To say that it’s been a panic-inducing time for landlords is beyond an understatement. The financial upheaval of the COVID-19 response has led to a lack of income for many sectors, and real estate is no exception.
Still, it’s a good policy to keep moving forward and there are ways that you can recover from this latest financial crisis, especially as the pandemic ends and things being a return to a kind of normalcy.
We’re sharing a great article from Yahoo Finance on ways that landlords can find more tenants for their properties once the pandemic ends. Despite the challenges you may face, remembering these simple tips can help as you plot a return.
Keep up-to-date on laws
It’s crucial now to make sure you know everything about how current tenant — and how landlord-related laws have changed in the last few years. Going to the websites of your local and state governments would be the best place to start.
Speak to your tenants now
Before you think too much about the future, try to retain current tenants. A check-in to offer your support and also keeping communication lines open will be helpful in terms of retentions as well as maintaining a good reputation. Plus, it’s truly the right thing to do.
Talk to your own lender as well
Don’t forget about that relationship with your bank. Set up a meeting to discuss how things are going, especially to see if monthly payments can be lowered or what solutions they may have to mitigate the risk for default.
Go back to the marketing standbys
It’s important to use some tried-and-true techniques that will work even when there isn’t a crisis. Among those are simple yard signs and also advertising that a property is in demand or won’t be on the market for long. Such tactics will create interest and potential walk-ins. But, don’t forget the digital routes. It’s also a good idea to make sure your Facebook, Twitter and Instagram pages are current, and that they have ways for prospects to access your listings. Using your personal pages to market can also be very effective.
Get some help from a real estate agent
Consider a partnership with a qualified real estate agent to carry the load of trying to find renters. They are experts in advertising for an individual market and know the current climate, so leaning on them would be beneficial for everyone.
You can also use the connections we provide you at the Genesee Landlords Association. You can find out what’s on the market, how you can get your properties in front of more people and what kind of resources are available to you as you continue to navigate the current financial situation. Learn more about what we can offer you on our website.