Are you currently managing your portfolio of multifamily investment properties yourself? If so, this article will provide you with solutions that you can use for self-managing your multifamily properties even during Coronavirus.
Collecting Rent From Your Multifamily Tenants
Collecting rent is one of the most important things that every landlord has to do because if they have no income coming in from their multifamily rental property, they may end up facing foreclosure within a very short period unless they have cash reserves built up.
Due to two social distancing rules, and lock downs, landlords cannot collect rent from their tenants like they may have in the past. Thankfully, with the internet, there are wide-ranging online solutions every landlord can use to collect rent from their tenants.
Every landlord should consider setting up a payment processing method with a company like Buildium, AppFolio, Square or even PayPal.
Once a landlord is set up with an online payment processor, they should contact their multifamily tenants immediately and instruct them to pay their rent online instead of by check or money order like they may have in the past.
What happens if your tenant is unable to pay their rent because they’ve been laid off, furloughed or lost their job during coronavirus? If that’s the case, evictions have been paused in most cities across the United States so you will not be able to move forward with eviction like you may have before Coronavirus.
What’s the solution to the problem? You should reach out to them immediately and offer a payment plan so that they can pay a percentage of their rent now while deferring the remaining balance they owe you over 12 months.
Using this strategy will enable them to continue living in the rental property until they’re able to get caught up financially while ensuring that the money that they paid you goes to helping you pay the mortgage on your property or covering your expenses.
How To Show Rental Units During Coronavirus
If a landlord has one or more available rental units during Coronavirus, they may be wondering how they are going to be able to show those units to prospective tenants when people are locked down are encouraged to follow social distancing rules?
Thankfully, with services like Rently, every landlord can continue showing the available units in their rental properties like they have done so in the past. With Rently, a landlord can set up their rental property to be toured by the tenant without the landlord having to physically be there in person.
To be approved to self-tour a rental property, a prospective tenant must pass all of the Rently verification criteria so that they can be considered to be a good candidate to rent a unit in the property.
The great thing about Rently is that besides qualifying the prospective tenant, once that person enters the rental property, the owner is alerted of that tenant’s movements and they will also have you able to know when the individual has left the property as well.
Tips For Handling Maintenance
Owners who are self-managing their multi-family investment properties should consider handling maintenance as they did before coronavirus but only with the difference of prioritizing certain maintenance tasks over the other.
Any maintenance issue that affects the tenant’s quality of life should be addressed right away while other maintenance issues that can be handled at a later date should be deferred until lockdown restrictions have been lifted.
Repairs that you choose to defer or classify as “non-essential” should be given a date for when you expect to make them, just so your tenants are not left wondering when a potential problem area in their property is going to be fixed.
Landlords who choose to take care of maintenance issues during coronavirus should ideally work with a maintenance company that commits to ensuring the safety of their employees and the rental units that they are working in.
Ideally, a maintenance company should require their employees to wear face masks regardless if they’re working inside or outside of the rental unit to stop the spread of coronavirus and protect their employees from potentially catching it from the tenants who live in the properties that they are working in.
What To Do About Amenities
Even though tenants love their amenities, during coronavirus owners should close down non-essential amenities and only keep the amenities open which are essential to the tenant’s day-to-day life.
This means that playground areas, basketball courts, tennis courts, swimming pools or spas should be closed down during coronavirus while on-site laundry facilities should remain open since laundry facilities can be considered to be an essential amenity.
The most important thing to remember though when keeping open essential amenities at your multi-family investment property is to task one or more of your employees with the job of keeping those amenities clean and sanitized.
Doing this will help to stop the spread of Coronavirus and make sure that the tenants who live in your property continue to stay safe and healthy.
Tips For Dealing With A Tenant Who May Have Caught Coronavirus
In the coming months, it’s quite possible that you may encounter one or more tenants who unfortunately has caught coronavirus.
Remember that tenants have a right to privacy so you should do your best to keep the identity of the tenant who has coronavirus secret but this also means that your multifamily maintenance team should also step up efforts to clean all common areas that the infected tenant may have touched.
There’s no doubt that coronavirus has changed the way that landlords are doing business in 2020 but the reality is that even though things have changed, it’s possible for anyone who owns a multi-family investment property can continue doing business as they did before.
Your goal should be to continue offering as much value to your tenants as you did before coronavirus and always do your part to offer them a safe place, habitable place to live.
It’s also best to consider hiring a property management company to professionally manage your portfolio of multifamily properties because as you add more properties to your portfolio, a property management company will save you the time, money and hassle of managing those rentals yourself.