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Management in the New Millennium

Whether the “old guard” likes it or not, young people are now among real estate’s top spenders. These individuals are frequently referred to as millennials—and, in most cases, this moniker is far from a flattering one. Millennials have been accused of everything from “ruining brunch” to “killing the napkin industry,” according to The New York Post and Business Insider, respectively.

The age bracket for the ever controversial millennial consists of those born before the new millennium—in other words, individuals who are in their twenties and thirties. So while the term “millennial” is often synonymous with “young people nowadays,” millennials are actually a separate age bracket from teenagers, who typically fall within the confines of Generation X.

Regardless, millennials are making a dent in the New York condo/co-op market, despite the high financial barrier to entry. Therefore, as millennials seek to place their hard-earned cash in the real estate market, property managers need to be familiar with the values of their new audience. So, without further ado, here are our top five millennial marketing methods—brunch not included.

1. Find Your Niche

A generation that values authenticity and unique experiences, millennials want to know what stands out about a property and its management. What can you offer that other management companies cannot? Every millennial has heard the “we see our tenants as people, not as customers” speech countless times before, so think of ways that your brand can further innovate and step outside the box.

 2. Go Digital

Digital currency is everything in our increasingly digital world, so a slick website is key. If millennials are researching a management company and come across an outdated website, or if there is no website at all, red flags are immediately raised—is this manager antiquated? Are they apathetic? Do they have something to hide from potential tenants?

Make sure you address these concerns by creating a clean, aesthetically pleasing website that’s mobile friendly. Include property information, a mission statement, as well as your company’s contact information, but feel free to get creative to make your brand stand out.

 3. Show the Space

Rather than read about a property or see a static photo of it, millennials would prefer to see a video. Often photos can make a property seem larger than it actually is, so videos offer a more realistic glimpse into what a management company’s properties really look like. Not to mention that the advent of YouTube and other video platforms have made the medium more popular than ever.

 4. Optimize Opportunity

Potential tenants need to be able to find your company. Therefore, search engine optimization (SEO), the process of optimizing your website to get organic, unpaid traffic from Google results, is key for brand visibility. SEO can be created by updating your website design and content so that it will come up first on Google.

 5. Five Star Service

For millennials, positive online reviews play a major role when it comes to final purchase. From a new dress to a new restaurant, having feedback from other consumers is key. Create surveys for tenants and remind them to leave positive reviews online on platforms like Yelp, or even your new, slick website. This will create another layer of trust when trying to win over new tenants.

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