No generation seems to get more virtual and literal ink than Millennials. This supposedly entitled, lazy group of "youngsters" is, in reality, becoming the largest part of the population and isn't so young anymore. And far from being "lazy," Millennials are extraordinarily productive members of the workforce and engaged members of their communities. With plenty of Millennials now in their thirties, the members of this generation will be looking at buying homes.
Condo properties that work their hardest to bring in Millennials and keep them will win the day. There are a number of strategies you can use to your advantage to attract this crucial demographic.
More so than previous generations, Millennials are very comfortable with technology. Not only that, they often prefer to use technology as a means of communication whenever possible. So while flyers and print advertisements are fine, you also need to have a significant online presence.
To bring in Millennial homeowners, engaging them on social media is key. That means your advertising strategy needs to be targeted to where Millennials spend their time online-especially Facebook and Instagram. A private Facebook group for your community can also be an excellent resource for homeowners to provide a sense of community and discuss issues.
Research shows that Millennials want their opinions heard. Checking in with regularly with an online poll or survey will demonstrate that the condo board cares about homeowners' opinions. You can get feedback on everything from capital improvement projects to maintenance issues to policy changes. You may even be able to set up electronic voting systems for your condo board.
Having active and meaningful discussion is a good feature of any condo board. This is even more important with the values Millennials possess. Recruiting Millennial homeowners for your condo board will show that they have a voice on the board and in the community, and aren't just expected to rubber stamp decisions made by long-time homeowners. Scheduling meetings so they take place at times when working people can attend is another best practice.
Ultimately, every condo board is going to have to adapt to how a newer generation does things. Millennials will slowly become the majority of homeowners and be an active part of condominium boards.
At Imperial Properties, we know how to negotiate the often-difficult work of property management. You need as much help as you can get, and that's why our team is here with expert advice and guidance. Our wide range of services includes special projects, day-to-day operations and everything in between. With a strong background in the real estate industry, we've worked hard to forge a reputation throughout Western Canada for providing effective condominium and multifamily property management services. For more information about how your community can most effectively target Millennials, reach out to us today.