Marketing a college rental property is more than gaining the interest of college students. The real challenge is gaining the trust of the parents who back said, students.
In most cases, college students receive some economic help from their parents towards rent. From here, the question becomes how to attract these not so silent partners.
It’s a balancing act. The property has to appear safe and secure for the parent or guardian while appearing fun and relaxed for the college student.
The typical way properties are molding to meet this new requirement is by adding a “For Parents” tab on their website. This is great but, it can also come off as a gimmick to the parents who will view it as something to get them to blindly agree.
Unlike their children, parents appreciate dealing with someone on a more personal level. Replying to an email in a fast and efficient manner is a nod in the right direction. However, to really gain their attention put in the extra effort to call them to see if they have any follow-up questions.
They will.
In a recent article, The New York Times detailed a discussion with a mother who was apartment hunting for her children in New York City. The article recounted “Ms. Karas did most of the apartment hunting, scouring listings, visiting properties and sending photos of the apartments to her children.”
Gaining the attention of the student is the first step in attracting a new tenant but gaining the trust of the parent is what signs the lease.
On the matter of parents signing onto leases, Stacy Brown, operations manager for Real Property Management commented in an article on U.S News Online,”Parents may also think nothing will happen in their role as co-signor because they trust their particular college student. However, co-signing for their child also grants them responsibility for the other tenants of the apartment.”
Instead of separating the parents from their children on the website, list things normally found on the parent’s tab in the other appropriate areas around the site.
Security is a huge amenity that will appease both parents and students. This is the same for a health/fitness center and a pool. Parents want to feel as connected and involved as possible during this new transition time so let them.
Marketing college properties is a two-headed monster.
Approach this marketing challenge the same you would as any other, with research and organization.
Equal Housing Opportunity
