How To Reach Potential Baby Boomer Tenants Through Marketing
There isn’t much that causes a property owner more stress than having their investment home sit vacant. Every day that the house is empty is another day that they are losing out on profit. So how do you ensure that you keep your rental filled with quality tenants? Why, through marketing of course!
You can reduce the time that your rental sits empty between tenants by acting quickly and effectively. By getting the property ready, marketing to the appropriate demographics and attracting prospective tenants who are ready to sign a lease agreement, you can significantly reduce any risk to your investment.
Who Are You Marketing To?
In 2015, the number of people renting a home was at an all-time high. There are a number of factors that contributed to this, including the lasting effects of the mid-2000s Housing Collapse. While Millennials are cited as a huge renter segment, a surprising study released last week by Harvard University’s Joint Center for Housing Studies suggests that more than half of the rental population are actually in their 40s or older.
So what does that have to do with marketing? Everything! Baby boomers, who now account for 51% of the country’s rental market, may be found through different means than Millennials and other groups.
What Are You Marketing?
According to the US Census Bureau, the Baby Boomer generation is 76.4 million people, a huge segment! In spite of this, it’s important to make sure that you are marketing the right kind of property towards these boomers to ensure that you are not wasting your money. Many are eager to downsize their large or expensive homes once their children have moved away. They may not want to tend a huge yard or maintain a large home anymore. Take stock of your rental property and review it against the most common wants of this generation to see if it’s a good fit.
Boomers that are looking to rent have been weighed down with mortgages, landscaping, and general maintenance expenses and are looking for less responsibility. Many have paid off their mortgages and may not be interested in going through that process again, especially if the cost-per-square-foot has gone up since their last purchase. They may now want a luxury apartment or a nice yet smaller home that have good closet and storage space, large rooms, and updated kitchen and bathrooms. Location can be a huge factor as well, and being near restaurants, entertainment, and friends and family are important.
How Are You Marketing?
You will have a good chance or reaching Boomers through good ol’ fashioned word of mouth, third party endorsements, or traditional media outlets such as newspapers and city magazines. Social media, especially Facebook, is also a great tool to consider.
When advertising your rental home, the words that you use and the features that you highlight are critical. When paired with quality photographs, the right marketing copy will increase the chance of motivating prospective tenants to view your home. Make a list of all the features your rental offers, from the obvious details like the number of bedrooms and bathrooms, to other details like extra amenities and pet policy. Believe it or not, the allowance of pets can make or break a potential renters decision to contact you right away. After listing the obvious items, think outside the box and decide what makes your property special. In other words, what type of tenant would be attracted to your property.
Properly marketing your rental home to any generation can seem like a scary task. On Q Property Management’s experienced team is here to help. Give us a call today!