During the COVID-19 pandemic it has been very hard for some businesses to stay afloat, some have closed temporarily others have gone completely bankrupt, thus affecting your mall or shopping center, this is why we offer to advise on how to stay together through this crisis and come out alive with all of your contracts, the first thing we advise is to know your tenant’s strengths and weaknesses so that you may offer a real helping hand to their needs, you might have to reach out to them and offer help, many will be too proud to ask for help or simply are trying to be very responsible and honor their contract as it was signed (but these times are no longer those days) so take your time to know them, see how you can offer a hand, analyze each case.
Consider this, if they are at the end of their contract you can cut them a deal with a discount, after all, that tenant has already proven loyalty to you over the duration of the contract, if they still have a long time to go on their lease you could offer to reduce their rent for the next 2 or 3 months as you see fit and then charge them the amount on the last 2 or 3 months of the lease, remember that loyalty goes both ways show them you are willing to help them stay afloat and they will response in kind, our second advice is be wise and evaluate your options to stay strong financially, sure there is profit to be made in every business but right now everything has slowed down, do not crash your property pretending that nothing has changed, it has and it doesn’t necessarily means it was for worst, help your tenants in any way you can, sometimes smalls changes are the big break your tenants needed and they can survive the pandemic just fine, be patient and everything will turn out all right.
So many years working with managers and helping them be the star of their properties has given us the security and insight necessary to offer you this advice, for more tips follow us on Facebook, Instagram, twitter, youtube, or better yet give us a call and tell us what your needs are and we will offer a solution for you, we know security we know management we know how to help you look good when you work with Steadfast security is all about happier tenants and owners.