While some states in the U.S. have begun easing lockdown restrictions, many are still waiting it out inside and that means there’s still a chance to do the things you’ve been putting off during the quarantine. For landlords and property owners, it’s a good time to upgrade their landlording and investment skills and reconsider their business approaches by making them more relevant to the so-called “new reality” that is focused primarily on digital transformations and social distancing practices.
Let’s talk about 7 productive things that will benefit your rental business once everything goes back to normal, even if it is a “new normal”:
Make sure your tenants are staying safe and healthy.
First off, contact your tenants via a phone call or text message and check on their well-being.
They are probably going through hard times as well, so reaching out to them and showing a bit of support is a nice gesture that will go a long way in keeping quality tenants.
Due to the coronavirus shutdowns, up to 28 million Americans have applied for unemployment benefits in the last month and a half. Some of your current tenants might also be seeking financial assistance to cover essential needs during the crisis. Though you’re not obliged to cancel rent during the pandemic, there is always a way to postpone it (if it won’t affect your financial situation). Again, it’s up to you to make the decision regarding rent payments at this point. But being understanding will likely improve your landlord-tenant relationship once we all return to normal life.
That’s probably one of the most important lessons the lockdown has taught us. To keep your rental business going, you need to accept the prevalent role of technology. The rental sector, like any other industry, should start utilizing advanced tech tools to be ready for the possible shutdowns in the future.
If you’re already used to using online tools for daily interactions and online account facilities for storing any type of information, you’ll be much more prepared. Take this time to finally set up online payments, or add your properties to a free property management tool (like TenantCloud) so you’re ready to go next time you need to list a vacancy.
Declutter your paperwork.
Decluttering your paperwork and moving everything online should be your next step. Any lease agreement, paper rental application, or rent payment receipt should be stored online so that you can easily share the access to the information with anyone you need at any time.
If you’re not sure the data will be useful again, just get rid of the unnecessary paper documents. Saving piles of paper at home wastes space and makes it hard to go paperless.
Modernize your business approach.
There are a couple of things to do to make your business approach up-to-date. First of all, see what’s missing in your business strategy and then fill in the blanks. Whether it’s a full accounting or online payments methods, you can have it all by using a multitasking property management software system.
You’ll also see more value in online showings and electronic documents- features actively promoted by rental management systems that haven’t been taken seriously by many homeowners until now.
Do some home maintenance.
Prepare your vacant units for the new residents. You may also want to do some maintenance and clean up before capturing a video showing of your rentals.
Even though you might not be able to purchase any building materials, you can create a checklist of home improvements that don’t need extra equipment. Washing kitchen appliances and home textiles, checking for water leaks, clearing out drains and gutters are just a few tasks on your maintenance checklist that won’t require additional materials.
Learn more about investing in rental properties (if you haven’t done it yet).
Learn about the benefits and risks of investing in real estate in a post-pandemic world. The market is likely to be slightly modified due to the economic downturn, but it’s still a low-risk investment.
You can also look for other investment tips during the coronavirus crisis.
Create a checklist of the things to do after the lockdown is over.
When you come out of isolation, there will still be certain limitations in place and social distancing might become a norm for the next couple of years. So consider the things you can improve in your rental business in case of similar challenges in the future. Whether it’s a financial cushion to ensure you have extra money or digital tools that would keep your business afloat, this checklist or business plan will help you stay more confident and secure as you face the future.
Do you have anything else on your “quarantine” to-do list?