30 Apr Best Practices For Managing Your Multifamily Investment Through COVID-19 (Part 2)
In our last blog post, we offered you a variety of “best practices” for managing your multifamily investment property in Los Angeles during the COVID-19 pandemic.
Since the pandemic continues to persist in Southern California, and COVID-19 has affected the multifamily investment market, we’re going to provide you with more best practices, or things that you should be doing to successfully manage your multifamily property during these challenging times.
Should You Stock Up On Supplies During COVID-19?
Even though many people were hoarding toilet paper and face masks at the start of the COVID-19 pandemic, the reality is that hoarding is not necessary.
Right now, all of the supply chains into Southern California remain intact and we’re able to purchase the same things as before, including paper goods and cleaning supplies, so it makes sense to avoid stockpiling and only purchase the supplies that you need.
What Do You Do If One Of Your Tenants Gets COVID-19?
Southern California has been one of the hardest-hit areas in the United States during the COVID-19 pandemic but one of the last things that you want to do is inform your tenants that someone in the building may have COVID-19.
Instead of informing your tenants, focus on implementing a regular cleaning regiment of all common areas in your building. This is vital, because COVID-19 has been found to last on surfaces for hours at a time so it’s best to task one or more of your cleaning staff with the job of cleaning and or sanitizing common areas regularly.
Do You Have To Make Repairs, If Your Tenant Isn’t Paying Rent?
Yes, you should continue making repairs if your tenant isn’t paying rent because you must keep your multifamily investment property in a habitable condition so that you won’t have any problems with renting out vacant units of your property to new tenants.
Are Plumbers And Other Service Companies Still Working During COVID-19?
The good news is that plumbers, HVAC, and other service-based companies are still working during COVID-19 because they are considered to be essential businesses.
Before hiring a service company to come into your building to make repairs, make sure that they follow a strict protocol and wear gloves, masks, and also lay plastic runners down in the units that they work in so that they won’t risk spreading the virus.
Contact MW Real Estate Group
To learn more about best practices for managing your multifamily investment property in Los Angles during COVID-19, or to speak with us about our property management services, please CLICK HERE or call us at (213) 927-2117.
This document and all associated forms are for general guidance. Given the unpredictable nature of this national crisis, laws, rules, and regulations are bound to change, resulting in possible omissions or inaccuracies in what we provide. This information is provided with the understanding that the association and its authors are not rendering legal, accounting, tax, or other professional advice or services and should not be used as a substitute for such.