Coronavirus COVID-19 – Multifamily Update
What’s Next?
Our current focus has been managing our apartment properties with a hands-on resident-by-resident approach and focusing on rent collections. So far, our proactive efforts are proving worthy. Residents know this virus crisis is a temporary disruption. Eventually we will emerge better and stronger than ever.
We continue to reinforce, “Everyone is Responsible for Rent.” We are all in this together and must work together transparently to achieve reasonable solutions as we navigate through this current crisis. This morning, Better World Properties LLC staff began calling apartment residents who have not yet paid April rents and are now technically delinquent.
They are following a script that includes:
- Compassionate situational questions
- Government benefits guidance depending on location:
city, county, state, federal resources - Information on assistance resources
- Planning considerations
- Reassessment of lease terms
- Personalized plan
Better World Properties LLC apartment managers and their regional and corporate supervisors are creating a 30-day plan for each challenged resident that confirms what they will accomplish and contribute. Because everyone has a role to play, residents may be asked to:
- Make up some or all rent over time without penalty
- Demonstrate need and reasonable efforts to gain assistance or alternative employment
- Assist with improving the welfare of the community in simple, but tangible ways (looking after neighbors, cleaning, assisting with social activities, volunteering services, etc.)
- Remain a resident in good standing
We are doing what we can to help those to remain in their homes as we navigate this temporary situation. Our program will run month-to-month and may be extended or changed if necessary. Our objective is to help residents by walking them through all available alternatives. We expect everyone to have a realistic plan for their family and their obligations and everyone to do their part.
There is light at the end of this tunnel. We remain realistic while focused on that light. We will emerge a stronger more resilient industry and nation. While crises can be disruptive and cause a great deal of pain, they are also an opportunity to level up and see how each of us can serve going forward to make it a better world.
Please stay safe and healthy. We will update with news and it becomes available. Please feel free to reach out if we can be of service.
Your Better World Properties Team
(713) 559-6975