The impact of the pandemic on most real estate segments has changed the way realtors market properties for sale. Quarantine and social distancing mean finding innovative ways to attract and connect with buyers. With more apartment buildings available for sale in the past decade, this segment continues to thrive in COVID-19. Discover how to list, display, and market these coveted apartment buildings in the coming days.
The slowdown in apartment building
Before the pandemic, apartment building boomed with an increase in startup construction. Since the quarantine, building permits applications have decreased due to uncertainty about working conditions and how the government should proceed to contain the spread of COVID-19. As people slowly return to work and achieve a new normal, construction increases. Agents keeping abreast of these developments can market these apartment buildings as soon as they become available. Buyers want the latest information and trust an agent who is knowledgeable about local construction projects.
The decline in apartment buildings
Many households experienced economic difficulties during the pandemic. As a result, rental costs are expected to decrease to accommodate the economic changes caused by COVID-19. The rental market is expected to slow temporarily in light of eviction moratoria and on-site orders. Agents who are always one step ahead will find ways to connect with tenants, owners and investors when these logs are kept.
How the CARES Act benefits multi-family owners
Reduced and skipped rent payments affect the income of apartment owners. With this in mind, the CARES Act is helping apartment building owners survive the challenging days of the pandemic. Although property owners are asked to give out late and unpaid rent, there are benefits. Incentive payments and unemployment for freelancers help people cover the cost of paying rent. Apartment building owners who have a federal mortgage may qualify for forbearance or a loan deferral plan. Agents posting these important updates on blogs and social media will be engaging with more apartment building buyers and sellers as the market slowly opens in the coming months. An agent who establishes himself as an authority will be remembered as people prepare to buy and sell after the pandemic.
Advantages of investing in apartment buildings
Agents realizing the benefits of investing in apartment buildings can liaise with buyers and sellers during the pandemic and beyond. Multi-family houses are an excellent investment in the current market with falling interest rates and lower rental income. If remote working continues, people will need housing where they can live and work comfortably, creating a new group of potential buyers and renters. Highlight these benefits in social media posts, blog articles, and email newsletters. Stay connected during the pandemic by posting market updates and offers on apartment buildings. Brokers affiliated with Better Homes and Gardens® Real Estate have access to a robust social media network to reach more customers and generate more leads.
Highlighting the functions of multi-family properties
Apartment buildings offer a variety of features and benefits that can be difficult to present with limited in-person demonstrations. With strict home viewing protocols, many buyers prefer to narrow down their options by searching for properties online. Maximize each listing by:
- Adding photos of each room and all of the outside areas for a full tour of the property gives potential buyers a reason to reach out to the agent to learn more about the property.
- Investment in aerial photography to show the expanse of the rental space and the courtyard area for several tenants.
- Create a video tour of the property to list and post on social media and blog posts to attract potential investors from outside the area.
- Work with investors, builders, local government officials, lawyers and mortgage lenders to create opportunities to buy real estate while interest rates are low and rental demand is high.
- Look for opportunities, such as apartment buildings that are under stress due to the recent rental problems due to the pandemic, to encourage owners to sell or rent to more profitable tenants.
- Contacting past and current customers to identify their changing needs and make recommendations on apartment buildings.
- Find new customers by providing relevant content on apartment buildings for sale and current market conditions.
Learning how to put apartment buildings for sale during COVID-19 will keep the agents busy during the recovery days. Marketing real estate for sale can result in sales today and tomorrow as the market continues to evolve and open up.
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