The housing market has seen a huge surge in the way of millennials as they have become the largest group of home buyers now. In 2015, millennials officially took over from baby boomers as the number one group of home buyers. Real estate agents will need to take this demographic shift into consideration when they market homes and work with clients; after all, what once appealed to baby boomers isn’t going to be the same for millennials. Advertising tactics must be reconsidered, and agents need to think at length about what will capture attention for this up-and-coming audience. In order for real estate agents to find success in gaining these new clients, they should take the time to study the trends that are important to millennials. Here, Jason Cohen Pittsburgh considers significant factors that will define millennials in the market.
One of the biggest appeals to millennials comes in the way of technology. As technology continues to grow and develop, it has become an even more vital part of their lives. Millennials are far more interested in social media and texting rather than the baby boomer generation ever was. A real estate agent who utilizes various social media platforms is far more likely to catch the eye of a millennial home buyer rather than one who doesn’t. Marketing properties on social media is a wonderful way to share listings and reach this targeted audience. When a millennial sees the listing on the social media platform they instantly know who to contact regarding the property. It also lets them know that the agent takes their job seriously when it comes to selling the property.
Millennials are a fast-paced generation who generally have very little time to spare for a long marketing spiel. Sales techniques are crucial in capturing their attention because they tend to be very impatient and have a short attention span. It’s important that once the agent is able to draw their attention in that they continue to ask questions regarding the type of property they are interested in purchasing. Once the real estate agent has all of the necessary information, finding the properties that align with their goals is the next step. Showing millennials homes that meet this criteria keeps their interest sparked and allows them to know that the agent is listening to what they are saying and not wasting their time.
While marketing to millennials may prove to be challenging, it is well worth the effort in order to continue successful real estate.
As a landlord, you began investing in real estate to make money, but, if you’re not careful, you may end up paying out more in expenses than you’re making. The lease can be much more than a rental agreement. It should be used to help you protect yourself against mounting upkeep costs that should be the burden of your tenant.
Include a Guest Clause
The largest cause of property damage is people. The more people you have occupying a unit, the greater the wear and tear on the apartment. For this reason, it’s important to have a clause that designates just how many people can live in the unit. You can and should also add a clause limiting the number of guests that can stay overnight in the unit. As a part of that guest clause, include a clause that states that the tenant is responsible for any damage or other liabilities caused by guests of that tenant.
Put a Cap on Utilities
If you’re paying for the utilities, be sure to include a clause in the lease about the tenant’s privileges. The best way to handle this situation is to designate a number, such as $50 for gas, and state that the tenant is responsible for paying overages. If the tenant knows he’s responsible for paying the difference, he’ll be much more concerned with conserving resources.
Include Property Inspections
While most leases do have a “right to entry” clause, you might want to consider specifying routine inspections. This is the best way to protect yourself as the property owner. By making a routine inspection occasionally, you can ensure there are no serious damages to the property, unregistered tenants, or unapproved pets. This is your property and you have the right to ensure it’s being cared for in a proper way.
This means going into detail in the lease on how the property is to be used. If you don’t want tenants using the fireplace, state that in the lease. Also point out that using utilities in a way other than intended is prohibited. This way, if their son throws a toy down the toilet and that creates a costly plumbing repair bill, the tenant will be held responsible for paying it. This is added protection against damages caused by the tenant.
If there’s anything that concerns you in renting out your property, you should make a point to mention that in the lease. This is your opportunity to let your tenants know what is and isn’t acceptable. By providing detailed clauses in your lease, you can ensure your property will be well tended and you’ll be spared the costs of paying for damages.
About Jason Cohen Pittsburgh
Jason Cohen is a real estate investor in Pittsburgh, Pennsylvania. He created Jason Cohen Pittsburgh, a group of real estate enthusiasts committed to helping others invest in real estate, and he has thrived in the area since 2002.
As Jason’s career has grown and flourished, so has Pittsburgh itself — transforming from an industrial “rust belt” city into a major cultural center abundant with high-end multi-family rental properties. Jason has seamlessly handled the dynamic nature of Pittsburgh and of the real estate industry in general. A research-driven professional, he consistently enables smart and profitable investments in the area, helping to transform modest properties into high-end rentals in Pittsburgh’s hottest neighborhoods.
Jason Cohen first entered the world of real estate shortly after his graduation from college. He started out by investing in distressed properties in Pennsylvania. After some experience working full-time for a real estate company, he decided to pave his own path in the industry. He has worked as an independent real estate agent and developed the Jason Cohen Pittsburgh team ever since. The team consists of highly qualified investors, property managers, leasing agents, and contractors.
Over the course of his career Jason has become highly proficient in acquisitions, joint ventures and partnerships, multifamily real estate investments, asset repositioning, real estate management, real estate brokerage, and new construction. He has excelled in high-level investment strategies, but is also no stranger to “ground work” when it comes to the industry. He is well-versed in each step of Jason Cohen Pittsburgh’s unique system: researching local areas and investing in properties, performing renovations to transform these properties from dilapidated eyesores into high-end units, and ultimately repositioning the properties for maximum profit in renting and selling.
Jason Cohen Pittsburgh is the group of choice for anyone who needs advice, analysis and due diligence, and general expertise in matters of investing, whether they are short-term or long-term. Jason Cohen Pittsburgh has dealt with properties in a variety of neighborhoods throughout parts of Pittsburgh, including the South Side, Oakland, Shadyside, Squirrel Hill, Mt. Lebanon, and Regent Square. Each and every one of these locations, paired with Jason’s overall knowledge of real estate investing, has allowed him to play a part in restoring Pittsburgh’s place as one of the most popular cities in the United States.
This blog will share news, updates, and insights regarding Pittsburgh and its real estate market from the perspective of Jason Cohen Pittsburgh. Stay tuned!