During the difficult challenges of Covid-19, it’s crucial that landlords appeal to tenants, especially since many are struggling.
As with nearly all aspects of daily life, housing has been hugely affected by the global pandemic. With many people experiencing job loss, or suddenly finding themselves working from home, finances and living conditions are at the top of the list of concerns for many Americans. Oklahoma City is no exception to these challenges, and landlords may be wondering what they can do to appeal to their tenants. Here are 5 practical tips landlords can put into action right away.
Allow for Flexibility
Flexibility has really been the hallmark of this crisis. Everyone is looking for new ways to do things in a way that accommodates the ever-changing precautions and health codes. Likewise, landlords can look out for their tenants by offering some additional flexibility. Communicating with tenants is key to finding a rent-paying solution that works. They may need to pay a few days later than usual, or even pay in several partial payments. Another approach might be to temporarily lower their rent for a few months, then have them pay the difference later on in the year, after they’ve had a chance to get back on their feet.
Set a Fair Rate
Another way landlords appeal to tenants is by setting a fair, appropriate rate for rent. Doing a little research to determine what the actual current market rate is in Oklahoma City helps to set a realistic baseline. Landlords should try to set their rent rates as close to that amount as possible, while still meeting their rental pro forma. If possible, setting the rate a percentage or two below the market rate could draw more potential renters, especially appealing to those experiencing job loss or lowered income.
Continue to be a Great Landlord
Now more than ever, tenants will appreciate all the qualities that make a great landlord. Staying up-to-date on all maintenance issues is a big deal, such as ensuring that all sinks, showers, and toilets are working properly, and any plumbing or leaking gets fixed right away. Between tenants, landlords can add a fresh coat of paint and patch holes. With people spending more time at home, it’s even more crucial that heating and cooling function properly. Access to reliable internet is also of key importance, as many families now work from home and access school online.
Let Sell Your OKC Home Help
While it’s important that landlords appeal to tenants during the Covid-19 health crisis, landlords are being affected as well. Many landlords rely on rent payments from their tenants both to cover the mortgage on the property and to support themselves financially. This may pose a difficult situation where the landlord does not have any flexibility to offer the tenant in terms of rent payments. Sometimes the solution may be to sell the property, and that’s where we come in at Sell Your OKC Home. We pay cash for your Oklahoma City home, no matter the condition. Contact us today for a free, no-obligation fair cash offer.