Get Focused on Solutions
One of the worst effects of the deadly Covid 19 pandemic is how it ruins our mental and emotional focus. We become scattered, pulled apart, and obsessed with problems, limits, shortfalls, and doom and gloom, and can’t think straight.
That’s stressful and can weigh on your health. There is a strong connection between being focused and being happy. This alignment that focus brings plows through frustration and distraction and allows relaxation so we can perform better.
No one credits focus for its amazing power, yet it is a key skill for a property manager or landlord.
It’s An Unprecedented Time for Property Owners
Yet, it’s happening to about 8 million landlords right now across the US. Feeling weighed down is a normal response, but we can change this. It’s up to us to regain our focus and manage our business like professional property managers. As a normal response then, when negative situations arise or outcomes pop into our heads, we should immediately think of the opposite — a positive and constructive action.
This brings back our power and fends off distractions.
Time to Chat With other Landlords and Property Managers
Landlords are sometimes isolated and may feel the weight of the world on their shoulders. To break through all the damaging pressure, we could focus on 3 small steps we can take to:
- encourage rent payment
- create cash flow
- maintain good relations with tenants
Focusing on obvious solutions is where we need to be right now. If we do it, good things will happen. Find other landlords who are positive.
Can’t Pay, Won’t Pay
For instance, if a tenant says they can’t pay the rent, won’t pay the rent, and won’t ever be able to pay their back rent due after the moratorium, we can take control of that.
Ask what they’ve done with the income they have. Ask them if they could actually spare their comfort needs and pay that for rent. If their situation is actually hopeless it might be wise to give them a little coaching about how to move in with their relatives during this rough period. Better for them, and better for you.
A unified and helpful approach should encourage your tenant’s respect, that you are caring and respectful. This in turn can help them get focused, and get beyond all this Covid 19 misery.
Negative Issues and a Better Response
- tenants won’t pay rent — remind them of their income sources and encourage them to pay what they can
- government moratorium on rent — The government must be responsible for what they’ve done, ensure tenants do pay their rent first — be optimistic, the government may come through for you in the months ahead.
- governments and the media sympathize only with tenants — don’t watch media reports, and instead reaffirm with yourself that your rights and needs are just as important, and contact your state and federal politicians about supporting small business and small landlords
- hopeless tenants — consider encouraging or letting tenants who are keep financial trouble break the lease and move in with their relatives, as this lets you re-lease it to more viable tenants
- tenants considering vacating their unit — remind them of why they moved to your building/rental and perhaps lower their rent
- good tenants becoming bored — give them paint supplies and let them paint their kitchen walls a new color. Just using this as a conversation starter might open up ways to keep the peace.
- tenants leaving or preparing to — begin quality promotion of your vacant units, building, and brand
- banks demanding mortgage payment — show them your professional approach to collecting rent and that you have a plan to stay relatively current
- can’t make mortgage payment — request a forebearance and check out loans for small business if you haven’t, visit consumerfinance.gov for advice, and contact your mortgage loan servicer or bank and discuss potential arrangements
- can’t pay staff — cut back everyone’s hours, and offer only emergency services (contractors) so you’re able to ride out this period
- feeling depressed — get focused on solutions, remove blocks to action and success, and work on the issues that are causing you the most pain — get control, actively reduce the emotional blockages, and don’t hang onto things personally.
With this list above, you get the point that you do have control over your thoughts and emotions. You are powerful. Focus on what you can do during these tough times, be realistic, and let go of what you can’t.
Definitely Use Your Strengths
If your strengths are people management then it might be best to focus on what you can do to raise the morale of your staff and tenants.
Definitely check out ManageCasa Property Management platform while you’re here. A powerful automated solution of landlords with bookkeeping, accounting, maintenance, online payment and tenant management excellence. So simple to learn and use, and lets you stay focused on the important matters.
ManageCasa property management software is built in the USA for landlords in New York, Chicago, Boston, Philadelphia, Charlotte, Cleveland, Dallas, Houston, Phoenix, Las Vegas, Seattle, Los Angeles, Miami, Tampa, Orlando, St Louis, Indianapolis, Denver, and cities across the US, Canada, Australia, UK and Germany.
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