Landlords Face Unprecedented Challenges During COVID-19
In the world beset by coronavirus pandemic, the rules have changed: Landlords now have to deal with tenants facing unemployment, government regulations forbidding evictions, and new safety guidelines mandated by local governments.
Even during the pandemic, you shouldn’t have to worry about the quality of property management service you’re getting. Unlike many solo property managers who are overwhelmed by the changing environment, Bahia’s team has doubled in size during 2020 and we’ve successfully helped our landlords survive & thrive during this difficult time.
Here are 3 ways in which we’ve been assisting the landlords during the pandemic:
1) Safe, Remotely Managed Leasing Process
With coronavirus infection on the rise, landlords might not feel safe dealing with renters on a daily basis. To keep both our staff and tenants safe, we’ve switched to a remotely managed leasing process using current technology. Tenants now submit their applications online, sign leases electronically, and move in through the use of a lockbox.
Our showing has also gone remote. When many Realtors stopped showing homes due to fear of the virus (understandable, but not good for landlords), we used current technology to give access to prescreened candidates (who submitted their Driver’s License) granting temporary access to a remotely managed electronic lockbox.
The results of these transitions were outstandingly successful: We’ve been able to lease properties at a record time, and continued operating smoothly despite the pandemic.
2) Successful Rent Collection During COVID-19
We’ve heard that there are landlords with fully occupied apartment buildings that are receiving little to no rent since Covid began. This does not have to be the case with your rental property!
When the pandemic began and businesses were shutting down, many tenants experienced a loss of income. To respond to this challenge, we’ve hired additional staff in our Accounting department in order to put our focus on rent collection. Our team contacted each tenant to understand their situation and provided them the information regarding government assistance available in their area. We’ve established a temporary payment plan for many tenants who were furloughed or unemployed.
As a result, at the end of 2020, over 99% of our tenants were current with their rent. While many landlords were struggling with tenants not paying their rent, our clients were very happy to continue receiving theirs during the tough economy.
3) Working with the CDC Eviction Moratorium
Since September 2020, Centers for Disease Control has issued a temporary halt in residential evictions to prevent the further spread of COVID-19. This left many landlords stuck with a non-paying tenant that they couldn’t evict.
In the case of our clients, most landlords never had such issues due to the successful rent collection efforts mentioned above. In the rare cases where the tenants had no way to pay, we negotiated other solutions for them to vacate the property so that the landlord could obtain new tenants.
In all cases, good communication and the knowledge of the legal details helped resolve almost 100% of the issues related to nonpayment. If you’re having difficulty collecting rent or getting the tenants to move out during the Eviction Moratorium, contact us so that we can discuss possible solutions.
Conclusion: Helping Landlords Thrive during COVID-19
COVID-19 does not have to mean reduced income or increased stress regarding your property. It’s possible to achieve excellent results and keep your peace of mind through hiring an effective property management company. If you’re facing difficulty with collecting rent or finding the right tenant at this time, fill out the form below for a free consultation. We look forward to assisting you!
CONTACT BAHIA PROPERTY MANAGEMENT
Even during COVID-19, the Bahia Property Management team can manage your rental property successfully. If you are encountering issues managing your property, we can help. Fill out the form below to contact us: