Intro to IRM Leasing
Module Four
Know: Your Residents
Module Index
Module Four – Know Your Residents

Topic 4.1
Overview

Topic 4.2
Demographics & Psychographics

Topic 4.3
Predictive Index – Behavioral Cues

Topic 4.4
Summary
Module Four – Know: Your Residents
Module Index
Page 1
Intro to IRM Leasing
4.1
Module Four
Know: Your Residents
Section 1:
Overview
Overview
Being successful at what you do requires finding out:

Who your current and potential customers are

What their needs are

How you can professionally meet their needs, providing them with a quality
experience
This module will help you gain a better understanding of your customers, their needs
and how you provide them with a referral-worthy experience.
Module Four – Know: Your Residents
Section 1: Overview
Page 2
Intro to IRM Leasing
4.2
Module Four
Know: Your Residents
Section 4:
Summary
Demographics & Psychographics
REFERENCE
Demographics are characteristics within a population segment.
Psychographics are characteristics within a population segment that pertain to
personality, values, attitudes, or interests.
The chart below shows you a sampling of demographics and psychographics.
Segmentation Method
Demographic
Pyschographic
Generational or Lifestyle
Groups
By using demographics
and psychographics –
within the context of a
segment or group—
some commonalities can
be measured.
Description of
Characteristics
Example
Gender, ethnicity, age,
family stage, income,
occupation
Values, lifestyle,
interests.
Single, professional, women, ages 22-35, with
incomes over $48,000
Personality traits as
measured by (Predictive
Index)
Example:
Traditionalists
Baby Boomers,
Generation Jones
(Gen Jones)
Generation X (Echo),
Gen Y (iGen)
Affluent Renters
Families
Professionals
Students
Pet Parents
Example: Shops online, snowboards, daily
Starbuck’s habit
High A (Assertive)
High B (Outgoing/Peopleoriented vs. task oriented)
High C (Patient)
High D (Detail-oriented)
28 year old male, High A and B, (an assertive,
people-person) Low C and D, (wants things done
quickly and likes big picture vs a lot of details),
pet parent to a dog, works from home, loves
urban areas & is wired (texting, iPod, surfing,
blogging, etc.)
Below you will find a chart that lists various generational and lifestyle groups.
This chart can serve as a quick reference aid.
Generations
Lifestyle Groups
Traditionalists
Baby Boomers
Gen X
Echo Boomers
Millennials
Digital Natives/Digital Immigrants
Value-oriented Renters
Families
Affluent Renters
Recently Relocated
Students
Pet Parents
Module Four – Know: Your Residents
Section 4: Summary
Page 3
Intro to IRM Leasing
Module Four
Know: Your Residents
Section 4:
Summary
Generations – Introductory Reference Aid
No matter which generation you belong to, there are great advantages to knowing more
about other generations. You may disagree with certain generational traits [saving every
scrap of aluminum (thrifty), versus tossing each used piece of foil away(disposable) or
you may find the differences amusing, frustrating or confusing.
We study various generations and understand them better by looking not only at the
major events that shaped their lives, but influences within the culture, socio-economic
factors and finally trends and characteristics that emerged as a result.
NOTE: We will explore the various generations and lifestyle groups more thoroughly in
your Course 2: IRM Leasing. This information serves as an introduction:
Traditionalists
-
Traditionalist were born Before1945
-
Key Characteristics: Patriotism, teamwork,
“doing more with less” and a task-orientation
very much define this generation. Rules of
conduct, respect for authority and following
directions are all very important touch points
for this generation.
-
Key Events: Pearl Harbor, The Depression, The Roaring Twenties, World War I,
World War II and The Korean War
-
After watching the video and reading the information above, write down any
other impressions you have of the Traditionalist generation:
Module Four – Know: Your Residents
Section 4: Summary
Page 4
Intro to IRM Leasing
Module Four
Know: Your Residents
Section 4:
Summary
Baby Boomers
-
-
The Baby Boomer Generation was born between 1946
and 1964.
-
Key Characteristics: Experimental, individualistic, Free
spirited, Social cause-oriented, Less optimistic than
other generations, distrusts government, and likes
simplicity and convenience. Healthier and wealthier than
their parents.
-
Key Events: Assassinations of JFK, Robert Kennedy and
Martin Luther King, Political unrest, Cold War, Vietnam,
Raging Inflation
After watching the video and reading the information above, write down any
other impressions you have of the Baby Boomer generation:
Module Four – Know: Your Residents
Section 4: Summary
Page 5
Intro to IRM Leasing
Module Four
Know: Your Residents
Section 4:
