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Mnp Property Management – Practical steps landlords can take to reduce costs and secure their properties as they deal with the impact of the COVID-19 pandemic.

If you are a landlord with residential or commercial tenants, you are likely facing difficult decisions to mitigate the economic impact of the COVID-19 pandemic. Leasing, financing, managing cash flow, supporting employees, and protecting your business all play an important role in building your strategy.

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Mnp Property Management

As information about government stimulus changes at a rapid pace and uncertainties still lie ahead, consider the following to help create a smoother transition to the new normal.

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As a residential landlord, have you determined your strategy regarding tenant requests for rent reductions? Tenants will be affected differently by the current economic environment and there will need to be a process to review their applications.

In a commercial lease, consideration should be given to whether you grant a deferral for the entire portion of the rent due, or whether only the base rent is deferred, with the tenant continuing to pay their share of the operating costs. Your strategy will vary depending on the situation.

A critical member of your team will be an attorney who understands leasing. They should be consulted to understand the obligations under the current lease and what documentation needs to be signed if a rent deferment is granted.

Your accountant will also play a key role in helping you understand the changes to your cash flow if the rent is delayed. Any changes in rental income or operating expenses should be included in the cash flow with different scenarios included.

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It is important to note that with a commercial lease, goods and services and harmonized sales taxes (GST / HST) are still due even if the rent is deferred or the lessee does not pay on the scheduled date – unless the receivable is considered uncollectible. The latest economic support announced by the government allows a delay until June 30, 2020 for most HST payments. This should be monitored to ensure it applies to the amounts you owe or if there will be a further deferment announced later.

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If the due date for rent payments has been adjusted, there are measures that can be taken to delay payment of the GST / HST due. Please contact your advisor for details.

Communication with your lender is key in situations where your cash flow will be reduced. You may have difficulty meeting financial agreements or need additional financing. Upfront discussions about income reductions will be appreciated by your lender and avoid surprises later.

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Financial institutions offer extended mortgage deferrals; as a landlord it would be in your best interest to explore these options on a proactive basis with your bank; then you can better judge what action would benefit you.

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There are also new funding programs announced by the government and your lender may have details of how this may benefit you or your tenants/customers. Your advisor can help you evaluate your options.

As the impact of the pandemic increases, both federal and provincial governments continue to announce financial support programs for businesses, which are evolving as details are introduced. Reviewing the legislation is key to understanding whether you are eligible for relief, including wage subsidies. It’s important to have a member of your finance team review the details or speak with your external accountant to understand what benefits you can access to improve cash flow.

Most municipalities in Canada provide property tax deferrals. As with the change in lease income, cash flow projections must be revised for this reduction in cash flow.

Review all of your expenses to determine which expenses can be postponed or eliminated. Talk to your suppliers to request invoice payment deferrals. These businesses would prefer to know in advance when you will be able to pay your invoice.

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When you start making your regularly scheduled contributions, the payment amount should be revised. Contributions are based on the lower of the previous year’s income tax or the current year’s expected income tax. Since the current year’s income is likely to be lower than the previous year, this should result in lower contribution amounts due.

Consult your attorney or HR provider about what steps you can or cannot take to manage your employees during this time. Be aware of what your employment contract includes, such as whether you can fire employees at short notice or whether you must pay them for a minimum period of time.

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Review the Canada Emergency Wage Subsidy to determine if you are eligible for the 75 percent Wage Subsidy. There are different methods of calculating income to determine whether you are eligible for a subsidy and other specific definitions included in the legislation. Given the complexity of earnings calculations and the requirement for employers to certify that their application is complete and accurate, it is recommended that you consult your adviser.

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Now might be a good time to find out about the federal job sharing program. Work-Sharing is an accommodation program designed to help employers and employees avoid layoffs when there is a temporary reduction in the normal level of business activity that is beyond the employer’s control. The measure provides income support to employees eligible for Employment Insurance (EI) benefits who work a temporarily reduced work week while their employer recovers.

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It is possible for a business to provide additional income support to a worker who has applied for and is receiving EI. The Supplemental Unemployment Compensation (SUB) plan allows an employee to receive EI benefits and receive SUB plan payments from the employer.

The SUB plan must be registered with Service Canada before these payments can be made. The most common SUB plan is income support for maternity or parental leave, but it can also be used for temporary work stoppages due to illness, injury or quarantine.

As the financial impact of COVID-19 continues to be felt, it is wise to ensure that the investment you have made in your assets is protected. It is important to speak with your accountant and legal counsel to ensure this is done correctly.

By now, you would have introduced new procedures to ensure social distancing. Make sure you communicate clearly through signs, emails and reminders about the policies in place, especially in residential buildings or construction sites.

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At the same time, crimes of theft and vandalism can increase in unmaintained or underutilized facilities. Ensure that on-site security is maintained or enhanced to reduce the potential for break-in.

Consider the benefits of upgrades or overtime of facilities while they are not operating at full capacity. Costs may be lower and service availability higher than normal under these stressful circumstances.

Stay vigilant in managing your cybersecurity and financial affairs. Make sure your employees watch for suspicious requests, emails, text messages, and don’t click on potential ransomware links. Uncertain times increase both your vulnerability and the likelihood of cyber attacks.

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Financial pressures can motivate employees to identify opportunities for additional resources. Make sure your internal controls remain in place and roles are shifted if you now have fewer employees.

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Strategies and tools to help your company deal with the coronavirus crisis, stay resilient and take the next steps towards recovery.

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Over the years, our experience has taught us the importance of maintaining a property to ensure that its market value is maximized and to ensure that tenants have a safe and healthy environment from which to operate their business. This approach helps provide peace of mind to both landlords and tenants. Instead of getting bogged down in the mundane details of day-to-day property maintenance, you can focus your time and attention where it’s needed most.

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We offer a comprehensive range of property management services for commercial real estate investors. Designed to be flexible, we can build a plan customized to suit your business needs, whether you own a single commercial office, mixed-use or industrial building or multiple properties. We can help you achieve your investment goals.

If you’re a property owner interested in simplifying your life, learn how Holdings can help you free up some of your most valuable resources – your time.

Great team of professionals… very concerned about the core of their business, their tenants! As an industry consultant, I find them knowledgeable about current market trends and conditions.

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We have several properties rented through and we are COOL. They are professional, courteous and quick to respond to any issues which frankly are minimal! Great team at !

Sherie Gonzales Ubana

The cost of operating a commercial building is a large component of any business’s budget, so Holdings always strives to keep building operating costs as competitive as possible.

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Halo, Saya adalah penulis artikel dengan judul Mnp Property Management yang dipublish pada September 12, 2022 di website Smallcave

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