What Should Be Your Plan Of Action As A Property Owner?

By Author: Mirko Carabott
Total Articles: 30
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The real estate market has been badly affected by the covid19 situation. Things have changed quiet fast and there is very low chance of things getting back to normal. We have to live like this and look for alternate situations. As the economy has been adversely affected, many people have lost their jobs, some have faced pay cuts, and others are not receiving salary on time and so on. As a result who are living in rented properties or have rented long let property Malta for their office have asked the owner to cut down on the rent.
People are simply not being able to afford the costs. If things remain like this, property owners have to think twice before quoting the rent amount.



If you have not faced the hit yet then it is time that you take precautionary measures and implement them for a better tomorrow. What can you do to cut down on the loss? We suggest that you have a detailed discussion with your real estate agent to find out what will be the situation in the next few months. Next you need to reduce the rent amount as much as possible. We understand that doing this will affect your business and revenue, but it is better to generate a certain amount of money than nothing at all. If you lose out on customers then you will get no rent at the end of the month. However, if you reduce the amount, you can retain the ones that are there and get new tenants as well. Yes, it is true that your profit margin will be affected but at least you are getting a certain amount at the end of each month. It is better to get something rather than nothing at all.



And since work from home has become the norm and a physical space is no longer required to run the office, many companies are planning to give up on the rented long let property Malta and shift their work to remote working style. If this happens, your business will be affected again. To make sure that you are well prepared for this change starts thinking of alternative solutions. One solution is that you tie up with AirBNB or any other portal that rents out properties to travellers and so on. What do you think? What will be your plan of action in the future?



About the Author: This contribution has been made by Mirko Carabott who has written a number of articles on long let property Malta and provides fruitful information. For more information, please visit: www.easyrent.com.mt.