rentSingle family and multi family homes both have their pros and cons attached to them. One of the biggest decisions you'll make when you're looking to buy a new property will be the kind of property that you'd like to buy. Single family homes have many great perks and in a day where more and more people (both families and singles) are looking to rent rather than buy, it's good to know how to market the property that you've invested in.

No matter what kind of property you're trying to rent out, great marketing skills help you to find the best tenants. The more people you reach, the greater the pool of applicants you may choose from. This allows you to put your best effort into finding the tenant that matches the property as opposed to simply taking the first person that comes along. Make sure to list the property on multiple sites and follow through with serious applicants with a thorough tenant screening.

Your approach to marketing single family homes versus muli family will be different, because often applicants are looking for different things. This is not always the case, but there are some obvious differences between the two types of properties.

Multi-family properties will have shared spaces. It may be a courtyard, a pool, or a playground, or perhaps all of the above. Neighbors will live close together and will have to decide if it's worth the potential noise of a neighbor that isn't accustomed to living quietly. No matter how thick the walls are built, if you're living that closely to someone you're bound to hear them from time to time. If the property that you're leasing out is on the top floor, make sure that you highlight that there should be less or no overhead noise to contend with. If you own several or all of the properties in the complex, you may want to put together perks such as BBQ's, pool parties, or any other number of small get-togethers that will allow the tenants to bond and become friendly with their neighbors. Often tenants that are looking into renting multi-family properties are looking for these amenities and will be happy to see those perks added.

Single-family homes tend to be quieter and usually do not share much more than a fence with a neighbor. These properties can be great for pets, kids, and safe gatherings with a fenced yard and more space to move in. Keep in mind that even if the property is set up for children, you cannot market it specifically to families. Even so, noting the safety of a fenced yard, the space of a house that the tenants don't have to share with neighbors, and quietness that often comes with a single-family home. The tenant will likely be required to keep up with the yard work that they would not have to worry about in an apartment or condo.

POSTED August 26 2014 1:44 PM

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