Source: Haute Living
As the global economy tries to recover from the pandemic while battling higher inflation and reduced economic growth, the housing market is struggling with the weight of record rent prices and looming mortgage defaults. The economic forecast is grim: tenants have been grappling with higher unemployment rates and financial instability, while landlords are shouldering the burden of mortgage renewals at much higher interest rates. Economies, particularly those leveraged to the housing market, must be wary of a domino effect where one missed payment for a landlord or a tenant can trigger an avalanche of financial ruin.
The property management industry has caught itself in this storm’s eye as investors, landlords, and tenants grapple with the legal challenges of evictions. Although sometimes necessary, the eviction process could be more straightforward, varying significantly between jurisdictions and often hindered by backlogged regulatory bodies. Moreover, the human aspect of eviction – the displacement of individuals and families from their homes – is a sensitive and difficult matter.
Nathan Levinson, founder of Royal York Property Management, acknowledges the delicate nature of evictions. “Eviction is the displacement of individuals and families from their homes. It’s a delicate and sensitive issue that never gets any easier and should never be done lightly,” he says.
Nathan and his team are acutely aware of tenants’ difficulties, particularly during economic volatility, rising unemployment, and high interest rates. Consequently, Royal York Property Management has developed eviction management strategies that balance the interests of both landlords and tenants, ensuring a fair and empathetic approach.
“We work diligently with tenants who struggle to meet their rental obligations by offering flexible payment schedules to prevent defaults,” Nathan explains. “We also provide direct financing options to assist tenants during challenging times. This helps tenants and benefits landlords by reducing the likelihood of vacancies and the need for evictions.”
Royal York Property Management has minimized the risk of defaults by introducing a proprietary AI-enabled tenant screening and documentation verification service. This process isn’t just about vetting potential tenants; it significantly reduces the probability of rent defaults by analyzing tenants’ financial stability and matching landlords with reliable individuals.
“Our proprietary matchmaking system harnesses our deep engagement in the rental ecosystem to gather key data, dramatically reducing the time it takes to rent a landlord’s property to qualified tenants,” said Mebby Mengele, Global Director of Operations at Royal York Property Management.
Despite these measures, defaults can still occur but are unlikely. The Royal York Property Management team offers a rental guarantee program to address this, providing landlords with financial security in difficult times.
Nathan emphasizes balancing strict legal adherence with a compassionate approach when handling evictions. Legal adherence is essential to protect the rights and interests of landlords, ensuring the eviction process is fair and just. Conversely, empathy is crucial for treating tenants with respect and dignity during emotionally challenging times.
“It’s a stressful and often traumatic experience for tenants. By approaching it with empathy and understanding, we can help ease this process and minimize the emotional distress as much as possible,” Nathan shares.
To achieve this balance, Royal York Property Management has established an in-house legal department, an expert in real estate law trained to maintain a compassionate approach, fostering an amicable environment between landlords and tenants.
Post-eviction, Nathan and his team support landlords with extensive property maintenance services. An in-house team of licensed technicians promptly addresses any repair or renovation needs, minimizing the time a property remains vacant.
Despite the current uncertainties in the property and rental industries, Royal York Property Management’s commitment to excellence and compassion equips them to navigate these challenges effectively. With innovative strategies, advanced technology, and an empathetic approach, they set a high standard in the industry, offering stability and reliability to landlords and tenants.
Nathan concludes, “We understand that the essence of property management lies in building and maintaining trust. Every decision we make, every strategy we implement, is aimed at strengthening this trust between landlords and tenants.”
Written in partnership with Tom White