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5 Tips For Letting Agents Looking To Attract The Family Market

Finding your family values

  Tenants in the 35-44 age group are now the fastest-growing demographic in the rental market . But, what does this mean for letting agents? An older demographic is an opportunity to offer landlords a new market subset, most of whom should come without the wilder activities of their younger counterparts .
 
According to new statistics published by The Times, renters in this more mature age range jumped by 78,000 in a year. *This is in comparison to 56,000 for those between 25 and 34.
 
Previously a group of people who would have expected to have a foot on the property ladder, this emerging market comes with its own set of ‘need to haves’ and ‘nice to haves’, which makes it an ideal new option for letting agents .   

How can letting agents access this market?

Finding them relevant homes is key. The extra years on their rental speedometers mean that tenants of this demographic have a clear idea of what they’re looking for. Letting agents looking to appeal to this audience should be marketing the following homes:

Homes near local parks in catchment areas for good schools

Couples in their forties may be almost twice as likely to be childless in their mid-40s than their parents’ generation. Yet, 35-44 is still a prime age for people to either have kids or want them. Properties with access to green spaces and school places (need to haves) are likely to appeal to this group of people. These factors are more important than the buzzy bars and good transport links (nice to haves) that renters in their twenties are likely to seek out.

Unfurnished homes

Tenants within this age range are likely to have accumulated a lot of their own possessions, as well as firm ideas about their own taste . Letting agents looking to rejuvenate existing properties could suggest that landlords place furniture in storage . This will allow potential tenants to put their own stamp on the property.

Long-term lets

Those with children in tow and the all-important school places to secure are likely to want to remain in a property for as long as possible, so as not to stress settled children or threaten sibling priority at schools . Tailoring tenancy agreements to reflect this long-term commitment is one way to make a property more enticing .

Pet-friendly properties

Approximately 11 million households (40%) owned a pet in 2016. ** With the majority of these being families, this provides letting agents with a huge market to access . Skittish landlords are often reluctant to allow pets, meaning there’s a shortage of pet-friendly properties on the market . Letting agents should remind nervous owners that animal lovers can expect to pay double the deposit of their pet-free contemporaries . As a result, they are more likely to jump at properties with a less polished finish, which should make even the most stubborn of landlords compromise .

Effective repairs system

Every tenant wants swift repair resolution, but older tenants with young children tend to be particularly hot on immediate solutions . Letting agents using Fixflo’s integrated software system are able to reassure landlords that tenants will have the ability to report problems 24/7 . This also provides tenants with the certainty of an immediate response, with all contact recorded to protect both parties .
 
Fixflo’s step-by-step picture-led repairs guide also allows tenants to resolve minor issues themselves . Considering the hands-on approach of this demographic, this is a major plus point! 
To book your free Fixflo demo, please click here.

Is this the new dream tenant?

Self- sufficient tenants, with staying power - this emerging demographic could be the new gold standard of dream tenants .
What are a few sticky fingers and dirty pawprints between friends?
 
* http://www.thetimes.co.uk/article/million-older-people-having-to-rent-private-sector-homes-6jlxsqwnj
** http://www.pfma.org.uk/pet-population-2016

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Zahraa Valu

Written by Zahraa Valu

fixflo | fixflo plus | General | landlords | proptech | reactive repairs | repairs software | software for letting agents | tenants | tips for landlords | tips for letting agents

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