Guiding Rental Property Owners During Tough Times
By: Rob Carrillo
As property managers, we are basically the boots on the ground for our rental property owners. We communicate and engage with their tenants all while making sure federal, state and local laws and regulations are followed. Property managers are showing the properties, executing the leases, coordinating maintenance and collecting rents. But even beyond that, a property manager needs to understand that many of these properties are the single largest purchase that this owner has made or will ever make and there’s a certain type of anxiety that lurks behind that. The uncertainty in “Will my tenant be able to pay the rent this month so I can pay my mortgage?” can be a huge gut punch for many.
Communication For Owners
It’s important to stay in front of the story, meaning, don’t wait for owners to track you down to get information. Instead, make sure they have a constant stream of updates especially during times of uncertainty. Not only will they appreciate it, but your ability to answer a question that they didn’t even realize they needed answered yet will offer that warm and fuzzy that often leads to great reviews and referrals.
Communication For Tenants
Communication isn’t always just for the property owners. It’s also key for property managers to regularly communicate with their tenants especially during these days of Covid-19, CARES Act, and the release of government moratoriums and mandates that are constantly being updated. Many tenants may be assuming that they don’t have to pay rent because they can’t be evicted. This is why it’s important that property managers provide accurate information. But even beyond that, this is the opportunity to provide resources to those tenants needing help. Going back to the point of staying in front of the story, being proactive in your communication with your tenants allows you to keep them prepared and informed and better defends against their unpreparedness or excuses of ignorance. Unfortunately there is much misinformation online and in the media, which means it’s up to you to communicate accurately and openly to tenants.
Remember, when it comes to guiding your rental property owners through crisis and the possibility of rent delinquency, you are the one they look to for valuable information. Share it and in turn you will validate the trust they’ve put in you to manage their investment property.