How property owners can benefit from the remote working trend

Many people forced to take the plunge into remote working during the Covid-19 pandemic had never considered doing that full time and now, three years on, a big percentage are returning to traditional offices and work habits, albeit with new technology skills derived from having to work online.

But another large cohort have decided they are never going back, says Berry Everitt, CEO of the Chas Everitt International property group. "They have wholeheartedly embraced the freedom of using technology to work remotely and at any time of day that suits them, whether it's from their home or while visiting one of their bucket-list destinations. And many have even become true digital nomads who 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, and 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. This makes them an excellent target market for real estate investors."

In fact, he says, there are several ways for property owners to benefit from the remote working and digital nomad trend, 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 bigger 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."

Writing in the Property Signpost newsletter, Everitt says property owners can also offer paid-for services such as cleaning, laundry and meal delivery to attract remote workers and digital nomads, as well as basic language courses, day trips and concierge services to help familiarize their tenants with their new environment

"To reach an audience of remote workers and digital nomads, landlords with suitable properties are advertising on several specialist 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."