Even though the pandemic might be quite upsetting, landlords can take certain steps to assist safeguard the security of their residents. This includes checking the building’s temperature before anyone enters, making sure all maintenance workers are wearing the proper safety gear, periodically cleaning themselves, and sanitizing the premises on a regular basis. This would not only make tenants safer, but it will also give customers confidence if they see that their landlords are taking proactive measures to lessen the pandemic’s consequences.
Financial hardships have also been brought on by the epidemic for certain tenants as a result of income reductions, unpaid leaves, and occasionally redundancies. Landlords must therefore be adaptable in their interactions with tenants. Landlords need to be careful to treat each circumstance individually.
This can entail being accommodating with payments or, if there is a rent-free period, attempting to keep a tenant who is sincere and has a good history. This can entail discussing the best method for the tenant to pay future rent with them.
The outbreak of COVID-19 has had a significant impact on the property management industry. Many property managers have had to adapt their operations to ensure the safety of their tenants and staff. Here are some of the ways that property managers have been affected by the pandemic:
-Many property management companies in Dubai have had to increase cleaning and disinfecting efforts in order to prevent the spread of illness. This has often meant hiring additional staff or working with cleaning companies that specialize in disinfection.
-Tenants may be unwilling or unable to pay rent if they have lost their job or been impacted financially by the pandemic. Property managers have had to work with individual tenants to come up with payment plans or offer other forms of assistance.
-Some property owners have chosen to close their properties temporarily in order to prevent the spread of illness. This has often meant working with alternative housing arrangements for tenants.
The pandemic has undoubtedly been a challenge for property managers. However, many have risen to the occasion and are doing everything they can to keep their properties safe and running smoothly.
The contractual obligations of a property manager to a property owner in property management include but are not limited to the selection of good tenants who can pay initial and subsequent rents for occupied property, thus ensuring that there are no voids, and also take decision on appropriate rents for different properties based on location, services provided, type of accommodation etc. The property manager is also obligated to conduct routine inspections of the properties, collect rents and render account of such to the property owner and conduct routine inspections. With the outbreak of COVID-19, the work of the property manager is expected to become more tasking though may vary from country to country and from region to region as a result of anticipated job losses, drop in income of businesses and informal workers etc. which may in turn affect the ability of some tenants to pay due rent and add to the property managers task of effective rent collection. There is also the challenge of businesses shifting to online transactions The study which is quantitative in nature adopted the survey approach in addition to desk review of relevant literatures.
Not only tenants are suffering greatly during these exceptional times. Additionally, landlords have the challenging issue of having to find new tenants should one of their tenants be compelled to vacate the rental and go elsewhere.
Landlords may wish to use creative pricing to separate out from the competition. For instance, they offer to cover the renters’ moving expenses. Additionally, it is crucial that landlords maintain their homes. Landlords must use every effort to stand out in a renter’s market. Making sure the home is ready for a move-in will make the process seem much more doable and, as a result, much more enticing.