Five tips for landlords on dealing with the Coronavirus outbreak
In this two-minute read, we look at how landlords in Worthing, Lancing & Shoreham can 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. If you haven’t already contacted them about the Coronavirus, do so now. Send them the latest Government advice and the NHS Stay at home advice, and ask them to notify you if they fall ill. That way you can take appropriate measures if, for example, a tradesperson is due to carry out works on the property (you’ll have to re-schedule).
Be flexible
With some businesses asking staff to take leave without pay and others shutting shop 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 worth coming to an alternative arrangement. In hard times, you may struggle to find another good tenant promptly – especially if we end up in an Italy-style lockdown. Being flexible and compassionate may be the better business decision in the long run. If you’re uncertain, give us a call for expert advice.
Be prepared
In times like these, the Scouts’ motto ‘Be Prepared’ is as good as any to go by. Take time to think through all potential scenarios and start planning. If a 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 the exercise is not to freak yourself out but be ready for all eventualities.
Keep up to date
With things changing daily, stay abreast of the latest advice from official sources. Follow all Government and NHS announcements and watch what the banks are saying. We will regularly be communicating with our landlords and tenants; and you can see our most recent updates on our Facebook page.
Don’t panic
If you feel your anxiety levels rising, ask yourself this: What would hitting the panic button achieve? 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 Worthing, Lancing and Shoreham in similar situations and have 35 years industry insight to share.
Are your rent payments guaranteed?
If they’re not, they should be. As we find ourselves in the midst of the Covid-19 outbreak, it’s now more important than ever to ensure you are covered should your tenants be unable to meet their rent payments.
We are able to recommend a Rent Guarantee and Deposit Replacement insurance that can be purchased mid term. If you would like more information, please get in touch with our lettings team by clicking here.
