April 3rd, 2020 With the ever changing climate we are all in, we feel it is important to give you ongoing updates and insights to help you navigate through this COVID-19 Pandemic. We hope you find this helpful. To continue receiving these updates, please subscribe. If you know someone who would benefit from this, feel free to forward it and they can subscribe using this link. SUBSCRIBE Virtual Workshop for Self-Managing Landlords On Thursday April 2nd, we hosted a virtual workshop for self-managing landlords. Since we are all in this together we wanted to provide landlords all over Utah the tools and strategies we are implementing at this time. The more prepared we we are together as a community the better we become. Click below to watch the recorded workshop (you will be asked to provide basic contact info). View Virtual Workshop Government Acts & Orders Stay Home, Stay Safe Salt Lake County issued a Stay at Home order through April 13th. This is impacting many businesses. Gratefully, real estate and property management are considered Essential Businesses so we are able to continue forward. We have adjusted some processes to be more sensitive, especially to in-person communications. Our team has the latest tools and technologies to be able to do much of what we do remotely, as well as connect with people virtually.  To view the Stay at Home Order, CLICK HERE Governor Herbert's Executive Orders April 1st Many of you have seen the orders put in place April 1st. Unfortunately the media put a spin on the orders which gave many tenants the idea that they do not have to pay rent until May 15th. This is not correct. The orders do however give tenants the ability to have a deferral until May 15th, so long as they qualify for it. LINK TO ORDERS We have a process in place to handle these situations including proactive compassionate communication ( view ), an application process ( view ), and a deferral agreement ( view ). If your tenant is ever in a situation of need, we will be sure to provide them resources as well as communicate with you.

CARES Act for Rental Owners

The CARES act provides tenants and mortgage holders some relief. This topic was addressed in greater detail in the Virtual Workshop linked above. Here is a link to the Act Summary. HERE Here are the links for the mortgage lookup to see if your property is considered "Covered" Fannie Mortgage Lookup Freddie Mortgage Lookup

Updates

Leasing Activity

Leasing activity was slower this past week than typical at this time of year. We are seeing that less people are out shopping around right now. We expect this pick up over the coming weeks as Stay at Home orders are released (hopefully not extended).

Rent Collection Report

As of today, 73% of our residents have paid their rent. This is a good sign seeing this is just slightly behind the normal rate of collection. Since we give a 5 day grace period, and late fees don't kick in until the 6th, a lot of payments come in on the 4th and 5th. We have emailed all our tenants who have not yet paid to check in with them, see that they're ok, and help them understand better the executive orders so they don't think they don't have to pay rent. ( Copy of Sample Email )

Earth Quake Insurance

You are well aware of the earthquakes that have been taking place in the Salt Lake valley over the past few weeks. Some of you have asked if we have a recommendation for earthquake insurance. One of our clients (thanks Travis!) provided us with a great resource for earthquake insurance. The policy is through United Insurance Group (UIG). Here's a link to find an agent: CLICK HERE We did speak with the Archibald Insurance Group and found the following details: Earthquake insurance can be added at any time. This is a stand alone policy, that runs $1.30 per $1,000 of coverage. No home older than 1950 can qualify or any home within the zip codes 84104 or 84105. There is a 5%-10% deductible per the dwelling amount.  We have also learned that a 5% deductible for earthquake insurance is a reasonable amount.

Have Questions or Concerns? We're Here to Help Whether you're a current client or not, Ryland has freed up her calendar and is available to connect with anyone looking for help or guidance during this time.

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