During times like these, it is easy enough to fall victim to fear and anxiety about the future, but if there is one thing you don’t need to worry about, it’s the multifamily industry. While remaining sympathetic to all other industries, it is essential to take the time to be thankful that you work in a virtually recession-proof industry.
How Will Our Industry Survive?
People have and always will need a place to live. Just like any other essential business, multifamily housing provides one of life’s necessities, and nothing will ever take that away. Even though it may be difficult for tenants to pay their rent for a few months, there are solutions to help, such as the stimulus check, small business loans, and even bills to prevent eviction. You and your community will make it through this in one piece and may also come out stronger.
How Will This Help Everyone?
The multifamily industry may be its own little world, but it is one piece of a bigger puzzle. Often, tenants will view property managers as “the bad guy” simply because the property manager tends to be the bill collector. Still, it is essential to recognize that the multifamily industry significantly helps the economy. Each property employs leasing professionals, a maintenance team, and vendors offering job opportunities for all. And, by providing jobs, you are boosting the economy and even creating more renters. A healthy housing market is necessary for a healthy economy!
How Can You Do Your Part?
During this time, it is crucial to continue to lead your community by example! Continue to boost morale with virtual events and offer a sympathetic ear to stressed-out tenants. At the end of the day, we all have a job to do, and even if we are now doing that job virtually, we can still do our part to make the most of every interaction and opportunity. You and your community will make it through these coming weeks, so be sure to keep your head up and lead by example.
So, as a property manager, you can rest assured that the industry you love will continue to survive during these trying times. Keep in mind that other industries aren’t quite as lucky, and do your part to support them just as they would you. We are all in this together, and we will continue to offer nothing but excellence to every single client, customer, and community.