_{Presented by Astra Properties LLC}
Engaging Gen Z: Innovative Strategies to Attract the New Wave of Renters
_{By Nicholas Burrus · 01/03/24
Thanks for tuning in to todays read! Read time for today is roughly 5 mins.}

Top of the morning 🌄 

We hope you’re kicking off the new year with a bang 💥 and are staying on track with your resolutions!

Market trends come and go, and this time, it’s the Gen Z era.

Today we’re touching on the new wave of renters and how to adapt so you stay on top and don’t have extended vacancies.

Today, we strategize!

Gen Zs are the new renters - how to take advantage of this trend

Millennials are out, Zoomers are in!

Gen Z is taking over the housing market - and it’s a great time to get your rental spaces ready for the new generation of tenants.

Born between the mid-90s and early 2010, Zoomers are the first generation to live in a fully digital era. 

That's important to remember when catering to this generation - they value convenience and technology above all else! 

Shorter attention spans and the need for convenience are 2 major separators between the generations

Creating spaces that support peoples lifestyle will attract the new generation of renters. 

You’re not just renting a space; you’re providing positive experiences with present and future tenants. 

Let’s talk about how do you take advantage of this trend-

Provide seamless online experiences 💻️ 

Zoomers are born into the digital world, so it's no surprise that almost 90% use a smartphone to go online.

Many are all about convenience, ease of use, and flexibility.

Investing in online apps will definitely go a long way to dealing with young renters, such as:

• Property searches to attract prospective renters online

• Online application processing for fuss-free applications

• Facebook Messenger or WhatsApp for answer listing inquiries

• Lease management tools for documentation and invoicing

• Online/mobile payment options for quick, seamless payments

Prioritize sustainability

Gen Zs are very much into sustainability. Aligning with the young renters' values will catch their eye:

• Invest in energy-efficient appliances

• Using sustainable materials

• Abiding by green initiatives, laws, or requirements

• Encouraging renters to recycle

• Adding eco-friendly features in rental properties whenever possible (ex: charging stations for bigger assets)

Besides attracting new renters, prioritizing sustainability lets you positively impact the planet, and that's always a win!

Create social spaces 🫂 

People love social interactions! Bet on this by creating social spaces and fostering social interactions in your rentals:

• Common areas and lounges for socialization

• Hosting community events

• Hosting family-friendly programs

• Promote social responsibility, diversity, and inclusivity

• Highlighting fun activities and social places in listings

Honest communication 🗣️ 

Gen Zs are very straightforward folks who appreciate honesty in any transaction. Being direct and honest with young renters helps build trust and confidence.

Try these strategies:

• List all the essential details of the property

• Offer different ways to contact you

• Create a chat group on Facebook, WeChat, or WhatsApp for quick interactions

• Send out newsletters to build a positive relationship with tenants (we’re bias on this one)

Don’t be fooled: Zoomers love in-person communication despite being online all the time - especially after the pandemic

While embracing technology does wonders for your customer service, nothing beats in-person meetings and phone calls.

Bottom line: Presenting the most appealing rental choices for Gen Zs will lead to attractive prospects and long-term success in an otherwise cutthroat real estate market, and of course, more profit.

Your Guide to Rental Property Maintenance 🛠️ 

Spring will be here before we know it.

Be sure to have your spring maintenance check list ready!

We’ll be dropping a spring maintenance checklist in march. Stay on the lookout.

Besides spring maintenance, we have routine maintenance.

Regular maintenance is part of owning a rental property.

Routine maintenance checks, repairs, and solving maintenance-related issues are vital to maintaining a property and keeping long-term tenants.

Well-maintained spaces will also attract new tenants!

But where to begin?

How do you manage the maintenance and repair?

Try this a game plan-

Maintenance Checklist ✅ 

Create a checklist so you know what specific areas of the property must be prioritized and avoid missing important tasks. Some items to add to your checklist are: 

• Routine maintenance checks on shared areas and spaces with heavy foot traffic

• Regularly monitor the smoke and C02 detectors and replace the batteries as needed

• Maintain and preserve your curb appeal - take care of the lawn, maintain the landscape, and replace anything that's broken, worn out, and unsightly.

• Watch out for pests! Monitor the grounds regularly to avoid potential pest problems. 

• Shared appliances must be routinely checked to ensure they're in good working condition. 

• Outdoor spaces like walkways, paths, and sidewalks should be maintained and accessible all the time. This goes especially in places that get heavy snow during winter. 

Property Maintenance Tips

Routine checks: Prevent problems from happening in the first place by performing maintenance checks regularly. This will help keep long-term tenants happy while saving you money on repairs.

Take pictures: Documenting the condition of every unit before renters move in and after moving out will protect you from disputes from structural damage.

Normal wear and tear are expected, but a hole in the ceiling, broken windows, and banged-up appliances - these shouldn't be covered by you. 

Routine protocol: Always have a system in place for property maintenance - especially if you're managing several rental properties. A system ensures everything on your property is running smoothly. 

No nasty surprises! 

It will also save you a lot of money on maintenance down the line. The system should include:

• A team to handle everyday tasks involving repairs and maintenance

• Communications channels for quick response on repairs

• SOPs for maintenance checks, repairs, and emergencies

• Having a trusted maintenance and repair team - especially for emergencies!

• Conducting checks at specific times of the day

• Using digital tools to streamline and process property management and maintenance

Mind the expenses: Maintaining a property will cost you no matter how diligently you perform routine checks. 

What's important is to focus on expenses that will save you a lot of headaches in the future. 

Skipping wiring maintenance can lead to accidents and power interruptions. A leaky pipe could burst in a few months and cause structure damage and widespread plumbing problems if you ignore it. 

Set aside money on maintenance checks, repairs, minor renovations, and last-minute costs. 

Build a fund for these specific expenses so you don't have to dip into your savings. Maintenance expenses are expensive, but these will benefit you in the long run. 

Catch the latest episode of the AstraCAST podcast!

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