Millennials haven’t really witnessed a life devoid of technology, and thus it is the best way to reach out to them. The rental market has been more or less operating traditionally so far. However, with an increasing number of millennial renters, we need to incorporate technology into the sphere. Here’s how property managers can use technological upgrades to attract tenants and retain them.
Develop an App
For apartment building and multi-family complexes, an app is an ideal way to communicate with tenants. It can help you regulate important notices about shared spaces and other amenities. It can also help establish a two-way communication system where tenants can file complaints via the app which the property manager can receive altogether and deal with accordingly.
Use Wired Certification
The wired certification certifies how functional internet connectivity is throughout the structure. The certification will definitely attract tech-savvy tenants and will also help retain them.
Excellent internet connectivity is one of the most sought after features in a residential building. If a property manager can guarantee that, especially amid the pandemic, it would help attract a substantial number of tenants who will be working remotely.
Automated Payments
Millennials and ensuing generation are not big fans of cash or cheques and tend to stick to technology to perform day to day functions. Don’t expect them to hand in cash at the start of every month but instead look into automated payment means like direct bank transfers.
Even if some tenants seem okay with traditional payment means, make sure you keep automated payments on the table as an attraction.
Interactive Tours
When taking pictures or drafting the listing, think of what the tenant would want to see and not what is easy to do. Plain pictures are old school and do nothing to give the tenants an idea of what the place actually looks like. Look into apps and professionals who can provide 3D visuals of the space, allowing tenants to envision what the residential unit actually looks like.
You can even create 3D virtual tours for the tenants or film a complete tour of the house and post it online. Don’t be afraid to try new things. You can use 3D apps and VR technology to keep the house hunt more attractive and interactive.
Upgrade Home Systems and Security
Electronic key cards and automated home systems are all the rage these days. In fact, a house that offers an attractive central home management system and simple upgrades like lights with motion sensors attract more tenants and fetches a higher price.
Upgraded security systems also induce a sense of safety in potential tenants, which is an attraction for many. Include carbon monoxide censors and other minor upgrades, and you will have the ultimate package for tech-savvy and security-conscious tenants.
With technology, there is no right or wrong answer, especially in the rental market. However, with the above mentioned technological upgrades to attract tenants, property management can definitely boost the property’s value. These upgrades can also become the reason why many tenants will be unwilling to leave, as average properties will no longer attract them.
