Reeling in a New Generation of Renters

Reeling in a New Generation of Renters

Generation Z, Zoomers, or just Gen Z aren’t just teenagers on TikTok. The oldest of Gen Z are in their early to mid 20’s. They are at the age where they are renting on their own — whether it’s in their college town or in the city they move to for their first jobs. What do we know about this generation and how can your multifamily community attract them to your property?

 

 

The Basics

Generation Z accounts for people born between 1996 – 2012. A main difference between Gen Z and Millennials, some of which are over 40 now, is that they grew up with the internet and the digital world. They are more tech savvy and have an easier time with learning new technologies because they have been since they were born.

 

With the oldest of this generation turning 25 this year, it’s important for multifamily property teams to reevaluate their amenities and offers to cater to the needs of this new generation of prospective renters.

 

 

Online Presence

 

They are the digital generation, that means your community needs to be up to date on all things digital and social. There’s no denying the power of social media as a digital marketing tool. Gen Z is knows social media better than any other generation, they literally grew up with it and spend most of their free time on it. This means that advertising and sponsoring posts on Instagram, Twitter, Facebook, etc will be an effective marketing strategy to attract the young adults of today.

 

This means amping up your content and posting frequently. Having a bad or just not good social media presence is a major turn off for this generation and can impact their decision making. Some content ideas include:

  • Pet of the month
  • Recap of resident events
  • Get to know an onsite team member
  • Day in the life at your community

 

A social presence is a must for any business today and especially for apartment communities. There’s millions of apartment related posts/content on YouTube, TikTok, Instagram and Pinterest. This generation loves moving vlogs, apartment tours, decor ideas, etc. Putting your property among these videos and posts will boost your online reputation and attract more young adult renters to your community.

 

 

The Property

 

Once you’ve gotten their interest online and get them to your website, the actual unit and amenities you offer are what’s really going to sell it to them. Being born into a world where everything is online, this generation of renters are looking for high-speed internet and will run if they see reviews citing internet issues at your property. Investing in the internet your community has ensures resident satisfaction and places your property ahead of the competition for prospects.

 

Spacious kitchens and modern appliances are important to Gen Z renters. If you have an older property, it might be time to renovate older units and bring them up to speed. A lot of young renters have pets or plan to adopt a pet whether it’s for emotional support or companionship. A pet-friendly community is very important to have. Ways to be more pet friendly include:

  • No Pet Rent
  • No Breed/Weight Restrictions
  • Events and Amenities centered around pets

 

If you are worried that the above suggestions are bad for the bottom line, Jamin Harkness, EVP at The Management Group, has gone into detail about how these pet policies are actually great for creating more resident satisfaction and how he’s seen an increase in revenue because of them.

 

 

It’s time to start thinking about Gen Z as young adults who are looking to rent because the oldest of them are doing exactly that. They grew up in a world that is fast paced and more digital than ever. These tips will help you reel in these prospective renters and keep them satisfied.

Create a Team Dynamic Within Your Multifamily Property

Create a Team Dynamic Within Your Multifamily Property

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]Now, more than ever before, it’s critical for your property to create a multifamily team dynamic that fosters good communication, healthy competition and takes full advantage of technology.  

 

Unaware of the impending quarantine and social restrictions about to strike the entire country, Sheehan Property Management held a team training session to emphasize the importance of using the multifamily company’s digital platforms. 

 

They’ve since capitalized on those online tools and property data captured on Sheehan property websites to continue leasing apartments and build a team mentality.

 

“We feel fortunate we had the technology and partnerships in place to effectively lease without personal contact, but ironically, I conducted a training with our leasing associates in very early March to talk about how we were under-utilizing our video, texting and social platforms,” says Katrina Greene, Senior Regional Manager at Sheehan Property Management

 

Greene says it became apparent shortly thereafter that their leasing team’s digital strengths were non-negotiable as properties paused in-person tours during the peak of the pandemic. 

 

“We sent out directives and then watched the magic happen,” she says. “We had a handful of leasing associates really shine and put their personality to good use in the videos that are now so critical.”

 

Adopt a Virtual Approach to Communication, Create Team Competition

 

Gene B. Glick Company encourages its teams to consistently use virtual meetings to communicate with residents, prospects and other team members.  

