by Barker Realty, Inc. | Apr 14, 2020 | Property Management Blog, Raleigh Property Management, Tenant Management, Tips for Landlords
Though we are only a few months into weathering the coronavirus pandemic, it has effectively changed life as we know it. Below are some tips that can help you maintain a positive landlord-tenant relationship during these tough times.
Remember That You are a Leader
First things first: remember that, to your tenants, you are in a leadership position. You control one of the most important aspects of their lives—their housing—and that means that, like it or not, you are a voice in their community that they will turn to for guidance and reassurance. Keeping this frame of mind will help you stop thinking of yourself as a victim on a sinking ship, and start thinking of yourself as a leader guiding the way through a dark tunnel. While you don’t have more answers than anyone else does, you can corral the troops, so to speak.
Inform & Reassure Tenants
If you have not already done so, send an email to your tenants alerting them to the measures and precautions you are taking to prevent the spread of COVID-19. You should also use this as an opportunity to assuage fears, open the lines of communication, and address tenant concerns. Let your tenants know that, though you have not yet finalized a plan for addressing rental defaults, they will not be kicked out onto the street overnight if they cannot make rental payments. If citizens start to think they might lose everything very quickly, it could result in mass hysteria, which will only negatively impact you (and everyone else in your community) even further.
Explore Your Options
As we stated above, there is no one blanket way to address the financial impact of the pandemic. The actions you take will depend on your city and state ordinances, personal feelings, budget, current tenant relationship, and estimation of the future. The important thing to remember is that you are not alone, and that every other property owner in your city is facing the same questions. Reach out to local housing committees and state housing boards to discuss your options regarding funding and rent collection. You might work with local and federal government agencies to help your tenants find aid; work out a repayment plan once the crisis is past; waive late fees; or take some other course of action.
Prioritize a Positive Tenant Relationship
Without knowing you personally, can’t tell you how to manage your financial situation amidst this crisis. But what we can tell you from our experience in property management is that good tenants are worth their weight in gold. If you have tenants who are pleasant to interact with, timely with rent payments, respectful of your property, and respectful of their neighbors, it might be financially worth more in the long run to keep them than to replace them. “Good tenants” are actually saving you a lot of money in property damage repair, pest extermination costs, cleaning and trash pickup, and more; whilst bad tenants can often be an endless hole of frustration and lost revenue. For these reasons, sending out a panicked letter stating that you expect your rental payments come hell or high water might damage your long-term profitability more than it helps it.
Barker Realty, Inc. is a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. To set up a consultation appointment with one of our skilled representatives, click here.
by Barker Realty, Inc. | Mar 10, 2020 | Barker Realty, Property Management Blog, Property Management Company, Tips for Landlords
There’s no doubt that these are stressful times for everyone, especially landlords. With so much economic uncertainty, it can become easy to become overwhelmed by fears and anxieties. Before you do, though, take a moment to step back, breathe, and refocus. Recognize that your tenants are depending on you to provide some sense of leadership and direction, since you are the one in control of their home, and becoming overwhelmed is bad for them and you. Below are some stress management tips for landlords which can help you help you keep calm and carry on during this, and other, crises.
Manage Your Media Intake
While it’s good to stay informed about the latest developments surrounding the Coronavirus, being too informed does little good and a lot of harm. As terrible stories continue to emerge from Italy, New York, and other epicenters of the pandemic, you may find yourself submerged in misinformation and worst-case scenarios that paints a pretty black picture. Pay close attention to your emotions as you read the news, and step away if you start to feel overwhelmed. It may be necessary to stop consuming news entirely, or limit your consumption to a specific timeframe and duration each day (e.g., thirty minutes each evening).
Put Your Mind to Work
The mind is a very dangerous place to be during a time of crisis. Instead of sitting around and stewing in your thoughts, give your brain an assignment—any assignment. This can be as simple as completing a difficult crossword puzzle, or testing yourself on basic knowledge, like naming the capital of each U.S. state or the countries of Africa. It is very difficult—nigh impossible—for your brain to worry and solve problems simultaneously.
Make a Goal and Focus on Crushing It
If you find yourself out of work due to the pandemic, don’t fall into the trap of browsing the web and watching T.V. all day. Recognize that this is your chance, perhaps your only chance in a while, to tackle a big goal you never have time for, or take steps to come out even stronger once the crisis is over. If you have creative aspirations, try working on your novel, developing your body of work or learning a new craft or skill. If you have always dreamed of starting a side-business, put together a business plan, try your hand at building a website, research ideas for logos, and create social media pages. Always wanted muscular arms, or a six-pack of abs? Now’s your chance to make it happen!
Practice Grounding Exercises
Much has been written about mindfulness and breathing techniques when managing anxiety, but one less-popular technique, which is often much more effective, is that of mental grounding. When things get tough, simply take out a piece of paper and record all the physical details of your surroundings: the number of tiles in the floor or ceiling; everything you can see from your window; the precise color of each object in your line of vision. Since your brain cannot focus on the external world at the same time as your internal dialogue, this helps quell panicked emotions and reaffirm that, while some things feel out of control, everything around you is still here.
Stay Strong – And Come Out On Top
Aside from staying indoors and practicing social distancing, there is very little landlords can do to bring the Coronavirus pandemic to an end. What we can do is let our tenants know that we are here for them; that we will work with them as best as we can; and that we are taking steps to keep the property safe, sanitary, and secure. By being available, calm, and compassionate to our tenants’ needs, we stand to forge stronger, longer tenant relationships that will last long after this situation is past.
Barker Realty, Inc. is a full-service real estate brokerage firm with more than thirty years of Raleigh NC property management experience. To set up a consultation appointment with one of our skilled representatives, click here.
