The coronavirus pandemic has only gotten worse in past months and there’s still no telling when it will be over. The lockdowns have left our economy on the verge of collapse; a lot of people losing jobs and businesses closing down.

However, the human race has proven its resilience before. This is neither the first pandemic nor the first economic crisis the world has faced. Just like how we got through other hardships in the past, we will emerge stronger and better once this pandemic is over.

One of the industries most badly affected in the crisis is the rental housing business. Landlords and tenants were forced to adjust to the new normal and even though it may be far from over, there are already a lot of valuable lessons we can take away from all that has happened and is currently happening. Here are a few:

Landlords and tenants must build a strong relationship.

The past months have been a test of the relationship between landlords and tenants. A lot has struggled to keep their home, to maintain a steady income, to retain clients, and to get second chances.

The realization that a strong tenant-landlord relationship is essential for times of crisis has set in for most of us. It was easier for tenants who had a healthy business dynamic with their landlords to come up with a compromise and a win-win arrangement during this financially challenging period.

Build a foundation of trust and open communication with your tenants for you to have a give-and-take kind of business relationship.

There’s room for change.

This time of adversity is the best time to evolve. The biggest room in the world is the room for improvement. The rental property industry seemed to have followed a general template already for the past years; there’s already a common practice in marketing, managing, and operating rental properties. However, some of those practices are no longer feasible in the new normal.

For example, open houses and property tours are now replaced with virtual tours to minimize face-to-face interaction. Another example is the tenant-screening process going virtual as well. But the main point is, we could always find a way to adapt.

Short- and long-term Challenges must be anticipated

Part of owning a business is planning. You don’t only plan on how your business will generate the maximum income possible, but also how to address challenges that come your way.

Since the pandemic was not something we were able to prepare for, we are still in a continuous process of learning how to navigate through it. So as we take different courses of action to deal with the challenges that go along with it, we should expand our perspective.

When planning for your business, you need to consider both short-term and long-term challenges that may arise. Although it’s tempting to simply take each challenge as it comes just so you don’t feel overwhelmed, but knowing in advance what problems you would face would give you peace of mind and help you make better decisions.

The more prepared you are, the less chances of making impulsive decisions that might put your business at risk.

Going online is a great option

Before social distancing measures weren’t a thing, some landlords are still overwhelmed with the idea of exploring virtual alternatives when it comes to operating their rental properties.

But now that the new normal limits human physical interaction, now is the time to adapt. As mentioned earlier, adapting virtual tours and online tenant screening has become a safer alternative for both landlords and tenants.

Another way of taking your business online is by marketing your rental properties in the virtual space. You can start by creating your listing on platforms like Padleads where it’s easy to add information like location, features, and high-quality photos of your property. It’s also simple to syndicate your listing to popular rental websites where more home hunters can see it.