What else could my Blog be about right now.
I was going to post about depreciation & had a few other topics I wanted to put out but as you all know; life is on pause right about now.
These weeks have been tough.
Property Managers everywhere are struggling to get through the mass of information and ideas on how to manage this crisis.
I realise, first and foremost that this is a Health Crisis and I’m yet to come across anyone that doesn’t agree with the Stage 3 lockdowns and overall need to #stayhome.
But what about the tenants that are staying at home but are worried that they can’t pay for their home. Yes, they’re struggling and I hear their stress and sympathise with them. Let’s also not forget that landlords have also lost work and like everyone, the bills keep coming in.
We need to find some happy mediums, even if these aren’t necessarily happy outcomes, but outcomes that everyone can live with.
So, I’m giving some tips to all on how we can ALL get through this. It may be obvious and it may be common sense but here goes;
- Look into what assistance is available; there are ample links and fact sheets available. Get them from trusted sources i.e. Government websites
- Rest easy, there is a moratorium on evictions but, it’s been made clear, that doesn’t mean rent won’t accrue a debt if you don’t pay and also don’t approach your Property Manager or Landlord. If you can’t pay the full rent, pay what you can to keep any balances of rent owing low. Reach out for help!
- Property Managers are trying to help where we can to negotiate good outcomes, we’re still waiting on further advice and information from the Government though. It is coming!
- Speak to your Landlord or Property Manager, let us know your situation so that we can get back to you as soon as we know more
- If you don’t have landlord’s insurance by now, it may be too late with most providers having already cut off new policies
- Speak to your agent and let them know your financial position, so that we have the complete picture
- Our recommendations, as Property Managers, are just that. You will have the final say in any negotiations but you need to be open to them and compromise where possible
- If your Property is for Lease or Vacant, it is time to align to the current rental market ASAP. Tenants are still out there looking. People are downsizing, economising and looking for the perfect Isolation pad.
And finally, to my fellow Property Managers. We’re having a tough time, seriously. Long hours, countless calls / emails and counselling sessions.
All the while we are taking a slight battering by the media and I’ve also been hearing of many pay cuts, cuts to working hours and layoffs in our industry.
- Listen & be compassionate to all
- Follow trusted sources and keep up to date & informed. Things are changing rapidly, almost hourly
- Don’t be hasty and make rushed decisions; National Cabinet updates are coming
- Follow your regular procedures until we know more
- If you haven’t heard, don’t give anyone Financial Advice
- Take serious precautions when you do have to go to properties, i.e. Physical distancing, masks, sanitizer & gloves
- Adjust, adapt & Innovate as the way we do Property Management will be changed forever
- Now is the time to go out of your way to help our landlords, tenants and tradespeople – Go the extra mile. How we perform during difficult times can cement and build long term relationships
A Huge Thank you needs to go out to the REINSW, REIA, Tom Panos, Jemmeson Fischer, Leanne Pilkington and the team at Novak Properties for the regular informative updates and webinars you are running constantly. You’ll all be remembered for your efforts during this time.
I greatly appreciate you all taking the time to generously share knowledge, your insights and practical advice simply to just help others and ensure we are all doing the right thing.
Keep your head up everyone, we’ll get through this.