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While much of the focus has been on Millennials in recent years, a new generation of internet-savvy young adults have reached renting age, and it’s time we start to refocus our marketing strategies. In fact, by 2020, Gen-Z will account for 40% of all consumers. This demographic is unique for many reasons, but perhaps the most relevant is that they’re the first group of people to grow up in the age of the internet. They’ve never known life without a high-speed WiFi connection and a smart phone, and unsurprisingly, it’s changed the way they research, consume, and live. We’re here today with our tips for how to best reach them from the ever-evolving world of the multi-family industry.
You may have seen this one coming, but it can’t be understated that a strong social media presence will allow your property to come to life in the eyes of Gen-Z. The absence of a social media presence limits the way young renters can interact with, research, and become interested in your property. Furthermore, it takes a dedicated, well-versed social media point-person to stay on top of your accounts, interact with users and answer questions, and monitor for feedback both positive and negative. In this day and age, small missteps on the internet can have major repercussions, so it’s invaluable to have somebody behind the screen who is fluent in the new language of social media. Perhaps even… a Gen-Z-er themselves.
While internet trends come and go like the weather, Instagram is a platform with real lasting power. This image-based app has taken young people by storm, and can be an excellent tool to engage with current and prospective residents alike. While your main Instagram page can be used to showcase images of your homes, amenities, and grounds, the Stories feature can be updated more regularly to show off real-time updates of what’s happening in your community. Resident events, sunny days at the pool, and sunsets around the fire pit can all be documented and shared with fun captions and geotags to help pique interest and direct residents to your property’s location and main page.
Part of being internet-savvy includes the knowledge, ability, and wherewithal to engage in smart consumerism. This generation grew up running price and quality comparisons for just about every purchase they make, from Amazon to Sephora to television streaming sites. Most Gen-Z-ers wouldn’t dream of buying something without at least scanning user reviews for honest opinions from their peers. When it comes to your multi-family property, it’s crucial to display resident testimonials and feedback, and also to keep a close eye on what’s happening on your website and social media outlets. Negative reviews should be addressed timely, while positive reviews can make or break the way prospective residents consider your property.
Interested in more tips on how to bolster your business? Reach out to us today