4 min 15 sec read
Multifamily housing is predicted to dominate the future of real estate. All home builder businesses should consider prioritizing their marketing efforts to the multifamily home buyer and product. Or at least consider adding this to your product offering.
Multifamily housing is a type of residential housing where multiple separate units are in one connected building. Or when several buildings are within one complex. Common examples include apartment buildings, duplexes, condominiums, and townhouses.
This country is currently experiencing strong growth due to our vibrant economy. The dream of owning your own home is again part of the American Dream due to this positive environment.
Your company needs to take advantage of the strong marketplace. Capitalize on the opportunity in your part of the country and be sure to focus on prices, location, and amenities when marketing the multifamily home product to your potential buyers.
You have heard the old saying before and you’ll hear it again after this – location, location, location. Consider the areas in your market that can accommodate of multifamily home offerings located in your city. Some clients, or potential clients, might move to your area and have no idea where to start when looking for a new home. It is your job to find which location is ideal for your client.
Many owners of multifamily homes live in the urban setting. These urban areas are diverse and exciting, which makes it a popular choice to many different types of individuals and families. Although most multifamily homes are in urban settings such as your downtown areas some are in suburban settings.
According to the nation’s most recent real estate trends, both millennials and empty nesters are gravitating to both the urban and suburban lifestyle. Older Americans are slowly moving away from the stereotypical rural retirement life and making their way to the urban multifamily home style of living. It’s also cheaper, more convenient, and arguably easier to live here than the traditional single-family home.
While millennials still make up the majority of the urban population, there is no question that the older generations are joining them. In reality, who doesn’t want to live in the desired areas? Urban settings can provide people of all ages the chance to be in walking distance of the most desired locations such as entertainment, shopping, and dining. Giving those the chance to meet new people and embrace all of what the area has to offer.
Home builders need to consider all age groups when marketing to the multifamily home buyer. They also need to consider the ideal setting of their clients. We live in a new age and if your client wants to invest in a multifamily home in either an urban or suburban setting. You have to make certain you can offer that opportunity for them.
New home building research reveals the average price of an apartment in the major cities in the U.S. is approximately $1,400 a month.Homes, on the other hand, have a median price of $220,000. There is no question that multifamily housing is more affordable than single-family homes presently. That is why many people are gravitating towards this style of living.
It is up to your business to be conscious of the home buyer’s price budget. Price can often be a touchy subject for prospects. All home builders need to make their clients feel comfortable during the buying process. It’s critical to keep the client’s price point as one of the most important factors during the home purchasing process.
Like all multifamily homes, the price can fluctuate greatly. While some property owners use traditional models for setting pricing, others use intelligent software programs to calculate rent rates or purchase price.
The most basic programs determine rent or purchase price by the number of bedrooms, bathrooms, square footage, and measures it up with occupancy and the market at large. Location can also be a huge factor when it comes to the price of a multifamily home.
After all, a home purchase is most peoples’ biggest investment of their lives. People normally stay in their home for approximately 10 years before moving. As a home builder business, you are not simply selling a product. You are providing individuals and their families the opportunity to lay the foundation of their future for years to come.
One of the several perks of living in a multifamily home or apartment is the amenities that are traditionally offered. Amenities can range from having a pool and clubhouse in your complex or offering a balcony in your unit.
An important factor in marketing to a multifamily home buyer is to know what the specific buyer wants in terms of amenities. Simply, ask your clients what they want before you begin your search for them, and you will be more productive. Plan your final product offering based on market research to create the most desirable product.
Some clients might prefer a pool over a gym, while other buyers might even want a garage more so than they want a childcare center. Whatever amenity or amenities the overall market prefers, they should be included in the multifamily homes you offer to them.
Understand your market and that it has its own amenities available to the public. Your location may have numerous parks, great restaurants, and chic retail stores scattered throughout the city that will appeal to your buyers. Capitalize on what your market has to offer. Build in areas that offer the type of lifestyle that most appeals to your prospective buyers. Produce a multifamily product that caters to your audience, including amenities, and you’ll see success from your efforts.
To wrap it up, location, price, and amenities are the top three ways your home builder business can market to the multifamily home buyer. New multifamily units are being built quite rapidly all over the country. The demand in the market is high, so these aspects will help with your marketing efforts.
While all multifamily home buyers are different, they all still have the same key factors to think about while searching for a place to live: location, price, and amenities.
About Terry Zelen
Creative Director | Consultant | Author | President of Zelen Communications
Terry Zelen is a seasoned Creative Director with more than 35 years of experience in Home Builder advertising and marketing.
He is the founder of The Punch List, which is an online blog to help inform home builders and developers on strategic marketing insights to fuel their firm.
Fill out the form below to subscribe for the The Punch List Newsletter. We'll send our latest news & industry insights, directly to your inbox.