COVID-19 Effects on Rent Roll Ownership

TACKLING THE COVID ENVIRONMENT

Rent Roll Owners across the country have been dealing with COVID-19 this past month. Many are suffering from, or anxious about, the COVID-19 effects on rent roll ownership. We are facing unprecedented times. From dealing with rent decreases to implementing new technology and procedures for open homes. Although this situation can be seen as a negative on the Real Estate industry, we can turn it around. Let’s flip it into a positive opportunity and use technology in new ways to communicate with clients.

There has never been a better, or more crucial time, for communication.

  • Communicate with your Owners of vacant properties and advise them how you’re managing the open home process.
  • Utilise online software such as Zoom, Google Hangouts, Skype, Slack or Facetime to communicate with staff working from home.
  • Keep Owners up-to-date with legislative changes that may affect them. Communicate with them to assure them their payments will still be processed regularly.
  • Respond to tenants promptly if there are any requests for rent decreases.
  • Communicate regularly with your tenants to advise them of the inspection process and how you will handle maintenance requests.

If you’re still using server-based software, now is the opportune time to invest in cloud-based technology. It will allow you and your staff the flexibility to work remotely. Most of all, you can maintain your existing portfolio and give your clients 100% attention.

With the evolving pandemic and impact to all businesses, continuity of business is a must for all. This includes both staff and clients. Ensure you are focusing on delivering exceptional service and attending to all aspects of managing your rent roll. You may consider short-term and long-term outsourced services to help relieve the team of additional pressures. This will then allow them to focus on the tasks ahead.

Utilise your cloud-based software to your advantage

If you’re already using cloud-based software for your rent roll management, use this to your advantage. Send SMS or email updates to your clients. Keep them informed of all the latest information about COVID-19 and how your agency is operating during the mandatory lockdown period.

Click on the relevant links below to access your cloud software providers knowledge base to learn how to create templates:

If you have questions about the COVID-19 effects on rent roll ownership, post a question on our website contact form and we’ll be sure to answer.

Jane Morgan is the Licensee in Charge of Rent Roll Angels & Director at End of Month Angels. Jane isn’t just your average broker. She is an industry veteran with over 23 years in the industry, 15 years as a Property Manager and an active Real Estate trainer. She knows the pitfalls & successes of rent roll acquisitions like the back of her hand. Contact Jane today to discuss your rent roll requirements.

2020-04-07T06:07:37+00:00