In this two minute read, we look at how Landlords in Craigavon, Lurgan & Portadown can successfully tackle the challenges presented by the Coronavirus
Keep the lines of communication open
Hopefully, you already have a good relationship with your tenant. If you don’t now’s the time to start. Get in touch with them and send the latest Government advice and the NHS stay at home advice, and ask them to let you know if they start displaying symptoms / have to self-isolate. That way you can make sure they have support / assistance in place.
With some businesses asking staff to take leave without pay, and others shutting down altogether, incomes are set to take a hit. This means some tenants will fall into rent arrears. If your tenant is struggling, don’t act in haste. If they have no previous history of arrears, it may be worthwhile coming to an alternative arrangement. The Government have launched a wide set of measures that will help people who have lost their jobs, so advise your tenant to see what they are eligible for, as this will help reduce their worry about paying the rent. It may take a few weeks for Government assistance to kick in, so being flexible and compassionate may be a better decision in the long run. If you’re uncertain, give us a call for expert advice.
In these unprecedented times, the Scouts motto ‘Be Prepared’ really does ring true. Take time to think through all potential scenarios and start planning. If your tenant tells you that they’re self-isolating, what will you do? If a tenancy is ending in the next few weeks, will the tenant be able to move out? And if you come down with the virus, who will manage your property? The point of this exercise is not to scare the bejesus out of you, but to be ready for all eventualities.
Keep up to date
With events changing daily, stay up to date with the latest advice from official sources only. Follow all Government and NHS announcements and watch what the banking industry is saying. We will regularly be communicating with our landlords and tenants.
In these crazy times it’s all too easy to panic and make rash decisions, but by keeping as cool as possible, you’ll be able to make level-headed decisions.
And remember, you don’t have to figure everything out by yourself. If you need advice, we’re here for you. We are continually talking to landlords across Armagh, Craigavon, Portadown and Lurgan in similar situations and have over 10 years of industry insight to share.
If you’d like more advice about lettings and Coronavirus, contact us on 02838 355100 or email email@example.com