Landlords Must Hone Property Marketing Skills to Cater for Generation Rent
For many, the term property marketing is one that is associated solely with the sale of homes –however, in the current climate a marketing plan is becoming more and more important for landlords, who will soon need to adjust to the evolving demographic of their market.
As the National Centre for Social Research warns this week that many young people are unlikely to ever get a foot on the property ladder, the emergence of the so-called ‘Generation Rent’ may well mean a change in the lettings market.
Homes to Let no Longer a Stopgap
Where once renters were seeking a stopgap home to suffice during the period before they purchased their own property, the demand for rental homes as a long term living solution is likely to impact the expectation level of potential tenants.
Properties that previously passed muster as a place that “would do” for the time being, will now need to present themselves as the perfect choice of home for potential lifetime tenants. While, as time goes on, more and more renters will be seeking homes that accurately reflect their stage and status in life.
Landlords Must Rethink Property Marketing Plans
As a result, landlords may wish to rethink their property marketing strategies – to allow their rentals to compete on the same level that homes for sale did for the previous mortgageable generations.
Potential tenants from Generation Rent will want to be able to establish the level of emotional connection with a property to rent that was previously reserved for first time buys. So, in order to secure the best residents for their properties, landlords will need to offer up the same level of aspirational property marketing as homes for sale.
Owners of rental homes should consider investing in a selection of promotional tools from professional property photography to 360 virtual tours and microsites, depending on the status of the property in question.