Tips to Be the Best Landlord during a Health Contingency

If you made the decision to get your first house, you must be aware of a couple of things and steps you must consider before signing a contract. Keep scrolling down this post by Advanced Title Company in Mesa County.

Get the best title insurance in Mesa County and reach out to Advanced Title Company at (970) 255-7677 and get acquainted with the title services they have at your disposal.

Are You Renting a Property?

Here are five recommendations for you to be the best landlord during the health contingency for COVID-19 and secure the stay of your tenants for longer!

Let's Begin

The health contingency caused by the coronavirus has, not only had a negative economic impact on the industrial, automotive, and tourism sectors, but it also took a toll on the real estate business. Because of this, people who want to invest in real estate will need to be patient and protect their finances from the current global pandemic.

If You Happen to Be a Landlord

On the other hand, if you are a landlord, consider that your tenants are the most important element to keep your economy safe and growing. If you don't want to lose your tenants during a health crisis, you'll have to make certain changes, such as putting yourself in their shoes when it comes to their financial situation and their needs.

How to Be the Best Landlord During a Health Contingency?

– Don't punish your tenants for not paying the rent on time. – Keep common areas clean and disinfected. – Keep track of visitors. – Pay services on time. – Postpone the term of the lease.

Don't Penalize Your Tenants for Not Paying the Rent on Time

The first recommendation to become the best landlord during the global pandemic is to avoid any type of penalties if any of your tenants can't make their rent deposits on the assigned date. Remember that the health contingency has caused a global economic recession, which is why many people are going through a financial crisis while others have temporarily lost their jobs. In this situation, you must be supportive and reach an agreement for them to pay the rent. It's advised to divide their monthly payment into two fortnights, or consider postponing payment during social isolation if you are in the position to allow it. In order to avoid outstanding debts after the coronavirus epidemic, changes will have to be stipulated in an extension, which must be signed by the tenant and the owner.

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Keep Common Areas Clean and Disinfected

Each tenant is responsible for the property they're renting, but you as a landlord have an obligation to keep common areas clean and disinfected during the health contingency. If you are a condominium owner, put into practice a cleaning and disinfection plan, it will help you know what type of utensils you need to clean and disinfect, the frequency to do so, and the surfaces where germs are most prone to stick around.

Keep Track of Visitors

This recommendation will not only serve you in the face of a health crisis but also to keep better control of the people who enter and leave your property. This will help you prevent any possible spread within the building and deny access if you recognize suspicious cases. In addition, you should take the preventive measures recommended by the Health Authorities if any of the visitors arrive with the flu or another coronavirus symptom.

Pay Services on Time

Most of the people are working from their homes, so you will have to pay on time the services that are stipulated in your tenant's lease. If you must pay for the internet, cable, water, or electricity, it's important to domicile these services from a banking institution. Under no circumstances risk your health during health confinement!

Postpone the Term of the Lease

In case you have a lease that could be expiring soon, it's important that you reach out to your tenant to change the expiration date or to renew said contract. Don't evict during a health contingency, as they may face trouble finding a new home or simply they may not be able to do so due to financial reasons. It will be best if to reach a temporary solution to this situation. Also, consider that if any of your tenants leave the property, you must invest money to disinfect the property and put it back for rent considering all hygiene measures.

Finally,

Being a good landlord in times of crisis will help you ensure the stay of your tenants; especially during a health contingency. Be sure to implement these simple recommendations to become a better landlord.

Get Familiar with the Best Title Insurance in Mesa County

Before selling your home, consider the importance of title insurance in Mesa County during the process. Contact the experts at Advanced Title Company by calling (970) 255-7677 if you are interested in the best title insurance in town.