Today’s realities point to a host of uncertainties facing otherwise responsible residents:
Will I keep my job?
Will my hours be reduced?
Will I be able to pay my rent?
What you do today will impact cash flow, earnings, and your corporate reputation. As such, it’s critical for property owners and managers to take stock of the limited options they have before them to collect full rent.
The more I read, the more I believe property companies would be better off offering a partial rent deferral for the next few months, even for those residents still employed. This would be seen as a bold step to give residents some breathing room and emotional comfort, as they don’t know how long they will keep their job or when their hours will be reduced. While this gesture may not benefit your full resident base, we believe it will pay off down the road with increased loyalty and retention. Asking your residents to enroll in structured rent delivery plan like NPS Rent Assurance in exchange for the deferral of a portion of rent is reasonable, and can help assure on time payments going forward, including repayment of the deferred rent in the future.
No matter what platform you elect to help facilitate all of the above, first and foremost, we encourage you to take decisive steps along these lines — for your residents, for your long term business success, and for the health of the economy.
PS Decisive actions by corporate leaders in developing universal partial rent deferral off……