The name of the property management game has really changed since the Corona Virus took over the world. From the way that you provide maintenance to the way that rental properties are marketed, you are probably overwhelmed with the number of changes you now need to make to your management style.
If you are anything like most Sacramento landlords, you are probably wondering things like:
- How will I refill my empty units after evictions if everyone is broke?
- What is the best way to maintain the quality tenants I still have?
- Should I change the way we handle repairs moving forward?
These are all normal concerns that must be addressed in a time like this. In order to help you get a better grasp on how to maximize your portfolio of Sacramento rental properties during this uneasy time, your favorite property management experts at Alpha have assembled the following tips. If you are ready to regain control of your Sacramento rentals and come out stronger than ever, this article is for you!
Maintaining Safety Around Amenities
If your rental units are in a building or a community that shares common amenities like swimming pools, you already know that restricting access and use of these amenities is important for safety right now. This is a big instance of “better safe than sorry” because the last thing you need on your hands is a lawsuit based on failure to comply with safety standards. Therefore, you should be sending out regular updates and reminders to all tenants with access to amenities about how to conduct themselves and remain safely compliant.
One of the best things you can do right now to prevent a tidal wave of evictions once the rent is once again due is to be proactive about reaching out to your tenants. Make sure that each and every tenant not only knows that the full amount of back-rent owed will be due but give them resources to be able to make those payments. For example, if you find grants or financial assistance that your tenants may be able to use to supplement their income during this challenging time. The more that you show your tenants that you care, the more motivated they will be to pay as much rent to you as possible as soon as they can.
Managing Repair Requests With Limited Funds
Just because people can’t afford to pay their rent does not mean that you can or should allow your rental units to fall into disrepair. However, if you are struggling to collect rent, you’re likely also struggling to pay the repair bills. This is a case that calls for one of those low-interest loans if you do not have the savings to be able to cover repair costs. You may also want to be careful how you prioritize your maintenance so you can at least ensure that any emergency or high-risk repairs are tackled right away.
Adjust Your Marketing Strategy
Although marketing tools like virtual tours were once a luxury, they will now be a permanent staple in marketing both rentals and properties for sale. If you want to keep up with the buying behaviors of renters you will not only need a strong online presence but you will also need to amp up the tech in your marketing. Virtual tours, professionally written listing descriptions, and online marketing funnels are now standard requirements for success in marketing and filling Sacramento apartments. This is one of the main reasons why so many landlords turn to Alpha Property Management for marketing expertise.
Need Help Managing Your Apartments During COVID?
Despite more than 20 years of experience in property management, we have never seen anything like the impact of COVID. The entire property management landscape has forever been changed and landlords everywhere are struggling to navigate this whole thing. If you aren’t 100% confident that you are prepared to not only survive the threats of COVID to your portfolio but want to thrive, as a result, give Alpha a call. We will supply you with a winning strategy to come out of this as the leader of the pack.