 

“A great way to create a team dynamic in a virtual way is to offer opportunities to stay connected and boost morale,” says Jenny Richard, Director of Marketing at Gene B. Glick Company. “Some effective ways we are staying connected is by offering virtual incentives.”

 

The Glick property management teams regularly convene online as one big group to highlight each property’s wins logged in the company’s cloud-based CRM system and compare the data.

 

“We meet every two weeks to share success stories, and offer an incentive for highest usage of virtual sessions,” Richard explains.

 

Sheehan shares top-performing leasing videos with the other teams within their multifamily portfolio and recently opened their leasing analytics platform to give all agents access to other associates’ leasing phone calls and to view rankings within the company.  

 

“By sharing those videos, we see them challenging each other to be more creative,” Greene says. “And being able to hear other agents execute how we will tour has helped them all create a stronger, more-effective dialogue, not to mention it creates healthy competition as they see where they rank in the metrics we value most (asking their name, offering a tour, getting contact information, etc.).”\

 

Utilize Data to Make Decisions

 

Both property management companies rely on prospect data captured online through AI-driven website conversion software to prioritize and personalize their lead follow-up tactics. 

 

With the website data automatically organized in a linked CRM database, the properties can see at a glance which prospects require a leasing associate’s immediate attention because they’re ready to rent right away. They can also see other important details the lead divulged while engaging with the website’s interactive technology. 

 

“We use the data and analytics available to us to help tailor our approach, and to ensure we can connect in an authentic way with our customers,” Richard says. 

 

Leads higher up in the leasing funnel enter the properties’ automated lead nurture system, receiving a series of personalized emails designed to drive them back to the property website for further engagement until they indicate they’re closer to signing a lease. That gives leasing agents more time to chase the most qualified leads first. 

 

Connect with Your Teams on a Personal Level

 

Greene knows people who work in property management choose that career path because they enjoy serving others and are naturally very social. They thrive on personal connection and the thrill of helping renters find their new home. 

 

“As a company, we’re doing our best to make sure everyone feels part of something bigger,” Greene says. “To keep spirits up, we’ve done some of the usual things like sending lunch to the staff, but we’ve also kept it lighthearted by delivering rolls of toilet paper (with a special poem) to all team members to remind them we’re all in this together.” 

 

Key Multifamily Team Takeaways

  • Collect more data about rental prospects on your website.​
  • Prioritize your leads​ based on data.
  • Use automation to keep rental prospects engaged​.
  • Have leasing teams focus on following up with qualified leads​ ready to rent now.
  • Leverage data to continue to improve online lead to lease conversions.
  • Share the results with all team members to foster competition and improvements.

[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space][vc_column_text]

Additional Multifamily Resources

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Press Release: 76% of Consumers Visiting Multifamily Websites are Deep in “Research Phase,” Yet Many Property Management Companies Are Ignoring Them

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text]Analysis from PERQ reveals that rental prospects who are welcomed to a website and asked online questions about their lifestyle needs, and offered interactive tools, engage more deeply and are more likely to schedule property tours.[/vc_column_text][vc_empty_space][vc_column_text]Indianapolis, IN – March 18, 2019– The majority of consumers visiting property management websites are engaged in extensive research and are 90 days from being ready to rent, according to new data from tens of thousands of consumers on multifamily websites. The data, which was gathered and analyzed by PERQ[1], has significant implications for the many multifamily websites that offer a single point of interaction on their websites and aren’t engaging valuable potential prospects by showing off the property’s unique amenities, surrounding community, or giving them tools to help them in their search online.

 

PERQ, who are experts in online consumer engagement and behavior, found that while 45% of these consumers are deep in the research phase, and 31% want to sign a lease in 30 days, only 25% are ready to make a decision within two weeks. So, websites that are not distinguishing where a visitor is in his/her research journey, and are failing to gather data on visitors’ specific needs, run the risk of losing those rental prospects. While most multifamily websites offer a basic ‘contact us’ lead form as the only direct interface with website visitors, this research demonstrates that increasing those points of contact — by enabling visitors to choose the right floor plan, explore the local community and calculate average monthly costs — increases the likelihood of scheduling a property tour and, ultimately, signing a lease.

