Property Management & COVID-19

Chelsea Driscoll • May 13, 2020

These are troubling times for landlords in San Diego. The coronavirus pandemic has forced new living conditions on renters and property management has never dealt with something like the quarantine before. There is a great deal of concern about rent being paid on time, if at all. Any landlord in San Diego has a right to be a little concerned.

An Investment In Trouble

Landlords finance their rentals through mortgages and loans. These can be large, and the creditors expect to be paid. The problem is in the money chain and can make any sensible property owner nervous.

Apartment owners rely on the rent they receive to manage the loans. Lockdowns and furloughs are making it difficult for some tenants to pay the rent, and a stimulus check will only go so far. Rents in San Diego are not cheap and unemployment compensation may not be enough to meet the monthly obligation. It is possible that good tenants will not be able to pay the rent on time, and there is talk about legislation to give those tenants a rent holiday that could last weeks or even months. Not much is being said about helping the landlord.

Communication Issues

Positive working relationships with tenants are essential, and in this age of COVID-19, landlords must do what is necessary to keep the flow of information moving. Tenants are justifiably scared of all that is happening. They are worried about paying the rent but, even more importantly, they are concerned about their status in the apartment.

Rumors fly like birds during a crisis and the pandemic is something that no one has dealt with before. What will happen? Tenants may worry that if one of their family members becomes infected, they will be evicted. Others fear that they can never repay the back rent.

The past visits to the apartment are out of the question. Landlords can no longer communicate from the doorstep, and property owners with extensive real estate portfolios must be able to communicate with everybody at the same time. This is not going to be easy.

Strategies to Cope With the Crisis

Problems will not go away unless they are addressed. Sensible landlords know that they cannot ignore the pandemic and move forward to bring things under control. Property management must go online as much as possible. This includes electronic transfers of rent, emails to tenants explaining the situation and what is being done, and even texting tenants to find out how they are doing. Any emergency plan to deal with a catastrophe such as tornadoes and brushfires needs to be reviewed and implemented. Repair work cannot be ignored. Contractors should be asked what safety procedures are being used to prevent infection. A conversation with the creditors on how to handle mortgage payments and how to adequately collect rent is essential.

Landlords do their best, but this pandemic requires their attention in all places at almost all times. Property owners need to be able to delegate responsibilities to a third-party. The property management companies in San Diego can deal with the emergency. They can be the intermediary between the landlord and the tenants. Alta Vista Properties is a property management company in San Diego with a reputation for being calm and efficient in a crisis.

We Are On Top Of This

Alta Vista Properties makes use of online resources for all of our property management activities. We can connect easily with all our tenants and we only deal with reputable repair contractors. Our relationship with tenants has been built over the years and they trust us. All our clients can be assured that we are here to protect their investment and help them get through this emergency.

Please do inquire at any time about our property management services. We can be reached at 858-274-3600 or by email at info@altavistaproperties.net. We look forward to hearing from you and answering your questions.

< Older Post Newer Post >