Our Renters in Five Years

November 1, 2009
By

Our Renters in Five Years
There was a pretty interesting article posted over at Read Write Web, titled Google’s Eric Schmidt on What the Web Will Look Like in 5 Years

Google CEO Eric Schmidt envisions a radically changed internet five years from now: dominated by Chinese-language and social media content, delivered over super-fast bandwidth in real time. Figuring out how to rank real-time social content is “the great challenge of the age,” Schmidt said

Schmidt also touches on a couple of points that are very relevant to the apartment industry and how we market our apartments,

1) Today’s teenagers are the model of how the web will work in five years – they jump from app to app to app seamlessly.

2) It’s because of this fundamental shift towards user-generated information that people will listen more to other people than to traditional sources

Note that these ARE your renters in five years,
-) What are you doing to Build a Long Tail,
-) What are you doing to become “Web Social”
-) Are you giving your Residents a Platform to Share Content?

Break From the Pack of Apartment Commodity and Embrace Social Media Marketing. Own the resource that generates the insights, and you have clout.

Eric’s background is rooted in the rental and real estate industries. He founded metro Detroit’s Urbane Apartments in 2003, after serving as senior vice president for a major Midwest apartment developer. He established a proven track record of effectively repositioning existing rental properties in a way that added value for investors while enhancing the resident experience.

He also established The Urbane Way, a social media marketing and PR laboratory, where innovative marketing ideas are tested. Eric has been featured in Entrepreneur Magazine and Business Week Magazine.

You can connect with Eric_Urbane on Twitter.

Eric also writes regular articles for the following publications;

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  • Lisa

    Hey Eric!I think we as an industry also need to look at what type of product these renters will embrace. The University of Michigan has done a nice study on the effect of the recession on this group as well as Gen Y. That, combined with other studies I've seen, indicates this group has been very much affected by the economic downturn as it has so significantly affected their parents. They will be looking for greater value, less 'bells and whistles' and not the luxury end of things. This will obviously also communicate itself through social media vehicles, as these renters will be looking for the best value – undoubtedly as defined to some extent by the opinions of their peers.LTwww.ApartmentMarketingBlog.com

  • Eric Brown

    Hi Lisa, Thanks for stopping by,You bring up an excellent point regarding Product Type. And as I think about that, when was or what was the last big "Product Feature","attached garages" comes to mind.What if there were a complete rearrangement of space layout, and common area usage, or even locational changes.

  • Mark Juleen

    Eric-Nice post! I agree that technology is critical as we move forward, but that's coming from a nerd. We've actually seen this for years with the younger generations understanding technology better. This upcoming generation is no exception, and it's only going to get more complicated. I also agree with Lisa, that a hard look at what this younger wants is necessary. I'm not sure if they don't want the whistles and bells necessarily (as technology is very important to them), but granite counters, wine fridges, and other details that drive rents up won't be as important. I think it's a wants vs. needs analysis. I feel like technology is more so a need today than a want. So here's what I will suggest moving forward. Invest in the technology and not as much in the glitzy finishes.@mbj