34 minutes | Apr 13, 2020

How We Got April Rents To Match February

Addressing Concerns and Disputes:2:05: April was sort of the first month that we had to figure out if people were going to pay rent, what they are dealing with and how many of our residents are without jobs.4:20: We basically said that rent is still due and to feel free to reach out if there is an issue. We didn’t want to extend an open invite, but we planned to give an additional payment plan allowance and waive April late fees.7:29: With regard to student rentals, we had alot of calls since the University of Oregon closed their dorms and we had an insurgence of rental inquiries. At the same time, we had nervous people reaching out about cancelling leases for the 2020-2021 school year, which is a ways off still.10:30: If you're struggling with vacancy issues or whatever you had to really think about lowering rents, trying to get on the front side of being as attractive as possible to any would-be residents coming your way.This May Encourage Changes To Your Process:11:49: We don't take people who've had evictions. So, we have a lot of people that I think are going to fight tooth and nail to not go the route of ending up with an eviction.15:41: When you're talking to your residents about these situations, you really want to emphasize that both of your goals are the same for the person to stay in the property and not have them leave.18:30: If you've been into real estate as a hobby or rental properties as a hobby, this is really time to change directions here. It’s not the time to be informal with your residents.20:58: Remember, you've got a business on your hands. If every single property you own is free and clear, you still are operating a business. You need to keep that kind of mindset.25:47: Part of being business owners too is you need to look into the future of who you're renting to. What’s the job outlook like for that industry?What Are We Seeing In Our Communities?:30:00: Most people are doing pretty well. They're down a bit, we're down a bit, but it's by no means a catastrophe. And it probably won't be in terms of rental income questions, unless this drags on for another couple of months.32:40: I'm hoping for a lot of people that this is kind of not necessarily a wakeup call, but a chance to just kind of reassess what they want out of life and really go after that.Connect with the Good Stewards:Visit Our Website and SubscribeEmail | Ask@TheGoodStewards.comTwitter | @TheGoodStewardsInstagram | @GoodStewardsPodcastFacebook | @GoodStewardsPodcast
Play Next