COVID-19 has interrupted the normalcy of the rental market and is prompting financial hardship for everyone. The near term outlook on air travel is bleak and it is reasonable to expect that it will take years for travel to restore itself to pre COVID-19 levels. However, you must keep in mind that there are always opportunities for those who look for them. Just because the world feels different doesn’t mean people shouldn’t find ways to unwind and enjoy themselves!
Think Local
You know that air travel is repressed but that people feel an urge to get out, so your best post COVID-19 renter is likely nearby! You can expect summer travel to take the form of more localized road trips, especially with such cheap gas prices and the new trend of eco-travel. Those who may not be brave enough to venture out of their state might instead opt for a staycation. Perhaps it’s just time for a change of scenery or a different neighborhood to walk through? Highlight your property’s location and amenities to attract prospective renters looking for a change of pace.
Think Like a Marketer
When you target local markets you accomplish a few things. First, you have less competition and that will decrease your marketing costs. Localized newspapers, magazines, and online advertisements are cost-effective and inform people of vacations nearby. Second, present yourself and your property as a local business that needs support. Take advantage of post COVID-19 markets that will require a bit more compassion and flexibility. Third, underscore the benefits of local vacations. For example, renters can avoid the stress, health concerns, or price tags of air-travel by booking local stays!
Similarly, if your rental property is looking for long-term renters then it may benefit you to reduce and market your property’s pricing. Many renters will be unable to afford current rental rates and it’s certainly better for you that your property is occupied rather than empty. Advertise special promotions that create mutually beneficial terms for all parties.
Think Like a Renter
Ask yourself, what does a potential renter want to see as they emerge from their COVID-19 lockdown? They’re most likely a little nervous and certainly more cautious, but also itching to return to pre-pandemic life. In your rental listing include details about your cleaning and sanitizing practices. Perhaps you’ll also want to stock the property with some cleaning supplies that you wouldn’t usually supply to renters such as masks and gloves.
In short, the post COVID-19 rental market is about connecting more intimately with renters. Everyone feels as though they’re in the same boat and that’s an opportunity to lend a helping hand. Your property helps someone to get away and relax, while they help you to cover your property costs! There is no need to hide that during these times, and instead you’ll want to focus your messaging so that it is relatable, localized, and comforting.
PointCentral: Automation Solutions for Rental and Vacation Properties
At PointCentral we build advanced smart home automation systems to enhance the safety, comfort, and well-being of homeowners. Our systems and services are designed to make your properties easier to manage, more rentable, and more cost-efficient. The smart devices we recommend also happen to add a more hygienic allure than traditional properties (think keyless doors and no-touch faucets).
To learn about how your properties can benefit from the latest smart home technology, contact PointCentral for a free demo today.
