Author: Alex Delaney
In 2019, the economy was surging, but experts were starting to predict a slowdown. We took their advice and streamlined our company allowing us to focus on what we do best, the management of rental properties. We believed this move would allow us to tighten our belts and navigate a potentially shrinking market.
When the Covid-19 pandemic began to explode throughout the US, we again looked at our numbers and operations and determined the best steps forward. We concluded that, with tenants losing income, and owners becoming at risk, we should focus on providing resources and up to date information that would help both parties weather this crisis.
Our website is regularly updated and we disseminate information via various social media posts. We have summarized the stimulus package, offered details on the Cares Act, and provided links and information to assist tenants in navigating unemployment claims, change in Section 8 income, and stimulus checks.
We have also kept up with Federal and local restrictions on evictions. We are conducting title searches on our owners’ properties to determine which are backed by federal loans and thus subject to the Cares Act’s eviction prohibitions.
Constant compassionate contact with tenants has allowed us to get a clear picture of which tenants are getting unemployment, with the extra weekly $600, which are still employed, and which have lost some, or all, resources. We are keeping our owners updated so they can make the necessary adjustments to their budgets.
We researched sanitation companies and have found a couple of reputable cleaning companies that will sanitize properties if prospects request it, working out a lowered rate for volume. We are also researching biohazard companies to make sure we have something in place if needed. These are strategies we believe will put our properties at the forefront of the rental market by making prospects feel more comfortable with those properties. We already have a relationship with a duct cleaning company and are continually researching other cost-effective companies.
When tenants move out, they are entitled to a move out inspection. This had to end with social distancing. We instituted distant move out processes, reviewed by our attorneys, that should stand up in any court. In addition, our accounting department is utilizing ACH processing to return tenants’ security deposits, eliminating potentially contaminated mail processes.
The impact of Covid-19 on the economy, and on rental properties, remains to be seen. We believe our strategies of tightening our belts, constant research, updated practices, sharing information, and evaluating all of our processes will allow our tenants and owners to weather this storm. We welcome any suggestions and information that you can share.
Disclaimer: At Compass, we strive to provide the most up-to-date and accurate information. However, we cannot guarantee the accuracy of the information provided in such rapidly changing times. We strongly encourage you to follow the links, conduct your own research, and determine your own best actions. Compass does not purport to be experts or official advisors in any capacity regarding the COVID-19 pandemic. We review the information and consolidate it for our readership. Compass is not responsible for any out of date, or inaccurate information provided. We will make every effort to correct errors brought to our attention.