Unfortunately, the effects of this global pandemic will mean a long road to recovery. Stay-at-home orders and social distancing are forcing people to adapt to how they live and work – and that’s no different for property owners. While it may be easy to dwell on the negatives of this situation, it’s important we stay positive and upbeat.
The travel industry has majorly taken a hit from this pandemic – and it’s no surprise. This can make property owners concerned for what their future might be, and whether they’ll be able to continue in this field. Below, we will break down some things to keep in mind when you start to feel overwhelmed with Coronavirus news:
Remember that We Have Been Here Before
With our technologically advanced society, we have a much better chance of rebounding from this virus from what we can see in history books. While we can’t specifically say how long it will take (or how hard it will be), we can confidently say that as a global community, we will weather this storm together.
Think of your local community. You’ve probably heard a lot of negative news about the Coronavirus. But also remember the positives you’ve heard! The stories of people banding together to support local businesses, and younger generations shopping for the older generations. Within the bad, we can still see good – it just might take a little bit to see!
Remember Your Previous Success
Your rental has had years of amazing reviews and great feedback from guests. Don’t decrease your prices in a panic, thinking you need to make up for what revenue you might be losing. Immediately following the attack of the World Trade Center on September 11, 2001, hotels around the nation began cutting their rates to attempt to entice people to travel. While hotel owners thought this was the correct move at the time, it eventually came back to bite them as they were unable to raise their prices back once people resumed normal travel.
Instead of making drastic changes to your rates, consider researching the best way to handle the situation. For some, that could include turning your attention to cutting unnecessary costs surrounding your property or even switching the focus of your rental to businesses. This will ensure that even after we are recovering from this pandemic, you will still have a niche with your property.
Consider the Extra Time a Blessing
You have been given time to improve on things within your property to increase its value. Like we’ve mentioned in the past, there are a lot of things you can do with your rental while people are not in it. Consider deep cleaning (a benefit not only for your renters, but also for your safety as well), restyling rooms, offering unique incentives, and fix on-site issues like cracked walls, broken floor tiles, and backed-up pipes.
If you are unable to do these things yourself, ask around in your community to see what local businesses are still working. It’s always better to support your neighbors when you can – they are the ones that are most likely to refer business back to you!
Look at Alternative Ways to Get Bookings on Your Property
There are so many websites out there for you to list your rental on. Whether you would like to take a listing site (like Booking.com, Airbnb, or VRBO) or a social media campaign approach (like Facebook or Instagram), make sure you are highlighting every aspect of your property in the best light. Also, do not be afraid to tell your family and friends about your listings: they can be your biggest advocates!
With travel being mostly restricted internationally, you can expect more domestic travel from the people you know the best. Take this time to really go over the details of your property. List the benefits on each listing you create, and make sure the rental is shown well in bright, professional photography or videography.
Get in Touch with Past Renters
Your past renters will be able to inform you of what the most attractive aspects of your property are. Use this knowledge to your advantage – highlight these aspects in your listings! While you are touching base with previous renters, offer them discounts on your rates if they book with you again (not only will they know they already love your property, but they get the added incentive with the slightly reduced rate!).
Even if your past renters do not book with you again, they are more likely to tell their friends and family about their experience when you made it special. Kind customer service is something people remember at a time like this!
Be on the Lookout for Good Investments Opportunities at this Time
For those with a keen eye for investments, they know that a big fall can be a great time to buy and sell at a great profit down the road. If you are not as knowledgeable as you would like to be about the subject, now is a great time to research and learn so you know what a good property would be to purchase!
Anyone that is well versed in investments knows that eventually, you will hit a point where you just can’t manage all of them on your own. When that time comes, be sure to call a property management company you can trust – Whome! We take pride in our ability to take the hassle out of a property owner’s day by performing all of the maintenance, cleaning, key service, check-in, and everything else a rental property might need.
Need Some Help Managing & Improving Your Property During this Crisis?
Whome is a property management service located here in Portugal. If you have a property here that you have a difficult time managing, maintaining, and so on due to the crisis, we can help! Be sure to give us a call today to set up a virtual appointment to talk about how we can help your rentals thrive!