With remote working becoming widely accepted among companies worldwide, in the aftermath of the Coronavirus pandemic, it is becoming increasingly difficult for landlords to find tenants for their rented properties. A vacant property impacts them in two ways. Apart from losing a regular source of income, they also have to bear the additional burden of paying maintenance. To avoid this, it is imperative to find a tenant as soon as possible.
There are numerous traditional ways to find a tenant. However, one needs to ascertain which methods may be more effective, considering that the competition among landlords to lure tenants through various incentives, has intensified following the COVID-19 pandemic.
During the period when India was under a lockdown in 2020, as the government aimed to contain the spread of the virus, prospective buyers not only researched homes online but also went ahead and made the purchase using virtual mediums. This goes on to prove how effective online tools have become in the housing market.
Also, since a majority of tenants, mostly in the age group of 20-30 years, today rely completely on online mediums for various important decisions, rental websites act as the natural option for a landlord to find tenants quickly.
Websites like Housing.com provide you with a vast network of tenants, who are actively looking for properties. Apart from helping you to find a tenant, such sites also help you with the work involved in execution of the rental agreement online, online tenant verification, online rent payment, etc.
Social media forums
A more direct way to approach tenants, would be to reach them via social media platforms like WhatsApp or Facebook groups. If you post a message in, say, your housing societies’ WhatsApp group, the information would reach more relevant people. People in your network would be able to direct a tenant in your direction. You could also use your Twitter account to spread the word. This way, you will also save on expenses.
With so many virtual tools at our disposal, we often start to undermine the importance of the physical tools available to us. A wise landlord would be one, who uses a combination of both these channels available to him, to find a tenant quicker than his peers. This is where the word-of-mouth publicity comes into the picture.
If a friend of yours is recommending your property to a friend/relative of his, the chances of the deal getting closed quickly are much higher than in any other case. This is because your friend helps you to establish your credentials in front of his friend/relative and vice-versa. However, that does not mean that you should show any laxity, when it comes to tenant verification. Moreover, you would not need to spend any money on word-of-mouth publicity – only your effort is required.
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