During this turbulent time, many lives around the world have been drastically affected. We were all forced to adapt and change parts of our routine. Being a tenant became extremely difficult, since it was tougher for many to keep paying rent. Being a landlord also became difficult because they still had bills to pay, like a monthly mortgage payment. Here, we discuss tips on how to be a good landlord during a pandemic.
Communicate with Tenants
This is important in any personal or business relationship. Communication is vital to creating a good relationship between a landlord and tenant. For example, if you are able to get loan forbearance on your mortgage, and you know that your tenant is struggling to pay rent because of job loss due to COVID-19, it is not a bad idea to let them know that. By giving them updates right as you find out and have a game plan, this will ease their stress and strengthen your relationship.
Do What You Say
Responding to your tenant to make sure that they are heard is important. You must also follow that up with action to remedy the situation. False promises are the kryptonite of a strong relationship.
Put Everything in Writing
This landlording tip sounds like common sense, but it is extremely important to do. Especially since so many crazy things have happened in 2020, it is essential to document nearly all communications. If your tenant plans on paying rent in smaller payments because of job loss, try to get that documented in some way. It protects all parties involved, and makes solving issues later much simpler.
Alex Capozzolo is the owner of the Brotherly Love Real Estate blog and a content writer for the real estate industry. Our focus is on helping people through one of the most important investment decisions of their lifetime by seamlessly providing fast, honest, and professional real estate services.