 

“Today’s average renters are not only more tech-savvy, which means they demand much more of the websites they spend time on, but they are also more likely to be ‘lifestyle renters’ who are renting out of preference versus necessity — factors that indicate that the more a multifamily website can showcase its property and engage with each individual consumer, the more comfortable that consumer will be about scheduling a tour,” said Andy Medley, CEO and co-founder of PERQ.[/vc_column_text][vc_empty_space][vc_single_image image=”30712″ img_size=”full” alignment=”center” qode_css_animation=””][vc_empty_space][vc_column_text]PERQ’s data also reveals that, of rental prospects who scheduled tours on multifamily websites, 72% also interacted with the site in another way, increasing the length of engagement on the site to an average of 12 minutes and 41 seconds.

 

Nolan Real Estate, a management company with properties in Illinois, Kansas, Missouri and Texas, is experiencing improvement as a result of amping up engagement on their websites. “If a prospect engages with multiple experiences, we are winning the hardest part of the digital battle,” says Caleb Bartlett, Digital Sales and Media Manager with Nolan. “We have increased the likelihood of them taking that next step in the sales cycle.”

 

Key Multifamily Online Consumer Data

  • 45% are in research mode – 90 days before they are ready to rent
  • 31% are ready to move in a month
  • 25% want to make a decision within two weeks
  • Websites offering multiple consumer interactions report a 3X lift in the time consumers spend on site
  • 72% of consumers that scheduled tours, also used other tools and assessments online
  • Websites that interact with consumers are 6X more likely to convert traffic into a tour

 

Until now, property management companies have had few options to engage these research-driven consumers on their websites beyond a costly re-architecture of their website. But new tools like PERQ’s AI-driven, interactive experiences – which can be activated in 45 days or less with a single line of code – are enabling them to create a more engaging, personalized and interactive Amazon-like shopping experience that lets consumers view floorplans, check out community amenities, calculate average rental costs and more – all while asking key questions that guide them with relevance along their rental journey and into the leasing office. At the same time, it enables property managers to gather important data to fuel a more effective engagement when prospects come into the leasing office. The software is also able to identify consumers wherever they access the website so, if they used a desktop for their initial search and then switched to a smartphone and back again, multifamily websites powered by PERQ can continue a personalized dialog, never repeating experiences or asking questions twice.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_empty_space][vc_column_text]About PERQ

Founded in 2001, PERQ (www.perq.com) solutions are used by more than 1,000 businesses in the home furnishing, auto retail and multifamily industries. PERQ’s artificial intelligence-powered digital marketing software helps clients better engage with consumers, capturing unique user data that is leveraged in personalized marketing campaigns to increase conversion and sales. PERQ’s brands have been named to the Inc. 500 Fastest Growing Companies in America list on three separate occasions. PERQ won the Gold Stevie® Award for lead generation software and Product of the Year in the Big Business Awards (2017). In 2018, the company won the Gold Stevie® Award for Entrepreneur: Founding Team of the Year and a Best in Biz Silver Award for Fastest-Growing Company of the Year – Medium. PERQ has also been named on the Indy Star Top Workplaces three years in a row (2016, 2017, 2018). 

 

PERQ Media Contacts

Melanie Webber, mWEBB Communications, melanie@mwebbcom.comor 424-603-4340
Cassandra Cavanah, mWEBB Communications, Cassandra@mwebbcom.comor 818-397-4630[/vc_column_text][vc_empty_space][/vc_column][/vc_row]

How Property Managers Can Appeal to Millennial Renters

How Property Managers Can Appeal to Millennial Renters

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521224734716{padding-bottom: 25px !important;}” z_index=””][vc_column][vc_column_text]It’s pretty common to hear people blaming the millennial generation for “killing off” various industries. Throughout every decade, there’s always been a younger generation that has encountered some sort of criticism. After all, younger generations (regardless of decade) grown up surrounded by newer forms of technology that make their lives easier. These shortcuts are often viewed by older generations as “lazy,” and therefore, they’re viewed as “entitled.”[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521224734716{padding-bottom: 25px !important;}” z_index=””][vc_column][vc_column_text]Regardless of how people feel, it’s only natural for Millennials to  expect newer forms of technology (smartphones, laptops, tablets, etc.) to improve every aspect of their lives —  whether they’re driving, working, or shopping.

