| | How Property Meld Helps Owners and Tenants!
In June 2018, WILMOTH Group invested in a new system called Property Meld. Property Meld is a system for the Property Manager, Owners, Vendors, and Residents to administer, document, and communicate regarding maintenance and repairs. The system allows all documentation to be stored and managed in one location. All involved parties receive notifications whenever more communication takes place regarding a specific maintenance or repair. To read the complete post on this system click here.
We have heard your confusion on how to work with Property Meld and we have some good news coming. Property Meld will be offering an Owner portal in the very near future! The owner portal will be that special place where you can log in and find all of your maintenance history and communications. We have been part of the testing group and are excited with what this feature can do.
In the meantime, we ask you to continue to simply hit reply when you receive an email from Property Meld. A WILMOTH team member will receive your response and get back to you if you have questions.
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| Majority of Single-Family Renters Are Current!
The majority of single-family tenants are current with their May rent payments, according to a nationwide survey released by the National Association of Residential Property Managers (NARPM®). The survey was conducted among NARPM’s 6,500 members with 909 responses. Over 60 percent of property managers reported that 91 to 100 percent of their tenants had paid May’s rent in full and on-time. Another 22 percent indicated that 81 to 90 percent of their tenants had paid in full and on-time. In the previous month’s survey, 40 percent indicated that 91 to 100 percent of tenants had paid their rent, with another 20 percent saying that 81 to 90 percent of their tenants were current with payments.
WILMOTH unpaid May rent is at 16%. Of this unpaid May rent balance, 20% were tenants already in eviction prior to the moratorium beginning in March. The majority of the remaining 80% have entered a repayment plan and may have paid March or April rent but are still outstanding for May.
The conclusion- your tenant's payment history is consistent with national trends. We are hearing from many tenants that they have secured new employment or are getting back to work in their previous jobs. As the economy continues to re-open we hope to see June progress but expect the percentage to not get back below 10% until we can complete the eviction hearings in July and August.
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| Call Your Insurance Agent
We are increasingly hearing concern about how insurance companies are going to address COVID-19 claims. If you are like me, calling my insurance agent to discuss coverages is on the list of things (like dental appointments and physicals) that we don't normally look forward to doing.
But there is a new elephant in the room that is the liability associated with this virus. We ask each owner to provide us proof of basic minimum property and liability coverage on each property we manage. The question for your insurance agent is whether that liability will provide protection if a tenant claims to have gotten sick in their property. The agents I have discussed this with believe, because it can't be proved where the virus originated, that a claim of liability against a property owner would not be covered. Most experts believe these claims will be a part of our legal system in the future with little precedent to rely upon.
I have always advocated that a smart investor will have a large umbrella liability policy. These policies provide protection on top of existing liability claims. The key here is that if an owner can somehow be connected to a COVID-19 claim by a tenant, having this extra protection will be wise.
Before you dismiss this as an unlikely scenario, we have had multiple situations over the last couple of months where owners needed service providers (ie appraisers, home inspectors) to have access to their property. We, of course, have maintenance issues to address. While everybody follows all the CDC guidelines for masks etc., required access to a rental property may be determined to be problematic if the tenant is diagnosed with COVID-19 in the following 14 days.
Something we have been thinking about. Thought probably you should also. |
| Until next time...
Be kind to one another, stay safe, be healthy!
WILMOTH Team
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| | Available From WILMOTH!
1517 – 1519 Tuxedo. Duplex.
Currently occupied 2/1 each unit with a total cash flow of $1195. Available for 129450.
22 new windows installed within last year. New flooring in certain areas, interior recently painted, Front porch renovation. New subfloor, some new vinyl, some updated plumbing, gutter work, and new fixtures.
Up and coming area due to neighborhood having one of the top magnet schools in the state. Wilmoth currently manages and vetted both tenants.
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| | Groceries For Your Tenants!
How about taking 30 seconds to help us and in return, help your tenants?
If you can click the pink button below and submit a 5-star review on Google and we will send one of your tenants a $15 grocery card! From you-their owner!
Yes, we have been delivering pizzas and sending cards but this will add a new twist. We won't divulge your name, but we will make it clear the gift is from the owner of their home!
If you appreciate what WILMOTH does for you, we need your 5-star review on Google. More importantly, in these trying times your tenants will really appreciate the gesture.
And all you did was click the button below and write a few kind words about your Property Manager.
Wow! Thanks to those who have participated so far! It is great to know so many of you are wanting to take care of your tenants!
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| | Questions? Own a property that is just not performing? Ready to increase your portfolio? Or just want to discuss anything? Let us know and we will get right back to you!
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WILMOTH Group Residential Real Estate Property Management | Brokerage | Investor Services |
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