Creating Success in Tough Times

There’s no doubt that these are challenging times — fear of illness, reduced income or unemployment are just a few of the many issues you; your employees; owners; and, of course, tenants are facing every day. This means property managers may need to quickly navigate changing COVID-19 regulations, as well as protect employees, owners and tenants. To do this, they need to establish a crisis plan, handle rent deferral requests and manage outside service providers and vendors — not to mention stay in business. It’s a lot to deal with! If you’re not sure where to start, here are a few ideas to consider:

Create or Update your Emergency Plan

Maybe you already have a crisis plan in place but — chances are — it doesn’t include how to deal with a pandemic. Or, maybe, you need to create one. Either way, a detailed strategy can help you, your employees and tenants communicate clearly and take action quickly. Here are some suggestions to bear in mind.

• Invite key-decision-makers — especially, onsite managers — to help develop or update your crisis plan for all properties. When finalized, consider sharing the plan with owners, employees, tenants and external workers.
• Take time to identify any workplace and job-related risks.
• Perhaps reach out to state and local health departments to stay informed about outbreak updates and requirements.
• Provide tenants and employees posters or flyers about appropriate safety measures, as well as signs of illness.
• Encourage employees and tenants to contact a supervisor if someone on the property is diagnosed with COVID-19. Keep in mind that, while managers can inform others of a COVID-19 case, they can’t legally disclose the person or unit number.

Communicate with Staff and Tenants

During an emergency, few things are more important than clear, timely and fact-based communication. This can not only ease people’s minds but can help reduce the likelihood of spreading the illness.

• Perhaps ask key staff members check and update all tenants’ email addresses, phone numbers and emergency contact.
• Create/distribute an information packet for employees and tenants. You may want to include contact information for property management and local health resources, as well as property maintenance and cleaning practices.
• A great way to save time in an emergency is to draft communication documents so you can quickly inform and/or respond to residents, tenants and guests. It’s advisable to keep the memos factual and calm — and include your local authority’s recommendations.

Vendors/ Service Requests

Keeping in touch with service providers and vendors is crucial in a health crisis. Consider giving them a copy your emergency plan so everyone can adjust and keep everything running smoothly.

• Request that vendors and suppliers adhere to CDC best practices for COVID-19 cleaning and disinfection. Also, ask them to not send workers who may be showing signs of illness.
• Re-examine property needs and pinpoint crucial providers.
• Identify back-up vendors in case of staff shortages or supply disruptions.

Staying in Business

Let's face it: the longer tenants aren’t working, the more delinquencies will occur. Therefore, you may need to make smart decisions now, rather than later.

Request that all tenant deferral or forgiveness requests be submitted in writing, with details of their situation and how they plan to resolve them. Within 10 days, owners and property managers may want to implement a policy regarding late payments.

That said, when you’re not getting paid, you may also have difficulties paying your invoices. If so, be proactive with your partners — especially long-time contractors. Consider sending your providers a written letter asking for a few payment concessions during this difficult time, which can give you some breathing room.Click here for a sample letter from the Low Law Group.

Even in the best of circumstances, it can be difficult to lure prospective tenants. Consider offering virtual and/or self-guided tours that can help you keep people engaged (millennials, in particular) with your properties.

Working Remotely

Until “Stay at Home” orders change, property managers may want to establish minimum staff levels needed to maintain critical operations — and, then, offer others the option to work at home. Here are a few things to consider before you provide remote access:

• Evaluate your company’s technological and internet capabilities to confirm that telecommuting staff have the tools they need at home.
• Clearly outline employee expectations (hours worked, ability to establish contact during working hour), as well as provide remote-access procedures to staff.
• If remote access fall short of needs, it’s smart to cross-train employees so the workplace can operate when essential staff are out.

Yes, this is challenging time for all — but the reality is that we are all in this together. With that in mind, Dunn-Edwards values your partnership and will be hosting virtual Lunch & Learn and Happy Hours to share ideas and solutions to help you succeed in tough times. Please contact your Property Services Representative for more information.