Times are unpredictable. Covid-19, an unexpected event, is something that has turned the world upside down. Despite all the technologies and medical advancements, we are still not prepared to fight this enemy.
Worldwide economies have suffered. One sector that has been poorly affected is the residential real estate market. The COVID-19 resulted in the overnight loss of jobs and reduced hours for many employees. Thousands have lost their jobs, many had to cut their hours (and their income), and there is a huge number that has applied for unemployment assistance. Many tenants live from paycheck to paycheck. They receive their income, and they pay their rent & bills.
When the payment is gone (or cut into half), it becomes a real struggle to arrange the rent. The tenants may have a reservoir for a month or two, but what happens after that?
The same thing is happening on the other side. As a landlord, you need to pay your bank. The property management service is dependent on you. The insurance company is looking at you for the payment. At the same time, tenants need your help. All this is going on, and you cannot forget about essential maintenance tasks and repairs. You need to find a balance while you protect your business and your tenants.
Communicate with Your Tenants
In uncertain times like these, your communication with tenants must be crystal clear. Whenever possible, try to be involved in the conversation. See what challenges they are facing. Inform them about your efforts.
Share Your Struggles
Try to help, but we know you also have bills to pay. Talk to your bank and see which concessions are available to you. Check your reservoir. How much pain can you share? Keep your tenants in the loop and explain to them the situation.
At this time, tenants what to know that you are making your best effort. In struggling times, we can only do our part. But that’s all that matters.
Landlords are struggling too, but at the same time, they want to help tenants. Many landlords have lost their jobs, and they are trying best to manage the business.
Covid-19 is a shared challenge. We don’t know how long the situation will continue, but we need to come out of it together. At this time, it is critical to share knowledge. As a landlord, what is your take on the subject? How are you trying to help your tenants, property managers, and society? If you are a tenant, how are you dealing with this struggle? How are you negotiating the situation with your landlord?
Let us know in the comments.
Have a house that you need to sell?
Want to sell your rental property?
You may have a great relationship with your tenants, but times are tough. Because of increasing expenses, you may have to give up on an investment property. Perhaps, you were planning to sell the house in the spring season, and this Covid-19 thing came up. Whatever is the reason if you want to sell a home, we can help you. Even if you’re going to sell a house with tenants, we can help. You can sell your home with tenants so you can avoid evictions, delays, or unnecessary hassle.
We have been working together at such times too. Our team is taking all the precautionary measures, and we can buy your rental property without even entering the premises. Our team can buy houses with tenants. We will pay you a fair cash price, and we can close on your timeline. If you are looking to sell your rental property, please give us a call and sell your house fast for a cash price.