As previously discussed, there’s one generation in particular (no, not millennials) that can’t and shouldn’t be overlooked within the housing market. Every residential property manager needs to have a marketing strategy for the baby boomers in order to offer them what they want and need to corner this demographic within their business.
Appealing Successfully to Baby Boomers
“Every time Baby Boomers go through a life transition… by sheer weight of numbers, it reshapes the American economy.” Because their generation is so populous within America, this group of people brings about big changes to a number of aspects of the country. As mentioned in the quote, they have a huge impact on the economy itself. In a time where more people than ever are looking to rent long-term and are therefore seeking out suitable properties, a manager who doesn’t take advantage of appealing to the baby boomers is missing out.
More of this population than ever are abandoning the nest to move their lives into condominiums and apartments. Each person or couple will have their own reasons, but the driving forces are money (of course) and ease of living. In a rental property there is much less upkeep, for one thing, and there are often more activities to fill their time if they are in retirement. These are just a few of the reasons that they may be changing locations from a traditional house to a rental unit, but what these people are looking for in their new homes can be surprisingly similar.
“The number of renters age 60 or older is expected to double from 2010 levels by the year 2030,” so this is the time to be getting into this market in a big way. Perhaps the most sensible beginning step is to “highlight 1-story plans.” These people are looking for an easy-to-navigate space without any steps to complicate health issues or to possibly lead to future accidents. They may not automatically be looking for this kind of layout, but it’s likely that they’d like it as a consideration.
Speaking of worry-free movement; emphasize the ease of local transportation and accessibility, if that is, in fact, a feature. Obviously you don’t want to advertise a subway stop that is a half hour away! If there is a bus or subway station nearby, make sure to note it. If there is easy access to a major highway, that’s a point worth mentioning, too. Baby boomers aren’t going to want to have to walk everywhere, so the knowledge of some other options can only help you.
Something that people of all generations are interested in is security. If your building already has doors with functioning locks, cameras, a doorman, or any of the above, then you’re already on the right track. Any generation would report that they want to live somewhere they feel safe, where it seems as if someone else is looking out for them. Take this opportunity to update or double-check your current measures. If you don’t actually have much going on by means of security, look now into features or personnel that can aid in this effort. You’ll see a difference before long in the amount of interested parties.
Unlike their younger counterparts, baby boomers are much more likely to come and see the property without having looked at it online at all. This is a sign that curb appeal should be a big focus for your residential property management strategy. If their first impression of the property is that initial visit, then you want to wow them. If they aren’t impressed, or worse, are turned off at first glance, they won’t be returning. Can you afford to lose such a big chunk of business just because you haven’t gotten around to doing some landscaping or painting upkeep?
Finally, market the following areas or offerings to them: bigger units with more space and usable areas outside of their individual unit such as a pool, fitness center, and recreation room. Give them more than just their personal space so that your (potential) new residents can have that “entertainment and company” without having to leave the building at all.
While you figure out what these baby boomers want from their rental properties, you can leave the technical details to SKYLINE Property Management & Accounting Software. Since one of SKYLINE’s many functions is to handle Facilities Maintenance and Work Orders, you can rely on this tech solution to keep things safe and updated for those potential renters. You can also easily examine renter data to see what tactics have been successful in the past with an older generation. What do you have to lose?