What You Need to Know About Renting Out Your Home in 2021

2020 was one heck of a year, and now that it's 2021, it's time to make plans. If you are renting a home or considering becoming a landlord during the pandemic, you'll need a strategy to work with tenants and services to manage the property profitably. 

The business model of home rental is also set deep in tradition. Homeowners and applicants meet in person and tour the house together. In that time, the applicants interview the house and the landlord interviews the applicants. This is a time-honored ritual that helps everyone feel more confident about signing the lease. From there, the landlord will meet their tenants once to several times a year for repairs, inspections, and the annual lease renewal.

Home Rental During the Pandemic

These traditions have worked for hundreds - in some cases thousand - of years. But COVID has made the situation a little more complicated. It is currently not advisable to meet face-to-face with your tenants. It certainly isn't a good idea to shake or share lunch. Even inspections and repairs have become an immunology concern, as technicians must enter households to make repairs.

Tenants are trying to conduct most of their house-hunt and even touring online, and we fully understand. This is why all rental home owners should be preparing for contact-free property management. It's time to go digital, work with contact-free partners, and embrace the recent changes in the housing market.

Right now, housing inventory is low and it's a Seller's market. This is true for both home sellers and residential landlords. While families are shy about relocating during the pandemic, the demand that drives these moves is still present and tenants are looking for the safest possible transition process. That includes finding a landlord who can work with them on safe house-hunting and property maintenance.

Host High-Quality Virtual Tours

Touring is essential when finding a good match between homes and residents. Home touring poses one of the biggest challenges to do no-contact. Applicants need to get a feel for the space, quality, color, and light to know if they want to move in. But with the no-contact rule, it's become masks-only, and many tenants relocating can no longer travel to tour destination properties.

The solution is to provide high-quality virtual tours that allow applicants to explore the home almost-fully online.

Professional Photography Tours with Captions

The quality of your photographs matters more than ever. A few snaps with the phone camera is no longer enough when tenants are substituting a live tour with photographs. 

Instead, hire a professional for a well-lit complete tour. Move from room to room in a logical way that is clear to the viewer how the spaces mesh. Then be sure to caption every photo with the room depicted, prominent features, and the shot angle if relevant.

360 Photography and 3D Video Tours

The more advanced option is a virtual tour using the latest in photographic and video technology. A 360 photo tour is made of composite 360 degree images shot from a tripod through the house - much like a Street Level Google Maps tour. Applicants can "look around" by dragging their mouse over the view, simulating the ability to truly stand in and experience the space.

Another option is a 3D video tour. With similar technology, you can create a live walk-through tour video that tenants can also "look around" as they watch. Roller coaster simulations are done this way.

Advanced Tenant Screening

Landlords often want to meet future tenants in-person. It's good to get to know the family who will be living in your property. With the pandemic limitations, additional screening steps may fill the need for in-person confidence.

Video Chat with Tenants

While you can't meet face-to-face without masks, you can hold a live video meeting with future tenants. Any applicants that pass the initial screening process can attend a virtual meeting where the landlord can ask important follow-up questions and get a feel for the applicant.

Host a Telepresence Tour of the House

Normally, the homeowner or property manager will walk applicants through the home. They converse, get to know each other, and share reactions or information about the house. Together, it becomes clear if tenancy is a good fit. One option is to use telepresence. In other words, tenants tour the home with the homeowner on Face-Time, or the other way around. This allows for an almost-live tour of the home.

Pandemic Income Verification

Because the COVID market changes affected many careers, It may become necessary for more thorough income verification. This can be done via credit checks, calling references, or checking tax statements. Be sure to choose your actions based on what is legal in the property region.

A Website for Easy Contact-Free Management

Right now, tenants are understandably worried about landlords that either arrive in-person for problems or can't be contacted. Likewise, you need a plan to provide attentive tenant services with minimal in-person meetings. The best solution to both concerns is an online tenant portal.

Host a website that allows for both applications and tenant service management. 

Tenant Self-Service Portal

Modern professionals are always looking for brands with a self-service portal. This means no waiting, no phonecalls, and automated record-keeping. With a self-service portal, your tenants can pay rent, request repairs, and send messages without having to catch you on the phone.

From the portal, you can even help tenants self-schedule services with your partnered technicians and handyman teams.

Online Application & Document Management

Then use your portal structure to add online application. Use a smooth virtual-form tool so that applicants can quickly fill out their information and upload the necessary documents. This is not only convenient, it also assures your tenants that you are a high-tech landlord and likely provide thoughtful no-contact property management.

Partner with No-Contact Property Services

Last but certainly not least is the need for no-contact property services. You will occasionally need to send maintenance and repair personnel to the rental home while tenants are present. This creates a unique challenge with the pandemic ongoing. You need service teams that you can trust to provide both high-quality and no-contact service to your tenants.

• Property Inspection
• Roofing Contractors
• Plumbing Service
• Electrician Service
• Appliance & Handyman Services

Plan for No-Contact Inspections

No-contact inspections can be done in two ways. If your tenants are capable and cooperative, you can take a camera-video tour of the home just to check-in and see that the walls are still upright. For more detailed or maintenance-related inspections, you will need to send in someone masked, gloved, and trained to maintain no-contact procedures at all times.

Working with a Property Management Service

If you're looking for an all-in-one plan for renting a home in 2021, consider a property management service. A property manager takes responsibility for maintaining the house and taking care of tenants - whatever that may require. Today's property management teams are already adapting to the no-contact method, from tenant portals to trusted no-contact services.

For more insight on managing a rental home in 2021, contact us today.