We shook our magic 8-Ball, and all signs point to rent—according to real estate consultant John Burns, the millennial generation is less likely than their parents (baby boomers & generation X) to own a home. CNBC reported that in 2004, when Gen X was at the cusp of home-owning potential in their 20s, the homeownership rate was roughly 70%. Since then, however, the crash of the housing market has left that same age-group of 25-34 year-olds with a roughly 40% homeownership rate today. And it seems like those millennials are unlikely to force the number back up. Depending on the officials and researchers asked, some say that millennials are completely uninterested in buying homes. Jobs and salaries which could easily provide for the older generations to secure a home back in the day don’t have the same sort of purchasing power today, leaving millennials with renting as a safer and less-expensive option when it comes to homeownership and the ownership of any property.
What does this mean for the newer generations coming into adulthood? Well, maybe not much—some officials, such as Ted Gayer, an economist, believe that as millennials grow older they will become more likely and able to purchase homes. Maybe there’s just a longer period of stagnation into adulthood now, a financial inability for millennials to leave the nest until later in their 20’s. Whatever the case may be, it’s clear what this means for property managers—more clients to please! So, whether you’re thinking about getting started in the property management or real estate business, or you’ve already got a venture started, think about what it might take to break through in what is sure to be a crowded rental market in the coming years. What might attract those rental hungry millennials to your properties? Check out our post on SEO for more.
At this point in the evolution of marketing—the age of social media and search engines as the most important outlets for reaching potential customers—SEO is a vital tool for every business. It’s no question that having an online presence is necessary, but that’s no longer enough—businesses must tailor their online personas and websites to shine through the mess of others trying to make a name for themselves. What makes your property management group worthy of being listed first on Google over the competition? It’s SEO: Search Engine Optimization. So how do you optimize your online presence? Here are a few key tips:
When people search for a property management company, what do they put into the search bar? “Property management”? “Renting space in South Florida”? “Large open warehouse space”? Think about it. Do research into what people are searching, what people are looking for in properties when they search, and make sure those keywords are in the descriptions on your websites and any blog posts you make. Use tags, also, as search engines use those to crawl through website data when someone searches. If you aren’t using the right keywords, you’ll fall behind in the search results.
Make sure your URLs not only contain keywords important to your business, but also make sure they are formatted so search engines can easily analyze them. Make “Friendly-URLs,” those that both describe the page and help people remember the address. Something like “property.com/akleakej3877/work” is not going to be memorable or helpful. However, “property.com/services/warehouse/” would allow for easy recognition by search engines and searchers.
Perhaps the most important aspect of SEO is making sure your website or your social media presence is filled with information. Update regularly, and engage with an audience—write blog posts, make videos, and write social media posts. This way, you will stand out among other idle companies and websites.
In previous posts, we’ve gone over how to present your property online using Google Photo Spheres and how lessees can revitalize an older space by updating the layout and look of an office. These have both focused on the inside of spaces—what a potential lessee would see if they were looking, in-depth, into leasing or renting a space. But, what about the outside of a space? How does a property manager, or even a renter, make a space look good on the outside, in the first impression, for either a potential lessee or a customer?
The first glimpse often makes an impression: would you go to a florist’s shop located in the dark, shadowy corner of a commercial office center? Probably not. What’s key to curb appeal is to decorate a space based on its personality. For the florist’s shop, add some flowers to the outside and paint the front door in bright and light colors. It’s easy to think of ideas when you know what the space will be used for—lessees have an easier task when it comes to characterizing their space from the outside. But how does a property management company make a space seem attractive to any potential lessee—from florist to mechanic ? Well, one necessity is full lighting. Make sure both the front of a space and the immediate inside is lit very well to showcase the door and features. Consult with a decorator or interior designer for tips that can make a space pop—add plants, idiosyncratic paint or trim to walls, and even temporary furniture or office equipment that can show what the space has the potential for. No one wants to walk into a space that looks bland. For an overall idea—make the space one that you would want to rent, and renters will come.
The Property Not Taken
by Robert “Flex Space” Frost
Two properties diverged in South Florida,
And sorry I could not afford to buy either
And be one purchaser, long I stood
And toured one as long as I could
To where it became bought by another;
Then I rented the other, as just as fair,
And having perhaps the better claim,
Because it was great and owned by Genet Property Group;
Though as for that the previous tenant
Had lived in it all so beautifully,
And yes that morning the property lay
In quality the property had stayed so high.
Oh, I stayed in it for a few years!
Yet knowing how way leads on to way,
I rented the a larger from GPG when my business grew.
I shall be telling this with a smile
Somewhere ages and ages hence:
Two roads diverged in a Florida, and I-
I took the one owned by Genet Property Group,
And that has made all the difference.
A Business Within a Property
by Edgar Allan Group
Take this signature upon the lease!
And, in parting from you now,
Thus much let me avow–
You are not wrong, who deem
That my business have been without a property;
Yet if my home office has failed
In a night, or in a day,
In a vision, or in none,
Is it therefore the less good?
All that we see or seem
Is but a business without a property.
I stand amid the roar
Of an open house at a GPG space,
And I hold within my hand
Pens of the blue ink–
How good these spaces! yet how they’re cheap
They cost my pockets not much a penny,
While I move—while I move!
O God! can I not move
Into my office a little faster?
O God! can I not sit
Once I have begun a new chapter?
It is all that I see
My business now with GPG?