Frequently Asked COVID-19 Questions

How Can We Help?

Common Questions

Do my residents still have to pay rent right now during the shelter-in-place orders and COVID-19 pandemic?

Even though evictions have been frozen in many municipalities, rent is still due. While we are doing our best to collect monthly rent for our owners, we also have compassion for residents in need and have been actively sharing resources with them. There are many rent-relief resources, as well as other financial assistance programs available on our Residents COVID-19 Situation Room. Mynd employees have also created a fund to assist residents with rent payments.

Watch this video to learn more! 

What if one of my residents has trouble paying rent because of the COVID-19 crisis?

Resident issues are handled by property management companies on a case-by-case basis. We recommend that owners/property managers work directly with their residents on individual payment plans.

In addition, Mynd employees have started a rent relief fund for our residents, so that we also can contribute to supporting our residents who need a helping hand during the crisis.

Watch this video to learn more! 

What can I do if I can’t pay my mortgage for the home I occupy?

If you are unable to pay your mortgage and your loan is federally backed, many lenders are allowing forbearance. The government is temporarily suspending or allowing reduced payments for borrowers who have been impacted by COVID-19. Reach out to your mortgage company, bank or lender as soon as possible to learn more, but be prepared for long wait times.

The CARES Act also has also provided resources for mortgage and credit relief during this crisis. This law states that you cannot be reported to a credit bureau for filing for forbearance for late or missed payments through July 25, 2020, or 120 days after President Trump declares that the national emergency period concerning COVID-19 is over.

Watch this video to learn more! 

Is my rental property still accepting showings?

Yes, Mynd is still scheduling self-guided showings. Mynd can ensure that this process is safe and secure. We require prospects to submit government identification, entry codes are temporary. The unique codes disabled after each showing and a new code is assigned for the next showing. In addition, other landlords may be conducting video showings on FaceTime or Zoom as well. Mynd is taking all of the necessary steps to ensure that prospective applicants are safe when completing self-tours of our homes.

All unoccupied units have been professionally cleaned, but (due to the nature of our self-showing process) we also are asking that all prospective applicants practice good hygiene before and after entering the homes. Based on recommendations by the CDC, we recommend wearing face masks while entering our properties and that renters wash their hands before and after entering the premises. We have suspended all open houses and group showings for the time being.

Watch this video on self-showings and this video on safely conducting showings during COVID-19. 

Will property management operations be interrupted during shelter-in-place orders?

As a shelter business, property management is deemed an essential service and we will continue serving our residents and owners. However, not all property management companies are set up in a way to operate efficiently. Here at Mynd Property Management, many of our staff are used to working remotely and leverage omnichannel communication including SMS, online portal, and email. Mynd is also equipped with a fully digital leasing process. From advertising, the virtual and self showings, to 3D maps, to online applications, the leasing process is simple and adapts to the COVID-19 environment. Mynd’s easy online payment system also allows for nearly 95% of all residents to pay online in a secure and predictable manner.

Watch this video to learn more! 

 

Should I consider switching my short-term rental to a long-term rental?

There are pros and cons to each model. However, there added advantages to long-term rentals given the COVID-19 safety concern as well as the ongoing tightening of regulations around short-term rentals. Your property manager should be able to help you assess which option is better for you. Some advantages around long-term rentals to consider include: 

  1. Cash flow remains steady with LTR. In the midst of a financial crisis, monthly rental income can hold more steady with the traditional long-term leasing model. Most STR owners experience fluctuations with year-round rental income. The current demand for short-term rentals have dramatically declined.
  2. Occupancies are lower. Occupancy rarely dips below the 90% mark for well-managed LTR assets. The average occupancy for an Airbnb is between 36% and 51% in cities with higher than average occupancy rates.
  3. LTR is safer and more secure. With coronavirus, renting a property with a one-year or longer lease term is a safer option. There are significant limits on traffic in and out of the property if used as an LTR, thus limiting coronavirus exposure. 

State and local regulations favor LTR. Many tourist-driven economies have limited or even shut down the option of short-term renting because of the health risks it presents during the pandemic. Avoid the headaches, hassles and additional costs that come with STR by operating a long-term rental.

How can I get help to transition my STR to a LTR?

Your property management company should be able to assist you. Mynd would first start by assessing whether the transition makes sense for you by running the rental analysis data. The team can also recommend vendors to help you pack up and/or store your furniture. When it comes to leasing, Mynd would then advertise your property in 40+ sites, help schedule virtual showings and walk prospects through the easy online application process.

How can I keep up to date to the ever changing regulations related to resident protections around COVID-19?

There are many great resources online. You can access some helpful resources in the Mynd’s Owner Situation Room.

Watch this video to learn more!