Farming an apartment complex for buyers can be very profitable if you choose the right complex and market it properly. For many, renting an apartment is just a short-term solution until they can purchase a home of their own and you can position yourself to be the agent to help them get out of the rental market and find that first real home.
A lot of Agents don’t like to farm these areas, and the ones that do seem to make a half-hearted effort and then move on to other things. Both views can be shown to be wrong if you work on the correct complex. The first thing you’ll need to do is select the right one, and here are some of the criteria you’ll need to consider when making your selection.
The size of the complex? You’ll want a place that’s big enough to produce enough buyers to make your effort worthwhile, but not so big that you can’t manage it. A complex with between three hundred and five hundred units fits these criteria very well.
Is the rent here in the mid to high range of the local rental market? The answer to this question should be yes. People who rent at the lower end of the market are less likely to be able to purchase a home of their own, and as their financial situation improves, they are more likely to move to a better rental before moving into a home. gold condo.
Is there a playground or swimming pool? Look for signs of families living there, as a growing family might be the most likely tenant to need a home of their own. Often these people are looking for a home, saving for a down payment, or at least planning to buy at some point in the future.
Is the complex in a single family housing zone? Many people rent in an area that is conveniently located near the places where they spend most of their time, such as work, school, family, and friends. For them, staying in the same area can be seen as an advantage.
Can you walk it? The importance of this question is determined by how you intend to market your new farm. For example, if you intend to use only the US Post Office to deliver your marketing materials, the question is of little consequence. However, if you intend to personally deliver some of your materials, you must ensure that there is free access to the buildings. Give some thought to this last idea. If you intend to send two postage-type shipments a month, you can cut your shipping costs in half by sending one of them and hand-delivering a door hanger for the second. The latter has the advantage that you can meet and meet some of the residents who will probably be happy to tell you what they think about living there.
You may feel like there is other information to consider, but this list will get you started in choosing the right apartment complex to find potential buyers in need of a real estate agent. Remember, for any farming endeavor to bear fruit, you must be consistent in your message and long term in your effort, otherwise you will be wasting your money and time. However, if you’re willing to do it right, the rewards can be incredible.