Another version of a tenant letter (COVID-19)

I believe that we can get in front of the problem and save ourselves a lot of pain, just be engaging the tenants and communicating with them BEFORE there is a problem. I hope this helps. This version of the tenant letter came from a REIA member. I have no idea who actually wrote it, but it is a good one also.

Greetings,

We hope that you are doing well. As the Coronavirus continues to spread across the country and impacts all of us, we wanted to take a moment to reach out to you directly.

We recognize the challenges ahead for our tenants as work hours are cut or work is halted altogether. Provisions are in the making including emergency unemployment assistance, federal cash assistance and the like. Furthermore, all local utility companies have agreed to temporarily halt utility shut offs for non-payment.

Since our real estate business is our livelihood, we will also be negatively impacted by this pandemic as business profitability wanes. To date, we have not received any communication from our lenders in regard to a moratorium on mortgage payments. Additionally, we have property taxes, insurance and the costs of essential repairs.

For tenants who have the ability to pay their rent, we will still expect them to do so. Invariably, we will have residents who, in spite of all good intentions, will not be able to make their rent payment in full. We would like the opportunity to work with those tenants in any capacity possible and will need the cooperation from everyone to help facilitate that assistance. If you cannot make your rent payment in full, we will be waiving all late fees for the months of April and May.

If you feel that you will be unable to make your rent payment in full, we ask that you contact us to discuss a payment plan. We understand that financial details may be unknown until the federal stimulus package is finalized and relief amounts are known. Nevertheless, we would appreciate open communication on or before April 1st so we can discuss the best plans moving forward.

We appreciate your attention and cooperation as we work through these trying times.

Warm regards,

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