If you have wondered how many tenants didn't pay rent during the pandemic. I answer that question on this video for our company.
Last year was an interesting year if you owned a property management company. Imagine being in a business where the government passed three different sets of legislation that told your customers they don’t have to pay for your product. And oh by the way, you also can’t raise the price for your product and if your customers don’t pay, you have to continue providing services to them but just make sure you don’t ever see them face to face. That’s pretty much the situation we were in as property management companies. This is a slight exaggeration because tenants actually were required to pay rent, but the perception was created tenants didn't have to pay rent. The three laws were CTRA, SB91 and AB832. I’m happy to say that after all that we only had one resident that missed one month of rent. That’s probably because we provide property management services in Carlsbad, Encinitas, San Marcos, Oceanside and other higher end communities in North County San Diego. We have a lot of marines living in properties we manage in Oceanside. I’m in some property management industry groups and as you can imagine there was a lot of talk on how to handle the pandemic Some property management companies decided they wanted to be proactive and contact all the tenants and offer to work with them. I thought that was a terrible idea. I decided to take a wait and see approach. I decided to wait to see if our residents did not pay rent and if that happened we would just follow the law. Luckily we just had it happen one time. If you you are one of our owners I want to let you know I really appreciate you allowing us to manage your property. If you are one of our residents, I really appreciate you paying rent on time during a difficult pandemic. We have the best residents in North County San Diego!
