Impact of COVID-19 on Real Estate as Reported by 14 Realtors [April 7, 2020]

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  1. Thanks Nancy,
    Great information to reflect on.
    At Tahoe(Incline on Nevada side) our local market is still moving with new listings coming on and escrows closing.We are definitely adapting and adjusting to living and working differently with all of our real estate industry partners.The 3D and the zoom or facetime videos will become the norm,and your right showings will go thru another layer of pre qualification for everyone’s best interest,especially in current shelter in place. We have a new Covid 19 addendum for new escrows highlighting timelines are subject to delay. We are seeing more of the seasonal owners come to town to shelter here instead of the SF Bay Area,especially with the schools closed.Luckily with weather being winter until tomorrow,our beach parking lots have been locked to eliminate the idea of gathering.The largest hotel in Incline,the Hyatt has been closed for several weeks-and is the hub for this area of Tahoe.
    We are small town USA and very quiet-however restaurants have adapted to the Take out and our grocery stores are open.
    Best regards,
    Kerry Donovan
    Chase International Incline Village,Nevada

  2. Thanks for posting – great information!

  3. On the property management side of things here in Salt Lake City metro we were concerned that residents would confuse possible Covid deferment options with rent forgiveness. There is at least one group of rabble rousers on facebook that is encouraging mass rent strikes in Salt Lake City. Some managers and owners of residential income property sent out some pretty outrageous semi-threatening letters in late March about April rent payments. We at Partlow chose a calm and steady property management leadership with a one-to-one contacts where rent deferrals may be needed. I send a shout out to our attorney, James Deans along with the Utah Apartment Association for their excellent leadership, clear information and provision of specific forms.

    The good news is, that our April rents came in as usual with the of 1% of renters who have requested Covid rent deferment. We anticipate good rent payments in May with possible Covid relate decreased rent collected in June and July, depending of course on when the Salt Lake City curve peaks.

    The renters need ongoing property management services and so we are still working but we have limited face to face contact and are relying more on technology such as zoom, text messaging and extending our use of our on-line payment service system. We still need to access the rental units that we manage to provide health and safety repairs. We have provided our field team with gowns, masks, gloves and hand sanitizer. We also ask the resident who needs a repair to, if possible, go outside and take a walk while we access their unit. Of course, we are also sanitizing common areas such as laundry rooms and entry areas much more frequently.

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