Pub. 1 2016 Issue 2

13 ISSUE 2 2016 䌀吀䄀䄀 吀䠀䔀䌀伀一一䔀䌀吀䤀䌀唀吀䄀倀䄀刀吀䴀䔀一吀䄀匀匀伀䌀䤀䄀吀䤀伀一  1. ey have already looked at everything available online about your community. 2. A sales pitch from you would be counterproductive at this point. ey do not want to hear it. ey just want to see what you’ve got in person so they can make nal decisions. Before a millennial will sign the contract for an apartment or home, however, it may need to have the following: • Online access to the manager or owner • Real-time pricing and availability • Communities that cherish pet ownership • Walkable neighborhoods • Ecologically responsible design e following sections will explain more about the must- haves, and about what you need to do to improve the chances that your millennial renters will also choose to renew the lease when it ends. DECIDING FACTORS About That Access Millennials love the ease of being able to use a smart phone to do just about anything over the Internet, from making payments to staying in touch with friends. You’d think (if you are older) that the primary purpose of a phone is to call other people. You would be wrong. For millennials, texting is actually the preferred method of communication, and millennials view their smart phones more like handy, portable computers than anything else. What does that mean when it comes to renting? It means a Millennial doesn’t want to pay you with a handwritten check, or tell you (in person or by phone) that the apartment has a problem. In other words, anyone who wants to rent to millennials needs to have a Resident Portal where it’s possible to do many things, like safely pay the rent online or put in a maintenance request. Resident Portals are also a good way to keep residents up-to-date about any community events. What is a portal? In this context, it’s just a specialized website. Portals usually have a search engine and links to other websites. Everything is arranged by topic. Having a Resident Portal is a new amenity, but many places are increasingly likely to have them, from apartment complexes to retirement homes, because they make sense. Keeping Current You probably have a website advertising your apartment complex. at’s good, but you need to make it better. Your website should have a complete (and current) listing of all available apartments. In addition, each apartment should have information about cost to rent. Include everything in that cost; if you have any fees, they should de nitely be mentioned. Why do you need these two things? For one thing, millennials will probably want to pick out their apartment online, the same way they currently pick their seat if they go see a movie. If it turns out the one they picked isn’t available, or if you bring up fees that weren’t mentioned online, there’s a really good chance your millennial will stop the entire process and move on to some other complex. Not having an up-to-date website with accurate information about renting comes across as either incompetent or dishonest; either way, you just took yourself out of the running. Pets Are Family Millennials love their pets. You may not be so fond of pets, especially in a rental, but perhaps it’s more worthwhile than you think to cater to those who love animals. Renting to pet owners is good business. High-end hotels have become increasingly more pet friendly; the result has been record growth. By not renting to pet owners, you cut out a large part of your potential market; it’s probably at least half, and (since, as of 2013, the pet industry has been growing at a rate of ve percent per year) it could be more. at’s a lot of people who won’t even think about renting from you. Change that policy, and be as welcoming (and