With April 1st right around the corner, property managers across the country are about to get a real sense of how the coronavirus is going to impact their business as well as their rental owners’ bottom lines. But just because property managers like Martin Feinberg are on the front lines of this crisis it doesn’t mean that their hands are tied.
Accurate information coupled with empathy and a solid plan can help professional property managers survive and even thrive during the next few months. The more understanding property managers have of the current climate—and how it is likely to impact their tenants, employees, and vendors—the better they will be able to cope with the current situation.
Below are four things that property managers should be aware of and plan for in the coming weeks. By doing so they will be better able to sustain their businesses until the coronavirus disaster has passed.
Lost Rental Income
As the number of Americans who file for unemployment insurance rises, so does the likelihood of tenants not being able to pay their rent. Property managers should work with their rental property owners to have a solid plan in place for dealing with this probability. Property managers should also watch for policy updates and additional legislation regarding rental payments, both on the state and the federal level, as governments attempt to mitigate some of the financial fallout the coronavirus is causing.
Dropping Rental Demand
If the coronavirus crisis continues to worsen, it is very likely that online traffic to property managers’ rental listings with drop significantly. It would be smart for experienced property managers to look for innovative ways to help perspective tenants who are looking to move during this unique leasing season.
Retention is Essential
Right now, the most effective way for property managers and rental property owners to protect their income is to do whatever is necessary to keep heir current tenants. Property managers may want to examine the benefits of extending existing leases, moving out renewal decision dates for current tenants, and providing excellent service under the current circumstances.
Though the number of people looking to move is likely to fall over the next few months, rental demand remains high in many markets. Property managers who can keep their current tenants until the affects of the coronavirus begin to wane will be a head of the game.
For those renters who are looking to move right now, being able to look for a place online is their key concern. Property managers who make it easy for perspective tenants to house hunt, communicate, and lease online will often win out in this current climate over those who don’t have those capabilities yet. Professional property managers need to do what they can to make sure their leasing process works well for those Americans who are currently sheltering in place. This will give them a leg up over the competition that can’t offer the same resources.