- During these uncertain times, tenants and landlords alike are looking for answers on how to best proceed with their lives, careers, and properties.
- Provide your tenants with all of the important information to keep them safe during the pandemic.
- It is critical to stay up to date on current laws and regulations that specifically apply to you and your tenants.
- Visit The Financial Today’s homepage for more stories.
During these uncertain times, tenants and landlords alike are looking for answers on how to best proceed with their lives, careers, and properties. Ensuring the safety of yourself, your tenants, and your property managers while staying productive as a landlord should be at the top of your list during the pandemic.
Here are five ways to ensure safety and to maintain productivity as a landlord during these uncertain times:
Communicate Consistently & Openly
Proactively communicate with your tenants and make it clear that you and your team of property managers are available to address their pressing questions and concerns during the pandemic. Provide your tenants with all of the important information to keep them safe during the pandemic as well as other key information they need to know about their rights and recent updates that affect them as tenants of your properties.
Be prepared and always ready to help educate and reassure your tenants so they can feel safe in their homes. Assure them that every measure is being taken to reduce the impact of COVID-19 at your properties and that you are following all the changes and mandates of your local and national laws on your properties. A little empathy can go a long way.
Understand Your Current Rights and Responsibilities as Landlord
During these uncertain times, it is critical to stay up to date on current laws and regulations that specifically apply to you and your tenants. Familiarize yourself with the recent changes with the law that affects rental payments, eviction, maintenance, and many more.
It may also be worth touching base with your insurance provider to see if there are extra precautions or actions they are recommending at this time. Consulting your attorney would also be a wise move as a landlord so you can get further guidance on best practices, what is considered essential, and how to best provide services to your renters in light of the current situation.
Invest in Online Property Management Tools
If you don’t already have property management tools, now is a good time to think about investing in one. Online property management tools give you the ability to perform business actions remotely, such as collecting rent, filling vacancies, receiving maintenance and repair requests, and many more. These online tools are a great option for landlords and property managers who need to conduct the majority of their business online and allow multiple team members and tenants access from anywhere.
Properly Disinfect or Close All Public Areas
Common areas such as pools, clubhouses, community rooms, and fitness gyms have likely been temporarily closed. Before reopening such facilities and amenities, thoroughly sanitizing the space is a must and you should provide an increased level of cleaning for the foreseeable future. Consider posting your updated cleaning policies in any of these public areas.
Get Your Financial Plan Updated
In the face of massive layoffs and economic slowdown, you’re likely to have tenants who might not be able to pay rent on time. Decide how you will handle late payments and understand how it will impact your investment, properties, and personal finances. Know when it’s time to consider getting financial support in the form of loans from banks or government subsidies. Many lenders are offering payment suspensions or decreases during the pandemic. It would be wise to consider all of your financial options as a landlord as this would directly affect your properties and your renters living in it.
The current pandemic makes the future looks uncertain. Taking a step back to implement certain protocols will help you stay safe and keep your properties running as smoothly as possible. Communicate often with your tenants to find out what they need to feel safe and comfortable, and make sure you have a clear understanding of what you need to protect your team, tenants, and your investments.