Top trend: Benefit from the remote working trend
Category News
The Covid-19 pandemic forced many people who had never considered working from home to take the plunge, and many of them have been keen to return to their traditional offices and work habits, albeit with new skills derived from having to work online.
But another large percentage are never going back. They have discovered the freedom of being able to use technology to work remotely while they travel to all their bucket-list destinations, and may even spend several months at a time in another town or country to experience the local culture, food and customs.
Recognizing this trend, many countries including SA have now introduced digital nomad visas to enable remote workers to legally stay for longer than they could on an ordinary tourist visa. To obtain these visas, remote workers usually have to prove that they have health insurance as well as a certain amount of guaranteed income from their remote employment, and that makes them an excellent target market for real estate investors.
In fact, there are several ways for property owners to make money from remote workers and digital nomads, the first of which is to rent out furnished apartments for a few weeks or months at a time. Such properties are generally more appealing to this type of tenant than a tourist hotel or Airbnb, especially if they offer a comfortable workspace and a secure, high-speed internet connection.
Alternatively, owners can convert their properties into co-living spaces, which are popular among younger remote workers and digital nomads who like to travel and live together in shared environments. These spaces should be designed with communal areas such as a kitchen, living room and co-working space to promote interaction and collaboration among the residents.
In addition, property owners can offer paid-for services such as cleaning, laundry, and meal delivery to attract remote workers and digital nomads. They can also offer basic language courses, day trips and concierge services to help familiarize their tenants with their new environment.
To attract remote workers and digital nomads, landlords with suitable properties can advertise on websites such as Remote Year, Nomad List and Workfrom or promote them at a growing number of remote workers' conferences and events.
However, it is also important to appoint a professional and experienced rental agent who can provide legally compliant lease documentation, collect your rent, handle ingoing and outgoing inspections of the property and contents, and manage the ongoing upkeep and any repairs that may be required from time to time.
Author: Chas Everitt