Preparing For Fallout Of Covid-19
As a property owner or manager, you’re probably seeing some of the fallout of the COVID-19 pandemic already. Perhaps you’re dealing with tenants who’ve paid rent for April but May has now arrived. What do you do if you’re not receiving rental payments during this time? How can Chicago property managers prepare? Here are a few things to look for as you approach a new month while still on lockdown in many locations.
Know Demand Is Dropping
Your rental demand may be on a decline. This is a trend that was shown in the last RealPage report. Typically, April through June are huge months for people moving in and out of rental locations. However, with this pandemic in place, that will be different for this year. People are not making a change as they normally do during this time. That is something to be prepared for as you head into the season. Know that somethings may look different until this starts to settle back down.
Start to work on a plan for those who’ve lost their jobs due to this pandemic. They may not have a way right off to pay their full rent. It’s important to have a plan in place so that you’re prepared to help them if you can. While you can’t help everyone, you need to be prepared for your star tenants to be struggling this month.
Focus On Retention
Right now your main focus as a Chicago property manager should be on retaining the clients you currently have. It is important that you give options for them to help them decide to stay as long as possible. Consider extending rental agreements for them or pushing out the date to decide to stay longer. You may find many are wanting to stay put for a while until things blow over and they can make a better decision on what to do.
Digital Is Critical
If you do have open properties it is important that they are all digitally available. You must be online with them as many will be looking to move but do not want to come inside until they are for sure it’s their new home. That is why an online presence showing your apartment options is vital in this time period. If you haven’t thought about going online with options to see apartments, now is the time to do so.
If you’re in need of assistance, Connected Management is here to help. We have a team catering to small to medium-sized condominiums to assist you in this difficult time. We provide property management in Chicago to assist with making your life easier. It’s a difficult time we are all in and having experience on your side helps to reduce the stress and hassle. Contact our team today to see how we can better help you with your Chicago property management needs. We are all in this together and are here to answer all your questions thoroughly.