I think it’s been pretty well established that investing in the rental market is a wise choice if you can get in on the right properties. Multifamily apartment complexes are typically easy to brand with all of their amenities included and usually, they already come with a reputation, be that for good or bad. Those of course, come with their own set of issues.
It has also been well established that more and more people are renting. It isn’t that everyone wants to live in an apartment, either. Plenty of people would love to live in their own, cozy little space. However, with the economy being as it is, many people need to be able to have something more flexible, or perhaps just don’t feel ready for the investment that is owning their own home.
For many, many reasons, people are choosing to rent: and single family homes are a very attractive choice.
But how do you go about marketing single family homes? Is there a right way and a wrong way to go about exploring the benefits? Of course, privacy is always the selling point, but often, it’s not enough to outweigh having to mow the lawn, or take care of other factors that are provided in multifamily apartment housing. That doesn’t mean it’s difficult, it just means a different approach is necessary.
Being able to have the entire place to yourself is definitely one of the more marketable aspects of single family homes. When you’re promoting the property, be sure that you emphasize not only the privacy aspect, but the space, as well. More space also tends to mean less noise, but if your property does happen to be in something of a rowdy neighborhood, or if it’s still a busier area: you might just leave out “quiet” as a selling point. If it doesn’t apply, there’s no need to lie about it: they will discover it soon enough. More room and privacy are definitely powerful stand alone selling points in their own right.
Though many apartment complexes offer grill stations, there’s honestly nothing quite like having your own. Or a place for a swing set that is only used by your kids, a fenced in yard, a flower bed, any number of things that become “exclusive use” as opposed to community use as you’d find in an apartment: all of these things are powerful selling points. If your single family rental home does have a yard? It’s worth your money to invest in fencing it in, and adding small touches that make it feel safer and more like home.
Parking is always a really big plus when it comes to single family rentals: because there aren’t other residents vying for the coveted spaces close to the entryways. Though many multifamilies are now opting for assigned parking or even covered spaces, nothing beats having your own parking spot or even a garage. Additionally, even though a single family has all the space and privacy of owning your own home, the repairs and major maintenance are still taken care of. This is a major selling point and something you should emphasize, definitely.
Essentially, one of the biggest marketing assets you have in single family homes is there is no mortgage. All the upsides of home ownership, with very few of the downsides and attachments that come along with it.