As a real estate agent, it’s your job to provide this service to your clients. That’s why they pay you the big bucks to do the heavy lifting. We know you are a rock star at your job—but, just in case you need a little help, we’ve compiled a list of considerations to relay to your clients when deciding where to invest.
Neighborhood
The type of neighborhood they buy into will determine the types of tenants they will attract and how often they will have to deal with vacancies. For example, if they purchase an investment property near a college or university, their tenants will most likely be students. And having student tenants you will be dealing with vacancies regularly (during summer break and holidays when they leave campus to visit their home town).
This is why knowing what type of tenant you want to have will impact your role as landlord. Make sure to get a good profile of your client’s ideal tenant.
Proximity to Schools
Some of your tenants are likely to have, or are planning to have children, so they will like to be near a good school. If the school near your investment property is scoring low on quality, it is likely to impact the value of the home. Once again, this plays into the type of tenant you are looking to attract. If your clients are not looking for a family with children to rent their home, then proximity to a good school may not be such a critical factor.
However, in a recent survey from Realtor.com, nearly 91 percent of those surveyed reported that school boundaries are “important” factor in their search for a home.
Local Amenities
The more amenities near your client’s investment home the more appealing it is for potential tenants. Check the area for any current or projected parks, gyms, malls, movie theaters, public transit centers and attractions that may entice people to move to the area. If the client is investing in an area that they are not too familiar with, you can check with the local city center where they will likely have literature on the best local features and amenities.
Keeping your clients updated on emerging amenities is made much easier through the use of a realtor CRM. You can quickly send a template to all your clients announcing any upcoming services that they may find appealing or enticing to potential tenants.
Healthy Job Market
Your client will have a harder time attracting tenants in areas with little employment opportunities. You can find out how a particular area rates by checking out the U.S. Bureau of Labor Statistics or at the local library. A major company settling into a town can be a great indicator of the success of the city’s job market. For example, of the 41,000 people that tech giant Apple employs, over half of them live in Cupertino (where the company is headquartered).
Helping your clients invest in real estate depends a lot on your own knowledge of a region—the more you know, the more you can help!
0 Comments
Have a thought? Please leave a comment here, and I will return as soon as possible. Thanks - If you have a minute, why not check-out the sibbling of Self Sagacity.com Blogger Broadcast. Extra Links = Spam = Delete.