We’ve all been in a position where it’s hard to find prospective tenants. Today, it’s somewhat easier given the low vacancy rate and the plethora of people wanting an apartment. And that can lead to the reverse problem of having to sort through dozens of applications in a short amount of time.
If you’re looking to attract prospective renters, there are three proven steps that will get them interested and help you secure the most qualified ones: 1. Listings that are targeted to their specific needs 2. Listings that set your units apart from others 3. Pre-screening to get them to a signed lease quickly
No single rental listing can appeal to all generations because each has its own quirks, wants, and needs. It’s up to you to know which audience(s) you want to target.
But before we get into that, remember that Gen Z (those born between 1997 and 2012) and the Millennials (those born between 1981 and 1996), make up the two largest cohorts of renters. And Gen Z will soon overtake the Millennials to become the largest renter group in the multifamily market, according to Globe St. Therefore, you’ll need to plan for adjusting your target audience.
The Gen Z population is 67.06 million people strong. They grew up with technology and have never experienced life without it. And they share particular rental wants and needs in an apartment. They want:
Gen Z’s first stop in their apartment hunt is Google, followed by apartment rental sites, according to Yardi. After they find something of interest, this generation looks at online reviews and photos. In fact, “ratings and reviews ranked higher than videos and the property website,” says Esther Bonardi, vice president of marketing at Yardi.
And this is all before they ever make a call or text the listing agent, says Wealth Management. This means your listing must address their needs in order for your unit to even be considered.
One thing to keep in mind when targeting Gen Zers is that 68% of them believe renting is more flexible than owning, and 63% say it’s less stressful, according to a Freddie Mac survey. Use this knowledge when crafting your rental listing.
The Millennial generation is 72.26 million individuals strong, making it the largest rental cohort currently. However, the older millennials are starting to leave apartments and buy their own homes. They accounted for more than half of all home-purchase loan applications in 2020. Thus, this group will soon lose its status as the rental target market.
However, when they do rent apartments, like the Gen Zers, they share certain desires:
When looking for an apartment, almost 99% of Millennials use online platforms as their first step. This means social media needs to be part of your marketing strategy. In fact, 75% of Millennials say that a brand’s social media presence affects their decision to buy or rent, according to Colorado State University.
In addition, when Millennials do make contact with you, 72% expect you to respond with personalized and authentic messages, says the university. Autoresponders will have little place in your strategy.
There are 64 million members of Gen X. Like the Gen Zers and Millennials, they like technology, but aren’t hooked on it like the younger ones. And, because they are older, they tend to have accumulated more money. They expect to get certain things for their dollars when they rent.
Of importance to Gen Xers are:
Gen Xers are independent and practical. spend more time socializing in person than do Millennials and also more time reading. They want space – indoors and out – where they can meet with friends. They also want walkability, so being close to restaurants, coffee shops, and entertainment is important to them.
Also, Gen Xers would rather live in cities or suburbs in major metropolitan areas in part because of access to healthcare and vibrant communities.
Many of the 75 million Baby Boomers are in the process of downsizing and ridding themselves of home maintenance. They’re looking for units similar to the houses they had but smaller. That means they want the high upgrades, the hardwood floors, plenty of windows, and most importantly, loads of storage – both in and out of the unit.
Their wish list for rental units also includes:
An interesting trend has started to emerge that rental unit owners and property managers should note. Between 2009 and 2019, the number of rental households was up 14%, but the number of renters headed by someone 65 or older, surged by 43%, according to the Joint Center for Housing Studies at Harvard University. The report also notes that “over the next two decades, the baby boomers will move more fully into the 75-and-over age group, the time of life when rentership rates typically rise, accelerating the growth in older renters.”
Before getting into the particulars of creating your rental listing, it’s essential to know how people use their internet-connected devices. More than 51% access online information from their mobile phones, while close to 46% connect with their desktop computers. Less than 3% use their tablets. This means your listing must be written to display as well on smartphones as it does on a desktop.
Even better is if your pre-qualification and application process are also optimized for mobile and desktop. And that’s what VERO offers – a single point solution that eliminates application fraud, streamlines workflows, and increases asset value.
The goal of your rental listing is to get people to read it and be interested in following up. The best way to do this is to use simple, factual words that evoke images in the mind of the readers.
Don’t use jargon. Don’t use superlatives or flowery language. Don’t use words that have vague (or different) meanings for different people. And of course, don’t violate the Fair Housing Act.
Homes came up with several lists of the 100 most popular words used in rental listings for 2021. They have the 100 top keywords, the top 100 words to describe rooms, and the top 100 words to describe features and amenities.
