You have multiple properties, and just aren’t comfortable placing the extra homes on the market yet; how do you generate an income of these properties? The obvious answer is renting, but there are some COVID-19-related issues you need to be aware of. Put plainly, moving, leasing, and touring properties is different in today’s environment. If you want your investment properties to become money-making machines, you’re going to need to adapt to the times: offer virtual apartment tours, focus on tenant safety, ensure strong communication, etc., This article will briefly discuss these changes.
You should want to keep your tenants safe as a matter of principle. If that is not enough for you, you should keep your tenants safe to avoid legal liability in the future. If you want your properties to rent for a reasonable price, you may want to consider installing safety features like touchless entry and adding antimicrobial coatings on high-traffic surfaces. It will cost you a little money, but it will also make your home more appealing to renters.
Potential tenants are going to ask about your efforts to make your home safer during the COVID-19 pandemic, and you’d be well served to have an answer for them.
You should go to great lengths to make yourself available to your tenants; that doesn’t mean give them an extra key to your house, but let them know they can communicate their concerns to you at any time. In this environment, people are scared; it’s less scary when you know there is someone you can voice concerns to.
Finally, be prepared to drop rental prices a little. It does you no good to have a home generating zero income, so you may have to reduce the rent to reflect the circumstances. There’s nothing like a pandemic to drive prices down.
At the Chernov Team we understand that knowledge is power, and knowledge of how to efficiently turn investment properties into income-generating properties is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.
