How to appeal to different demographics in PRS marketing
For any letting agent in the UK, one of the trickiest parts of the role always comes when it's time to try to attract new tenants to the property. With so many landlords and agents now in the market (there are 5.4 million households in the PRS as of 2016), competition is greater than ever, and those operating in the market need all the little tips, tricks and experience and knowledge they can obtain to ensure they are ahead of the curve and attracting the right tenants.
It all boils down to how you market the property itself, and this is all about knowing your demographic. You might know the property inside out, but knowing what appeals to people who you want to come and rent it is every bit as important. Being able to paint the property and the area in a light that appeals to the wants and desires of specific demographics is absolutely vital to success.
First of all you need to know who your property is most likely to appeal to, be that young people, families or older tenants, and from there, it's all about working out what key things they want to know before they choose to rent your property. So just what do different tenant groups want '
Probably the most common tenants in the modern world of the PRS, young professionals, whether single or couples, are most likely to be attracted to one and two bedroom flats in urban areas, so if you have these available, this could be the demographic worth learning about for you.
Younger people tend to have very defined sets of goals when it comes to knowing what they want from a property. Sure, it has to look modern and feel like a good fit, but nothing is more important than location, so a letting agent has to promote the area as well as the property. Talking about transport locally and for commuters, as well as lifestyle perks such as shops, restaurants and bars, are all likely to appeal to the younger tenant most.
A newer demographic in the rental market in the last few years, families have become more prominent, and they are a goldmine for letting agents, because they tend to stay in one place for longer, meaning they represent a consistent long-term income channel. But what are they looking for from their property?
Space is one key concern for families, who often like to know that they will have space to grow into a property and the ability to make it feel like home by bringing in their own things. They also want to know about schools nearby, so it's vital that the letting agent shines a light on this and highlights what any potential tenant could expect from local schools.
Probably the biggest growth market in recent times, older residents have increasingly turned to the PRS in the last couple of years, with many experts saying that the higher rate of divorce among couples over 50 has led to many older people looking to rent later in life.
Unlike other demographics, appealing to older people is more akin to the more traditional style of marketing properties. Less concerned about the area around them, older people want to know about gardens, the size of bedrooms and the quality of the property itself, which is markedly different to what the new breed of tenant is after, but equally important to know when marketing to this group.