3 Tips for Managing Your Rental Property at the End of the Pandemic
If we thought that managing our rental property during a pandemic was difficult, managing at the end of the pandemic has been even more so.
Many housing providers are still trying to collect missed rent payments and deal with a patchwork of mandates at all governmental levels, all while exhausted.
Unfortunately, many owners are unsure of their rights and responsibilities during this time, which leaves them open to liability.
Properly managing your rental property during this time is more important than ever.
Why are owners and managers struggling?
- We’re tired and burnt out.
- We are trying to provide the same services on less income.
- We have many new laws and regulations to follow.
Here are a few ways to navigate this changing landscape successfully:
Tip 1: Give yourself permission to rest.
Compassion fatigue is a real thing, and continuing to push through leads to burnout.
Try to take a few days off. As a business owner, I know the guilt that goes along with this, but it’s something you need to do. If you can’t take time off from work, use your free time to do things that restore you.
Tip 2: Connect with an industry association to help you.
So many owners try to figure this out by themselves. Unfortunately, the laws are constantly changing and are infinitely nuanced.
Find your local industry association and look for their resources. Education, updated rental forms, and information about new laws are a great place to start.
Tip 3: Encourage your residents to apply for rental assistance.
Many states and municipalities still have millions of dollars of rental assistance available. Let your residents know what options they have, and check to see if you can start the application process on their behalf.