The current pandemic of corona virus has rendered millions of people across the world jobless which means if they are residing in a rented property, the issue of nonpayment of rent will surface sooner or later. In many states, foreclosures have been stopped due to the pandemic but there are many more questions related to landlords and leases that are unclear.
Thousands of renters are facing an uncertain future.
Property management companies and landlords are confused regarding their obligations towards tenants at the moment.
While Renting, Landlords Can Follow These Steps:
Treat your tenants kindly; understand their priorities and payment issues. As a landlord be compassionate and allow tenants to stay in their homes wherever possible. Government and housing associations have announced that no renter should be evicted due to corona virus.”
- As a supportive landlord, you can understand that the market is currently in a recession. Many tenants have lost their jobs or unable to make an income.
- Landlords can extend the lease by a couple of months by settling for a combination of no rent for 2 months but extending the agreement for 2 months to compensate.
- Some landlords have waived the late payment charge.
- Landlords can divide miss payments into several small payments and add them to the tenant’s rent payments starting in July.
- If you client has given you notice that they are moving out within the next 90 days or less, it is highly recommended that you wait until your current tenant has vacated the property before showing the home to new potential tenants.
- If you are looking for a tenant for a vacant property, take multiple pictures of the property, do a video or if possible; a virtual tour of the home. Schedule appointments for potential tenants far apart so multiple people are not at the property together. Leave all doors within the property open, so potential tenants do not have to touch anything. Set up an online application system that allows the tenants to apply online and submit all documents through a portal. If you need to narrow down your search, schedule a zoom meeting with potential tenants. A face to face meeting can help you determine individual’s personality and who you rather work with.
- If you are renting a home in an association that requires HOA or Condo approval, check with the association regarding their current accommodations doing this pandemic. Do not move a new tenant into an association without written approval from the board.
If you need any help with renting your property feel free to reach out to RoQuanda Guy, Realtor to answer any questions you may have.
