• Virtual viewings through technology such as 360° cameras can help potential renters get an up-close look at a property without leaving their homes.
• Online payments are becoming more critical than ever and are much more secure and convenient, and they help ensure that rent is paid on time each month.
• Rent collection apps simplify collecting rent, submitting maintenance requests, and more.
• Short-term rentals can often be more profitable and provide more flexibility when navigating changing market conditions.
• Expand your rental portfolio by speaking to a mortgage loan officer about loans to purchase additional properties.
It’s no secret that the COVID-19 pandemic has had a massive impact on businesses worldwide. Although some industries have been able to adapt and thrive, others, such as the rental market, have been significantly impacted. As a landlord or property manager, it is crucial to know how the pandemic has changed the business landscape and how best to navigate these changes for your investments.
Adapting Your Business Model
One of the most important aspects of being a successful landlord is adapting your business model to fit changing circumstances. With social distancing measures still in place, it is more important than ever to think about new ways of doing business. Here are ways to do that.
Virtual Viewings
Traditional viewings require potential tenants to physically visit the property and make a decision on whether or not to rent it. Virtual viewings are becoming increasingly popular, as they give potential renters an up-close look at a property without leaving their homes. Consider investing in technology such as 360° cameras that allow you to give potential tenants a complete tour of the property.
Online Payments
The COVID-19 pandemic has made it more critical than ever to offer online payment options for tenants. Online payments are much more convenient and secure and help ensure that rent is paid on time each month. Consider investing in a modern payment processor or using third-party services so that you can accept online payments from anywhere in the world.
Rent Collection Apps
Rent collection apps are a great way to ensure that rent is paid on time and easily managed. These apps simplify the process by providing tenants with an easy-to-use platform for paying rent, submitting maintenance requests, and more.
Investing in a good rent collection app can help you save time and money while keeping your tenants happy.
Short-term Rentals
It might be wise to consider offering short-term rentals (3 months or less) as an alternative to traditional long-term rentals. This is because short-term rentals can often be more profitable and can allow you to adjust your business model depending on the current market conditions.
Increase Your Properties
You can start this by increasing the number of properties you have. Contact your local mortgage loans officer and ask for more details about the loan to purchase additional properties. This can help you expand your rental portfolio and enter the short-term rental market in no time.
Staying Compliant with Laws & Regulations
It is also essential that landlords stay up-to-date on all laws and regulations related to renting out property during a pandemic. Every country and state has different rules that must be followed for landlords to remain compliant.
For example, many countries have implemented eviction moratoriums that prevent landlords from evicting tenants who cannot pay their rent due to job loss or other financial issues caused by the pandemic. Landlords need to familiarize themselves with these regulations to protect themselves from legal action should they need to take any corrective action against their tenants.
Reducing Risk & Increasing Efficiency
Finally, landlords need to do what they can to reduce risk and increase efficiency when managing their rental properties during this time. This could mean implementing automated systems such as online payment processing or contactless critical delivery systems to reduce physical contact between yourself and your tenants while still providing them a quality service experience.
Additionally, investing in insurance policies such as those offered by Metric Insurance Solutions can help protect yourself and your tenants from any unexpected financial losses due to natural disasters or other unexpected events related to owning property during this time.
Being a landlord requires staying ahead of the curve regarding changing trends and regulations surrounding renting out property during this time of uncertainty brought on by the COVID-19 pandemic. By following the tips above, you can ensure that you are well-prepared for whatever comes next so that you can continue running a successful rental business long into the future!