No matter how big the real estate market is, yet there are a finite number of people looking to settle in a certain time-period. The goal remains to capture the lion’s share of the market for every individual.
It was the picture of the market in general and when we look at the scenario in this testing time of pandemic hit world, the reality haunts us even bitterly. Strength of people reduced drastically because of safety protocols for the COVID-19.
Landlords toadying confronting circumstance of no parallel in our recent past.
In the wake of unexpected circumstances, it becomes all the more important to explore effective ways to seize the fair share out of the market. The profound effects of the coronavirus not only shrunk the market but also made things more challenging for them. There is no liberty like past now and complexes had to close all of their community amenities which goes against the business prototype.
Going the extra mile to help your community through these difficult times is not just the right thing to do but also translates to better business, as well. In the wake of unexpected circumstances, it becomes all the more important to explore effective ways to seize the fair share out of the market whether you are a first time landlord or experienced one.
1. Establish an Employer-Based Referral Program:
One of the ways is to establish an employer-based referral program. Generally, it works in a way to establish a referral program for residents and employees, paying out some sort of financial compensation to the referrer (in the form of a bonus or a rent credit).
The overhead on the program was minimal and results were reflective of that—minimal. However, taking a more active approach could drastically increase your results.
One way is to call weekly to check on the welfare of each resident. Special effort shall be done in knowing about any employment changes. The chief reason behind this to gather this data is to assist with applying for unemployment and to know the rent delinquency exposure.
It helps you in the way as you get the insight of the general market that which businesses are going to shut down in the coming days and which sectors employees on the brink of losing the job. You may then take this list and reach out to these businesses to establish a referral program.
2. Tap into Where Tenants Spend the Most Time Online:
Social media has permanently changed the dynamics of hoe humans attract. The processing of data has been assisting people across the board to target their audience. One proved practice of the past was to find tenants on apartment leasing sites like Apartments.com, Rent.com, and so on. However, it is a bit old magic now. Studies reflect that average human spends on social media is more than two hours. That’s a big-time compared to the rest 22 hours for all the chores of life. One interesting feature is that you may get the insight of their interests and goals on social media like Facebook, Instagram or Ticktock.
You may publish creative posts on these platforms customizes to your business model. It has proved a more successful tactic in recent times. Who knows, you might even end up with a post that goes viral. Then, people will be begging to live in your property!
3. Prioritize Curb Appeal:
This is a stark observation that even the lockdown could not keep people inside too effectively. Besides, they are forced to step out to attend important tasks. Therefore, the outlook of your apartment is still as important as was in the past and you need to keep it up to the mark people are still going out to run essential errands. This is why the look of the property—whether it is fresh landscaping, updated LED lighting, or overall cleanliness
The fact is in this extraordinary time, people have become oblivion to the basics of the business and that is where the difference is going to stand out. Therefore, the well-maintained apartments are likely to attract more tenants in the coming days.
4. Directory for Assistance Programs:
This is an extra mile which can help you in ways you would not expect. In the wake of this massive global health emergency, there is an overwhelming amount of information out there. NYRentOwnSell is keeping the track of all available information. Majority of the landlords will exchange resources that aid tenants pay rent, the troubles that most are facing today are more pressing than the mere financial aid.
Therefore, it is suggested to share resources that can help tenants in various ways. For example, communicate where tenants can turn for assistance with obtaining food, making rent, seeking healthcare, etc. This will help you improve your soft image in the market and will certainly translate into prosperity for your business.
5. Digitalize the process:
Pandemic has impacted the movement of people and with severe restriction order, people avoid visiting properties in person. This is where you need to up your game by providing alternatives. Technology has made it possible for people to get real-time insight into the apartment. You may arrange the zoom sessions with the tenants or can upload the videos of the building on the Youtube.
Technology is fast taking over the real estate business and staying behind in this initiative can severely affect your business.
The Bottom Line:
In this testing time, we need to explore unconventional measures. Overhauling of the traditional methods not only makes opportunities for your property, but it also gives you an edge over your competitors.
Besides, you may take these new steps as an experimental technique and fun to stay in the business and to cease the prevailing losses this pandemic inflicting to all the business.