Owning a piece of properties is great, but if you aren’t living on this piece of property, why not rent it out?
In fact, thousands of property owners each year either have their mortgage paid for through renting or gain a monthly residual income through renting out a property.
Everyone needs a place to live, and with the economy still in a state of flux, it only makes sense for people to rent; however, there is one subset of rental prospects that needs special consideration when it comes to marketing: senior citizens.
Why Marketing to Senior Citizens is Different
One of the most important aspects of developing a marketing plan for your real estate concerning senior citizens is the age gap.
If you’re 20 years old, you likely have no concept of what potential renters have experienced in their lives concerning marketing and housing.
Many senior citizens today grew up in 1950 to 1970, so their expectations are much different.
There was no Internet, no smartphones, and no digital advertising.
This isn’t to say that these marketing methods aren’t still viable, but they may not reach the target audience in the same way.
Older Renters Tend to Be More Courteous
Because renters do not own the properties in which they live, they tend to be less-than courteous in terms of care for the property.
In the article, “Older Generation of Renters May Be a Strong Target Market,” the author points out that a number of older renters, many of whom have owned property and are renting out of convenience or circumstance, often are found to be more careful with the properties they pay for.
This can lead to better relationships with owners who are renting properties.
When considering your marketing plan, consider maximizing this trait by making potential senior citizen renters feel valued for their tendency to take care of the properties in which they inhabit.
Downsizing is a Major Marketing Demographic
Another point to focus on is the reality of downsizing.
Many senior citizens purchased large homes when they began their families, but after children left the home, it simply didn’t and doesn’t make financial sense to keep a large home.
As a result, many senior citizens are selling their homes and choosing to rent apartments or condos in senior-living communities.
This fact should be an angle that is highly-promoted in marketing campaigns that focus on such demographics.
Seniors are human beings, and therefore, they want to be around people of their same age and experience.
This isn’t so much marketing as it is common sense … use this to help them find the right rental properties for their desires.
Caution: Landlords are requested to get a police verification done for their prospective tenants. In India, not doing so is an criminal offence as per section 144 of Criminal Procedure Code.