New BiggerPockets Article: What Property Managers Need to Know Amid the Coronavirus Crisis

My latest article for BiggerPockets is up and it discusses the ongoing Coronavirus pandemic and what that means for property managers as well as well as real estate investors in general. 

The first section discusses how to maintain operations now that much of the nation is going into a 30-day lock down (Kansas City, for example, just announced a lock down that would start Tuesday, March 24th). 

The article's first section discusses how to run operations, particularly for leasing agents, maintenance staff and the office staff. The ability to work remotely, while not an option for all, it a great benefit we should all be grateful for.

The next section discusses what to do for next month's rent. Some ideas include,

• "Forgive April late fees
• Postpone when rent is late
• Offer additional payment plans (we, like some other management companies, usually only allow one payment plan per lease)
• For tenants who have lost their job, consider applying part or all of their deposit to the rent (under normal conditions, you should never do this)
• Consider restructuring leases if you can afford to, as banks have done in the past (take the April rent or part of it and spread it out over the remaining course of the lease)"

If you're in property management, I highly recommend checking this article out.