, far from home, lost, vulnerable, and at times bewildered. She did not have the knowledge to avoid all the problems and dangers along the Yellow Brick Road but she didn’t give up. She set her sights on getting to OZ and stayed the......
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