The pandemic has made it hard to find a paying tenant, and even harder to keep one.
But there are some things you can do to keep that special someone in your property...and paying the rent.
Here’s 5 ways landlords can find (and keep) paying tenants in a pandemic.
👓 1) Know where to look
You can go through conventional channels like agencies in order to secure your tenant or you can try an app like Instarent, which puts tenants and landlords in direct contact with each other.
It’s kind of like graduating from speed dating to app dating.
The benefit here is that you can save time and money on agents, which will put you in a better position to offer your tenant the best price during these crazy times.
Remember that you can also ask around…try to tee up a blind date, if you will. Check in with family and friends to see if they know anyone who is in need of a place, and they might just put you in contact with the perfect person.
People are reluctant to attend in-person inspections at the moment, and with new lockdown rules, word-of-mouth can really help. (Once you already have a tenant, the next step is easy.)
Which brings us to the next big one.
📸 2) Make sure your photos are 10/10
We’ve heard all about it: Property connoisseurs are eagerly snatching up Australian real estate without even inspecting. In the same way - due to the unique restraints of the pandemic - many tenants are now securing properties without actually seeing the property in person.
However, you’re unlikely to bag a babe with old, crummy photos.
That’s why it's best to steer away from dimly lit, grainy photos taken on an old smartphone. In fact, you should invest in a professional photographer. It’s worth the 200 bucks.
If you live in Sydney, you won’t be able to send a photographer to your property right now due to the new restrictions. However, if you're being proactive, you can book in with Instarent ahead of time.
In the meantime, you can try to take some snaps yourself. Here are some tips on how to make the most of your camera at home in order to get some real suave snaps…of your property, that is.
😎 3) Don’t forget to run your checks
Once you’ve found a tenant, you can use Instarent’s tenant background check service to make sure that your prospective tenant doesn’t have a sketchy past.
If only dating apps could do the same.
👍 4) Be willing to negotiate
For those of you who already have a tenant: Don’t forget that this is a hard time for everyone. A lot of renters are casual and/or gig economy workers, who have been hit extra hard by the lockdowns.
Sure, it costs a lot money to service a property; but 50% of something is better than 100% of nothing, and life isn’t always perfect.
While you should never drop your standards in life or in love, you’ve got to be willing to negotiate.
Remember that you can also claim losses. See last week’s blog for tips on how to save.
📃 5) Don’t shy away from long-term contracts
Last but not least, you’ve *got* to be willing to commit!
A lot of tenants are looking to find a place where they can bunker down, right now. After all, moving properties during a pandemic is just like going on dates with new people every week: Annoying as heck, and likely to cause an outbreak.
That’s it for now, but stay tuned for next week’s blog on how to make your property pandemic-friendly.