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5 Best Ways to Deal with Rent Delinquencies
If you're a property manager or landlord of a multifamily housing community or complex, navigating these COVID-19 waters for the last eight months has been somewhat challenging.
By: Winston Rowe and Associates
That said, here are the five best ways to deal with rent delinquencies right now.
No. 1: Build Proactive Partnerships
One of the best things you can do as a property manager right now is to collaborate with your tenants to ease the pressure and address financial hardships.
You can decide if a low rental rate moving forward is a feasible option for tenants affected by the ongoing pandemic. This may be a better option for property managers who have mobile homes for rent or those leasing single-family dwellings.
No. 2: Invest in Tenant Loyalty
Yet another proactive option for dealing with rent delinquencies now is to invest in tenant loyalty.
Providing tenants with incentives to stay even after all of this is over, by giving a small rental credit or even a gift basket with needed supplies (masks, hand sanitizers, etc.), can lead to long-term retention.
No. 3: Paying Close Attention to Future Changes
It is also beneficial to keep your ear to the ground.
Apartment-eviction moratoriums did not spring up overnight, and there was definitely talk of what local and state governments might do before they happened.
There is a whole host of employment opportunities online for remote workers, essential workers, and healthcare providers. So, if you stumble upon jobs that are perfect for any of your unemployed residents, it might be worth the mention.
No. 5: Provide Assistance Information
Making it easier for your tenants and residents to get in touch with agencies that are providing much-needed assistance is another way to make a difference.
Helping your residents secure food, homeschooling supplies, affordable medications, cleaning supplies, utility-payment assistance, and so on makes their financial responsibilities a little easier to manage.
Real estate or rental housing is fundamentally a relationship business, even in the midst of an ongoing pandemic.
It is imperative that we all work together to weather the storm. Through effective communication and landlord-tenant collaboration, collective anxiety and distrust can be diffused.
Winston Rowe and Associate prepared this article they can be contacted at https://www.winstonrowe.com
Winston Rowe and Associates