Many things changed the moment COVID-19 strikes. It changed the way we work, play, and socialize. Many people’s livelihood was affected, with some exhausting their retirement savings just to finance their daily needs. For those without savings, they are now experiencing a great financial crisis.
Among the many businesses that were affected by the pandemic are real estate investors. Landlords are now having a hard time acquiring payments from tenants. Many are left handling all financial obligations due to never-ending costs and expenses.
With no income coming in, they had to make sure their properties are still well-managed despite the low flow of rental income. With rent strikes only adding to their stress, many had to cut down costs and still ensure they get to help their tenants the best way they can.
All landlords need to remember that the landlord-tenant relationship is important in maintaining high-quality tenants. But even communication was cut short due to social distancing and sheltering-in-place rules. Landlords needed to find ways to effectively manage their tenants and properties even in the middle of the crisis.
Improving Rental Properties the Pandemic-friendly Way
If improving rental properties is complicated before, the pandemic only made things thrice as hard. For one, landlords need to make sure they keep up with property maintenance tasks to ensure their investment won’t prematurely rot. Some still want to attract the best tenants, making property improvements a must.
Some landlords realized just how profitable it can be to invest in more single-family homes. More people want a more private and safer alternative to apartments during the crisis. Since not all can afford a home purchase, more people are into renting single-family houses.
Aside from buying a move-in-ready property, landlords are doing the best they can to further improve their properties. For one, they are investing in improving the outdoor living space of their rentals. They want low-maintenance landscaping, some trees that provide shade, and a deck or patio installed, so they can raise their tenant’s rent and quality of life while on quarantine.
Hiring professionals also proved to be a struggle. They need to make sure the tenant’s health and safety are prioritized during the crisis. They need to find reliable experts who also follow COVID-19 protocols to maintain the confidence of tenants.
The Role of Technology in Managing Rental Properties
We have become extremely dependent on technology during the crisis. We use tech innovations to accomplish virtually every task possible to minimize our contact with other people. We use tech to find quality tenants, communicate effectively with tenants, receive payments, and in hiring maintenance and repair experts, among many others.
On Finding Quality Tenants
Before the crisis, landlords rely on signage and other marketing materials to find possible tenants. Now, more people are using social media, online ads, and other digital advertisements to market properties for lease. More landlords are also taking tenant screening more seriously to ensure they only take in quality tenants for their rentals.
Now that everyone is encouraged to follow health and safety protocols, landlords need to find ways to effectively communicate with their tenants. Thankfully, technology provides a variety of ways to keep in touch with anyone, even those who live thousands of miles away. One simply needs to choose some of the best ways to contact tenants to ensure constant communication even as we distance socially.
On Receiving and Sending Payments
Tenants and landlords now prefer contactless payment systems. This is to reduce the risk of spreading and contracting the virus. Instead of cash, we now use different online payment methods which prove to be an efficient way to sending and receiving payments.
On Hiring Professionals
Landlords are not always available to tackle property maintenance and repairs. DIYs are not advisable since this can only cause a bigger issue and a costlier expense. Landlords use online research to find reliable experts that can handle property maintenance repairs for their tenants.
Taking Advantage of the Pandemic
It may seem like the pandemic did nothing but put landlords into misery. But on the brighter side, landlords can use the crisis as an opportunity to improve how they manage their properties. One can also use this time to think of better ways on how to better serve tenants.
Landlords can leverage technology to improve communication with tenants and their preferred repair and maintenance professionals. They can use this time to invest in other properties that make sense during and beyond the crisis. Landlords can also find the right tenants and ensure constant communication to better care for the property and its tenants.
The COVID-19 crisis continues to challenge the resilience of real estate investors and tenants alike. But building resilience and finding ways to address challenges that come your way will only help you become stronger. By taking advantage of the current situation, you can learn many important lessons that can help you become a better landlord/investor.