As the Corona Virus has been expanding, and the effects are starting to be seen by landlords, more questions have been coming up regarding the purchase, sale, and management of their properties. We have attached a few of those real estate questions on COVID-19 below along with our answers of our own.
How will this affect housing assistance programs, such as Section 8?
To date, we have not heard or seen any change in the housing programs with the properties managed under our property management company. We have been doing new inspections with the housing authority. We have been collecting rents that have been due under the housing assistance programs and we have been getting repairs done on our investment properties as well.
How can I make or schedule repairs?
Property management, specifically for maintenance and repairs have been labeled as an essential business, however, given the current pandemic situation there is a lot of caution and discretion that needs to be used. We have stopped all work that is not ok’d by tenants, however, we have asked tenants to still report the problems even if they do not intend to have it fixed currently. The only issue we run into is essential repairs, which we are still making. As far as unit turns, because those units are vacant we are making those repairs and still putting the properties up for lease.
Are showings going to be affected?
Yes. Showings are going to be affected. Right now we are recommending a multiple step process for showing rental units. We are first doing virtual tours so the tenants have an option to see the property from the comfort of their home. If they like the property they can then apply also from online and move the process forward without even seeing anyone. For tenants that want to see the property in person, at least they have the chance to see the rental units online and then come to see the unit in person.
When showings are done in person we are making sure that they are done by a one on one basis, at most two people at one time. All showings must be done with breaks in between to allow each prospective Tenant to be able to see the Property without having to worry about other people being around as well.
As the COVID-19 crisis continues, we will continue following up with real estate questions coming from our landlords about their investment properties.
Most Asked COVID Real Estate Questions
Recession Versus COVID-19