Rent payment
With unemployment continuing to rise, tenants are simply unable to pay their rent on time or at all. To help combat this problem we contact impacted tenants on a case by case basis on the rental due date. We assess their situation and ask how things are going for them or if they foresee challenges on paying the current month’s rent. If there are challenges, we make it a point to discuss a rental rate and terms they can accommodate. We also contact the homeowner to discuss the tenant’s circumstances and to offer professional advice, if necessary, on how to move forward. The expectation is on Royal Realty to play the role of mediator. If there is a change in rental terms or agreement, we’ll execute paperwork to finalize the changed terms so that the homeowner can be compensated in some way, and the tenant can gain peace of mind knowing that they are doing everything they can do despite their financial struggles.
In addition to assisting with circumstantial tenant/owner payment agreements, we have been facilitating rental assistance payments for tenants that qualify. As soon as external rental payment options are available, Royal Realty has been informing tenants as approved by owners. Many thanks to multiple government officials that have helped facilitate this additional help.
Marketing vacancies
Vacant properties have been much more difficult and challenging to fill, and require much more time to market than normal since we are planning the most efficient way to stagger showings to follow the current City and County mandate, which is allowing a maximum of 4 people, excluding the agent, at once. Pre-COVID we could meet prospective tenants and show multiple groups at one time and showings could take less than an hour. With having to space out and separate groups/showing plus additional cleaning time, we are now budgeting 30-45 minutes per group.
Complete and thorough ads, good photos, video tours, utilizing Matterport, or anything leveraging technology has been helpful with alleviating some of the barriers. Some agents have found that digital signatures are more welcomed these days. With digital signatures, prospective tenants, current tenants, clients, and agents are able to sign and deliver documents more efficiently and conveniently. As the agent, it also adds another layer of bookkeeping, because all signed documents go through a third party and are emailed, producing a trail of helpful recordkeeping.
Overall, dealing with people in person is still preferable in order to assess, interview, experience, and screen qualified tenants. Even through a pandemic, most prospective tenants prefer to see a rental in person whenever possible. It provides them peace of mind in order to make the decision to proceed, what the rental expectations are, and knowing they are working with a verifiable professional company/agent.
Activities with current tenants on site
At Royal Realty rental properties are put on the rental market as soon as we receive notice from the current tenant. This means there will most likely be an overlap of showing properties while the unit is still occupied. We’ve encountered tenants not being comfortable with in-person showings so we extend the virtual showing services to those properties. To help alleviate these concerns, masks are required for prospective clients, they must look not touch, and hand sanitizer is provided throughout the showing. Plus, people viewing the property are asked to cancel showings if they are experiencing any possible symptoms of COVID.
Another instance requiring active tenant participation is conducting semi-annual inspections. In March and September, agents visit all their rental properties to ensure the property is in good condition and their tenants are comfortable. However, during the CIty and County shutdowns, tenants were uncomfortable with having agents enter their unit. With patience and communication between tenants and the property owners, as well as proper precautions taken on behalf of the agents, inspections continued with the understanding that it is an essential service.
We’re all in this together
At the end of the day, we are all facing challenges whether it be physical, emotional, or economic. Property Management includes all of the above and although our company has been faced with those problems exponentially, we are grateful to be of service to people to help make those problems more bearable.