Amid the COVID-19 pandemic, nearly every single industry has been affected and faced with the unique challenge of finding ways to overcome the obstacles that the pandemic and the stay at home orders are leaving behind. This is uncharted territory for everyone, which leaves the real estate industry specifically two options: adapt to the changes and get creative to stay competitive, or refuse to change and get left behind.
While this may seem dramatic, it could be very true. No one knows for certain what life, or the market for that matter, will be like post-pandemic, so directly adapting to the challenges will help you more than you think in the log-run. Keep reading to find out how you can prepare your property for renters this summer and in the coming year. If you’re interested in investing in real estate, speak with a non-recourse loan lender at First Western Federal Savings Bank today. We look forward to working with you.
Improve Your Curb Appeal
People are discouraged from leaving their homes and interacting with others, unless it’s at a distance of six feet, of course. Because of this, potential renters are not going to showings or tours of houses, but they are driving by the properties and inspecting them from a safe distance. To help improve your chances of getting tenants, you will need to understand curb appeal. We’ve talked about why curb appeal is so important before, but making your property stand out matters now more than ever. Curb appeal is made up of the features and design elements of your property and its landscaping that makes its first impression on you.
If your home, or your property, looks like every other piece of property in the neighborhood, then it doesn’t stand out, and it’s going to be overlooked. You may be limited with what you can do, but here are some things that deserve some consideration if you want to make your house remarkable.
- Repair or replace the roof. Get it inspected and make sure there are no small problems that could be big problems later down the road. The roof is easily one of the most important aspects of the home because it shelters your tenants from the outside elements.
- Re-landscape if you need to. The landscaping doesn’t have to be elaborate, but even simple changes like edging the lawn, adding flower beds, having lush and well-kept bushes and tall shade trees can help. The concept of a yard is part of the American Dream and is well-incorporated into the idea of home. It entices people.
- A well-kept exterior that is in good shape will further the appeal of the property to potential renters. The windows should be clean and in good shape, there shouldn’t be any chipped or peeling paint, and debris like moss, bird droppings, and dirt should be cleaned off.
Make Sure There are Plenty of Videos and Photos On the Listing
Open houses and personal showings are not available during this time, but it doesn’t mean that you can’t show potential renters what they’re missing out on. Pictures, videos, 3D tours, and digital showings will help potential renters get a better understanding of the property they’re interested in. Taking advantage of digital media and getting creative with technology will give you leverage in the current state of events, giving you the exposure you need and keeping you competitive.
It is imperative that you hire a professional photographer and invest in high-tech devices that give prospective tenants a good idea of what they’re getting into. You’ll most likely have to include pictures or videos of specific appliances and features of the property, working closely with those who are interested in closing to give them the full idea of the home.
Price Your Property Right
Pricing your property right is something that cannot be emphasized enough, because nothing will kill a deal faster than an overpriced property, and an owner that won’t budge on the price. Get the help of a real estate agent to help you price your property appropriately in terms of cost by square foot. Don’t let your ego play a part in setting a price, but you can have some say in setting it. You want to choose an attractive price that is going to keep the property competitive, but remember that especially during these times, you shouldn’t set your expectations too high.
Be willing and open to discuss price changes and compromise with the renter if you need too. Many buyers and renters are looking for a deal right now due to the state of the economy, and will turn elsewhere if you are unwilling to meet them halfway in their requests. Be as accommodating as you can be when discussing the price and be mindful that now isn’t the time to drive a hard bargain, but have a price in the back of your head that you don’t want to go below.
By partnering with a non-recourse loan lender, you can use your IRA to start investing in real estate, if you haven’t already. This is a great way to make a passive income if you plan on renting out your new properties or selling them later. Remember that investing in property will not always yield a high return on your investment — you will need to invest in the right property to ensure that you have interested renters and buyers. To discover the potential yourself, contact First Western Federal Savings Bank. We have helped hundred invest in real estate, and we’d like to help you too! Speak with a non-recourse loan lender today to learn more.