“Generation Y” has become the term commonly
used to describe what is currently a very powerful and important marketing
demographic. Ad Age magazine is credited with coining the term in 1993 to
identify the generation that was born in the late ‘70s and early ‘80s.
That generation now comprises a good bit of the
very valuable 18-35 age demographic that marketers are always fighting
for. Whether it’s a young professional
with new-found affluence or a college student who has very specific spending
needs, multifamily housing developers need to understand that it’s important to
appeal to the needs and wants of this group.
It might seem simple enough to give them what
they want, but it’s not. Gen Y-ers can be needy — especially when it comes to
their technology. This generation likes
speed, access and reliability. According
to Multifamily Executive magazine the
best way to do that is to provide them with four specific things that could
make or break your property.
The first thing to consider is a strong mobile
presence. Be sure your web presence is
optimized for mobile. This generation
does plenty of research on their smart phones and a good experience via mobile
is vital. Also, be mindful that this
generation loves to blog and tweet about what they experience at your
location.
The second is to know that Gen Y-ers prefer
“e-communications” (instant messages, email and texting) over phone
conversations. So, managers should
consider accepting scans of documents instead of making residents deliver them
to the office. Having a secure option
for submitting important paperwork is a convenience that can mean a lot to a
busy student.
The third key technology consideration is
online payment capability. This
generation of apartment dwellers does not carry a checkbook. Remember how they like things speedy? There is nothing speedy about a check. Simple — and mobile — payment options are a
win-win.
Finally, managers must have flexible office
hours. Students don’t function on a 9-5
schedule. Instead, they should be able
to contact you at any hour — online.
With these few simple steps, property owners
will see success with this valuable demographic.
