Millennials make up the largest segment of the renting population, and more and more of them are choosing to rent instead of buy. In fact, according to research released by the Census Bureau last fall, some 65% of households headed up by this demographic were rentals. For investors, that’s a pretty important statistic, and one that should have you thinking how you can appeal more to people under 35. Of course, if you own rental property in an area where millennials are NOT your target demographic – like a College town or retirement community – then you don’t have to worry so much about making your unit more attractive to the under 35 crowd. However, if this IS the demographic most likely to rent your property, you need to be thinking of ways to get an edge on the competition. Lucky for you, I know what the #1 feature is that millennials are looking for in a rental property. Ready for it? It’s a space for Fido, or Lassie, or Sir Barks-a-Lot, or whatever people are naming their dogs these days. Yep, this is the most important feature, according to Sun Trust Mortgage, who found that millennial home purchasing was driven largely by the availability dog-friendly spaces. So I don’t think it’s too much of a stretch to apply this same rationale to rentals. I know people like to make a lot of generalizations about millennials and their habits and lifestyles, but the one about dogs seems to be true, at least in my experience. Everyone I know that falls into this demographic either has a dog or plans on getting on in the near future. They’re like starter kids for these folks. With this in mind, take a minute to think about your rental property and how dog-friendly it is – or isn’t. If you own a single-family home, then, like a male dog, you already have a leg up. With this type of property, chances are you’ve got a least a small yard. Is it fenced? Are there any spots a dog could escape from? Look at it through the eyes of a pet owner and determine if there are any ways you can improve the appeal. But what if you don’t have a single-family residence? What if you own a multi-unit property? Fear not, there are still ways you can boost the attractiveness of the place for dog-adoring renters. The easiest way is to designate a space outdoors that’s just for doggies. Think of it as a mini-dog park that just happens to be on your property. Obviously, you may want to implement a few rules or even have your tenants sign a waiver releasing you from any liability, but this is a fairly simple solution to a lack-of-dog-space problem. Another option, if you’re located near a park, is to really play this up to prospective tenants. Dogs and parks go together like, well, dogs and parks, so emphasizing your proximity to a nice greenspace will only benefit you. As a rental property investor, keeping your unit occupied with happy, paying tenants is your #1 goal. And in order to do this, you have to find out what it is that will make them happy and content to re-sign your lease again and again. For millennials, it’s dogs. If you are marketing to this demographic, you would be wise to consider how you can make your space more dog-friendly.
Author:Christina Strickland Phone: 937-302-8576 Dated: April 8th 2018 Views: 220 About Christina: Executive Sales Vice President
I joined Plum Tree Realty as a Licensed Realtor in 2018. Plum Tree...
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A word from Chris Russell, CEO of Plum Tree Realty:
"One of my greatest passions is to use our real estate business to help alleviate suffering in this world. So we take proceeds from Plum Tree to help orphans, feed the hungry, heal the sick and hurting, and to aid the homeless ... both in the States and abroad. We are not about "getting rich." We are about making a difference. So when you do business with Plum Tree Realty, you can know that a portion of your money is going toward helping those on this planet who are in need of help. Together we can make a difference!"
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Putting it Together
Plum Tree Realty is a premier real estate marketing company focused on helping buyers and sellers get the highest level of real estate services. We help home owners, for instance, who have homes for sale in Mason, Ohio to price their homes in a competitive way since the market is growing in such a fast rate in that area. When a buyer is looking for West Chester, Ohio real estate for sale, we can guide them to the very best deals that are available, and we can give them expert advice as they make such a huge purchase. We cover all of the major real estate markets of the Greater Cincinnati including the following hot markets:
Cincinnati, OH Real Estate (homes for sale)
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Indian Hill, OH Real Estate (homes for sale)
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Kenwood, OH Real Estate (homes for sale)
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While some people search for homes according to the suburb names, others are very interested in the top school districts in the area such as homes for sale in Mason School District, homes for sale in the Lakota School District, homes for sale in the Wyoming school district, homes for sale in the Sycamore school district, homes for sale in the Monroe School District, and more. Our agents are highly-skilled in placing families in the best school districts in Cincinnati according to the desires of each family involved.
Of course, we also have great skill in helping buyers and investors find foreclosures, short sales, bank owned homes, and other great investment properties in the Greater Cincinnati Metro Area as well. Many of our agents are investors themselves, so they are great at helping other investors be the first one to the "golden egg."
We also have agents who specialize in helping families who are relocating to Cincinnati, Mason, West Chester, Blue Ash, Madeira, and any of the other regions in Southwest Ohio. It's great to have "feet on the ground" when you are looking to make such a move.
Plum Tree Realty has also become quite a favorite company for those who like to try to sell their home as a For Sale By Owner in Cincinnati as well. The reason for this is that we offer a $500 flat-fee listing to home owners who would like to sell as a FSBO, but they would also like to have a presence on the Cincinnati MLS search for homes for sale. Most FSBOs miss that exposure, but for just $500, we can help them get listed on the Cincinnati MLS and find buyers at the speed of ... the internet!
While most brokerages feel they have the best agents in Cincinnati, we truly believe that we are at the top. Many larger companies like Sibcy Cline, Remax (RE/MAX), Coldwell Banker West Shell, Comey & Shepherd, and others are at a size that makes it difficult for them to react to the markets and changing times at a great speed. Since Plum Tree is smaller, we are able to respond to market conditions rapidly and efficiently which gives us a disting market advantage. Remember: "It's not the big who eat the small; it's the FAST who eat the SLOW!"
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