Owning a rental property is a great way to develop your net worth and earn some extra income. It comes with a lot of responsibility and can be intimidating especially if it is your first time owning
Successful Landlording In A Time of Crisis
Dated: June 12 2020
You may expect a slower turnover rate on your rentals but remember that housing is an essential need for people. So, opting for online communication along with other online tools for every step of the rental process is necessary to avoid face-to-face contact with tenants.
Social media and online listing websites are useful than ever on marketing your rental, use them as much as you can especially those services that syndicate your listing to multiple platforms all at once. Doing so will help you continue to capture traffic even when people are ordered to stay at home.
Getting beautiful yet solid and accurate photos are worth a thousand words. Adding an informative listing description will greatly help too to make the decision for potential renters easier. Be sure to include photos with description on every room, amenities, and features your property has.
Having a virtual tour available on your listing is highly encouraged. You can easily record a video on your phone while touring the house as you would have done if you had a face to face tour then post it on Youtube or other similar websites. You can also do a live video tour on your serious candidates so they can ask questions and experience the property in a more custom fashion.
You can process all the rental applications, background and credit checks, signing the lease contract, etc. online without the use of actual paper. You can also use different e-signature platforms such as Adobe sign or Docusign to let your tenants sign documents easily. On handling funds, online banking or use of online payment features such as Paypal, Google Wallet, Venmo, etc is better too.
These measures are safer, easier, and faster for you and the renters.
This is one of the vital parts of landlording. Communicate regularly, more often than how you would before Covid-19 days. Be available especially during business hours whenever your tenants or potential tenants called, emailed or video chatted you so that nothing gets missed or misunderstood.
Stay Educated and Accept Changes
Change is the only thing constant. That is especially true during these uncertain times. Be sure to keep yourself updated to fair housing laws and be sure to always follow them. Understand the economic impacts of the pandemic and it is important that you and your tenants help each other during this time.
Remember that frequently communicating with your tenants and staying up to date and proactive about changes in rental laws, news and local actions will help you stay prepared and navigate these challenging times as a landlord. And most of all, remember that housing will always be essential.
If you or someone you know is looking for a new place to call home, we’d love to talk to you!
Vanna has called Alaska home for the past 15 years. As a mother, real estate investor and previous business owner, Vanna brings many different perspectives when working for her clients. She has been a....
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