During any type of uncertainty our first response is panic. As property owners and managers, it’s our job to remain calm and in control. Our tenants, clients and employees are look to us to confidently navigate through these turbulent waters, in order to keep us all afloat.
Whether you own and/or manage a smaller scale commercial building, or your portfolio includes several shopping centers, here’s what we suggest landlords keep in mind when responding to tenants
Communicate
This is unchartered territory, and many of us are figuring this out as we go. It’s important to let tenants know that ownership is taking this seriously. Talk with tenants so that they feel heard. It’s best to ramp up communication and err on the side of overcommunicating so that everyone understands expectations and updates. Even if you’re still working on a solution, people typically appreciate a quick progress note.
Share Resources
COVID-19 news is constantly progressing, and our government is working quickly to deliver resources, grants and aid programs. As you learn about new opportunities that could help tenants, be sure to share them. At Matanky, we put together a list of local and national resources for small businesses.
Increase Empathy
Many emotions are running through us all right now. While there is no “right” way to react to a crisis, all we can do is show empathy by listening to each other’s concerns and showing that we care how they feel. A rude phone call or email is likely the result of someone’s own worries.
Together, we can take a deep breath and step back while we work through our new normal. By increasing our communication, sharing what we know and putting empathy first, we can help each other weather this storm.