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Baby Boomer Clients the Favorite Rental Demographic | Karen Cupp Coaching

Just as investors pick their strategy and the type of properties they wish to include in their portfolio, you must consider picking the type of client that you would like to serve.

With baby boomers preparing for their next chapter they often decide that they no longer want to own their own a home. This often happens during the transitional years (nearing retirement when they are considering moving nearer to children or grandchildren.) Their priorities change from building wealth to freeing up monies for travel.

Here is an example of a transitional client: Karl and Marie put their house on the market thinking they would relocate back near family “when their house sold”. The house sold more quickly than expected so they came to me to rent. Now three years later they are still with me and tell me they plan to stay for another year or two until retirement.

What does that tell me about how to tailor my customer service to attract these kinds of clients? Be understanding to their emotional needs. Many of them have not rented a home in twenty plus years. They are used to having total say and privacy, so it is important to use excellent communication skills to set expectations about responsibilities.

Meet with them periodically to discuss their satisfaction and needs regarding the home.

Discuss maintenance schedules so that they feel good about the home being cared for. Remember they are used to having a well- maintained home so they will feel valued if you take care of the home they are renting that same way.

Customer service could mean offering a cafeteria type list of additional items that can make their lives easier such as lawncare, snow removal, gutter cleaning, etc. This could mean anything from just giving them the contact information to scheduling the service and including it in their rent. Remember these clients are seeking a little more freedom and you may be their vehicle in trying on this new lifestyle. places that serve this client. Financial advisors or service organizations such as Rotary, Kiwanis or Lions Clubs are always looking for speakers and the age of the population consists of vibrant older people who still live in their homes.

Customer service with these clients builds trust and confidence. Remember that people associate with people like themselves so if you are taking care of them, they will tell others. Either you will gain new rental clients, or you may even gain listing clients as they decide to sell. Be clear about conveying the message of the type of client you are seeking to serve, and they will come to you.