How to Win with Your Rentals
by Barret Newberry, CEO, Leasera
“Last year we saw the highest number of rentals in history.
Home ownership is still on the decline and every year more and more cars are being leased rather than owned.
So what’s happening?
Millennials are starting to become the major buyers in the marketplace. There’s been a complete disruption in society’s perception that you need to “own” rather than “rent” and with the next generation starting to take over it’s only going to continue moving in this direction.” — Cardone Capital
How to Win at Today’s Property Management Game: Value the Renter
Verbalizing is what we’ve always done, but what about in practice? If you’re a property manager, owner or operator who’s getting burnt out by short-term rental cycles or low margins from your long term rentals, you’re not alone.
Times are changing and so has the property management game. Today’s internet-savvy renters are demanding more flexibility, particularly in the duration of their stay at rental properties. They also want more choices regarding where they can stay, online access to info and payment portals, and they’re accustomed to being recognized and rewarded for being loyal customers.
Many other industries have adjusted to this modern customer profile, but property management has been slow to recognize and cater to this new reality.
Seeing an opportunity to close this gap, I started Leasera, a unique service that’s unifying the property marketplace by offering a single platform to help managers offer outstanding service, and reward tenants with game-changing renter-loyalty and benefits plans.
Within the framework of this unified ecosystem for long- and short-term properties, there are quite a few ways we can help leverage more value for property owners for both existing and future tenants.
Renters are Valuable Consumers − Let’s Show them Some Appreciation
One question every property management professional needs to ask is “Why would people rent from us?” While smart design, responsive management and affordable pricing are important to consider, these days it goes way beyond that. Why?
Consumer awareness and demands are evolving. Millennials are now the top renter demographic and now Gen Z’ers are entering the rental market. This influx of internet-savvy consumers into the marketplace presents our entire industry with a remarkable opportunity to start recognizing these renters as the valuable consumers that they are.
Let’s be real: The vast majority of renters are great consumers. They want to keep a roof over their heads, so they pay their rent on time. In fact, rent is the first monthly check people tend to sign, and they are at times paying thousands of dollars every month for something they will never own. How do we currently value that? By threatening them with eviction notices if they don’t pay on time? If the only time we recognize our tenants is if they screw up, we experience the sames challenges we’ve faced forever. Or maybe we invite them to sign a new lease if they’re good? We are doing things seriously wrong and it sets up a losing proposition for everyone involved, not just your renter.
Use a Single Platform to Manage Listings and Drive Loyalty
The newest generation of renters is demanding a more efficient and flexible way to lease living accommodations regardless of the type of property and where it may be. Property management companies need a new way to operate with similar flexibility and insights into consumer demands. We pride ourselves on being at the forefront of these demands. This is shown clearly through meaningful, innovative tools for back-office services for consumer and management engagement, listing services, and scheduling across a widely unified, more well-known consumer network created by us. It goes a necessary step further of integrating loyalty into every day life for every day activities.
Want to learn more? Visit us today to learn more about how we’re responding to user demands and creating a user-empowered revolution in the travel industry.
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LEASERA is the only unified accommodations leasing platform serving the rental demographic with benefits and options across a variety of property client partnerships. Supported by long term rental management companies, hotels, travel rentals, private equity firms and real estate investment trusts as well as the community and consumers we care for. LEASERA offers a renters the only unified marketplace where renters benefit from all rental property types, anywhere in the world, for any duration of stay they select all through a single platform. A single, connected leasing network offering clients value and loyalty, and consumers flexibility, accommodation and duration optionality,and benefits for travelers and renters.