Lease Property Virtually

With the problems created by the coronavirus pandemic, the way everything operates has had to change. Just like other businesses, landlords need to change the way they operate as well. Landlords will have to now lease property virtually. There are tips and suggestions on how to lease or rent a home virtually. We review what you can do as a landlord to keep potential tenants safe while still continuing your business.

Local Recommendations

Depending on where you are, the rules and guidelines may be different as to how you need to proceed. If your state has designated real estate as an essential business, you may be able to carry on in a similar way to you have always done. If this isn’t the case where you do business, you will have to conduct showings with the help of online services.

Online Showings

Before the tenant commits to renting a property, they are going to want to view it, despite COVID-19 restrictions. If your state, county or city requires it, or even if it doesn’t, you should consider setting up virtual tours of your vacancies. This can be as basic as creating a larger than normal online album of photos of the property.

You could go further with live tours of the home, using services such as Facetime, Skype or Zoom. This will allow you to get to know the potential tenant better, as well as give them the chance to ask questions and find out everything they want to know about the vacancy.

Increasing popular are 3D virtual tours. Services like EyeSpy360 and Matterport, take your photos to create a walkthrough video, floorplan layout, and interactive tour of the property. These types of virtual tours let interested renters look around as they wish, providing a better understanding of the layout and if the home is right for them. Other agents are using YouTube videos for a virtual tour of the property. In addition, other agents are utilizing webcams to be installed on the property. The webcams can keep the potential tenant or buyer engaged by coming back to view it. If you are going to utilize a webcam, then it is most likely not going to be a vacant property as the owners may have turned off the internet.

Offering a service like this is valuable even without the pandemic and something you may want to continue to use even when the restrictions are lifted.

Lease Property Virtually

It is important for tenants to have their own agent during the COVID-19 pandemic. Agents will ensure that a tenant will not get taken advantage of with a rental scam.

When you have a tenant for the property, you can also use online services to sign the lease agreement such as DocuSign. There are a few different property management software providers to choose from, and they let you move the whole process online. Many tenants will find this way of doing things better and easier, and it could be something else you stick with after the virus crisis is over. As a landlord, it is important for an owner to utilize a real

Collecting Rent

There are many issues surrounding rent payments at the moment, and difficult decisions to take. Using online payment processors will remove this danger and could be easier for your tenants. Whether you have chosen to allow your tenants to defer rent or continue as normal, collecting rent is another way in which the virus could be spread. Deferring the rent can have a severe economic impact on the landlord.

Managing your investment property is extremely important and you need to have tools in place before leasing it out. Property management software will allow you to collect rent payments and keep track of things when leasing a property. Better-known payment providers, like Paypal or Venmo, can also be used to invoice your tenants. This should make your life easier as well as your renters, making sure that all parties have a clearer understanding of what is owed and when.

Face-to-Face

Even with all of the online tools available to landlords, there may still be instances where you will have to meet people. You could find yourself in an unavoidable situation where the business has to be done in-person. When this happens, there are things you can do to protect yourself and the person you are meeting.

Ideally, your state or county will have some guidance available to meet the rules and guidelines in your area, but there are some basic precautions we should all be following. As most people will be aware, washing your hands more frequently than you did before, is an easy precaution to take against the virus. At least 20 seconds with soap and warm water should be enough to remove any trace of the virus from your skin.

If you aren’t able to wash your hands, use hand sanitizer. Keep it in your car and use it before you get out of the car and as soon as you get back in. Face masks will reduce the chance of both getting and passing on the virus. When using a mask, it is important to try to avoid touching your face and mask so that you don’t pass the virus from your hands into your airway.

You should stand or sit further apart in any meetings at least 6′ and practice social distancing.  Clean the area both before and afterward is a good precaution to take. You shouldn’t meet with anyone if either you or them have any symptoms of COVID-19.

Be sure to check with your local state, county or city guidelines before showing any property in person. Most states do have a plan in place with a pictogram that needs to be shared online and posted at the property before entering any property.

Final Thoughts

Everyone needs to take responsibility to reduce the chance of spreading the virus. If you can cut down on in-person meetings and do more of your business online, you will help while still running your real estate business. However, the situation won’t remain as bad as it currently is, forever, and we will all have to adapt to the new way of operating or the “new normal”.

About the Author

This real estate article “How to Lease a Property Virtually“ was written by Sharon Paxson, a top Newport Beach CA Realtor. With experience since 2005 representing buyers, sellers, landlords, and tenants, we welcome the opportunity to guide you through your next real estate transaction!

Whether you’re looking to buy, sell, or rent we will guide you through the entire real estate transaction. If you are considering buying or selling, please contact us.