Managing your assets through COVID

2020 is like no year ever and we certainly didn’t see this coming… Victorian’s in Stage 4 of lockdown and wearing masks – who would have thought!  Some of us are coping well and others are not coping at all.

I was reflecting over the weekend sitting around my fire pit. (Yes I’ve assembled a fire pit to be able to sit and ponder through this crazy time – it’s been unreal!)  What is your Property Manager doing to help you through these uncertain times?  As an investor I’m sure there are others are out there wondering what the hell is going on.  Is my rent going to get paid this week?  Are my tenants going through difficult times also?  Are we going to find another tenant?  What’s out there to help me as an investor?  How do I pay my mortgage??

All very relevant questions in these unprecedented times.  As a Property Manager, I believe the best way to handle all these situations is to have open and honest conversations with both tenants and owners.  Consistent communication is the key.  These conversations are not always going to be easy but important to have.  An owner and tenant will appreciate being kept in the loop.  Sometimes the solution is not to everyone’s liking, but at least there is one.

Always follow up on what you say you are going to do.  An owner or a tenant will always appreciate this.  It shows them that you care.  Whatever action is required ensure you do it in a timely manner.  There is nothing worse than promising to do something then not doing it.  Especially through Covid this is really important.  Many of us are experiencing some level of stress or anxiety so when you say you’re actioning something – do it.

One other action that is very important in these times is to listen, reflect and ask relevant questions.  Sometimes all you need to do is to listen and understand the situation for others.   Remember we are all going through this together so having some compassion and empathy will benefit all parties involved.

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