Finding opportunity during a pandemic still comes down to relationships
The industry is grappling with the impact of the pandemic and while the promise of new vaccines brings hope, COVID-19 will likely be here for years to come. Effective property managers never waver in their approach to commercial real estate management. Remaining profitable during uncertain times always comes down to relationships and that rings true for property managers now more than ever.
The challenges facing our industry today are not new but are certainly exacerbated. Rent collection, vendor management, expense management, and staffing are on the list of hot topics being discussed every day and government regulation during the pandemic has added even more complexity to that discussion.
There is no doubt property managers received calls from tenants during recent stay at home orders requesting rent relief. While eviction moratoriums were looming, property managers were hard at work balancing PPP loans, accounts receivables, operating expenses, and building safety to ensure that properties remained open and profitable. Those managers who were most successful during this time likely went into the pandemic with an already strong focus on landlord / tenant relations. These managers were adept at fielding calls, listening to tenant concerns with empathy, communicating the reality of the situation effectively, and conveying the landlord’s position clearly. When relationships are at the forefront, landlords and tenants alike develop a certain level of loyalty and will generally work harder to maintain the relationship.