50 Strategies for Multi-Family operators/ Asset Managers to tackle COVID-19

1. Late fee waiver
   
2. Flex Payment plan for residents who are impacted
3. Ask them to show letter from Employer that they lost job and also filed for unemployment benefits so we know the tenant actually lost the job before giving any payment plan or discount etc
4. Make sure they shelter-in-place and follow State/ CDC guidelines
5. If they are exposed to COVID-19 patient or tests positive self quarantine. Make sure your PM software has the flag which is been rolled out that they can mark the tenant as COVID-19 positive.
6. Use Security Deposits 2 months rents and ask them to sign up for sayrhino.com, NREIG Insurance, Core Home, NestEgg, Lemonade, Rameyking.com Insurance Program which will be covered in lieu of security deposits.
7. Contact Freddie/ Fannie/ Other Bank for Mortgage Forbearance/ Relief for 90 days. Only use it as last resort as this might be negative remark on Agency loan history    https://www.fhfa.gov/mobile/Pages/public-affairs-detail.aspx?PageName=FHFA-Moves-to-Provide-Eviction-Suspension-Relief-for-Renters-in-Multifamily-Properties.aspx
8. SBA EIDL (Economic Injury Disaster) Loans for Multi-Family Apartment Owners  https://covid19relief.sba.gov/#/
9. PPP Paycheck Loans, business loans, forgiveness, tax credits, etc - Can be used for Property Management arm or Apartment LLC if you self manage with payroll
10. Advise how tenants can take federal programs
11. Use the $1200 to $3400 checks that federal government sends to pay some rent
12. Advise how to file unemployment if they lost job
13. File taxes immediately if they get refunds
14. If they are small business apply for SBA Disaster Loans/ Small Business Emergency Fund https://covid19relief.sba.gov/#/
15. Cut non-essential expenses
16. Close all Amenities
17. Post instructions in common laundry only 1 person at a time can be used or use a roster across units. Also instructions for mailboxes and other common amenities. 
18. Focus on leasing - deals for renewals/ and lease modification, Extend lease
19. Profile your tenants what kind of jobs they do and know the exposure
20. Cancel notice to vacate and keep them in place
    
21. No premium for short term leases
22. Lease model units as furnished apartments
23. Lease to traveling nurses.
    https://www.travelnursing.org/ (I don't see an immediately-apparent option for
    listing rentals, but there is a "contact" link, and discussion of housing here. The
    podcast guy says he got 15 referrals from this site in the first day.)
    https://furnishedfinder.com
    https://www.rnvip.com/
    https://www.trustedhealth.com/
    https://www.crosscountrynurses.com/
    https://www.ayahealthcare.com/
    
24. Pausing all rent increase
25. Understand their problems, be sympathetic
26. 1 month or ½ month rent amortized to next 12 months
27. Contact local company who are proving jobs like big grocery chains, amazon, warehouses, hospitals etc if they are looking for temporary employees
28. Refer tenants to charities, churches to see if they can support to pay rent.
29. Refer tenants to https://findhelp.org
30. Make sure the message to tenants is Rent is due because we have utility payments, mortgage payments, employee salaries etc
31. Give credit card payment options for Rent payments to tenants. May be try to credit the transaction fee so they are motivated to use credit card for rent.
32. $50/ $75 credit for people who pay for the 1st or 5th. $100/ $150 credit for people who pay for both April and May upfront
33. Disinfecting common areas
34. Use Self showing technology or 3D rendering of units with photos instead of in-person showing
35. Submit the Draw requests for your construction/ rehab work already completed
36. Keep an eye on your utilities as everyone is home and using the utilities to their limit
37. Going month to month on high risk tenants, flat rental increases for most tenants
38. Pausing all upgrades
39. Pausing all distributions
40. Examining all replacement reserve items and strategizing on R&M versus RR drawdown
41. Full lease audits and categorizing employers for all tenants to forecast risk
42. Moving forward with utility savings measures
43. Renegotiate contracts with vendors
44. Renegotiating insurance policies / shopping for competitive premiums / going umbrella to forgo insurance escrows
45. Noise notices / work from home courtesy notices given
46. Seeking section 8 vouchers to help offset some risk
47. If you are student housing or any specialized housing check with school/ college to see how you can plan your next year of school
48. Fire Protection: If in a shelter-in-place situation, it’s important for property managers to notify their local fire prevention resources of staffing levels and existing systems status. All fire protection equipment and systems should be inspected, including the opening of control valves, and be set to 24/7 service prior to locking down the building. Any impairments to fire protection equipment or systems should immediately be communicated to the client’s risk insurer in the event of an emergency.
49. Building Equipment & Backups: Emergency building support systems should be evaluated for reliability and operational availability (diesel generators and fire pump tanks should be topped up). In the event there are shortages in fuel supplies, sites should ensure emergency generators are topped up with fuel. In industrial spaces, any tenant production equipment should be safely shut down and any hazardous operations stabilized, if applicable. A building’s sequence of operations should be regularly reviewed, along with valve tag lists. 
50. Mission Critical Operations: Property management teams need to communicate contingency planning and coordination regarding tenant systems that require cooling or electrical redundancy if provided via base building systems that are centrally operated and maintained. If the tenant is solely responsible for these type of systems, property managers must understand how the tenant intends to operate and maintain these systems within our managed properties or consider systematically shifting the capabilities to an off-site tenant location and shutting down systems at the affected property.