The pandemic’s impact on most real estate segments has changed the way agents are marketing homes for sale. Quarantining and social distancing means finding innovative ways to attract buyers and connect with them. With more multi-family houses for sale over the past decade, this segment continues to thrive throughout COVID-19. Discover how to list, show, and market these coveted multi-family homes during the days ahead.
The Slowdown in Multi-Family Construction
Before the pandemic, multi-family construction was booming with a rise in startup construction. Since the quarantine, the request for building permits has declined due to uncertainty about working conditions and how the government would move forward to stop the spread of COVID-19. As people slowly return to work and a new normal, construction is picking up. Agents who stay on top of these developments can market these multi-family homes as they become available. Buyers want the latest information and will trust an agent who is in-the-know about local construction projects.
The Decline in Multi-Family Rentals
During the pandemic, many households have endured economic hardship. As a result, the cost of rent is expected to decline to accommodate the economic changes caused by COVID-19. The rental market is expected to temporarily slow down in light of eviction moratoriums and shelter-in-place orders. Agents who stay ahead of the curve will find opportunities to connect with renters, property owners, and investors as these protocols are lifted.
How the CARES Act Benefits Multi-Family Property Owners
Reduced and skipped rental payments have an impact on the income of multi-family property owners. With that in mind, the CARES Act helps multi-family homeowners get through the pandemic’s challenging days. Though property owners are asked to forgive late and non-payment of rent, there are advantages. Stimulus payments and unemployment for freelancers are helping people cover the cost of paying rent. Owners of multi-family homes who have a federally-backed mortgage may qualify for forbearance or a loan deferment plan. Agents who help by sharing these essential updates on blogs and social media will connect with more multi-family buyers and sellers as the market slowly opens up in the upcoming months. An agent who establishes himself or herself as an authority will be remembered as people prepare to buy and sell after the pandemic.
Benefits of Investing in Multi-Family Homes
Agents who recognize the benefits of investing in multi-family homes can connect with buyers and sellers during the pandemic and beyond. With interest rates down and decreased tenant turnover, multi-family properties are an excellent investment in the current market. As remote work continues, people will need housing where they can comfortably live and work, creating a new group of potential buyers and renters. Highlight these advantages in social media posts, blog articles, and email newsletters. Stay connected during the pandemic by posting market updates and multi-family house listings. Better Homes and Gardens® Real Estate affiliated agents have access to a robust social media network to reach more clients and generate more leads.
Highlighting the Features of Multi-Family Properties
Multi-family properties offer a myriad of features and benefits, which can be challenging to showcase with limited in-person showings. With strict protocols for showing homes, many buyers prefer to narrow down their options by searching online for properties. Maximize each listing by:
- Adding photos of every room and all the outdoor areas for a complete tour of the property gives potential buyers a reason to contact the agent to learn more about the property.
- Investing in aerial photography to show the vastness of the rental areas and yard space to accommodate multiple tenants.
- Creating a video tour of the property to add to the listing and include in social media and blog posts, attracting possible investors from outside the local area.
- Working with investors, builders, local government officials, attorneys, and mortgage bankers to create opportunities to buy properties while interest rates are low, and demand for rentals is high.
- Searching for opportunities, such as multi-family properties under stress due to recent tenancy issues from the pandemic, to encourage owners to sell or rent to more viable tenants.
- Reaching out to past and current clients to determine their changing needs and make recommendations regarding multi-family properties.
- Prospecting for new clients by providing authoritative content about multi-family homes for sale and the current market conditions.
Learning how to market multi-family houses for sale during COVID-19 will help agents stay busy during recovery days. Marketing homes for sale now can result in sales today and tomorrow as the market continues to evolve and open up.