New Reality & Managing properties

New Reality & Managing properties

IREM senior vice president and principal at Blanton Turner, Barry Blanton says, “I can’t honestly say that anybody was thinking about pandemics, maybe two months ago at least.” “If we look at what we thought we knew three days ago, and we look at where we are this morning, it’s different.” Property managers around the world are confused and are looking for information and guidance amid the COVID-19 pandemic.

Every day is a new day and we learn different things about the virus. Property managers need to do everything in their capability to protect the occupants and staff and to protect property owners from liability and financial loss. The COVID-19 crisis is real and unfortunately, it will remain for some time, so it’s a good time to evaluate your building strategies.

Review your pandemic plan

In this pandemic, you continuously have to make adjustments in your plans. You may have to face the following issues:

  • Managing workforce and properties remotely
  • Adapting to new building technologies
  • Protecting the privacy of the ill
  • Receiving packages safely
  • Adopting physical distancing guidelines

Preparing for Rent Arrears

With the COVID-19, millions will have to face financially as they will become unemployed. With the unemployment factor, countless will not be able to pay the rents on time. The government is trying to assist the people, but it will not be enough. So, it’s best to prepare a plan that will define how your business will respond to requests for rent abatement, deferral, and forgiveness.

Legal considerations

The ‘acts of God,’ known as “force majeure” clauses are typically not written in real estate contracts. If these clauses are added, the conditions have to be specified. The fallout of pandemics is usually not one of those conditions. So, it’s a good time to seek legal advisors to assess the risks.

Leadership

Rough times demand leadership. You have to remain calm and communicate well and often with your workforce. There is no doubt that life has changed for all due to this pandemic but we will come out of it. So, you need to steady the ship.

Senior editor of the Chicago Morning Star

Related Posts
Pritzker calls for more COVID-19 vaccines
JB Pritzker, the governor of Illinois, is calling for more coronavirus vaccines for his state.
Next Phase of COVID-19 Vaccine Distribution Plan, Lowers Vaccine Age to 65
CHICAGO – Building on guidance by the Centers for Disease Control and Prevention’s (CDC) Advisory Committee
Research Examines Alcohol Consumption In Illinois Amid Pandemic
ILLINOIS — New research at an Illinois college is taking a look at how the COVID-19
US experts call Moderna safe for COVID treatment
Moderna, a COVID-19 vaccine, is set to gain emergency authorization soon. The US regulators said
Chicagoland Getting Back to Work
COVID-19 pandemic has taken a toll on businesses across various industries. However, Chicago-based Complete Crewing
Illinois Receive First Batch of COVID-19 Vaccines
Illinois has received the first batch of the COVID-19 vaccines. Illinois governor J.B. Pritzker oversaw
Downtown Chicago’s Office Demand Performing Greatly
In the third quarter of the year, Chicago's office space largely remained idle. The reason
JJC closes campuses effective Nov. 16 amid rising coronavirus cases
The positivity rate of Will County for the coronavirus is 18.6%, according to the Illinois
COVID-19 reaches last safe region in world
The World Health Organization (WHO) declared coronavirus a “global pandemic” eight months ago. The virus
CDC approves North Dakota’s decision to permit COVID positive healthcare workers to assist patients
The hospitals in North Dakota are becoming overwhelmed with coronavirus patients. The situation has pushed