Millennials, born between the 1980s and 2000s are the largest groups to enter the real estate world. They have just graduated college and want to spread their independent wings by getting their own place to call home. Millennials are not looking to own their own property, as least not just yet, because they have huge amounts of educational debt and are just starting out in their career. They want freedom to come and go, while pursuing their career and enjoying other amenities such as Wi-Fi, television, and geographically pleasing areas for social gatherings, and close proximity to their jobs.
So, how do you attract your property to get one of these ideal tenants? First and foremost, stage your rental. Many applicants like to see a clean and inviting space to envision what they can do – having clutter deters anyone from wanting to rent from you. Take the time to clean and declutter your rental property.
Secondly, take pictures – a lot! It’s very frustrating when a potential renter does not have access to the inside of your property – unless they are going to live in your visually appealing backyard with enormous deck, take pictures of every room in the house including the basement!
And, lastly, market, market, market! With the amount of time you’ve spent decluttering and taking pictures, take the time to create marketing materials such as fliers, brochures, and postcards. Take it beyond social media like Facebook – include sources such as Twitter, Instagram, and YouTube – millennials are tech savvy so the more you can advertise outside of the newspaper, the more foot traffic you will receive. Include information such as local restaurants and venues. Millennials are social butterflies, and even though they are career-conscious they also want to have fun. Identify specific hotspots in your neighborhood such as coffee shops and shopping districts, and how far (or close) you are to specific commuter routes. If you offer free Wi-Fi or rent that includes heat and hot water include it in your marketing materials.
Put yourself in the renter’s shoes and take the time to see your rental through their eyes – if you can do that, you will be successful in renting your property. For more information on how to attract millennial renters, watch this short video to collect more useful and important information:
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