As the Delta variant continues to spread, increasing worries that this fall will bring another lockdown and return the world to a recession, property owners are bracing for the impact. The first wave of COVID saw millions lose their jobs, and businesses had to quickly implement a work-from-home structure that was unfamiliar to most. Property owners were hit hard also, as they had to deal with delinquent tenants while trying to pay the salaries of their own staff. Now, as Delta picks up speed, landlords are asking themselves what they can do to mitigate the worst of its effects so that life continues, if not completely as usual, then as close to it as possible.
One of the solutions property owners are turning to is cloud-based technology, which gives users access to their files in one location via the Internet, not their computer. Royal York Property Management (Royal York), led by Founder and President Nathan Levinson, is the industry leader with its software, MATEEM, and agrees that it’s a game-changer for landlords. “With COVID, we saw offices suddenly close because of the lockdown,” Nathan says. “This created enormous difficulties for managers and their staff because rental history, tenant applications, maintenance requests, and pretty much everything they needed were all stored in their offices. With the lockdown, that system was thrown into disarray. That’s why so many property owners are switching to cloud-based software. Consider this: Royal York gives them 24/7/365 access to everything they need to run their properties, and they can access it through the Internet no matter where they are. They can process rent checks, screen tenants, schedule cleanings and paintings, and keep running their properties as normal. It’s an advantage many landlords wish they had had last year when COVID came into our lives.”
In 2020, Canada’s unemployment rate hit 9.5% as hundreds of thousands lost their jobs. Still more suffered from lost income as their hours were cut drastically. “It was definitely felt in the property management industry,” Nathan confirms. “So many people got behind on their rent. While a lot of landlords were generous and allowed tenants to remain in their homes, they suffered, too. They couldn’t pay their own staff or themselves, and it was a turn of events that led to dire results across Canada. It was the same across the world, as we all know.”
This experience is driving the increased interest in Royal York’s most popular services: it finds tenants and then guarantees the rent. “It’s a huge safety net for owners because no matter what happens – a great economy or a terrible one – Royal York will maintain the rent for a defaulting tenant. If the worst happens and a tenant must be evicted, we’ll pay for legal services to evict them and then replace them for free. We even find a new one-year tenant if the previous one breaks their lease,” Nathan explains.
COVID affected the real estate markets differently across the world, and savvy owners who saw their portfolios plummet in their own countries are now eyeing Europe to recoup their losses. “Diversification is a very wise idea,” Nathan agrees. “I have a lot of connections there, and they all agree that property values are great in different parts of the continent, especially if you would like to rent or lease. Again, remember that with Royal York’s 24/7/365 services, you can access the same quality of services on the cloud even when you’re across the pond, so to speak. Royal York also has offices in Albania, and we plan to expand into the rest of Europe.”
As the world becomes acquainted with COVID’s latest mutation, it’s clear that property owners and landlords can be better prepared for its effects. The industry has changed a lot since March 2020. We’ve caught up to COVID and can now anticipate and prepare for Delta’s impact. Through Royal York, property owners will have options that can lead to much better outcomes for everyone.
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