But if your goal is to stand out from the crowd, you’ll need to demonstrate some creativity. For instance, instead of writing “natural light,” describe it. Perhaps “plenty of windows flood the rooms with sunshine.”
In addition, eliminate exclamation marks and all-caps. Both are annoying to most readers.
The headline is arguably the most important element of your online rental listing. And it better be good because you’ve only got a few seconds to grab the readers’ attention. A common formula for the headline (outlined by Avail) is: " $$ – ## Bed / ## Bath (apartment, house, condo, duplex, etc.) in X neighborhood with X great feature"
This could translate to: $2,800 - 1 bed/2 bath apartment in SoHo NYC with stone wood-burning fireplace The idea is to get the most vital (and exciting) information into the headline.
In the text portion of your listing, describe the best feature, add two descriptors, describe the neighborhood, and tell them what’s close by. Also, let them know upfront of any requirements you impose or fees they’ll be responsible for. This can help weed out some prospects who might not qualify. So, you could end up with something like: $2,800 - 1 bed/2 bath apartment in SoHo NYC with stone wood-burning fireplace Prime location: Sun-drenched, cozpartment in 1920s building within a short walk to the exciting art galleries and gastronomical delights. Vibrant, friendly neighborhood close to public transportation. Pet-friendly and high-tech amenities. Security, first and last month required. Background and credit check required. Call XX Properties at XXX-XXX-XXXX.
Each room should be photographed from at least one angle. Lights should be on and shades or curtains opened to give a sense of what’s right outside.
The more photos the better. Renters want a good sense of what the inside looks like and what’s in the immediate vicinity.
In addition, a 360-degree tour is valuable in that it gives prospects an idea of the general flow of the apartment. It’s also become a must-have in a listing since the beginning of the pandemic when in-person showings were greatly curtailed.
And don’t forget the floor plans. But make sure they are zoomable and readable.
Because you’ve written an amazing listing - or one to target each of your preferred audiences - you’ll likely get loads of interest. It could take hours or days to do the necessary credit and background checks for each person (unless of course, you’re using the VERO platform).
Enter prequalification.
What Is prequalification?
Prequalification is similar to a mortgage pre-approval in home buying. But, it is less formal and rigorous than the rental application process. It’s a way to treat all potential renters the same way and protect yourself in the process. And it’s a way to save time showing apartments to unqualified prospects.
While pre-screening questions could be gathered on a phone call, remember that time is a commodity that many people – including your leasing agents – don’t have much of. And not all prospects like talking on the phone. In addition, when you call someone for pre-screening, you really have no way to verify what the person is telling you. There is a better, far less time-consuming way to prescreen.
Enter Vett.
What Is Vett?
Vett is leasing solution that lets you verify someone’s identity in a few seconds. It can also verify their employment and income.
Pre-screening with Vett can help you abide by fair housing laws because it is standardized across all interested parties. In addition: pre-screening: - Lets you can find the most qualified leads in mere minutes - Prevents fraud across identity, income, and employment via an encrypted workflow - Saves time by focusing on the most qualified applicants - Provides transparency and predictability to applicants so it is a better experience for everyone Vett is a point solution that works with any property management system and can save you the hassle of evictions and other headaches that end up costing you money.
Let’s say you have 15 interested prospects for your single vacancy. When you use Vett, you can simply send each one an email that contains a link to the encrypted workflow.
When they click the “Get Started” button, they’re brought to an encrypted space where you can ask them to verify their identity, employment, and source of funds.
The first step is identity verification. The prospective renter uploads their government-issued ID and then is asked for face verification:
Some companies just use identity verification before inviting a prospect to a showing. Others however ask for both income/asset-based verification and employment verification.
It’s a very secure process, which is explained completely to the prospective renter. And the prospect gets to decide what to share.
Then the landlord gets a summary of every applicant and can see who has pre-qualified. They can either invite them to a showing or to fill out an application.
When the prospect does decide to apply, all the verifications that were done are cloned over to the application so as to save the prospect time.
Potential renters are quite busy. They may have families or work that keeps them after hours. So timing your listing is important. Zillow found that Thursday is the best time to post your listing. That’s because people interested in a listing often want to see it as soon as possible. And that might not be until the weekend.
In addition, set aside some nighttime hours for showings as well. It’ll be easy because once you pre-screen, you won’t be wasting your time. You’ll know you’re only touring pre-qualified applicants who would be great contributors to your community.
Vett is a cutting-edge applicant pre-screening solution for property owners and operators that guards against fraudulent applications before submission, accelerates conversion velocity, and elevates the overall application experience for all stakeholders, empowering real estate experts to invest their saved time and money on strategic, revenue-generating initiatives.