Notes

How Peak Property Management Deals With Rent Reduction & Concessions During a Down Economy
In a real estate market where change is the only constant, property management firms are focused on raising topline revenue through portfolio growth and reducing operating expenses by filling vacant units faster, negotiating better rates with vendors, consolidating software platforms and slashing unit turnover costs. But despite this year’s decline in inflation, key property management expenses such as insurance, taxes and interest rates remain stubbornly high.

As a result, many managers are turning to rent reductions and concessions as a way of keeping their properties competitive. Bán đất Khu đô thị Mỹ Gia Nha Trang gói 6 is Peak Properties, which is letting tenants defer their monthly rent payments for as long as they need to find another place to live. They’re also waiving late fees, rent increases and slashing interest payments. For a tenant paying $1,200 a month in rent, that amounts to a savings of $6,000 over the course of a year.

But these programs aren’t without challenges, particularly during an economic downturn that has caused some tenants to lose their jobs or have been laid off. For instance, a former resident named Todd Lawson says his landlord on Griggsview Court, a quiet cul-de-sac near OSU, started kicking him out of his townhouse in January after the new owner purchased the building and eight others on the street.

Bán đất Khu đô thị Mỹ Gia Nha Trang gói 5 says he wasn’t notified that his neighbors had tested positive for coronavirus and was told that he would have to move out by February because the new owner wanted the space for family visits. He says he wasn’t able to find another place and was forced to pay Peak for a broken fridge, stove and dishwasher.

During this time of crisis, Peak has been focusing on its associates’ mental health and well-being by sending emails to staff with stress-reduction techniques. Zucker says he’s also doubled down on making it as easy as possible for employees to work from home. But he warns that it’s important for associates to check in with co-workers, sign documents and complete other in-person tasks when necessary.
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