Day 13/Post 13
Who are Your Frontline Workers?
The media can sometimes be so brutal and cynical, but over the last couple of weeks, good news stories abound regarding people saluting the frontline workers.
The stories and the sacrifices people make to help others in pain and suffering is remarkable.
Think about how to help them?
The stories of people out of the blue sending pizzas or Chinese Food or other forms of takeout to frontline workers is inspiring.
These stories got me thinking who are the frontline workers in our life and how they are making other people’s lives better in this time of need.
Once I did some reflection, it didn’t take long to figure out the frontline workers directly impacting our lives.
Have you given this any thought to who are your frontline workers affecting your lives, sometimes it is not that obvious?
Ask yourself who is serving you every day, every week, or every month?
Identifying Our Frontline Team
Having invested in real estate as part of our financial portfolio is essential in my family’s lives and livelihood.
Our Frontline Workers
We have a property management company taking care of our investment rental properties. Our property manager and her staff have been working with us for over a decade.
The income we receive from our investment real estate portfolio is significant to our monthly income.
The owner of our property management company told me in the first rental month that the coronavirus hit the rental market place; they had a 10.7% vacancy rate, the highest vacancy rate in her company’s history.
The challenges mount every day, and our property manager doesn’t earn revenue unless our homes rented.
Crazy, when you hear people living paycheque to paycheque and how fragile our tenant’s lives are and how it can have a ripple effect on the investment real estate market.
Within the first month, we had one tenant give their notice for the end of April, and multiple tenants couldn’t pay their full rental rates.
After a few days, our property manager was making recommendations on how to protect our investment real estate portfolio and help our tenants.
The recommendations were to handle each tenant one request at a time. Processing each application is a great strategy but requires our property manager to put in the extra effort.
Our property manager was reaching out to the tenants, sending them links to government programs they could take advantage of the money available to them should they lose their employment.
She also recommends to owners there were coronavirus relief programs available to us.
We, as real estate investors, were lucky because there is the government mortgage deferral program we took advantage of, over the next six months.
We are still paying our property taxes, insurance, and, in many cases, condo fees every month. Remember, our mortgage payments are only deferred and will need to make the payments in the future.
Thanks to the government and banks for making these deferral programs available immediately.
The banks also sent out notices to us on how to take advantage of these programs with one click of the mouse.
Thanking Our Frontline Workers
My wife and I today stood up and thanked our frontline workers, our property management staff, and bought the entire office lunch.
Ordering these pizzas also helps an industry devastated by the coronavirus.
We don’t tell you this for you to pat us on the back but to challenge you to think about who your frontline workers are in your life and can you do something unexpected and kind for them during these difficult times.
A little recognition and thanks go a long way into this time of uncertainty.
From Our Happy Place to Yours, Be Healthy, Be Safe Until Our Next Post
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