COVID-19 Owner Update from Cornerstone Property Management
We at Cornerstone Property Management have been monitoring developments surrounding the Coronavirus (COVID-19) that is currently affecting our local and global community. We are currently complying with the Santa Clara County order to ‘shelter in place’ which has caused some limitations in our response time as we work from various home locations. Below is a list of some of our most impacted functions along with how we are working to overcome these challenges in the midst of this pandemic crisis.
Please review this update regarding relief for rental property owners: Rental Owner Relief FAQ
Routine Inspections: Out of caution and respect for our resident’s safety as well as that of our staff, we have suspended interior inspections of occupied units. These inspections will resume in the future at such time that there is no longer a health threat.
Showing Vacant Properties: We have temporarily suspended the showing of properties that are currently on the market due to the county ‘shelter in place’ order. We hope to resume showing properties when allowed and will exercise ‘social distancing’. We will be rolling out ‘self showing’ lockboxes which will allow prospective renters to receive a unique code for a lockbox to show themselves properties after uploading documentation.
Move In and Move Out Changes: Undoubtedly the sudden requirement in our county to shelter in place has changed plans for many renters that had recently signed a lease, were given notice to vacate, or had submitted their own notice to vacate. Finding moving companies willing to move during this pandemic may prove challenging. We will work with the tenants to make reasonable accommodations during this uncertain time.
Rent Collection and Maintenance: We are encouraging tenants to make their rent payments online and to continue submission of maintenance requests for urgent and non-urgent matters. We have been in contact with our maintenance vendors and have emergency personnel available for plumbing, HVAC, appliance, and electrical emergencies. We will continue to fulfil non-emergency maintenance requests as best as possible given that some vendors may be limiting operations and in some cases shutting down. We have received notice from some landscape companies that they will be suspending service during the shelter in place order. Depending on how long this lasts, it may require that a clean up be done at a later date.
Delinquent Rents: Please note that most bay area municipalities and other areas have voted to enact moratoria or temporary bans on evictions for tenants that have had a verifiable loss of income due to COVID-19. We will be monitoring this development to see what can be done to ensure collection of rent. It has been suggested that payment plans be worked out between Landlords and Tenants. These payment plans will likely be negotiated on a case by case basis, unless the government mandates a particular plan. We will notify you if a tenant of your property informs us that they will not be able to pay. We will continue to monitor for updates and cues from government officials on how this matter is to be handled.
Owner Disbursements: We are working to ensure that owner distributions are made on time. If you have not opted for direct deposit, your check payment may be delayed. If you are not set up for direct deposit, we strongly encourage you to fill out our direct deposit form to assist with receiving timely disbursements. That form can be found here: https://cornerstonepm.wufoo.com/forms/direct-deposit-form/
Invoice Disbursement: If you are one of a few clients that receives monthly mailed copies of your invoices, we will no longer be able to send hard copies. We will retain the hard copies and send a packet at the end of the year. You can always request a copy of an invoice specifically which can be emailed to you.
We will work to provide as close to the same level of service as possible prior to the COVID-19 pandemic, but in some cases responses will be delayed. We expect the results of the pandemic to have a cooling effect on the rental market as a whole which may result in properties staying on the market longer than normal. We do not advise rent increases at this time. We also expect to negotiate rent deferments for existing tenants that have experienced layoffs or drastic reduction in income due to the pandemic. We will be reaching out to our clients individually to discuss those situations as they arise.
We thank you for your patience and understanding as we navigate the impacts of this pandemic crisis. Thank you for your continued business as always.
With Sincere Appreciation,
Cornerstone Property Management