Assetsoft - Blog #amenity management

Are You Ready For Generation Z Renters?

Thu, 07 Oct 2021 08:00:00 -0500

For the past few years, the global real estate industry focused on marketing to one target audience: millennials. But as technology develops, we have an entire generation having a different set of requirements. Gen Z renters are digital natives who haven’t lived without the internet. As the oldest ones turn 24 this year, now is the perfect time to prepare your business for the new generation.

There are around 68 million people belonging to Gen Z in the US alone. This demographic is the reason why most property managers want to cater to their needs. To give you a head start, we have compiled the best ways you can use technology to attract Gen Z renters.

Finding properties online

Gen Z uses social media for almost everything, even finding properties. Instagram and Youtube are some of their favorite online platforms. Even though Google search is still a popular method to market properties, you need to look beyond that to reach Gen Z renters.

Modify your marketing strategy to include social media platforms. In addition to Gen Z renters, these platforms also contain a large audience of all age groups. By creating the right ads, you can target the Gen Z renters while still marketing to other groups. Well-performing social media posts also show up as search results which drive organic traffic.

Improve your SEO strategy and create engaging social media posts to build a clientele of Gen Z renters. They also value personalization right from their playlists to their apartments. Create a brand strategy that speaks to them and personalizes their tenant experience.

Affordability over amenities

Even the oldest Gen Z members are still just out of college and looking for a place to live. They look for financial stability and believe in “saving” more than “spending.” A survey by BHG Real estate reveals that Gen Z tenants are ready to give up luxuries to achieve homeownership.

While they value tech and connectivity in their living spaces, affordability is still their topmost priority. Rental prices that allow them to save for their future home are most appealing to this generation.

They also prefer long-term leases that are longer than a year. This helps them achieve stability while they work for their future. According to a survey by Tenant Cloud, 55% of Gen Z renters plan to rent for a few more years, till they can buy their own properties.

Reviews matter

Gen Z do the most research online with 30% of them checking ratings and reviews before touring a property. So apart from listing your property on social media platforms, you also need to build a positive reputation around your property management business.

The best way to get reviews is to ask your current or previous residents. However, tenant experience plays an important role in what kind of review you will get. People rarely need a push to write about a negative experience. But if you ensure quality service to tenants, you can easily get positive reviews from them.

Consider collecting tenant feedback to improve your services accordingly. Tenant portals such as MRI Tenant Connect are an excellent way to maintain tenant communication and collect feedback.

More tour options

For Gen Z renters, property tours need not be on-site with an agent. A survey by RentCafe revealed that 52% of Gen Z renters chose non-traditional property touring methods including virtual and self-guided tours.

Virtual tours use a collection of images and videos that allow a tenant to view a property through phones and computers. You can also conduct virtual tours through video calls with an agent showing them through the property. Virtual tours save time as prospects can view the properties at their own convenience.

Self-guided tours, on the other hand, are conducted on-site. But, these tours lack an agent and the prospects view the properties on their own. Tools such as RentCafe Self-Guided Tours help create a seamless property touring experience. The software includes features such as tour scheduling and ID verification. You can also use AI chatbots to assist prospects throughout their property viewings.

High-speed internet connection

Since this generation is tech-dependent, it is no surprise that high-speed internet connection is the number one priority for them. Ensuring excellent connectivity through WiFi makes your property stand out. As the remote working trend is also catching up, building co-working spaces with a reliable internet connection are also helpful for all your tenants.

You can implement WiFi-as-a-Service (WaaS) to accommodate a high number of devices. WaaS allows your tenants to access the internet directly from your WiFi network. Tenants can choose their own bandwidth speeds through different monthly packages. A WiFi connection also unlocks a whole bunch of advanced amenities that can attract Gen Z tenants.

Smart home tech is a must

Smart home amenities provide favorable housing conditions that appeal to Gen Z. Around 62% of Gen Z renters believe that technology is very important when renting a property. Apart from the convenience and cost savings, these amenities also help in environmental conservation.

Smart home technologies include a host of amenities such as:

Digital locks: Locks that use QR codes or biometric scanners instead of keys.
Smart Lights: Lights that work through voice or motion activation.
Smart thermostats: Adjusting temperature by gauging the number of people in the room, external temperature, and more.

Using AI, machine learning, and the IoT, you can implement smart amenities that are fit for the Gen Z renters.

Prepare for Gen Z together with Assetsoft

Gen Z thrives on digital advancement in rental properties. Assetsoft can help you implement suitable technology through RPA, artificial intelligence, and the IoT. Our team works with the clients to build a custom strategy for each business.

Whether it is property management software or smart home amenities, we can help you with all your real estate technology requirements. Our experts are with you even after implementation by providing the required support and training. By working with Assetsoft, you can leverage the best technology and resources to boost your business effectively.

Talk to us at Assetsoft to make your business Gen Z ready!

6 Ways To Increase Tenant Retention Using Technology

Thu, 30 Sep 2021 11:50:57 -0500

Tired of all the tenants moving out? Well, you are not alone! Tenant turnover is the second biggest problem faced by property managers, preceded only by tenant evictions. In 2018 alone, the National Apartment Association reported a 46.8% tenant turnover rate in the U.S. While it is natural for tenants to move out after a certain time, an unusually high turnover rate can cost you financially.

But what most people don’t know is that more than 60% of tenant turnover is controllable. While not all reasons for tenant turnovers can be fixed, you can retain more tenants by fixing management-related issues. Understanding the cause behind the high turnover can help you find suitable solutions and renew more leases.

Why do tenants leave?

Personal issues: A change in the family such as marriage, childbirth or a job change can prompt the tenant to move.
Financial issues: Tenants move out to find affordable property in case of high rent or a job loss.

Management issues: Poor maintenance, bad communication, or ignored needs from the property manager can motivate tenants to move out.

While factors like rent growth barely affect retention rates, management issues such as poor communication lead to higher turnover.

Top ways to decrease tenant turnover

Simple renter-focused strategies can help you renew more leases and maximize profits. If you are unsure where to start, follow the below tips to retain more tenants and make their overall experience.

Establish good communication

Occupants having a good connection with their property managers tend to be more understanding if they face issues. According to Watson Wyatt’s Communication Survey, companies having effective communication with their customers had a 47% higher return over five years.

For multifamily properties, tenant portals are an excellent way to communicate with the tenant community as a whole. Apart from individual occupants, you can also send messages or emails addressing a group of tenants. In case of utility outages, you will be spared the hassle of informing one renter at a time.

Other than streamlining communication, tenant portals also document all your texts. In case an eviction is inevitable to protect your other tenants, such documents can serve as legal evidence.

Identify tenant needs

Identifying tenants’ needs is the first step to improve your property management service. According to a PwC survey, around 80% of American consumers say knowledgeable help and friendly service are important for a positive customer experience.

Data is your best friend for identifying tenant requirements. Analyzing tenant behavior, maintenance requests, and communication can give you insights into what your occupants require. Is there an issue tenants have brought up multiple times? Are renters using one amenity more than the other?

Understanding such behavior through data analysis software helps you generate accurate reports. These reports can be shared through your team and used to improve your overall tenant experience.

Prioritize tenant complaints

When tenants send out maintenance requests, it is often a priority to them. The urgency with which you treat these requests can significantly impact the tenant retention rate.

Whether it is a leaking ceiling or a noisy neighbor, tenants view such issues as important. A tenant communication platform lets them submit their complaints to the property manager. Depending on the kind of complaint, property managers can assign the right technician to fix the problem.

Tenants can also track their requests, see the status, and communicate with the technician through the platform. And for property managers on the go, mobile-friendly platforms help respond to tenant complaints faster.

Amenity management

Amenities are an excellent way to attract and retain more tenants. 87.2% of multifamily tenants say that building amenities significantly affect their renting decisions.

If you are targeting tenant retention, then certain amenities fare better than the others. A survey by TransUnion says that the most preferred community amenities are parking(94%) and pool(83%). The same survey also states that high-speed internet and walk-in closet are the most preferred home amenities.

Apart from the survey, a quick look at the demographics of your property can determine the amenities your tenants want. For example, Gen Z and Millennials depend on co-working spaces. But if a majority of your tenants are senior citizens, then investing in walking trails and fitness centers will retain more renters.

Platforms like MRI Resident Portal helps you manage multiple amenities. Tenants can utilize it to book slots and submit maintenance requests to make their amenity usage hassle-free.

Provide digital payment options

New generation tenants choose to pay online more than cash or check. Providing rent payment options such as bank transfers, credit cards, and e-wallets is not only convenient but also attractive.

Combine digital payment options with attractive incentives such as a discount on rent, and you give tenants no reason to move out! Such transactions are also safe for both the property manager and the tenant since the portals are secure and the transactions are documented.

Maintain financial transparency

Financial transparency is crucial for building trust in a tenant-property manager relationship. Whether it is security deposits or maintenance charges, conveying to the tenants what exactly they are spending can go a long way.

Using tenant portals, you can send invoices, receipts and communicate any changes to their rent or deposit. For example, if an occupant’s rent is due, you can send them a reminder while also adding information about the late fee. This makes the occupant aware of the additional fee on their rent that month. It is best to avoid any hidden charges and speak of the expenses upfront.

Assetsoft can help you retain more tenants

A leading company in real estate tech services, Assetsoft can help you find the right solutions for your business! From tenant portals to full-fledged property management software, we integrate the required features by understanding your needs.

With years of experience, we help clients make the best choices that help them reach their business goals. Through our consultancy services, you can find strategies that align with your business ideas and help you grow!

To know more about our services, contact Assetsoft!