Affiliate Updates for April 2020
JOHN ADAMS MORTGAGE
John Adams Mortgage achieved their best month EVER in business this April. With $85M, their volume was up 170% and a +20% forecast is projected for 2020. We are proud of how our team has adapted and continued to push forward despite the many challenges presented this past spring.
With the capture rate at 18%, John Adams Mortgage sends appreciation to all of our Family of Companies members who are referring business to our mortgage team.
CAPITAL TITLE
WE OFFER MANY CLOSING OPTIONS
We want every client to feel comfortable during their closing. Our Capital Title team offers a variety of closing options:
Traditional Closing: Clients will arrive for a traditional closing to be held in one of our sanitized closing rooms. Agents can be present virtually.
Curbside Signings: Most of the paperwork is completed digitally at home. The clients arrive to a Capital Title closing location and remain their car. A closer will give them the remaining documents to be signed in-person, which they will do from the comfort of their car.
eHybrid Signings: Most of the paperwork is completed digitally at home. The clients will go to a Capital Title closing location, in which they can either go into a sanitized room or remain in their car for a curbside signing. They will sign the rest of the documents required to close, which is usually about 3-4 documents.
100% Digitally Signed & Notarized Closing: The closing will be 100% digital with a notary video conferencing in. Closings that use an audio-visual online notary are approved via the executive order through June 30th, 2020.
INSURANCE ONE
A REMINDER ABOUT BOAT INSURANCE
We can help clients add boat insurance to their current insurance policy. Here are a few ways to save on boat insurance:
Bundle Your Insurance: Save on boat insurance by bundling it with your current homeowner's or auto insurance policies.
Premium Discounts: Get a discount on your boat insurance premium by taking a boating safety course or by paying your premium in full.
Watercraft Coverage: We can insure almost every type of watercraft including jet skis, fishing boats, ski boats and pontoons.
Ready to get your boat in the water? Reach out today and we can help you save on your boat insurance.
RENTAL MANAGEMENT ONE
Kristen Thompson, a longtime Real Estate One employee, has accepted the position as Property Administrator for Rental Management One. Kristen will still continue her role in the Real Estate One client services department, as well. Congratulations, Kristen!
Collecting Rent Amid a Pandemic
As the Coronavirus continues to create chaos for all of us, landlords are doing their part to work with their tenants while both struggle with economic hardship and financial uncertainty. During these times we need to continue communicating with one another to find reasonable solutions while understanding that the health, safety and the welfare of the general public are the priority.
Due to COVID-19’s wide-ranging effects, a landlord may get different types of information provided by tenants requesting rent deferment (some due to job loss, some for health reasons, some both). Thus, it is important to develop uniform guidelines in terms of the type of payment arrangements you want to offer to avoid potential fair housing issues.
It begins with being empathetic and tactful. Listening also goes a long way as people are worried, stressed and a lot of times, just want to have their voices heard.
On the bright side, many states may soon be lifting their Stay at Home Orders and so asking a tenant when they anticipate going back to work is a perfectly appropriate question. While continuing to be polite, a discussion as to whether an individual is receiving additional unemployment benefits is also suitable. After all, the purpose of these added benefits was to help pay for vital necessities such as food and rent.
It is important to maintain good records, especially making a log of the attempts to contact a tenant. Just be mindful to make sure to adhere to state social distancing and other guidelines regarding making contact with others.
It is also extremely important that you understand if your properties are affected by any State Emergency Orders or the Federal CARES Act. The latter imposes a temporary moratorium on evictions through July 25, 2020 for any housing receiving federal funds (such as subsidized housing) and for any housing with an underlying mortgage that is federally backed.
The Coronavirus is taking its toll on everyone. For landlords and tenants, communication is key. It should always be done in a respectful manner, but don’t be hesitant to ask questions to gauge an individual’s ability to make payments. Enter into agreements verses verbal arrangements when applicable and make sure you are ready for when the courts re-open to enforce your rights and protect your interests.
If you need assistance or would like to get help from a property management company, Rental Management One is on standby for your call.