The Coronavirus pandemic has challenged us all in different ways—but we're all in this boat together. More than ever before, landlords and tenants find themselves trying to paddle in the same direction. As Coastal Virginia eases into the process of reopening, both are working toward finding a new balance. Now, more than ever before, you need genuine guidance from real property management, Virginia Beach landlords.
If your tenants are having a hard time paying rent, you might feel stuck between two equally difficult options. You certainly don't want to evict a tenant you've had a good relationship with—but we also know that many property owners need rental income to keep yourself afloat!
As an honest provider of the real property management Virginia Beach has to offer, our skilled and compassionate team here at Renters Warehouse Hampton Roads is here to help. At Renters Warehouse, we believe you'll always have a home with us—and we aim to help you keep it that way!
Foreword: If you've found this blog, it may be because you're facing a serious financial crisis. While we provide real property management, Virginia Beach landlords, this blog is not intended as a replacement for legal counsel. If you need live support, get in touch with the team of Professional Landlords at Renters Warehouse Hampton Roads!
Be Compassionate—But Not a Pushover
Compassion is more crucial than ever in times like these—and landlords have an opportunity to reach out and reassure their tenants. Keep in mind that your tenants are struggling as much as you are—perhaps even more so. Letting them know that you understand the challenges they face is a great way to maintain a healthy landlord-tenant relationship and is an important part of keeping your renters.
Foster open communication! Your tenants are probably having a hard time paying rent, so let them know that you understand—and make it clear that they can reach out to you at any time. Pushing tenants to "pay up" when they can't afford to isn't going to make things any better for you as the landlord. In fact, it might net you some seriously negative publicity online.
That being said, you can't be a pushover either. You need your income from rent to maintain your Virginia Beach rental home—and your tenants need to understand that you can't afford to waive rent. As the pandemic subsides and businesses reopen, your tenants should hopefully be able to resume work. Make it clear that rent will be expected, even if it's in the form of a payment plan.
Work With Tenants as Much as Possible
As real property management, Virginia Beach landlords, we know that chances are; your tenants are honest folks who would like to pay rent if they could.
If your tenants are having a hard time, work with them. Try to strike an arrangement in which your tenants can pay part of their rent now and part later, or defer rent payments until your tenants return to work. There are any number of payment plans you can work out. The key is to talk to your tenants and reach an agreement that is acceptable to all parties—and ends with an understanding that you will eventually expect rent to be paid.
Of course, while we like to think of our tenants as trustworthy, there will always be those who might take advantage of the current situation. If you have tenants who have not been impacted by the pandemic, make sure they understand that they need to continue paying rent as usual if they can do so.
Keeping track of everything is as important as ever—especially if you're working with tenants to make specific arrangements regarding rent payments. Now is not the time to let your bookkeeping fall by the wayside! Make sure you keep careful track of what you are owed by each tenant, when they are expected to pay, and any details you need to remember about the arrangements you've made with them.
You should also be taking careful notes about which renters have been proactive in reaching out to you about their financial situation and which have been completely unresponsive. You may need this information in the future.
Use Eviction as a Last Resort
Rules regarding evictions during the novel Coronavirus pandemic have varied widely. In most parts of the country, including here in Virginia, all evictions were officially put on hold in March. As most states are just now beginning to reopen, evictions are once again expected to be an option. Still, it's not an option you should jump on too quickly.
Eviction should only be seen as a last resort. Keeping existing tenants benefits you financially in the long run—especially if your tenants are generally trustworthy and reliable under normal circumstances. Think of the effort and expense it takes to fill a vacant unit! Do your best to keep your current renters if you can, and remind them (with care) that rent will eventually be expected as per the terms of the agreement you've reached.
Hire a Property Manager
Collecting rent is most landlords' least favorite part of owning a rental property. No one likes having to pursue late rent or feel like a villain with their tenants. One of the many benefits of working with the kind of real property management Virginia Beach offers landlords is that you no longer have to!
When you entrust a property management company with the care of your rental property, they will handle all of its day-to-day operations, including:
- Collecting rent
- Maintenance and repairs
- Tenant screening
- Rigorous advertising
- Eviction assistance
- Dispute management
- Thorough inspections
- Accurate bookkeeping
Now more than ever, landlords are benefiting from allowing property management companies to take over the most challenging aspects of owning a rental property. Trust only honest, real property management, Virginia Beach landlords! True professionals free you up to focus on what matters most and enjoy the passive income of renting out your property.
At Renters Warehouse Hampton Roads, we're committed to providing the tools you need to succeed as a landlord! This is why we're proud to offer access to our Collecting Rent in a Crisis Handbook for free! Take advantage of our insight when you download our handbook and reach out to us if you need any guidance. We're here to serve our Virginia Beach community!