Tenant Management in Times of Crisis

Health and wellness go hand in hand when it comes to giving the best possible experience for your tenants. However, you need to keep their peace of mind intact as well.

Indeed, in times of crisis, you will need to step in to keep things in order. Challenges abound in the multifamily sector, but you as the asset owner should remain in charge in terms of keeping your tenants away from danger.

Keep your multifamily tenants assured, calm, and safe using the following tips:

Communicate with your tenants

Communication is important as you need to keep your tenants updated with how the property management team is handling the issue. Don’t be afraid to talk it out with your tenants, because the end of the day we’re all facing this pandemic together and a few words of comfort always help.

Keep them informed

In times of crisis, don’t leave your tenants in the dark with what’s happening. Keep your multifamily residents informed with recent and relevant news about the crisis. However, be sure to pull this information out of trustworthy and legitimate sources before sending it to them to avoid spreading false rumors.

Enforce health practices in your property

In our current situation right now, asset owners should put up notices around your property for all your tenants to see and follow. Having your tenants practice a few enforced policies in your multifamily such as washing their hands, avoiding facial contact, and social distancing can keep them from panicking and resorting to following advice from poorly written internet articles.

Keep a calm atmosphere

The best way to avoid having panic in your multifamily is to avoid spreading it yourself. As stated before, maintain communication with your tenants and avoid spreading tabloid or unreliable news around about the coronavirus. Don’t stoke your resident’s fears as this could cause very bad decisions that can have very serious consequences later on.

Additionally, you may also need to reach out to tenants who are facing difficulties during this time. Don’t be cold and shut them off with statements like “It’s not such a big issue” but rather be compassionate and embrace their fears with statements like “I’m worried about this too.” Other than that, you may also follow specific policies on rent deferments and other government actions that benefit both the multifamily sector and tenants.

With the current coronavirus situation right, it’s crucial for multifamily investors to work closely with their property management teams in coming up with the right decisions for weathering the storm.

Good things will definitely follow through once you are able to do it right.