One of the best strategies in improving occupancy rate and retaining tenants is catering to specific needs of certain group of tenants. Since Millennials and Baby Boomers are the two major groups that make up most tenant pools, it makes more sense to focus on satisfying the requirements of these categories. However, keeping both these groups happy at the same time is a challenging task for property management, since their requirements are usually seen as diverse.
While marketing a property it therefore becomes important to cast a wider net and not compartmentalize the brand image. Rather than finding dissimilarities between the two groups, it is better to focus on similarities and build a brand image that does not stereotype the property that caters to only one of the groups. However, it is quite a challenging task to satisfy both categories equally. It may not be practical to provide different options to the two groups individually, but property management can present options for customization that can satisfy certain important individual requirements.
For instance, if one takes amenity requirements of the two groups, they are mostly the same, but there are differences in how they will be used. Both groups will be happy having multipurpose spaces and clubrooms for social activity. However, the Millennials will be more interested in attending social events, while the Boomers will mostly be hosting them.
Another challenge for property management in satisfying the two groups is having the optimum mix of units. Baby Boomers look for more space, and hence units with larger bedroom and living space will be more appealing for them. Millennials on the other hand are satisfied with smaller units, but will be particular about available storage options.
However, satisfying the Baby Boomer group is itself a challenge, as many of them have diverse preferences. This is due to many reasons, since the group could include people who have taken early retirement or people who have become parents in the age group of 55 to 58 years. On the other hand, preferences of Millennias will be more or less the same, and is much easier to satisfy as a separate category.
The Internet is Key
Technology seems to be playing a key role, as an element that can satisfy both groups to quite an extent. Millennials are looking for environments that match their lifestyles, which are now mainly driven by technology and online social networks. On the other hand, Baby Boomers too are also becoming increasingly tech savvy, which means property management has to focus on online marketing for attracting prospects and also provide better broadband and faster Internet speeds in the units.
Even though both groups will want to inspect the unit personally, the property website has a huge impact on marketing. Studies have shown that more than 40% prospects of both groups will not visit the property if they find the website to be of poor quality or unwelcoming. Therefore, it is extremely important to make a fantastic online impression and have excellent imagery and content on the website for attracting new clients from both groups.