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Managing millennial renters: What you need to know

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Millennials are a new generation of adults, and like any generation they have new tastes, new slang, and more importantly for you, new renting habits.

“You can’t win ‘em all,” is the catch-phrase of the millennial parent, sighing into a bowl of soup as their full-grown child sits across from them, eyes glued to their phone. Millennials are a new generation of adults, and like any generation they have new tastes, new slang, and more importantly for you, new renting habits.

When a tenant moves into your property who is quiet, polite and pays rent on-time, you might think, don’t ever leave me. On the flip-side, when a tenant comes in with an arsenal of 20- 30 years of tried-and-true excuses, you will want to head-off any problems that might arise.

According to PEW, more than half of millennials still live at home with their parents.

This means that when a millennial moves into one of your properties, you are a coin-flip away  from replacing Mom and Dad.

This could mean any number of things but, most importantly, it means that you need to be organized and prepared because they may not be.

Here are some tips on how you can better manage millennial renters.

 

Set up an organized system of reminders:

Email is still an essential tool for spreading important information, be vigilant with providing emails regarding payment reminders, event announcements, and property updates. The golden rule is: if you want people to know, make sure it is in their inbox.

However, many millennials may be detached from email as a primary form of
communication. Some companies go a step further like ManageGO with their Mobile Payment Application.

Using this system, they are able to:

  • Allow tenants to pay rent from anywhere in the world. Millennials are travelers, drawn to explore the world in a way that no previous generation has been. Give them the freedom to fit your rental agreement into this lifestyle.
  • Give tenants the option to send pictures and videos of maintenance issues straight to their landlord or management company. Odds are, your renter has already shared pictures and video of the mysterious brown-spot on the wall with 500 of their closest friends; why not allow them to use this method that is second-nature to better communicate with you?
  • Open a direct line of communication between tenants and landlords. Close the gap between renter and landlord. This is the easiest way to show that you care for your renters and will listen to them when they need you.
  • Send push notifications for rent-reminders, property updates, and more. Millennial renters are used to this form of communication for everything from a like on their photo to a low balance in their bank account.
  • Leverage Face and Fingerprint ID systems for complete ease of use. Fit your rental agreement seamlessly into the everyday way that millennials are using their phones.

There are no more forgotten passwords, being on vacation, or miscommunication.

Tenants can look down and pay their rent from the Great Wall of China or while lounging on a beach in Malta.

Ease of use will always lead to ease of business and peace of mind.
Millennials are, in the end, normal adults. The most important aspect of handling millennial renters is, don’t assume.

As this article has shown, there are a lot of stereotypes and presumptions surrounding millennials, but at the end of the day many of them, if not most of them, will respond to respect. Respect your renters, provide the tools they need to participate in your ecosystem, and you won’t have to win ‘em all.

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