How to Navigate Eviction Moratoriums as a Landlord
Eviction moratoriums have helped many people during the Covid-19 pandemic, which is so important during these unpredictable times and in light of our housing shortage. But they have often made it difficult for property owners and managers to stay in business. Here are some tips to help you navigate this challenging time.
Remain in Close Contact With All Renters
While there have been some reports of renters who are taking advantage of the system, that is often not the case. Communicating consistently with your tenants encourages open, honest conversations and allows you to better understand what's really going on. Maintaining proper boundaries is also crucial to upholding professional protocol and avoiding any legal issues.
If a tenant is late on one or more payments, gently encourage them to apply for financial support if that's what they need. Make sure they're aware of income limits that are involved in the current relief plan and check local resources in your area. Here in Washington state, we have these financial resources available.
Build an Emergency Fund
Now is the time to conserve your resources and build an emergency fund. Whether or not you've been hit hard, an emergency fund is essential for important repairs that may spring up. Uncertain economic times call for careful planning and cautious spending. Prioritize what spending must be done over what's really just a nice to have. Of course, your rental property must remain in compliance with all safety codes so keep those types of potential costs in mind.
Research Local Eviction Requirements
If a tenant is, in fact, abusing the system that's designed to protect those in need, prepare to file your eviction in advance. It can be difficult to obtain an eviction, so do your research about your area's requirements. House Bill 1236 and Senate Bill 5160 recently passed here in Washington state. Here's our article about these bills and their impact on landlords and tenants.
Consider Using a Property Management Company
If being a landlord has become stressful, consider the benefits of using a property management company. We address tenants' concerns so you don't have to, and we are well-versed in landlord-tenant laws and fair housing laws. Additionally, we offer online payment options, on-demand access to your statements, and we handle maintenance issues quickly through our electronic work-order system. Our team manages over 340 properties across Kitsap County, WA, and we would be happy to assist you.
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