Your Experience as a Building Owner During Covid-19

 

By now, we have all been impacted by Covid-19 in one way or another. One of the timeliest concerns that building owners must tend with is the health and safety of their staff and tenants.

We speak with building owners every day, as we work through issues concerning operations and tenancy, and we share our clients’ commitment to proactively maintaining a safe environment for those who live and work at their properties. Not only does this mitigate risk, but it nurtures a trusting relationship that is helpful as we navigate challenging situations with owners, buyers and lenders.

 

  1. Dialogue

Regular dialogue with your tenants should always be a priority, but is especially essential during this time. If you haven’t already done so, it is important to communicate a safety statement to your employees and tenants outlining any precautionary actions that you are taking. Let your tenants know what communication will look like during social distancing, and what types of requests will be prioritized. Owners and managers who are having an open dialogue with their tenants are more likely to reach agreement on rent payments and other tenancy issues.

  1. Protection & Sanitization

Owners and managers should be taking any possible precautions to prevent the entry or spread of the virus within their properties. Increased sanitation efforts will not only help ensure the health of your tenants and staff, but will also help offer them a greater sense of safety. Setting up sanitation stations that provide tenants with hand sanitizer, gloves, and masks (if/when possible) at each exit of the property can help mitigate the spread of the virus. Ensure that any essential property staff that must work at the property has the proper equipment to protect themselves and others.

  1. Information

Keeping your tenants and staff informed is arguably the most important step you can take to ensure their health and safety. Provide them with any information that could be useful to them including:

  • Reminding them how to contact property management.
  • Defining the action steps that your team is taking to ensure tenant and staff safety.
  • Outlining CDC safety recommendations.
  • Providing information on all rent relief opportunities and backstop programs available for tenants during this time.

 

We are all learning as we go, and while we strive to continue providing you with useful information, we would like to hear your experiences as well. Please feel free to share your knowledge as an owner, manager or tenant, and let us know what your first-hand experience has been and what has worked for you.

 

Article by Brad Carlson

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