Summary
Generation X
-
-
Generation X was born between
1965 and 1976.
-
Key Characteristics: Lead highly
connected lives, work hard but puts
family/friends first, goal-oriented
and pragmatic. Very distrustful of
bureaucracy, attracted to urban
areas and will pay for small
luxuries.
-
Key Events: The fall of the Berlin
Wall, End of the Cold War, Persian
Gulf War, mothers in workplace
After watching the video and reading the information above, write down any
other impressions you have of Generation X:
Module Four – Know: Your Residents
Section 4: Summary
Page 6
Intro to IRM Leasing
Module Four
Know: Your Residents
Section 4:
Summary
Echo Boomers
-
-
The Echo Boomer Generation was
born between 1977 and 1994.
-
Key Characteristics: Live life
online and plugged in, love buzz
and hot trends, family & friends are
very important, easily bored and
impatient. Dislike not knowing,
very savvy shoppers and will pay
small premiums.
-
Key Events: Internet, PC’s, 9-11,
cultural diversity
After watching the video and reading the information above, write down any
other impressions you have of the Echo Boomer generation:
Millenials
Module Four – Know: Your Residents
Section 4: Summary
Page 7
Intro to IRM Leasing
Module Four
Know: Your Residents
Section 4:
Summary
An emerging group, “Millennials”, born beginning 1995 to present is notes. For the
purposes of studying influences related to “renting” and “decision-making” we will
simply introduce them for this group has only just hit their teen years. It should be
noted; however, that this group will prove to be a very dynamic force within just a few
short years.
-
After watching the video and reading the information above, write down any
other impressions you have of the emerging Millennial generation:
Digital Natives & Digital Immigrants
(Fill-in-the-blanks)
Typically, Digital Natives are those who are _____ and under who were raised with
technological advances. Digital immigrants, (those typically over ____) have a tendency
to view technological advances with wonder and may have a slightly longer and different
learning curve.
Why is it important to know whether or not your customer is comfortable with various
technological conveniences your community offers? (PDF’s, interactive furniture
placement and floor plans, etc.). Write your answer below:
Lifestyle Groups & Behavioral Cues
Module Four – Know: Your Residents
Section 4: Summary
Page 8
Intro to IRM Leasing
Module Four
Know: Your Residents
Section 4:
Summary
Lifestyle groups can relate to common characteristics that people may share that are
different than generational groups. For instance, pet parents (pet owners) may be of
any generation but will share common behaviors that serve as cues (“think of their pet
as their child, spend disposable income on the pet’s treats and toys, loyal to quality pet
service-providers, etc.). Behavioral cues will help you how to respond to various
customers. An example: A pet parent would truly appreciate you asking questions
about their pet (name, how old the pet is, favorite tricks, etc.).
Other examples of lifestyle groups might include: online shoppers, own second homes,
renters by choice, snowbirds (seniors who vacation in warmer climates during winter),
coffee drinkers, athletes, etc.
Action Required !
Log in to MRI and pull the Demographic Report. After reviewing
the report see what types of information you can glean:
In what age range do your residents primarily fall?
□
□
□
□
□
□
66+
56-65
46-55
36-45
26-35
18-25
Your residents primarily fall into which generational or lifestyle groups? (Check all
that apply)
□
□
□
□
□
□
□
□
□
□
Traditionalist
Baby Boomer
Generation X
Millennials
Pet Owners
Digital Natives
Digital Immigrants
Singles
Married
Roommates
Is there any other interesting information you gleaned from the report?
Module Four – Know: Your Residents
Section 4: Summary
Page 9
Intro to IRM Leasing
4.3
Module Four
Know: Your Residents
Section 4:
Summary
Summary – Useful Reference
Key Points to remember from this module, Know: Your Residents are:

Being successful at what you do requires finding out:
* Who your current and potential customers are
* What their needs are
* How you can professionally meet their needs, providing them with a
quality experience.

Demographics are characteristics in a population.

Psychographics are distinctions in a population that pertains to
personality, values, attitude, interests and/or lifestyle.

Typically Digital Natives are those who are 35 and under who were born and
raised with technological advances that integrate everyday life.

Digital Immigrants (those typically over 35) have a tendency to view each of the
technological wonders with a bit more wonder and there is a slightly longer
and different learning curve.
Module Four – Know: Your Residents
Section 4: Summary
Page 10