Coming out of a crisis and readjusting to normalcy requires some work to maintain your success as a San Antonio area property owner. It wasn’t easy to switch over to short-term operational protocols and changes in how you managed properties and residents. It also won’t be like flipping a switch to undo some of your crisis management modes of operation when it comes to your homes for rent.
While some crisis protocols might linger, what are the steps investors should take to resume more ‘normal’ operations with an investment property? Residents need to know that you’re resuming your usual rules and procedures—but you do not want to overwhelm yourself or your renters with a dramatic shift back to life before the crisis.
It’s time to review your crisis processes for your single-family homes and make your plan for post-crisis recovery! As the experts in San Antonio property management services, we’re here to help. Follow these tips from a San Antonio property manager to kick your rental properties back into high gear for the upcoming year!
Note: This post is not legal counsel. When you need real-time legal assistance, reach out to your attorney or get in touch with us!
Connect With Residents
How are your residents doing as the crisis comes to an end? You can help boost the relationship with your residents by communicating with them about what’s coming up and checking in.
Hopefully, you’ve kept in touch throughout the crisis! As things begin to return to normal operations, send an email that gives an update about:
- Returning to regular hours of operation
- When your leasing office will reopen (if you have one)
- Handling routine and emergency maintenance requests
- Scheduling overdue seasonal maintenance tasks and inspections
- Crisis protocols that will stay in place (protective gear, social distancing).
Be clear that ending crisis operations will also apply to rent collection! Recovering from a crisis means that investors need to collect past-due rent.
Resume Regular Rent Collection
If you implemented short-term payment plans for residents who struggled to pay the rent during a financial crisis, it’s time for those to end.
Remember: payment plans were only a temporary solution to help struggling renters impacted by job or income loss. As the economy recovers, it’s appropriate to resume regular rent collection. However, be sensitive to your residents who are still recovering their finances and take a sympathetic approach to reinstate your standard rental payment rules.
To get residents back on track with rental payments:
- Reach out to each resident who took advantage of a payment plan
- Remind them of the agreement to pay less during the crisis, then pay more later to bring accounts up to date
- Work with them to update upcoming rental payments that reflect the agreement.
Assure residents that you’re still in this together, but it’s time to fulfill their full rental payment obligations. Be patient if a resident is still struggling financially. Encourage open communication and make a plan to help them get up to date.
What About Nonpayment?
Use your best judgment if a resident accrued late fees for nonpayment or lack of communication about rental payments during the crisis. For a renter who could have paid their rent—but chose not to pay—the end of a crisis means you can begin legal action for nonpayment.
Consult your attorney to make sure there are no lingering crisis restrictions for evictions. You can also work with a professional San Antonio property management company for help with legal ways to encourage your renter to pay the rent, voluntarily leave the property, or proceed with the eviction process.
Review Lease Renewals
Did you place any residents on a month-to-month lease during the crisis? If you delayed or made temporary arrangements with renter leases, it’s time to review your renewals and reach out.
- If your resident was scheduled for a renewal and rate increase, it’s also an appropriate time to apply the increase on a case-by-case basis.
- Be careful of taking advantage of residents who are also recovering financially from a recession or other crisis.
- San Antonio property owners must avoid any practices that could come across as retaliatory for late rental payments or other lease violations during a crisis.
Replenish Cash Reserves
Did you dip into your cash reserves to offset the loss of rental income during the recession? When you get your renters back on track with full rental payments, it’s time to put back the cash you borrowed from yourself to weather the crisis.
Cash reserves are there for use in a crisis, but those funds are only a loan to your business. You never know when the economy could experience another recession! It’s critical to rebuild your rainy-day fund as soon as you get rental income flowing again.
Recover Better With Property Management, San Antonio Investors!
Figuring out how to recover from a crisis could be uncharted territory for property owners in San Antonio and the surrounding area! If you’ve never been through a recession with your rental properties, let a San Antonio property management company help you with your post-crisis plan.
Getting back to business-as-usual is easier with our years of experience! We’ve helped property investors come back from bad financial times before, and we’re equipped to help you work with residents and get your income back on track.
There’s no need to let the aftermath of a crisis continue to impact your investments and long-term income!
If you are interested in having your property managed by Real Property Management Campanas, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at (210) 314-1039 today!