The COVID-19 pandemic has engulfed the world and caused the massive financial downfall of nearly every market in every country in the world. Everyone is affected by it, and hosts are no exception. As an STR homeowner, you need to find ways to adapt to the current situation. Here are some tips for hosts and property managers during the pandemic.
In this article:
Tips for Hosts —
- Coming up with a Plan
- Update Eviction Policies
- Prioritize Safety
- Decrease the Rents
- Digitize Your Business
These Tips for Hosts Might Help You with Your Business During the Pandemic
Coming up with a Plan
Hosts should be prepared for anything like frequent market changes to tenants’ demands.
Taking countermeasures to keep your tenants, residents, and associates safe is crucial during this time. Hosts should encourage residents to follow the directive of social distancing and state guidelines. Furthermore, pausing inspections and canceling any events that involve large gatherings is also very important.
You also need to carefully and frequently disinfect all the building’s contact surfaces, increasing the property cleaning frequency. You can also set up a hand sanitizer station at the building entrance, in front of the elevator, or anywhere that is appropriate. It isn’t a bad idea to ask residents to use delivery services during the pandemic instead of going out shopping for groceries by themselves. However, this is something that is up to each individual.
Update Eviction Policies
Next up on the list of hosts’ tips is to understand and update any changes to renewals, delinquencies, and evictions policies. Many states and cities around the country have passed down the order to suspend evictions. However, different states and different cities are governed separately; for example, Los Angeles has passed on a temporary ban on residents’ evictions.
The most important thing you must do is frequently check your state and local municipality’s regulations to know the changes and updates. After checking, come up with your own way to ensure you can both sustain your business and help your tenants.
During this time of hardship, of all the tips for hosts, this tip is the one you should not underestimate, and that is to prioritize your safety and the safety of your residential tenants. The best solution to prevent the virus from spreading is to stay home and obey the government’s social distance law. By staying home and avoiding direct contact with other people, you can help protect yourself and others.
As an STR homeowner, educating your tenants, residents, and visitors about the threats that COVID-19 holds is essential. In addition, don’t forget to train any staff about the safety precautions that you are executing and encourage them to follow. You could raise more awareness by creating informative videos that can be shown on monitors or provide leaflets at the reception desk.
Decrease The Rent
Many people lost their jobs, companies lost their money, and it seems the whole world has suffered a financial crisis. As a reasonable host, you need to understand the current financial state of your tenants. By doing this, you will show your tenants that you actually care and will create a good impression.
This can have a long-lasting effect more than you know; it helps you create a deeper connection and relationship with your residential tenants. Nowadays, people are trying to save money as much as possible, so you’re unlikely to have new tenants renting your properties, and it is better to let your current tenants stay than risk a vacant property.
Digitize Your Business
Go digital with your business. Following social distancing guidelines and staying home has become the duty of every American. If you can utilize modern technology to your advantage, you won’t have to worry about falling behind your competitors.
Use online payments and other management tools to make your life a whole lot safer, not to mention easier. This way of using technology to improve your business is not only useful during the pandemic, but it will also help you maximize output after the pandemic has passed.
Do you own a rental property? BoomSTR can help you solve your property marketing challenges. Schedule a consultation today.