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Top 5 Best Practices for the Expiration of Eviction Moratoriums

Top 5 Best Practices for the Expiration of Eviction Moratoriums
The end of eviction moratoriums may finally be in sight. After a series of extensions, the eviction moratorium now in place until October 3 – should be the last, on a national scale. The Federal Housing Finance Agency’s eviction moratorium for Fannie Mae and Freddie Mac-backed properties is slated to expire at the end of September. While state municipal moratoriums are still in place in certain markets, it’s time for multifamily properties to start preparing for the inevitable expiration of the pandemic moratorium era. For most apartment communities, the behind-the-scenes process needs to begin now. Below are five best practices to help position multifamily properties for the end of eviction moratoriums:  1. Have a plan ready to deploy To avoid losing time and additional revenue when moratoriums are finally lifted, property teams need to have a plan in place. It’s time to freshen up on corporate eviction policy and fair housing compliance, and assign eviction-related duties among teams. Teams also need to establish a plan to pursue debt recovery while the residents are still living at the community. Once a resident is evicted and moves out, teams are forced to chase that debt remotely and property management companies recover only a fraction of that revenue. Consider payment plans or helping residents apply for COVID relief funds, or loan assistance programs to help delinquent residents get back on track. While onsite teams have plenty to do preemptively, there will be an element of hurry up and wait once moratoriums are lifted. The number ......
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Corporate Eviction Management Creates a More Effective Process

Corporate Eviction Management Creates a More Effective Process
Multifamily property teams know their communities better than anyone else. They know the grounds, amenities and property layout like the back of their hands, and their relationships with residents almost make them extended family.  While that firsthand knowledge and personal connection is invaluable in day-to-day operations, that intimacy becomes an obstacle when it comes to evictions. Onsite team members were hired for their ability to turn prospects into residents as well as their ability to build relationships through assisting and nurturing the residents of the community, not removing them from their homes. However, it has historically been onsite teams who have been tasked with managing evictions. It’s time for that task to be centralized corporately, to limit the burden and involvement at the property level. Especially once current nationwide eviction moratoriums expire, evictions should be handled primarily at the corporate level, and ideally through third-party delinquency management services. By changing the dynamic and insulating onsite teams from potentially contentious interactions with residents, multifamily operators can ensure that the work their property teams have put in to cultivate those delicate relationships with residents isn’t undone. But the benefits to corporate control of the eviction process go much further.  Visibility into the evictions process When evictions are handled strictly at the property level, multifamily corporations rarely have a vantage into the process for a given community. There is no way to know whether the process was conducted professionally or effectively, or what the potential risk of exposure is during eviction proceedings. By assuming con......
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