The COVID-19 pandemic has caused significant changes in the international community, both social and economic. People’s mobility is strictly regulated, and unexpected market conditions become prevalent in most industries, especially in medicine, food, and electronic commerce. As with other businesses, the real estate market has also been affected by the current pandemic. Based on the report by ATTOM Data Solutions, 1.5 million residential properties in the United States are vacant, which represented 1.6% of all homes during the third quarter of 2020. In the same report, analysis shows that 3.7% of about 216,000 homes are in the process of zombie foreclosures.
In property rentals, the rise of the unemployment rate and medical-related expenses have made many tenants defaulted on their obligation to pay rents. The government implemented measures to halt residential evictions and issued a moratorium on foreclosure temporarily. Indeed, the COVID-19 pandemic has made changes in the real estate industry.
As a real estate investor, it may be harder for you to manage your properties during the pandemic. Real Estate IQ wants to help you cope up with these obstacles. Here are three simple tips on how you can manage your real estate properties, especially during these challenging times:
1- Know your options
During times of crisis, there is a pressing necessity for you to know your options and make the best decision out of the situation. For instance, if you are a landlord, you may experience some conflicts about defaulting tenants. In this given scenario, there are various options you can do to respond accordingly. You may follow local and federal mandates, come upon the best agreement with your tenant, or avail the CARES Act. Knowing your options in every situation will allow you to resolve your client’s concerns constructively. It will also enable you to settle possible conflicts that may arise in your real estate business.
2- Double up on leads and increase your marketing
Significant challenges must inspire you to go beyond the ordinary and aspire to reach greater heights of success. You must challenge yourself to strengthen your commitment to marketing strategies because improving your marketing campaign creates an avenue to double up your leads. One of the best ways to manage your real estate properties is to increase your leads by investing in automation tools. When you have more leads, you may have better chances to win the best deals. In Real Estate IQ, you may avail of our Premium Deal Finding Suite and receive top off-market lists with the skip-tracing has already done for you!
3- Keep on learning
Learning is a constant requirement in real estate investing. You may make your free time more productive by reading books and learning new business strategies. You may join our virtual event, Successful Habits Book Club, where experienced investors share their views and insights about a selected book. You may also attend our training and webinars and be part of our discussions about real estate strategies and the latest hot trends in the real estate market.
Managing your property can either make or break your real estate business because by regularly checking your properties, you can efficiently address simple wear and tear and avoid major repairs. Further, if you know your options, leveraging your marketing and learning new business strategies, you can definitely make your property management a breakthrough.
Steve Liang is the Co-founder and CEO of Real Estate IQ. He is a national speaker and a member of the Real Estate Advisory Board of North Lake College. Some of his achievements include being the REIQ’s Market Leader in Real Estate Intelligence Augmentation; co-founder of Real Estate Deal Finders Meetup, which hosts over 20 monthly real estate networking and deal-finding training in Texas; and a goal-setter and motivational speaker that helps entrepreneurs to unleash their potential and achieve their goals. Steve has spent most of his career practicing leadership, management, marketing, and strategy execution.
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.