Like so many other industries, property management has been given a good shake up over the past few months as COVID-19 has taken its toll.
Fortunately, over the past week or two as restrictions have begun to ease, there is a noticeable return closer to normality than we have been for some time. Open inspections are now once again permitted (with social distancing and hygiene still very top of mind), and prospective renters are returning to the market after a significant downturn in recent times as people “laid low” and rode out the beginnings of an uncertain period.
Several of our investors’ properties remained on the market longer than they usually would in more stable periods, however vacancies have begun to reduce significantly over the past fortnight as rental interest returns.
Owners have been concerned about whether tenants could continue to pay their rent, and tenants concerned as to how they could pay their rent. It has been a period of negotiation and keeping communication lines open and being transparent about each party’s position. No investors wants their tenant to leave during this time, just as no tenant wishes to move from their home during such an uncertain period.
Over the past month we have seen some out-of-the-usual activity in the property management space. We have been approached to buy rent rolls of agencies who are selling up and getting out. We have been approached ourselves to negotiate selling our own business. We have not pursued these activities as this is not our focus.
We have kept our head down and continued our work with minimum fuss and minimal disruption all round. Our team of four has continued working the same hours as we did prior to the period, and we are now working back in the office as usual after many weeks working remotely.
Life is certainly not as it was as the year started, but our business and our focus has continued unchanged. We continue to assist in providing the best possible outcomes for our landlords and tenants now, just as we have in months and years prior.
And it’s great to see a post-COVID-19 world emerging.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Newcastle real estate agent offering expert property management across Newcastle and Lake Macquarie.