It’s challenging to run a business these days because of the pandemic, but you need to do your best to help yours survive. The outbreak has caused so much fear among customers, and more businesses are closing.
If you own a property rental business, chances are you already have existing tenants. But if some units are vacant, finding tenants for them could be a challenge because of the travel restrictions and social distancing rules. Some of your existing tenants might also find it challenging to pay the rent, especially if they lost their job due to the pandemic.
So, how can your rental business stay afloat? Here are the recommendations you should consider:
Improve Safety in the Units and the Compound
It might be necessary to make changes to your rental units so that your tenants can be safer. You can install a gate or hire a window installation company to replace the windows in your rental units with better and airtight ones. This will ensure that any airborne virus will not enter the units and infect the occupants.
You can also provide alcohol, hand sanitizers, and face masks to your tenants. Encourage them to stay at home and avoid unnecessary contact with outsiders. This way, you can prevent the spread of the disease.
Give Existing Tenants Enough Time to Pay
Some tenants might be struggling financially because of the pandemic. It would be a big help if you will give them more time to pay their rent. You can help them find a job or alternative sources of income so that they can afford the rental fee. You can also offer them some simple maintenance jobs in exchange for their monthly rent. Your tenants will surely appreciate this move of yours and will probably be loyal to you even after the pandemic.
Screen Potential Tenants Carefully
Many families are likely to look for a new place because of the fear of contracting the disease in their community. As a landlord, you must be more careful when screening potential tenants these days. Remember that it isn’t just about the money and the help you will provide to those who are looking for a room or apartment; you also have existing tenants to take care of and protect
As a precautionary measure, you can ask potential tenants to undergo COVID-19 testing or prohibit an onsite visit for now. You can send pictures of the unit via email or social networking apps. This way, you can avoid a close encounter with them.
Comply with New Standards and Regulations
Your local government might set new rules or guidelines on how people should run their businesses, including your rental units. Make sure you are updated, and you are complying with all the rules and regulations in your area. You don’t want to deal with fines and other penalties, such as the temporary or permanent closure of your business.
Finally, encourage your tenants to stay safe by following the guidelines set by the government and by observing proper hygiene. They should also practice social distancing and avoid physical contact with outsiders. This way, they can avoid the virus and your business will remain operational.