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Property Managers: Most Effective Rental Incentives

effective rental incentives

Effective Rental Incentives for a Successful Property

Trulia, a respected name in the real estate industry, has come up with a list of what it’s calling the most effective rental incentives that property managers should consider when wooing a potential resident or trying to retain a beloved one. Of course, blogger and Chief Landlordologist at Cozy, Lucas Hall, says incentives aren’t to be offered without careful consideration.

Whether you are trying to convince an applicant to sign a lease or encourage a great resident to renew, incentives act as the carrot at the end of the proverbial stick. With that said, I believe that no one should get a prize for doing the bare minimum or fulfilling what is required of them in the lease.

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Traditional & Social Media for Property Managers and Owners

 

traditional and social media for property management who to followMedia for Property Managers and Owners to tune into

Once upon a time, “media” meant books and newspapers, then the definition was expanded to radio and television … and now anyone with a computer and an internet connection is a media maker. We’ve compiled a list of traditional and social media links for property managers and owners that we thought might help you cut through the noise.

Tuning into property management industry media will help you stay ahead on the learning curve if you’re new to the industry, and it will help to keep your skills and focus sharp if you’re a veteran. Bonus: Many of these sites are great places to look for content that you can reTweet/ share/ repost via social media or aggregate on your blog.

Some online resources we’d like to share with you

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Property Managers: How Do You Market Millennials?

Millenials at Home

Are Millennials buying houses, or aren’t they?

For some time the word on the street has been that Millennials aren’t buying houses because they’re worried about other forms of debt, like student loans and credit card debt. But, according to AppFolio, that trend may be changing:

It’s beginning to look like enticing 25- to 34-year olds into purchasing their first home won’t be easy. According to CoreLogic, homeownership rates for this group pale in comparison to the 1980’s rates for the same age bracket. In 1980, slightly more than 50% owned, or were buying, their homes. In 2012, just over a third (38%) of Millennials owned homes.

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Delving into the data shows that Millennials are still thinking about homeownership, in fact, 50% think they’ll buy in the next two years.

Read the entire article by Aimee Miller at AppFolio.

That’s not what multifamily property managers want to hear, but this news only means we must work even harder to market to Millennials to both retain their business but also to attract new young-adult tenants.

How do you reach Millennials?

Screenshot from HubSpot report 3

A recent Pew Research Center poll indicates that if you want to reach Millennials, you’ll need to do so via social media.

The percentage of online adults who use social networking sites has steadily risen. As of January 2014, 74% of all online adults use social networking sites. For adults ages 18-29, 89% of them use social networking sites. For adults ages 30-49, 82% of them do. For adults ages 50-64, 65% of them do, and for adults ages 65+, 49% of them use social networking sites. For more detailed information, refer to our social networking fact sheet.

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Property Management Marketing Tips

Property Management Marketing TipsAt Pacific Crest Real Estate we strive for long term relationships, both with property owners and residents. But before you can begin a relationship with a new client or tenant you have to connect with them. Here are a few property management marketing tips that should help you connect with new residents and retain those already on your rent rolls.

Emphasize the value you bring to your partnerships

Deliver on your promises, and your value will be apparent.

Connect with your target market

Who are your residents? Is your property filled with young families, college students, or mature adults starting their lives over again? Ideally, your property will attract a mix of tenants from a variety of backgrounds, but you must be realistic: If your property is in downtown Seattle your residents will likely be from a different demographic than those in a suburb. Pay attention — and ask!: How are your tenants connecting with their community, and how do they want to connect with you? Do they prefer the local alt-weekly newspaper or are they more likely to look for headlines on social media? Would they prefer an electronic or paper newsletter, or none at all?

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Social media tips for property managers

social media property managersA few social media tips for property managers

Follow us on Twitter, Instagram, Facebook, and Google Plus.

It takes a team

Social media is a wonderful way to create community, and that includes with your fellow property managers and the Pacific Crest Real Estate office. Lately, we’ve spent more time on social media trying to connect with the communities where we own and manage properties, sharing posts from businesses and residents alike in an effort to bolster our mission to build strong and vibrant communities.

We’d like to encourage your property’s management to join us on social media. If you need help getting started, we’re here to help. Ask your Asset Manager for more information.

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Does a lease follow a like? Social media for property managers

Social Media for Property Managers

Social Media as a Prospecting and Renting Tool

Social media’s growing importance for property managers can’t be denied

Pacific Crest Real Estate participated at Seattle’s TRENDS Conference and Tradeshow where we learned tips for using social media to promote individual properties and company initiatives as well as for attracting and retaining residents. There, we learned to think of incorporating social media into our business plan as a type of secondary support system when it comes to leasing where you’re in control of the message, not Craigslists’ — or some other free advertising site’s — arbitrary rules.

We are currently experiencing the best of a collaborative economy, and sharing posts from people and businesses in our communities is one way to participate. Using social media is the modern way to network, promote your properties, and draw attention to your website. It’s also a great way to humanize your company and hone the positive image you wish to present. (click to continue reading)