Renters need their landlord’s savvy as much as their compassion during the coronavirus health crisis. As of last week, rent was due for the first time for millions of frightened Americans, who now find themselves out of work during the coronavirus pandemic. Many renters are in a difficult position because the $2 trillion dollars economic rescue package provides far more to homeowners. These homeowners who have lost work are entitled to deferred mortgage payments, enabling them to continue to pay their regular payments again when they are able, by adding additional months on to the back end of their mortgage to make up for deferments. Landlords, property managers and residential building owners are all afforded these same benefits.
Although renters were provided with eviction moratorium under the rescue package, their lease agreements have not been extended, nor are they being provided any government relief when it comes to paying the rent. Government aid packages haven’t done nearly as much for renters as they’ve done for property and homeowners, despite the fact that it is renters who make up a larger part of the population and are far less affluent. Therefore, their ability to navigate disruption in cash flow is far less feasible than that of homeowners and landlords.
The debate over the fairness of this situation is obviously widespread, but not something that will help fearful renters through these uncertain times at present. As apartment building owners and landlords try to find a balance between staying in business and being sensitive to residents, it is important for them to educate themselves on all of their options.
With half of all renters renting from “mom-and-pop” renters, the time for organization assistance in property management has never been this dire. In many cases, these “mom-and-pop” landlords don’t know what options they have available to them, so out of fear for themselves, they continue charging their tenants. As owners of rental properties, they’re entitled to skip some loan payments themselves through what is called forbearance, so they can accommodate renters who can’t pay at this time. They qualify to defer their mortgage payments through forbearance as well. Landlords need to use compassion, as well as common sense during these unprecedented times. They should be dealing with their renters on a case-by-case level. It’s not reasonable to charge all tenants their full-rent during this time, just as it’s also not reasonable to charge them no rent at all.
With that in-mind, the need for and use of existing rental property management software has never been greater. It’s easy to use and could drastically enhance any landlord’s ability to provide relief to certain renters on a case-by-case basis. Customizing rental agreements and altering them to fit the current economic crisis may sound like a daunting task, but with rental property management software, it’s ease and efficiency grows exponentially. Specific landlord software will allow property managers to organize their tenants efficiently to create new categories among them, as well as keep an easy-to-access database, allowing for timely and effective communication.
Property software is another underutilized tool that could be drastically beneficial during this time. Landlords with multiple properties will be able to organize the restructuring of their mortgage payments based on their benefits from the government’s economic rescue plan.
In these uncertain times, the landlords and property managers in our country are in a very precarious situation with greater responsibility than most. Using their business savvy, as well as compassion could do wonders for millions of vulnerable renters during these uncertain times.
If you or someone you know is one of these landlords or property managers that so many are counting on, please direct them to our website, where they can find in-depth information on our property software. in doing the most for themselves and others during our nation’s time of need.