Owning a rental property can be stressful even when we aren’t in the middle of an economic crisis. From marketing to pricing to screening to leasing to collecting to fixing to evicting, the to-do list never seems to end. It’s no secret that COVID-19 has hardly left anyone unscathed from financial burden, which means the laborious tasks of owning a rental property just became even harder. Now is the time to shine for property managers, for good reason. With eviction moratoriums, delinquent accounts, and uncertain tenants on the rise, only confident and knowledge management will protect rental properties. Property managers are more important than ever for these reasons.
90% of Property Managers Created COVID-19 Business Plans in March
According to AppFolio, which surveyed 3,533 property management professionals across the country to research the pandemic response, 90% of property managers created COVID-19 business policies by the end of March and communicated it to both associates and residents. These policies included instating social distancing rules for associates and residents, increasing cleaning frequency, pausing inspections, reducing maintenance to emergency work orders, canceling resident events, providing education to residents, and more. 41% of respondents also stated they changed their eviction policies because of COVID-19, while 48% of respondents are considering changing their delinquency policy.
Property Managers Are an Open Line of Communication
With the pandemic leaving many people uncertain, tenants are asking more questions than ever. Property managers ensure that questions are answered knowledgeably and professionally. If there isn’t an answer to a question, they find one. There is a lot to learn, especially with local governments lifting or extending eviction moratoriums and implementing unprecedented safety-measures protecting the tenants. Property managers do the research to keep their residents up-to-date with the latest information.
Property Managers Protect and Grow Your Investment
Although COVID-19 has created ambiguity, people will continue to need real estate. Whether they are buying, selling, or renting, the demand for homes is still prevalent. Property managers lend their experience and expertise to property owners to ensure that they are making profitable investment decisions. This knowledge is critical during the current economic crisis because although there is still a demand, there is also much more financial burden. Property managers protect your investment from this burden and grow it in the process.
PMI Chi-Town is ready to protect your real estate investment today. Call us at 312.612.9967 to discuss your options today.