As a property manager, you may be feeling the squeeze of the effects of COVID-19. Here are a few tips to help you navigate the pandemic as a property manager.
Change The Perception
Whether you are running apartment buildings, smaller rentals, or yardi canada properties, most tenants view property management as rich corporate villains. While this certainly isn’t true, the perception exists. Most tenants think that paying their rent during hard times won’t affect the property managers or the owners of the property, but this couldn’t be farther from the truth.
The truth is that landlords hurt just as much as tenants when rent payments don’t come in, so being honest and transparent with your tenants can help them feel like you are in the same boat and will work through this together.
During the pandemic, you will most likely have some missed rent payments due to job loss or tenants getting sick. However, missing a payment or two is better than missing five or six payments from a tenant. One way to help combat serially missed payments is by offering your tenants temporary payment plans. Deferring a rent payment, or working out installments can help a tenant who is in a temporary pinch get out of the hole they are in and continue to be good renters into the future.
Obviously these sorts of arrangements can be made on a case by case basis, but having them in your tool bag property management solutions can be very helpful to help you navigate through these uncertain times.
As you can see, people respond well to other people that they view as their equals. By evening out the playing field and showing them some mercy, you may be able to keep the missed rent payments at bay and continue to turn a profit.