MOD Properties continues to navigate the uncertain circumstances surrounding Colorado’s social distancing and the impacts of Coronavirus.
Mayor Hancock’s recent Stay-At-Home order will have further impacts on those living and working in the city and county Denver. We’ve again reached out to Residents asking them to establish or modify a payment plan if they have been negatively affected.
Many of our Residents have set up a pay arrangement already. Our team has years of experience in property management and while delinquency is inherently messy, we know part of the MOD Properties advantage lies in helping to monitor these agreements and work with folks to keep everyone on track over the next few months.
We are aware of the challenges with applying for unemployment and that for many folks, it will not supplement income at 100%. We are encouraging all residents to continue to pursue unemployment funds and any relief/assistance programs available to prevent becoming delinquent beyond recovery. Links to available resources are being shared by email and throughout our social media platforms.
News surrounding unemployment and businesses’ obligations towards providing employees pay is constantly being updated.
Rest assured that we will continue working with circumstances as they present themselves. The intention behind setting pay arrangements is to prevent late fees and from building up while relieving the immediate financial demand for Residents’ resources to be put towards rent while still maintaining a recoverable balance. Most courts and sheriffs are not pursuing evictions at this time, but we want to make sure all residents are in a place to get back to normal once the pandemic has subsided.
In the meantime, we’re here to serve our Owners and Residents with the same commitments to excellent property management service. Office staff will continue to work from home. While social distancing measures are in effect, people are still moving, and we’ve incorporated several virtual tour/showing options for prospects inquiring about vacant rentals. Our maintenance services will also continue and are deemed essential by Mayor Hancock’s order as they “provide services necessary to maintain the safety, sanitation, and essential operation of residences.” (For more information on the policies we’ve implemented for our maintenance technicians and field staff to prevent transmission, see last week’s blog: https://www.modprop.info/mod-properties-prepares-for-the-impacts-of-the-corona-virus-and-social-distancing/
Whether you have questions on managing this crisis, or on your real estate investment portfolio as a whole, we’re here to help!