Coronavirus Q&A: What You Should Know About Late Payments & More
COVID-19 has spread uncertainty throughout the nation, including right here in the city of Phoenix. Many landlords are concerned about their investment property while they turn to Stratton Vantage for answers.
First, know that you are making a wise decision by working with our company as property management professionals. The Stratton Vantage team is working remotely to manage your day-to-day operations. We are here if you have questions or concerns.
By working with us, we can help you navigate the complex obstacles that may occur due to COVID-19. Below are some FAQs related to coronavirus and managing your investment property.
A: The shutdown of the economy brings loss of income to both tenants and property owners. The inability for tenants to pay rent is a reality for many landlords, but Stratton Vantage has a process in place. We will notify the tenant of late payment and will certify a notice. This is the first step in moving forward with a plan of action.
Our recommendation is to work with your tenant during this time. Stratton Vantage will closely monitor your tenant’s financial situation, keeping in close communication with them. While we are empathetic to tenants with financial difficulties, we encourage them to pay as they normally would.
If we receive notice that your tenant cannot pay rent, we will notify you immediately.
From there, we will present you with your options. Depending on how far the tenant falls behind on their payment, you can decide to allow the tenant to catch up and explore all options available. This is the recommended approach before beginning the eviction process.
Keep in mind that we work closely with attorneys on all aspects of legal proceedings such as evictions during COVID-19. Section V. of this Arizona government document discusses eviction in terms of calculating time considering emergency.
A: Stratton Vantage can provide you with all the necessary paperwork for a payment plan with your tenant. This agreement can help the tenant catch up with payments while avoiding the eviction process.
A: If our office is closed or your tenant prefers not to come in contact with our staff, there are several options for payment. Your tenant may submit their payment online, through the mail, or drop it off at our dropbox.
A: There is currently no slowdown in the local rental market. Phoenix was ranked as one of the top places to live in the US by Business Insider. This trend remains true today.
Most recently, we’ve had over 1500 showings on vacant homes. This is an encouraging insight given the state of the economy, providing you with confidence that you can rent your home quickly.
A: During the coronavirus outbreak, the average number of days on the market so far is 28 days. This is yet another encouraging stat if you have a vacant property. If you expect to have a vacant property in the near future, it is still possible to find a tenant in a timely manner.
A: We have good news on this as there is an improvement despite the current economic circumstances.
In March of 2019, we had 1400 showings on vacant homes. In March of 2020, we had 1500 showings.
Furthermore, the average days on the market in March of 2019 was 34.
Just like the number of showings, this is a positive upswing that helps build confidence for property investors.
A: Stratton Vantage does the heavy lifting for you. You can relax knowing that we stay in close touch with our attorneys to ensure we are doing all procedures as expected.
A: Cleanliness of rental units is of high priority, especially during the coronavirus outbreak.
When a tenant moves out, the following procedures are recommended to clean and sterilize rental units:
● Offer the tenant a moving-out checklist with action items that are expected of them
● These items can include vacuuming, sweeping, mopping, and taking out the trash
● Soft sponges and microfiber cloths help with dusting and cleaning tight corners
● A steam mop will help remove grime while simultaneously sanitizing
● Clean the bathroom, including the shower and toilet, with a disinfectant bathroom cleaning such as Clorox or Lysol
● Use a Magic Eraser to wipe away grime
● Clean carpets with a rental cleaner or hire a professional company
● Clean high-touch areas and forgotten places such as light switch covers, under the lips of countertops, and the tops of baseboards
Below is a chart from Colorado State University that shows the most effective sanitation products for food preparation surfaces, although these can be used on other surfaces as well.
Keep in mind that professional property managers can assist with proper sanitation and cleaning.
Self-showings create a no-contact and social distancing solution for marketing Phoenix properties. It allows the potential tenant to schedule and view a property at their own convenience.
The process is easy. The potential tenant simply chooses a property and they schedule a showing, where they register and receive a one-time code. The code lasts for one hour and they must check-in at their arrival. You are instantly notified when they check-in.
A potential tenant may also call our office or scan the QR code on the for-rent sign to set up an appointment.
The process is simple for all parties, maintains social distancing guidelines, and can help rent your property faster.
A: As we mentioned with this positive trend of rental showings, it’s still possible to rent your Phoenix property. Right now, the supply of rental homes is still very low in comparison to people who are looking for a home.
In addition to ensuring a sanitized and clean unit, there are other ways to help rent your property quickly such as:
● Working closely with a Phoenix property manager to ensure correct pricing
● Ensuring that tenants are qualified to rent your unit, reducing stress for all parties involved
● Create a smart marketing strategy to attract tenants. This includes taking strategic photos to enhance the appearance of your property and show what it has to offer
● Sanitizing and cleaning all points mentioned above, or hiring a property management company for help
● Ensuring that your rental property smells good for viewings. Your rental should smell as fresh as possible
Alleviate Coronavirus Concerns with Stratton Vantage
You don’t have to navigate the uncertainty of property management during coronavirus. Stratton Vantage is incredibly prepared to help serve you through this pandemic. We’ll help you find quality tenants and fill units as fast as possible.
Are you in need of Phoenix property management? Get a FREE assessment of your rental property or contact us to learn more.
If you have questions about property management and coronavirus, please ask your question in the comments below.
