So, there are some dynamics on the horizon that might seem scary but the more you know, the less frightening it will be…. plus, we’ve eradicated at least one of the spookier aspects that Covid visited upon us. Read on….
Supply Chain: Probably the scariest current circumstance—not much improvement. Expect continued delivery delays/inventory shortages of everything from appliance to paint. Back order is the world we currently live in. This means possibly being a bit pre-emptive in decisions about replacements as wait times can be as much as 6 weeks.
Flood Insurance: Always seems scary but actually possibly some better news coming with changes. This is grossly over simplified but basically the way rates are calculated has been revised and a more equitable assessment model is on the way. This modification is slated to take effect 10-1-21 for any newly acquired coverage. April 1, 2022 it will go into effect for renewals, transfers, etc. Anyone interested in more details can email marketing for more, detailed statistical data.
Renewal Inspections: No TRICKS! Moving forward in Q4, we have resumed this practice and will also return to marketing properties 60 days in advance of vacancy. What a TREAT!
In just the last week Mike has been very active with NARPM and with local representation. Here are some highlights of issues that were discussed with:
State Representative Jason Fischer:
- Water Damage Limits
- Insurance Premium Increases
- Roof Age over 10 Years
- Affordable Housing and Tax Incentives
National Association of Residential Property Managers
- Proactive Engagement on Behalf of Owners
- Owner Engagement
- Legislative Landscape
If you would like more details and information on any of the listed items above, just send an email to: marketing
Have a safe and happy Halloween season!
Mike Hodges, 2020 NEFAR Realtor of the Year
The FPM Properties Team