How Rental Property Owners In Salt Lake Should Be Navigating During COVID-19
The fallout from the pandemic has many landlords worried and needing property management assistance to navigate the unknown.
For well beyond a year the United States government has stopped residential evictions.
This solution has sent many landlords into their own crisis.
More than 8 million households are now behind more than $5,000 in rent payments- and that number continues to grow.
Sadly, half of that rent is owed to small landlords, or those who own just one or a few properties.
In some cases the problem is further compounded when the tenants utilities are included in the lease.
In some cases, landlords are not making enough money in rental payments to pay the utility bills.
As a result, landlords are now having to pay them out of pocket.
A few landlords have gotten lucky and have tenants who can see that in the long term allowing their rent arrearages to build up will only leave them in a bad position.
In some cases, property management was able to keep open lines of communication with tenants and make payment arrangements.
This made sure that rent arrearages are at least being kept at bay.
Good property managers have the skills to be part negotiator and part social worker as well.
During the pandemic, many property managers were able to step in and help residents get public or private assistance paying their rent.
In some cases property managers have even helped tenants to get jobs or find medical aid during this crisis.
Property managers are highly trained professionals who take care of the daily running of your properties so you can spend your time on other pursuits.
As we move past the COVID-19 pandemic, there are a lot of services that a property manager can offer you.
Collection of Rent and Arrearages
Getting tenants to pay and pay on time is never easy, but after the pandemic it seems even harder.
Many tenants have not paid rent in months with very little communication.
A property rental company will be able to open lines of communication with tenants and get them back on track paying their rent.
You can enlist a company for property management and in most cases they will be able to help you set up online payments.
This is just another easy way to encourage tenants to pay on time.
Another sad aspect of the pandemic is some tenants feel that because they can live for free they don’t have to care for your property.
A property manager will be able to help you navigate this situation.
If the manager is unable to correct the problem by negotiating with the tenant they will be able to document the situation so that the tenant will be held legally responsible for any damages.
Eviction and Court Processes
At some point, likely sooner than later the federal eviction moratorium will end.
As a result, tenants will again be responsible for paying their rent in a timely fashion.
In many cases tenants will also be returning to work and will be hoping to pay their rental arrearages.
Unfortunately, in other cases tenants will have to be evicted.
Since property management is trained on legal documents regarding rentals, they can stand in for you in court.
However, property management is in no way legal counsel.