4 Tips on How You Can Be a Supportive Landlord During the COVID-19 Pandemic

4 Tips on How You Can Be a Supportive Landlord During the COVID-19 Pandemic

Today, apartment owners are finding themselves in a situation like no other they have faced before. The effects of the COVID-19 pandemic are not only challenging their property’s daily operations, but it is also affecting their tenants’ lives.

In the past, you have supported your tenants by providing them with a safe, enjoyable place to call home. But during this pandemic, that might not be enough. Since most areas have had to close almost all of their community amenities, it is crucial to provide as much value as you can. Going the extra mile to help your community through these challenging times is not just the right thing to do, it translates to good business as well.

Here are a few ways that you can be a supportive landlord during this COVID-19 pandemic.

 

1. Offer helpful resources. 

There is an overwhelming amount of information available online. While most landlords will share resources that can help their tenants pay rent, the challenges that most are facing today extend past financial issues.

As much as possible, provide resources that can help your tenants on various fronts. For instance, let them know where they can turn for assistance with obtaining food, seeking healthcare, etc. Sharing such resources will be a great help to your tenants.

 

2. Social distancing, together. 

There may be people who can no longer afford rent – no matter what remediation steps you take. When you have exhausted all other payment options, you may want to ask your tenant if they would be open to moving in with someone else in the community – even temporarily. It is possible that they may even know the other person already, which makes it easier for them to transition.
However, be careful when approaching this subject. This is a fairly touchy subject due to the nature of the pandemic, so be considerate. Also, make sure to take every possible precaution to ensure that both residents are healthy and able to move. In the end, playing “matchmaker” will help your tenants avoid a future eviction, and one vacant unit is always better than two.

 

3. Be sympathetic.

During these challenging times, be sympathetic. Maintain an open line of communication. Have a positive discussion about how best to handle the situation. Where possible, agree to a reduced rent and discuss possible future payment plans for arrears.

 

4. Listen. 

Do not underestimate the power of listening right now. In these difficult, overwhelming times, some people are just looking for someone to listen to them.

Consider that the COVID-19 pandemic has most people stuck in their homes with little to no social interaction. Just listening may be the best support that you can provide to your tenants right now.

Make sure that you, or your property management team, calls everyone on a regular basis. This may sound like a lot, but it will bring great comfort to your tenants amidst these scary times.

 

The Bottom Line

By doing everything that you can to help your tenants through this pandemic instead of focusing solely on your bottom line, you can solidify your relationship with your tenants and hopefully, you will both come out even stronger than before the crisis.

The best lessons are always learned through hard times. So take this chance to make yourself a better landlord, a better investor, and above all, a better person.

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