Is your condo management association aware that smart millennials are looking at condos now for their first-time home buy? In Houston, many millennials are opting for living in the downtown area, so condos are the way to go. If your condo management association is aware, do they know what changes may need to be made in the way your property does business to attract and hold on to this popular new homeowner? You see, for millennials it’s all about convenience, future investment value and customer service.
What can your condo management association do to attract these buyers?
One of the keys for your condo association to attract the millennial buyer is online convenience. They pay nearly everything online and they don’t want to change that. They don’t write checks, they don’t use snail mail and they don’t want to waste their time chasing down an onsite manager to make a payment.
It doesn’t stop there for the condo management association, millennials also want to be able to request maintenance and issue complaints online. The condo management association must remember they are the generation of convenience.
Your condo management association may consider putting in a dog park on the property if one doesn’t already exist; again, it’s just more convenient to walk Fido on the property. Consider options for items like trash valet services that pick up the trash at their door; converting that old room in the clubhouse to a workout room if there isn’t one; or maybe adding a business center. The more there is for them to do on the property, the more likely they are to purchase.
Your condo management association needs to be certain your condos are a good investment.
We all know that there’s specific criteria which makes a condo a good investment and most of that rest on the condo management association. For the millennial buyer, they want to know that in the future, when they may want to up size their condo can be kept as a rental property. So, when looking at property they are making sure it is certified for the widest market available in resale, and that your rules allow for long term rentals.
The condo management association must be ready to provide information to the millennial buyer as to the financial stability of the property (What is a financially stable property?). Do you have a reserve fund that is adequate; how many assessments have been levied in the history of the property. What is the staffing level at the property by the condo management association, and how well does the condo management association work with the residents and owners?
Millennials expect service from the condo management association.
Many condo management associations, get in trouble with the millennial crowd by not monitoring and no responding to the online services they have developed. Not just millennials, but any age will tell you it is more than rude when a request or payment is not acknowledged, it is a sign of disrespect. Some condo management associations use this as a time to revisit with their customer service skills with their staff.
Is your condo management association making your condo an attractive alternative for the millennial buyer? If you’re not sure, check out RISE in Houston. RISE has come up with a very progressive model for a condo management association. You’ll see how a condo management association like RISE can bring you the millennial market and increase the value of your property. Explore the RISE difference at riseamg.com or request a quote by contacting RISE at (713) 936-9200 or firstname.lastname@example.org. Progressive condominium management that increases your value and living experience daily.