What landlords should do during the Covid-19 pandemic
It is a very difficult time for many homeowners and renters who are suddenly facing extreme financial stress as a result of the current pandemic.
It is important to consider the impact this outbreak may be having on your tenant’s income, whilst also taking care of your own finances. If you have good tenants, you need to look after them and be flexible during this time.
For landlords who own their properties outright, you may be able to grant your tenant some leeway during this challenging time. If not, talk to your lender and find out if you can defer your loan payments for a period.
State and Federal Government support packages are being announced regularly which may provide some assistance to tenants if they have lost work due to the pandemic. With large numbers of Australians losing their jobs, this could be a slow process adding further anxiety and insecurity.
In response to the crisis, Key2 Realty have made some temporary changes to minimise the risk of infection to staff, landlords and tenants. We are now working from home and staff are fully equipped to work remotely. The landline remains the best number to contact us on. Other measures which will take place until further notice include:
- Routine inspections are paused while we convert to virtual inspections on a temporary basis.
- Non-essential maintenance will be postponed.
- Open homes will no longer be held on vacant properties, instead these will be shown via private appointment only, following Government guidelines on social distancing.
- All stakeholders have been asked to let us know if they have tested positive for Covid-19, are awaiting Covid-19 test results, or are feeling unwell and been advised to self-isolate.
Open communication, flexibility and understanding is the best way to navigate through this crisis together. We will continue to keep our landlords and tenants up to date with any further changes as the situation evolves.
Property Rental Appraisal
Get started with a free and no obligation rental appraisal for your property.