There’s no denying the impact of the COVID-19 crisis on every household or family. The pandemic has forced them to stay indoors and compelled them to follow health and safety protocols outdoors. It’s good that the pandemic restrictions have gotten lighter. Vaccinated individuals have fewer chances of getting COVID-19 infected when going out.
But what about those living in rental properties like apartment units and condominium complexes? What are the common issues encountered by tenants? And what are the pandemic implications on property managers? That’s where property management comes into play. However, it needs to be more critical and robust in the new normal, from ensuring property occupancy to managing rental properties to dealing with tenant issues.
If you’re a property manager, here’s how to properly manage rental properties during this pandemic:
1. Be robust yet flexible in your property marketing
It’s apparent how some rental units and properties have become vacant during this pandemic. With the rising unemployment and business closure, many tenants lost their income, failed to make rental payments, and got evicted. This year, it’s time to be robust in your marketing tactics to ensure property occupancies. However, it won’t hurt to be a little flexible in screening for potential tenants. After all, your goal is to fill in property vacancies while helping individuals have a place to stay in the new normal.
2. Open lines of communication with tenants concerning rental payments
As a property manager, you don’t only focus on maintaining properties and boosting your client’s rental business. On top of all these is to oversee the welfare of your tenants. Apparently, some of them might have been hard-hit by the pandemic. As such, they have been struggling to keep up with their monthly rental payments. When confronted with this situation, the best course of action is to open lines of communication. That way, you can negotiate and arrive at favorable decisions for both parties.
3. Establish and reinforce health and safety protocols
There are signs of slowing down for the pandemic restrictions due to the ongoing mass vaccination. However, there is no sign of stopping yet for the crisis. So while the pandemic is here to stay, continue to implement and reinforce health and safety measures and protocols. First, remind your tenants of the importance of complete vaccination, frequent hand-washing or sanitizing, cleaning and disinfecting, and regular health monitoring. Also, advise them to wear masks, maintain social distancing, and avoid crowded places when going outdoors.
4. Make property improvement projects a priority
As a property manager, you want to keep your units or properties in top shape and working conditions. However, they can be subject to wear and tear due to constant use and abuse during this pandemic. Why? Tenants spend most of their time indoors. For this reason, be sure to attend to their needs like plumbing, electrical, and HVAC maintenance and repairs. Also, consider carrying out some remodeling projects. That way, you can maintain your rental properties’ aesthetics, functionality, and safety.
5. Carry out outdoor landscaping and home gardening
When it comes to property improvement projects, you must also consider having outdoor landscaping. It’s time to boost the outdoor space of your rental properties. That way, your tenants won’t get stuck inside their units and have outdoor relaxation. For one, you can set up a garden within your premises by growing plants, shrubs with blooms, and fruit-bearing trees. Also, you can install hardscape features like a deck, patio, pergola, walkway, and even a storage building or shed. Lastly, you can have a vast lawn for outdoor interaction, fun, and sports.
6. Update your tenants through social media
As a property manager of a rental building or condo complex, you have crucial responsibilities over your tenants. Amid the crisis, you must consistently educate and update them. It’s best to create a social media page and add all your tenants. From there, provide critical updates on the COVID-19 cases in your immediate community. Also, be sure to post health and safety measures for tenants to observe and follow. Plus, encourage local businesses, suppliers, and relevant organizations to advertise on your social media page to keep the community intact. For instance, if there are scheduled vaccination in your community, be sure to inform your tenants.
At this point, you now know what it takes to manage rental properties during this pandemic. Be sure to consider the property management tips recommended above, from ensuring flexible marketing to setting health and safety protocols to educating tenants amid the crisis.
As a property manager, you want to keep these rental properties in top shape and condition. At the same time, you want to help your tenants cope with the pandemic while ensuring that the rental business stays afloat. Ultimately, a robust property management strategy will help you achieve these goals in the new normal.