Rental Properties and How to Handle During This Trying Times

Here are some suggestions that I want to give you regarding your rental properties.

1. Send a letter, email, text or phone call to your tenant. Use whatever method of communication you always use with them.

– Inquire about them first. Ask them how they are doing and how this is affecting their life. Ask about the family and if they are all well. Be empathic to their situation.

– Explain to them that even though there is a mandate for no evictions in place, the rent is still due and their obligation to the lease is still in effect. The rent will still be due and will accrue over time.

– Offer today, for anyone that pays their rent by the 1st of the month, a 10% discount in rent. That 10% will mean a lot to them. It will show them you care and are offering good will. This also gives you the cash flow to make your mtg payment and meet your obligations.

– For those that do not pay on time, on the 5th of the month, reach out to your tenants and tell them that you understand the situation and offer them to pay you weekly. Break down their rent for them and give them a number. Waive the late fee.

2. Answer all maintenance calls just like you always do. Show the tenants that you care about them and your property.

3. Appreciate your tenants, especially the ones that stayed the course with you and paid their lease. Give them a gift card for takeout at a restaurant, grocery card, or gas card. Show your kindness to your inner circle.

Hope this helps and please all stay well.

For all of your real estate needs remember Cathy Crowe at www.investordeals.com.For a directory of services for the real estate investor  www.cathycrowe.com

We are a full-service brokerage with a Property Management division (www.allstarpmgroup.com) and are here to help and educate you in any way we can!

Sincerely,

Cathy Crowe
[email protected]
(972) 807-9754