Landlords: Are You Being Proactive with Your Tenants?
To say the very least, we’re all going through some unprecedented times right now with the rapid spread of COVID-19. While uncertainty hangs in the air and we brace for what is coming, there are things landlords can be doing to help tenants survive the downturn. We believe it is in everyone’s best interest to be proactive and ensure tenant/landlord partnerships are positioned for long term success. If you are a landlord, consider the following steps…
Keep communication proactive.
Landlords, check in with your small business owning tenants, employees, and renters during this time. The best way to see how you can help is simply by asking them, and by letting them know that you’re there to support them. Now is not the time to be sticking our heads in the sand- in fact, it’s the opposite, since we’re all missing some face-to-face action right now. At the end of the day, it’s good business for all involved, because taking care of your tenants means that they’ll often take care of you too.
Get flexible with rent and leases
The impact of this virus has been felt by everyone. Many Americans are finding themselves either out of work or with severely reduced hours. However, it’s more important now than ever for them to have a space that they can retreat to while practicing social distancing. So, if you can, and there’s a need for it, consider a delay in rent for a month, rent forgiveness, etc. You could also ask your tenants to make partial payments while they get everything sorted, or offer special restructuring on leases, like offering free rent in exchange for an extended lease term. The bottom line is, get flexible.
Promote your tenants’ business on social media
To show solidarity with the community and show that you’re both still breathing, give your tenants a shoutout on social media. Not only will this help them stay top of mind for both audiences, but for businesses who are temporarily closing their doors, participating in take-out services exclusively, or have special reduced hours. You can help them get the word out.
Buy gift cards from their business
As an extension of promoting businesses on social media, you can also encourage people to buy gift cards from there, or buy some yourself! Even if you can’t use their services and goods now, you can definitely use them later when the panic of the pandemic lifts.
Communicate cleaning procedures
The COVID-19 virus dies with simple sanitation using antibacterial materials. So, while the individual way of practicing good hygiene includes thorough handwashing and anti-bacterial sanitizer, buildings and spaces should be practicing regular cleaning as well. If you have cleaning procedures in place, remind everyone of what they are. If you’re ramping up on cleaning measures, let everyone know for some peace of mind.