We're ready to put the exclamation point on 2020 and close this epic chapter of our collective lives. It has been, in fact, downright scary at times.
We don't need to try and characterize this year because you've been living through it too. We thought now would be a good time (before we slide right into the who- knows- what- to- expect holiday season, not to mention an election) to share a few things still impacting the industry and owners in general.
But first, the good news. Since the pandemic manifested itself, by and large most residents have been paying rent and while some did fall behind, most are gradually making up the shortfalls as they go back to work. We applaud them. For those who have made no good faith efforts, there is a course of action.
That is an entire separate newsletter which we will send to you if requested and/or if your property has been impacted by non-payment. Just email
Struggles: Aside from residents struggling, there have been other impacts from the ongoing pandemic crisis. Namely, supply chain issues. As you may recall, at the outset there were challenges getting needed supplies: paper towels, antibacterial wipes, masks, hand sanitizer, etc. At this point in the arc of the pandemic it has now reached the bigger ticket items. We're talking appliances. Repair parts. Materials (think, for example, roof shingles).
Between staffing challenges (remember, people could not go to work in manufacturing, etc.) and uncertainty clouding a company's forecasting coupled with people sheltered in place (and using stuff around the clock) these dynaLOLmics have created an unexpected supply-demand crisis. Many major appliances are in severe shortage (ditto parts and materials) with backlogged demand (and thus wait time) into next year.
The result? In addition to major inconvenience for the rental resident or homeowner, fewer choices and near non-existent bargains. We're seeing it firsthand as are our vendors. We've included a couple of stories so don't just take our word for it....
(see links below)
Stay well & have a healthy weekend and of course a happy and SAFE Halloween!
The FPM Properties Team