Covid-19’s impact on multifamily properties evolves almost daily and impacts everything from business operations to the residents’ living experience.
Many of your residents have experienced loss on a financial, social, and emotional level- some have even gotten sick. And this level of impact is being reflected throughout the residential market.
There is no better time to foster a sense of solidarity among your staff, tenants, and community and to begin making way for changes. As the market begins to shift and resident needs evolve, here is how multifamily properties can do their part in softening the pandemic blow for tenants.
Stay in touch with residents. Even daily? Perhaps! Put their minds at ease by knowing their concerns and being involved in their relevant affairs. Nothing makes them feel helpless more than feeling unsafe in their homes. So when it comes to information about safety, protocols, and assistance, be loud and clear. Put it out there with a sense of “You need to know this!”
Reliably sourced information is everything in times like these. Send out emails, texts, and share flyers in an area with high foot traffic. Community bulletins are a great way to let tenants share their services, info, or to be able to reach out to their fellow tenants.
One critical piece of information you might want to share is the measures that are being taken to make their environment safe and how their cooperation is key to making it work.
As for prospects, virtual tours of the property are good to have in place of site viewings. If prospects come to your property and there aren’t tours available or staff on hand, glass framed images of the property, along with pictures of a furnished and unfurnished unit would be helpful. You could even provide instructions on how they can set up an online virtual tour with live support.
Foster an Online Community
An online community is the most effective way to establish consistent communication within your property. But more importantly, it gives residents a place to pay rent online, submit maintenance requests, and directly ask questions about things that have changed.
Your website may already include these options, if so, consider starting a forum accessible on your property website or social media. Many of your tenants will have the same questions and concerns. A forum keeps you from having to write the same email over and over and is a space for tenant’s to interact and answer each other’s questions and provide resources to one another.
Help Reduce Economic Tension
Consideration is the key here. Your bottom line isn’t exempt from Covid-19’s impact on multifamily properties. Many landlords and property managers are going months without receiving rent payments or getting only partial payments. And depending on the laws in your area, all you can do is what your business can afford.
At the very least, many property managers are waiving late payment penalties, offering flexible payment terms, and holding off evictions within the parameters of state laws and your capacity to stay afloat as you extend leniency. A little, or maybe a lot, of grace on your part, can go a long way in helping keep families together. Something that’s at the core of multi-family properties, to begin with.
Be Ready For New Demands
When staying home for safety becomes the norm, multi-family properties become a haven for tenants. It is no longer just a place they go to after a day’s work or stay in on weekends. It has become a sort of fortress for them that somehow keeps the threat out.
As many aspects of the real estate industry are facing a serious setback, Bradyl works hard with clients to consolidate our strengths, search for a silver lining amid the crisis, and create solutions to sustain your multifamily complex and help tenants as best as we can.
We recognize many college students have been forced out of their universities and now rely on distance learning. Offices have closed, so many of your residents are working from home. Needing the extra space for an office, supplies, and a work station has some tenants looking for a little extra onsite storage space (that won’t cost them a fortune!).
Also not to be overlooked are small business owners who have temporarily closed their shops and are looking for affordable storage space to keep their inventory. There could be some of them among your tenants.
These unique scenarios have caused a spike in demand for onsite self-storage.
Bradyl Storage Solutions offers an opportunity for you to help your tenants with the transition to staying home more often and needing additional space. With affordable onsite storage, they will save hundreds compared to conventional self-storage and their belongings will only be a short walk from their front door.
This pandemic doesn’t have to feel like an apocalypse, so take steps that allow change, not resist it. Businesses with the most agility and willingness to address ever-changing demands from their market will survive.