In the meantime, look for ways to benefit your tenants, as well as reduce the risk of a turnover.
- Many property owners are considering offering one or more months rent.
- Realtors now conduct ‘virtual tours‘ of properties to be sold or rented.
- With unemployment rising, the likelihood of late payments and evictions rises, while the need for housing also appears to be increasing.
- Verifying thorough cleanliness of units (especially high-touch areas), as well as ensuring maintenance staff use safe practices (washing hands, disinfecting) when performing repairs is paramount.
- Performing routine inspections of your unit may be done remotely (and possibly even tenant-led via their smartphone camera if they agree)
- Let tenants know you support them when they contact you, or when they pay rent.
- If your tenants contract the corona virus, and are quarantined in your unit, consider a small business loan or credit line until this phase passes. Forbes published a list banks now offer mortgage extensions. It is doubtful any overzealous evictions will benefit property owners now.
- HUD, Fannie Mae-Freddy Mac and other US government backed loans prohibit evictions, by executive order.
- Also, as of the writing of this blog, a stimulus bill slowly weaves its way through congress and may provide short-term benefits to property owners.
- Review CDC and World Health Organization guidelines for preventing the spread of Covid-19.
Baron property management specializes in custom based management. This approach depends what you, the property owner, may require at the time. Once that action ends, the contract also ends. It may be as simple as a tenant ‘turnover’, or possibly managing until the unit is sold-, or until ‘further notice.’ Please reach out to us via phone or email for any of your needs.
Be well, consider what’s best and look at ‘the long game’.
As always, thank you. We look forward to hearing from you.