What Property Managers Should Be Doing Right Now
Managers of multifamily properties face an unprecedented event in the coronavirus pandemic. Here’s what to do next.
The status of the coronavirus outbreak has changed dramatically over the last three weeks and even on a daily basis, and those in the property management and operations side of the industry have had to scramble to address the problem and come to terms with what it means for a property and its tenants.
Sam Chandan, Associate Dean at New York University’s SPS Schack Institute of Real Estate, said of all the impacts to the real estate industry, perhaps the most immediate has been to operations.
“Probably where we’ve seen the more significant impact in response is in building operations, whether it’s multifamily or office buildings,” said Chandan, adding that industry members should particularly mindful of “operationally intensive” properties
like hotels and senior housing.
Lincoln Property Co., one of the largest managers of multifamily rental properties in the U.
S., has looked to leading industry association groups like the National Apartment Association and the National Multifamily Housing Council for guidance since the outbreak.
“We’ve been taking an “Educate & Communicate” approach, ensuring our employees and residents alike are well-educated on the virus and the best ways to prevent further spread,” a spokesperson fro
m LPC told Multi-Housing News.
The company has been communicating regularly internally and has been regularly updating its residents and directing them back to the CDC and WHO websites for more information. LPC teams are being encouraged to greet each other, residents and guests without shaking hands and have updated their pandemic illness and related policies, including increased cleaning in offices and commons areas, canceling resident social events and preparing overall business continuity plans.
“We are seeing more virtual meetings and quite a few client and business trips have been cancelled,” the spokesperson added.
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“Here at Income Property Solution we buy commercial real estate in Emerging Markets. They produce
good cash flows with a strong back-end.“
Demetrius Brown, & Team
IncomePropertySolution.com
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