PROPERTY RENTALS & THE EASING OF LOCKDOWN

Given the information at our disposal at this point, it would seem as if residential property rental services will not be resuming for a while.

it’s my understanding that Real Estate Services will only be allowed to resume at Level 1, based on the information I have seen so far.

This has some serious implications:

  • no indication as to when tenants, whose leases have come to an end, will be permitted to relocate
  • the expectation that the level or rent arrears will increase hugely this coming month
  • the Rental Housing Tribunal is closed
  • the courts are only dealing with urgent matters, which do not include claims for rental arrears / damages and/or eviction applications
  • when the courts re-open there is going to a massive backlog, expected to result in long delays for any new applications

Based on the above realities, residential property rental agent and agencies are going to need to be creative, think ‘outside the box’ and be cautious and thoughtful as we move forward.

What do I mean by this?

You’re going to need to be agile – prepare, plan and be ready so that when, for example, tenants are able to move you will be able to deal with all the moves in an organised manner as soon as possible, while still ensuring that all the required actions (e.g. outgoing inspections) as still completed professionally to protect your landlord.

In addition to the above example, you will also need to consider:

  • how are you going to deal with the massive expected increase in rent arrears?
  • what about tenants whose leases have ended that cannot, or don’t want to, move?
  • are there alternative (win-win) approaches to the usual rent arrears and eviction processes?

As we get clarity on the above matters, I will continue to share pertinent and practical information and to develop practical, implementable draft plans to help rental agents through this period of uncertainty.

Here are a few ways to stay up to date and make sure you get the information that I produce and share . . . .

The Rental Leaders Focus Group will be where I will be sharing communication templates, as well as practical, templated plans and strategies to deal with the above challenges that all rental agents will be facing in this ever-evolving, unprecedented time of uncertainty.

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