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Brian and Debbie discuss how professional property managers are navigating collecting rent and managing tenants during the COVID-19 outbreak. They sent two letters to their tenants prior to April 1st, emphasizing the importance of social distancing, hand-washing, and staying out of crowded places. They also asked tenants to only submit work orders for emergencies to protect their team members. The second letter reiterated the importance of taking precautions for COVID-19 and only addressing emergency work orders. They informed tenants that April rent is still expected on-time, but if they call prior to their rent due date, they may be able to work out a payment plan.
If tenants reach out to them and let them know that they have been affected by the outbreak, they will work with them on payment plans and waive late fees. However, if they do not hear from tenants, they will follow their normal procedure and send the matter over to the attorney if rent is not paid. The government's CARES Act includes a moratorium on evictions for covered properties for up to 120 days. Covered properties include government-subsidized housing programs and properties with federally-backed low mortgage loans. If a property does not fall under these categories, there are currently no restrictions on evictions, but the courts may be backed up once they reopen.
Brian and Debbie discuss their concerns about collecting rent during the outbreak, as it is affecting a large portion of the population, including their tenants. They mention that landlords with federally-backed mortgages can ask for relief, but they are not considering it to avoid damaging their relationships with local banks. They have plenty of reserves and are in good shape. They discuss being careful with screening and turnover of vacant properties, as well as the lack of occupancy inspections in most cities. They have a couple of vacant houses and are getting showings and applications, but not many that meet their rental qualifications. They lowered the rent on one property to make it more appealing but are still not getting quality applicants. They ask for comments and suggestions on how others are managing rent collection and working with tenants during these challenging times.
Brian and Debbie discuss how professional property managers are navigating collecting rent and manag