 

When it comes to apartment hunting, Millennials want the same quick, ease of access they’ve come to expect. They want to find the right information from rental properties quickly and easily. Considering the majority of your prospective renters will likely be Millennials, your rental property website should cater to them. Here’s how:[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521237414253{padding-top: 15px !important;padding-bottom: 15px !important;}” z_index=””][vc_column][vc_column_text css=”.vc_custom_1531792181473{padding-bottom: 25px !important;}”]

Have A Clear And Uncluttered Layout

[/vc_column_text][vc_column_text]It shouldn’t come as a surprise that millennials will likely start looking for apartments online. Jordan Corrigan, a 34-year-old recent apartment hunter in Rochester, Minnesota, confirmed that the web is the number one place to find rental listings, as well as anything else he may need to purchase.

 

Cluttered and confusing layouts will look untrustworthy or give off an out-of-date vibe. Make sure that your site has an easy-to-understand display with menus and navigation that makes sense.

 

“Cluttered and confusing layouts will look untrustworthy or give off an out-of-date vibe.”

 

A poorly laid out website might have some younger residents running for the hills.ls.In the past, Corrigan has had difficult with different websites, especially when jumping from platform to platform, being left uncertain of where to click to find the next bit of info.

 

“Some (websites)  list the information in one place, others might only show a little bit of info.” Corrigan says.  It’s hard to find a resource that has all your housing options in one place. You have to look all over to find the information you need.”[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521237423302{padding-top: 25px !important;padding-bottom: 15px !important;}” z_index=””][vc_column][vc_column_text css=”.vc_custom_1531792279576{padding-bottom: 25px !important;}”]

Make Information Easy To Find

[/vc_column_text][vc_column_text]If a millennial is used to being able to find the closest Thai restaurant or best nearby in a few seconds, they’re going to get fed up if they’re unable to locate basic apartment information like price or floorplans. Corrigan was recently seeking out apartments online and had a frustrating experience for this very reason.

 

“I’d like to be able to see the inside of it easily without having to physically go there,” he said. “I want to know the layout and the condition of the property before I decide to head in for a tour. I also want to easily find the basic information: floor plan, square footage, amenities, and price. I shouldn’t have to search around for that.”

 

Aside from basic efficiency, one reason millennials may desire easy-to-find information may come from an inherent distrust of brands. A study performed by the McCarthy Group says that 84 percent of millennials do not have faith in traditional advertising. They see businesses as misleading and untruthful, so any difficulty they have in locating basic apartment details may come off as a ploy to deceive them.[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column][vc_column_text][/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521237406917{padding-top: 15px !important;padding-bottom: 15px !important;}” z_index=””][vc_column][vc_column_text css=”.vc_custom_1531792286939{padding-bottom: 25px !important;}”]

Go Mobile

[/vc_column_text][vc_column_text]This is the generation of swipe. No longer are customers tethered to their PC or laptop, as they have unlimited computing power sitting, in their hand. There’s a good chance an apartment hunter may have foundd out about your property while lounging on the couch or waiting in line at the grocery store. In fact, 63% shop directly from their smartphones daily, and many are using them to comparison shop.

 

Sites that are not mobile friendly often have links or buttons that seem to be “broken.” This is due both to compatibility issues, in which certain browsers don’t read your site correctly, as well as your site’s design simply not properly displaying your page on a smaller screen. Luckily, there are plenty of free tools to confirm that your site will fully load, such as with this handy Google app.

[/vc_column_text][/vc_column][/vc_row][vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern” css=”.vc_custom_1521237406917{padding-top: 15px !important;padding-bottom: 15px !important;}” z_index=””][vc_column][vc_column_text css=”.vc_custom_1531792296138{padding-bottom: 25px !important;}”]

Give Them Chances To Save

[/vc_column_text][vc_column_text]Recent studies show that millennials are most sensitive to price points than any other influencing factor. With the bottom line being at the forefront of so many young adults’ minds, anything that tells them they can save big bucks by choosing your apartment is going to be good news.

 

Implementing interactive tools like PERQ that allow them to unlock special offers and savings will give you an advantage over your competitors. Additionally, any features like the ability to pay rent online or submit paperwork will help to save them big bucks and hopefully get them interested in a potential tour.

 

“Special offers and savings will give you an advantage over your competitors.”

 

Positioning your site to be appealing to the millennial crowd may sound like a fair amount of work, but in reality, it’s just a task of making your materials sleek, helpful, and easy-to-find. By focusing on your layout and design, being upfront and transparent, and giving your younger users a chance to save, you’ll be sure to be sure to get more Millennial renters through the doors of your multifamily property.[/vc_column_text][/vc_column][/vc_row]