How Quick Action Can Preserve COVID-19 Losses From Rental Income

Posted on August 12, 2020

Life Is Either A Daring Adventure Or Nothing At All. – Helen Keller

The fiscal consequences of COVID-19 are a reality we will deal with for many years to come. We are all aware of the challenges facing multifamily residential developers right now – millions are out of work, evictions have been placed on hold, apartment dwellers are turning their eyes to single-family homes.

A Southern California skyline

Success Is Due To Our Stretching To The Challenges Of Life. Failure Comes When We Shrink From Them. – John C. Maxwell

Here’s how we respond to rental income challenges:

Deepen Team Culture

Culture encourages team thinking. It boosts morale. It supports ingenuity and industriousness. It spawns creative and bold solutions. When the brains behind the brand are functioning at the optimal potential, they pull together and align focus. Focus is what works best to reach a common goal.

Increase Communication and Transparency

Communication is never more important than when people experience difficult times. Leaders need to communicate to employees how decisions should be made, property managers need to communicate to tenants the variable protocols as situations change, investment teams need to communicate with partners about any changes in the financial landscape. Truth and honesty lead these conversations ensuring all information available to CGI is also available to stakeholders.

Agile Marketing

It’s critical to take every opportunity to make the apartment discovery process distinctive. As much as single-family homes dominate headlines, we’re hearing from so many homeowners and renters that they are exhausted with the maintenance, the home repairs, the yard work, and the isolation. They are looking for a community.

They want a gym, a pool, a movie theater, and more just an elevator ride away. They want restaurants and nightlife all within walking distance. We tell that story through our marketing and digital marketing. This action now to combat rental income challenges will pay dividends in the coming months, and well after Coronavirus is just an unpleasant memory.

Being Challenged In Life Is Inevitable, Being Defeated Is Optional. – Roger Crawford

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