Novel Coronavirus – Renting out your property during this pandemic.

Outbreak of Corona virus has impacted the whole like no other pandemic have ever affected before and critically damaged the world economy. After various waves of outbreak, although we are noticing people’s lives are limping back to some ‘normality’, but good amount of precautions are still needed when letting a home on rent during this ongoing pandemic. The well being and safety of the tenants/occupants must be the priority in your mind of every safety oriented individual. The Government has also taken up this issue very seriously and as such you will find the government administration and officials are continuously advising public at large about staying safe in this period. Below are outlined advices on letting a home during corona virus.

Try to be understanding and compassionate

It cannot be stressed enough that financial impact on earnings and economy has been of unimagined proportions on the world populations. During this long pandemic in addition to dealing with personal loss due to death of near and dear ones many people are continuously suffering economic downfall. Most of the people around the country and abroad have entirely lost their jobs, while some have continued to work but received pay cuts for months. Being a landlord, it’s imperative to understand people’s changed financial situations and their ability to pay. Ideally, regardless of a global pandemic, your attitude should be the same. You may consider letting your home or property to vulnerable people, for example those who are in quarantine or not vaccinated due to some reason. Any property management service company will guide you with the advices or orders issued by the government administration such that you are able to take the right precautions. They will also make sure to keep you updated on each and every updated guideline with regards to tenant eviction during corona virus. Mind you, courts have taken a broad and sympathetic view of the situation while dealing with such eviction matters in recent times.

Can I ensure that renting has been done as per government guidelines?

It is now a matter of everyone’s safety and general precaution, that’s why you should consult a property management company and speak to them. Ask them if there is any new update on the guidelines issued by the local administration or central government. Make sure to adhere to the orders such as premises safety, periodic fumigation cleanliness, etc. before advertising your property or home for renting purpose through the property managers.

Can I rent out my existing or new property?

Yes definitely. People still need to live in rented homes even during the pandemic and it might be that their current tenancy agreement will come to an end soon. Conversely, some may need a home on rent simply because their property is sold now and they are looking for a rented house in the interim. Sometimes people look for rented house only because they want larger rental homes or they are in search of a better location to live where they feel the nearby amenities are more suitable to them. Reasons are soaring up and tenant enquiries have increased over the past months due to Coronavirus, hence a property manager can advertise your property so that you do not potentially lose out on reliable tenants and ensure a steady source of income for yourself

What about property inspections?

You can postpone inspections of your property during this pandemic. If your tenants are reliable and you are confident that they’re taking care of your property, so try to reduce the transmission risk and stop inspections for a few months. Even though restrictions are slowly easing out, the climate varies all the time and we don’t know what could occur next. Offer them some reassurance and trust that you aren’t eager to view your property currently. This will definitely create a good relationship between both the parties and reduce the apprehensions around corona virus spread.

Maintenance and repairs

You may forgo property inspections but cannot ignore maintenance and repairs.If a property management service is hired, they will inspect the furniture and fixtures periodically to ensure that the property is being kept in a good condition.Any other big repair work can be postponed but must be rearranged soon once your tenants are comfortable or aren’t self isolating.