The Freelance Economy: How Property Managers Can Cater To This Workforce

Posted by: TheGuarantors on August 4, 2022

 

 

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As the freelance economy continues to grow, landlords are starting to cater to the needs of this new workforce. Did you know that as of 2021, there are 58 million freelancers in the U.S?

In this blog post, we'll explore how property managers can make their properties more attractive to this growing demographic of renters who may not always meet traditional application requirements.

What is the new freelance economy?

The freelance economy is a term used to describe the growing number of people working as independent contractors or freelancers. This type of work has become increasingly popular in recent years, as more and more people are looking for ways to have greater control over their careers and work-life balance.

There are a number of factors that have contributed to the growth of the freelance economy. One is the rise of the internet and the gig economy. The internet has made it easier than ever for people to find work online and to work remotely.

Now, more and more people are opting to leave traditional 9-5 jobs in favor of more flexible work arrangements.

What does this mean for landlords?

The freelancer trade or gig economy approach can cause issues for some property owners and renters when it comes to completing background checks and proving reliable income.

The very nature of this new economy means freelancers are only getting paid while they're working. From a property manager’s perspective, it's very important to stay protected against defaulting renters.

Making your property freelance-friendly

There are a few simple things you can do to make your property more freelance-friendly and appealing to this growing demographic. Here are a few tips:

Offer flexible lease terms

Shorter leases, month-to-month, or even week-to-week agreements can be appealing to freelancers who are looking for a flexible living situation. This also gives them the freedom to end the agreement more easily, should their situation change.

Include amenities that cater to freelancer

Things like proximity or access to co-working spaces, coffee shops, and meeting rooms can be a big draw for freelancers. In addition, strong wifi is another huge benefit. If the internet connection isn't great in your area, then you won't be able to attract people who need it everyday.

Our Lease Guarantee product, which enables renters to get qualified for the apartments they want while providing you strong protection from default risk, is a helpful financial amenity that can help qualify more of this demographic for your buildings.

Make your property pet-friendly

The freelancer life can be a stressful one, which is why many have pets to help manage those anxiety levels. Good pets for freelancers include dogs, cats, reptiles, or fish. If you want to appeal to this demographic, then make sure, when advertising your portfolio, that you make it clear that you accept pets.

Offer deposit replacement options

Funds may be sporadic for some freelancers. That being said, they could still have some large projects in the works, so ample funds could be available soon. In the meantime, you might consider offering our Security Deposit Replacement product, a deposit coverage product that gives renters more money in their pocket at move-in while giving you strong protection from potential damages. It’s a win-win.

In conclusion

The freelance economy has been growing for years, and it's showing no signs of slowing. So, it pays to remain in tune with that market. After all, why wouldn't you want to appeal to 58 million people? Check out TheGuarantors’ website to find out more about how we can make your properties more appealing to the changing market.