Aside from walking into the property, a potential tenant is likely to base their first impression off of the properties website.
Clear images, updated floor plans, and an easy to reach staff can make a huge difference in a first impression.
Apartment complexes that have slower websites and response times are likely to lose in the leasing race. The leasing market has switched from a person to person to a person to machine market.
Millennials don’t want to have to call a property for answers.
They want to be able to click on a page and find everything they need. They want a chat bar to communicate with quickly and as they please.
“They are known for expecting slick online services,” reported the Financial Times on the matter of the Millennial forecast.
The retail market is better understanding this as some companies who lagged making an entrance into the technological sphere now face bankruptcy. The most recent example of this can be seen in Toys R Us’s bankruptcy, which can be directly tied to their subpar website.
Neil Saunders, managing director of research firm GlobalData Retail associated the bankruptcy of the toy store chain to overspending on retail experience and under spending on technology.
This chain of events seen in the retail market is now replicating in the college real estate market. Millennials would rather have a quicker click time, better images and an easier way to pay rent online instead of a well-decorated clubhouse.
In person, tours are occurring less frequently than ever as companies are switching to the format of virtual touring as a means to attract the millennial generation.
A good grip of the internet and social media aspects can separate a property from others in its’ neighborhood. Moreso then maintaining the properties individual site but marketing it’s worth on other rental sites as well.
The National Association of Realtors reported that in 2016, 44% of homebuyers looked online for homes before utilizing any other method. With only 6% of potential buyers driving in and around neighborhoods.
This percentage represents that even the parents of the 18-25 year old demographic is switching to an online search for their housing needs.
Regarding their information on this millennial generation, The National Association of Realtors reported that 99% utilized the web when searching for a housing solution.
It is no longer an option to become more internet friendly.
If the real estate market is anything like the retail market (and it is) there is no time to waste when it comes to entering the technological sphere.
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