Marketing strategies for investors
To begin, start thinking about new ways to talk about your properties. As noted above, whether you have four, three, or even just two bedrooms, it might be wise to begin shifting one bedroom to a permanent office space. You can include a brand-new desk and set up the office space to accommodate a work-from-home model. You can even consider doing this for two bedrooms as well.
Now, your property is no longer a two- or three-bedroom apartment or house but a one- or two-bedroom that includes a dedicated office or two. Perhaps one room has its own ingress and egress to the outside, which would be perfect for a home-based business or remote worker.
Dens or underutilized hallway space may also be able to be converted into dedicated office space. If you have a nook, a larger hallway, or a corner in your rental property that could accommodate an office desk and chair, you may want to consider labeling this as a permanent and dedicated office space. Keep in mind you want about 100 to 300 square feet available for any home office space.
Once you have your office space set up, now it's time to look to your local market. Outside of your standard online listings, you can now advertise your home office suites to local employers. Here's a blueprint to attract work-from-home tenants:
- Create a list of all businesses within a couple of miles of your rental that have 50+ employees.
- Create marketing flyers to print out that advertise your properties as optimized for work-from-home employees.
- Go to those businesses, drop off the flyers, and explain to them that you offer flexible work-from-home and remote-work apartments that may be good for new or incoming employees.
- If you aren't comfortable going in person to these businesses, try and find contact information for their administrative or HR staff on their website.
Now you will have sensitized employers in your area as to the value of your rentals over others given the optimized office space for working from home.
The bottom line
Clearly work and lifestyles are changing. Although this may not be permanent, it will be with us for the foreseeable future. It's time for investors to start thinking differently about their rental spaces and optimizing and marketing them for the work-from-home trend.
When your next property comes up for rent, consider tweaking your marketing to focus less on bedroom count and more on dedicated office space.