May 11, 2020 04:24 PM EDT
Tips For Landlords Buying or Selling on College Campuses
In the United States, college campuses have been shut down for the past few weeks, forcing students to turn to online classes in order to get their remaining credits. With no clear direction on whether schools will open up in the fall or not, landlords on college campuses are likely wondering how they will be impacted. If schools don't open up, then the apartments and homes near campus that are normally filled with students might not be as in-demand as usual.
Now might seem like a scary time, but if you were either in the process of selling your rental property or buying a new one, we have some good advice to follow.
Follow a high standard of cleanliness
One of the most important things you can do right now is be very clean and keep the house as sanitized as possible. For those of you who are current landlords and have tenants who plan to move out, or have recently moved out, come up with a safe plan for cleaning the house. Follow CDC guidelines on how to clean and disinfect the home and don't be afraid to wait a week or two before entering post moveout. Wear masks and gloves and use soap and water followed by disinfectant to clean off surfaces.
If you're in the boat of wanting to buy out a rental property on a campus, there are also ways to stay safe and keep your tenants safe. After readying the house for move in, provide your tenants, who are likely college students, with tips on how to safely move during coronavirus.
Complete remodeling projects
Whether you're planning on selling your rental property or keeping it, now might be a good time to work on sprucing up the house while people aren't living there. Once the house is empty and sanitized, engage in bettering the home and working on projects that you might not have had time to do during the school year. Repaint the walls, scrub the oven and refrigerator, clean tile and grout, and maybe even replace appliances. Nicer spaces tend to attract more responsible renters, and a college landlord's nightmare is renting to those who are messy and destructive.
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Become acquainted with virtual showings
In the United States, physical showings aren't recommended because they can promote the spread of the virus. However, that doesn't mean that showings in general are out of the picture. Virtual showings to sell a home are becoming the new norm. These showings are done by way of a computer or video and allow people to view a house actually having to leave their own home. You can do them live, pre-recorded, or even by way of 3D images if you have the right technology. Have a chat with interested buyers or renters and see what works best for them and for you as well.
Stay on top of information
Besides staying safe, the most important thing you can do right now is keep aware of new information on how coronavirus is going to impact real estate. This can make a difference if you are going to buy, sell, or even rent out your space. The biggest piece of advice we can give you is to contact a local Realtor who is on top of the current climate.
As always, we hope you're staying safe out there during these challenging times. Come back regularly for more news, advice, stories, and updates!
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