How Your Property Management Firm Should Handle the COVID-19 Pandemic

property management firm

Experts have predicted that the COVID-19 pandemic might result in the loss of three million American jobs before the summer. Clearly, these are tough economic times.

If you’re in charge of a property management firm, these may be fearful times for you. However, there are certain steps you can take to give yourself the best chance of survival.

Read on as we share some key advice for property management firms during the pandemic.

Keeping Your Property Management Firm Afloat During the Coming Storm

An issue like COVID-19 poses unique challenges to the property management sector. Everyday tasks like maintaining properties and liaising with occupants have been made much more difficult by social distancing requirements. 

With this in mind, the following are some measures that you can take to make life easier for yourself at this time.

Keep an Eye on CDC Recommendations

The Center for Disease Control and Prevention (CDC) has been at the epicenter of this outbreak since it began. Their recommendations are vital for businesses and individuals alike.

The organization posts regular updates on hygiene best practices and preventative measures. You should communicate these to tenants as you receive them.

If you manage several properties in an area (in an apartment block, for example) it might be a good idea to place notices about these practices and measures in a public area in the vicinity. For example, you could put up a flyer about hand-washing practices in the elevator.

Focus on Communication

For landlords, communication is key. You need to be able to make sure that tenants are meeting their obligations and to inspect and address any issue that a tenant reports to you.

Doing this in person is now impossible in many cases. However, with recent advances in communication technology, there is no reason why you shouldn’t be able to maintain interaction with occupants.

Let tenants know that you can be reached on the phone at all times. If there is an issue with the property that needs inspection, tell them to show you it over a video call.

Remember, essential service providers like plumbers and electricians are still working during the crisis. If required, they can make a call to your property.

Keep on Top of Your Legal Obligations

There has been a lot of confusion about the legal obligations surrounding licenses, leases, and other contracts in light of this pandemic. As a property manager, it is your duty to keep abreast of all relevant legal developments. 

For instance, if supply chains for an ongoing construction project break down, it is not clear who will bear the liability for this. You should consult with a lawyer to make sure your interests are protected.

Getting Through COVID-19 Together

No business person wants to see something like COVID-19 coming. If you own a property management firm, you’re probably no different.

However, by taking an intelligent approach, property managers can weather this storm and put themselves in a good position to recover when it’s all over.

If you’re looking for a property agent, or you have a question about the services we provide, contact us today.