COVID-19 – Top 5 Tips for Property Owners and Property Managers

COVID-19 – Top 5 Tips for Property Owners and Property Managers
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Here are some helpful tips for Property Owners and Property Managers to consider as we face these unprecedented times due to COVID-19. Be safe, be responsible and be understanding, as we will get through this!

  1. To coincide with The President’s directive to HUD, the Las Vegas Justice Court has suspended all eviction proceedings for the next 30 days. While this does not permit tenants to simple stop paying rent or let them off the hook, some helpful things to consider:
    •  Show tenants you have the flexibility to work with them on a case by case basis
      • Consider increasing future month’s rent across the remaining term of lease to make up for ‘rent missed’
      • Consider reducing rent for a period of time
    •  Be mindful of how and when you reach out to tenants to avoid being taken advantage of
  2. Showings when a current tenant resides in property: this is obviously a very sensitive time of having strangers in a tenant’s residence and should be avoided if possible.
    • Get permission – if the tenant is not comfortable, DO NOT show property – wait for property to be vacant to show – limit your liability!
    • Hopefully you have virtual tours / professional pictures to show prospects in the meantime
  3. When a property is already vacant: make sure after every showing, the property manager (or whoever is accompanying the potential tenant) disinfects / wipes-down areas of the home trafficked (door handles, handrails, etc.) – limit your liability!
  4. NEW LEASES – as new leases get signed over the coming weeks, make sure to include clear language about the tenant’s ability to take possession. This comes up in Owner Occupied situations, where they planned to move but due to the current environment, are not able to now.
  5. Other considerations:
    •  Postpone all inspections until at least May
    •  Minimize face-to-face contact with tenants – encourage online payments
    •  Postpone all maintenance requests – unless an emergency (or at the very least, confirm with vendor and tenants that no signs of flu-like symptoms over the past 2 weeks