The COVID-19 crisis sent the real estate industry into a whiplash. While pundits can always make predictions on what can potentially happen during an economic downturn, no one could have pinned down exactly what would happen to real estate investors and their properties due to a pandemic-related recession. If you’re one of those investors and find yourself having a hard time looking for buyers or tenants, here are some ways you can turn yourresidential property into a money-making venture-especially if you worked hard and invested in its aesthetics.
But first, you should consider hiring a team of real estate agents and specialists who boast of a dynamic property marketing strategy and know exactly how to showcase your real estate asset in the best possible light during this pandemic. Make sure they have expertise in the area and know the ins and outs of digital technology, so they can market and eventually rent out or sell your property at the best price. Here are some ideas to market your property or some business ideas you can play around to earn money from it while you’re waiting for buyers.
Pop-up cafe or coffee shop
If you have a passion for coffee and pastries, consider turning your residential property into a small cafe or coffee shop where people can enjoy their coffee and/or food. The beauty of a residential property, especially if it’s on the smaller side, is that you would be abiding by state restrictions on the number of people who can gather in a small space. If you have a garden, you can also turn it into the main dining area so that customers can have their coffee outdoors, where chances of infection are much lower.
If your residential property allows for natural light and is clean and spacious, you can turn it into a studio where media professionals can do photo or video shoots. Professional photographers and videographers are always on the lookout for beautiful locations where they can do their projects or build their portfolio, so consider turning your space into a studio where marketing teams can hold their shoots.
Small event venue
Another option for a beautifully-designed residential property is turning it into a venue for small events. With gathering restrictions still in place in many states, small events like micro-weddings and birthday parties have been all the rage. If your residential property has a stunning backyard or designed in a way that allows for a romantic aesthetic and styling, consider marketing it as a potential venue for special events that are smaller in scale.
Bed and breakfast
If the property has several rooms and you want to maximize income possibility, consider marketing it as a bed and breakfast. Services like Airbnb have had to pivot in major ways to make sure that guests and hosts alike remain safe and healthy during the public health crisis. If you take every safety precaution possible, you can also turn your residential property into a bed and breakfast.
The storage space industry has always been considered largely recession-resistant. The COVID-19 crisis didn’t necessarily change this since the pandemic has brought on many 4Ds: deaths, divorces, displacements, and disasters. There will always be a huge demand for more storage spaces because there will always be many people who need to find secure locations for their belongings while they figure out their next steps. During the pandemic, CNBC reported that more than a thousand universities and colleges had closed their doors to curb infections, affecting about 14 million college students. Students who needed to find new locations for their possessions while considering their options and storage spaces can be a godsend for them.
Regardless of where you live, you can turn your residential property into a place where you can grow your own produce that you can then sell. These include vegetables, fruits, and even flowers. If your residential property is in acreage, the possibilities are endless. While this would take a lot of investment and effort on your part, it can also help you save money in the long run if it paves the way for self-sustainability.
The COVID-19 pandemic should not preclude you from earning money from your real estate investments. With some creativity, imagination, and the help of real estate experts, you might be able to turn the situation of your real estate investment around if you adjust to society’s current demands.
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