During the Covid-19 pandemic, everyone has been feeling a little bit anxious. Property managers definitely have their hands full with dealing with collecting rent from many who have lost their jobs due to the pandemic. This paints landlords as “bad guys,” but there are some things you can do during this pandemic to help you be the best property manager you can be.
Taylor Equities recommends being in really good communication with your investors and property owners. Having a good relationship with them can help you to think outside of the box together on ways that you can mitigate losses during these hard times. Working out payment plans, or delaying rent for 1-3 months for people can end up losing you much less money than having a vacant property for a year. Obviously, you need to understand the situation of your renters also and be in good communication with them to find out how their job search is going etc.
Seeing if there are any local programs to help landlords cover missed income is also important to do in case there are any programs that can help.
With so much going on, Taylor Equities Apartments suggest making sure you have a good daily gameplan of all of the things you need to accomplish as a property manager. When things fall through the crack, you can quickly find yourself in a lot of trouble. It’s hard to hold renters accountable if they can’t hold you accountable when it comes to repairs or coming through on something you said you were going to do. Happiness goes both ways, and getting your renters to trust you, and you being able to trust your renters is essential to maximize success.
These tips can help any property manager better navigate the current economic conditions and increase their chances of success with with their investors and renters.