3 Ways to Protect your Rental Income during COVID-19
Concerned about the financial impacts on your business due to lost rental income during COVID-19? This article will provide 3 ways in which you can protect your rental income during a pandemic.
#1: Assure Future Rent Payments.
One in four Americans are likely feeling immediate financial impacts from the coronavirus pandemic, according to Pew Research Center. With the majority of Americans living paycheck to paycheck, it is likely that you have tenants who are unable or will be unable to afford their rent payments.
In order to assure rental income in the upcoming uncertain months, connect your current tenants to the financial help they need. Send out tenant communications about financial resources available to them and provide simple steps on how they can access financial help.
For information on what financial resources are available to your tenants check out this Guide to Getting Tenants Financial Help. Connecting your tenants with these resources will provide them the financial stability they need to pay their living costs during these tough economic times.
Don’t have an easy way to send out mass tenant communications? Use Particle Space’s free platform to push out email communications to your tenants with one click.
#2: Collect Missed Rent without Financial Strain.
If your tenants are already behind on rent, it is important that you to collect the lost rental income without putting added financial strain on them.
Reach out to tenants currently behind on rent payments and offer a simple payment plan option to help them get caught back up. Setting tenants up on a payment plan will spread out the financial burden of a missed rent payment and allow you to still receive the missed rental income.
Setting up tenant payment plans manually? Set up automated rent collection payment plans through Particle Space’s free platform.
#3: Fill Vacancies Quickly & Remotely.
Filling tenant vacancies during a pandemic poses numerous difficulties for landlords and property managers. Luckily there are lots of new advancements that can make filling vacancies efficient and hands-off.
We’ve created a step by step list on how to remotely fill vacancies and vendors that offer capabilities that enable you to do so:
- List properties online (Zillow, Craigslist, Facebook, etc.)
- Track and communicate with potential tenants via email or text (Particle Space’s free platform)
- Perform virtual or contactless unit showings (Rently self-touring technology)
- Invite leads via email to complete online background screens (Particle Space’s free platform)
- Send and sign electronic lease agreements (Particle Space’s free platform)
- Collect security deposits and automated rent payments online (Particle Space’s free platform)
Remotely filling vacancies will be crucial in keeping your units occupied and protecting your future rental income.