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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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Are You Prepared For When The Eviction Moratorium Ends?

Many landlords have eagerly been waiting for the end of the CDC eviction moratorium by the centers for disease control, which was supposed to come to an end back on March 31 of this year.  Before then, most property owners had only one question in their minds - When Does Eviction Moratorium End? Initially, the eviction moratorium was previously slated for the year ending 2020, but then was extended for another 3 months up to March 31. Then it was extended yet again, to June 30, 2021. Truth be told, no landlord or property owner enjoys evicting a tenant, especially during these harsh economic times from the impact of COVID-19.  However, the property market has few options on the table, keeping in mind that there has been little or no government support to landlords. Landlords were the most affected when the eviction moratorium was announced. This is because many landlords are small or medium individual investors and businesses that cannot afford to allow nonpayment of rent for a long period of time. Since most of the rental properties are owned by this group of investors, it would mean that they were the hardest hit due to tenants not paying rent. After the extension of the eviction moratorium past March 31, it has left many landlords and property owners scrambling to be prepared for June 30, 2021, when the moratorium ends..  Landlords have some time to prepare for themselves regarding the next course of action towards people for not fulfilling their rental......
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Take a Bite Out of Skips and Evictions

Take a Bite Out of Skips and Evictions

What would you do to reduce over 50%, over 60%, or over 75% of skips and evictions at your communities? That's the question we ask property professionals across the country when they ask how payroll direct deposit impacts resident performance.

The answer is simple. Payroll direct deposit – the heart of Rent From Payroll programs – assures that prorated funds toward rent are deposited electronically to a rent savings account every payday for our residents so that they have full rent when rent is due. Residents who fulfill their lease obligations by having their rent delivered on time have no reason to skip out on their leases or be taken to court for late payments. That's a solution you can take all the way to the bank.

What works at your communities?

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Can You Spell E-V-I-C-T-I-O-N?

I am going into my thirteenth year in property management. Applause! Just kidding - no applause is necessary. : )  Over the years, the most difficult tasks for me have been conducting move out inspections and discerning any charges to be applied to the account and handling evictions. Both are necessary actions to be sure. I will tell you, I get a kick out of evictions a whole lot more than I do conducting move outs.   With evictions, it seems so cut-and-dried, even though to the Resident it may not seem that way. Obviously, I’m not an attorney so I can’t dispense legal advice, but somehow marching into the courtroom to face a Resident head-on is kind of exhilarating to me and gets the adrenaline rushing through the veins. I liken it almost to being a soldier going into battle, except I arm myself with a very experienced attorney instead of a gun.   In any event, my most recent eviction is being conducted, as I am now waiting on the Judge’s ruling. It got me thinking very seriously about how it had come to this anyway? The case seems simple. Did the Resident pay his rent? Um, not really. He submitted a check for the rent; however it did not clear the bank. So, no, he didn’t successfully fulfill his financial obligation. I thought I had completed my “due diligence” by leaving the actual rental decision based on information from a third party who screens the credit and criminal......
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