Are you feeling stressed about being a landlord during the pandemic? COVID-19 has created a tremendous amount of stress and suffering for all either directly or indirectly. It has also created big challenges for landlords and many are wondering how to be good landlords during this time. These are unchartered waters, so what are a few tips for landlords during the coronavirus pandemic?
1. Talk Directly With Tenants
Pandemic landlords should be speaking directly with their tenants throughout COVID-19 and encouraging them to come forward if they are having trouble. You might be worried about your income, but keep in mind that your tenants are likely to be worried sick about not being able to pay rent and getting evicted during a health crisis. In times like these, communication and support are essential.
2. Offer Flexibility
Following on from this, you need to offer flexibility during this unique time. Reasonable landlords will understand that their tenants may struggle to make rent and will discuss with them different options, such as covering payments at a later date. This should reassure your tenants and help to create a stronger bond.
There have been some inspirational stories about pandemic landlords telling tenants not to worry about rent if they are unable to pay. Of course, this is not something that everyone can do, but it goes to show that there are some things that are more important than getting paid rent on time. Additionally, keeping hold of your good tenants could earn you more money in the long run.
3. Communicate With Your Property Management Company
You also should maintain close communication with your property management company. You should make sure that they reflect your values during the pandemic and may have advice on how to best manage your investment during this difficult period.
4. Stay Up to Date
Good landlords will always keep up to date with tenant laws, but this is particularly important right now in a fast-changing situation. You need to stay current with health and safety protocols in the Denver area as well as any changes to property laws and tenant rights. You can then keep your tenants updated on any relevant information to them to show that you are on top of the situation.
5. Prepare For Different Scenarios
You also need to prepare for different scenarios. Pandemic landlords are encountering all kinds of difficult situations, such as tenants having to self-isolate when they are supposed to be moving out and entire households becoming sick and unable to make rent.
Preparation is one of the best landlord tips during COVID-19, so you should think about what situations might arise and what you can do to avoid these issues or mitigate the negative consequences. Speaking with your property manager can be helpful for creating plans.
Use These Tips For Landlords During COVID-19
These tips for landlords should come in handy during what is a difficult situation for both tenants and landlords. Many wonder how they can be reasonable landlords during this time while still getting the most out of their investment. These landlord tips will help you to do this.
Contact us today to find out more about how we can help during this unique period.