COVID-19 Update – How it will Affect Sarasota Property Owners and their Properties

At Sarasota Management & Leasing, we hope you and your family are staying well and safe during this time. We wanted to take this opportunity to provide you with the most recent information we have in reference to the COVID-19 pandemic and how the virus might be affecting you and your rental property.

Mortgage Relief and Eviction Moratorium

As of now, if an owner has a federally backed mortgage, no evictions can be filed on tenants living in that property until August 25. On July 26, a special notice has to be given providing your tenants with 30 days to pay rent.

For a property without a mortgage or with a non-federally backed loan, you can still proceed with the eviction process if rent isn’t paid. It’s acceptable for you to post a Three Day Notice to Pay or Quit, but you need to understand that you won’t get much further right now. Most courts are not processing eviction complaints, and the sheriffs are not serving Writs of Possession.

Rent is still due on the first of every month, and if it’s not paid, the amount that’s owed can continue to accumulate. You cannot charge any late fees, however, and you cannot allow penalties to accumulate.

What to Do if Your Sarasota Tenant Isn’t Paying Rent

If you work with our team and your tenant does not pay rent, we need confirmation and documentation on the type of mortgage you have so we can take the next step and discuss all of your options.

You should have received an email from our founder, Scott Corbridge, which spells out some of the things you can do now. When you have a tenant who isn’t paying rent, make sure you contact us so we can discuss important options and next steps.

Communicating with Your Tenants

To date, we have received notice from some of our renters that their income has been affected by COVID-19, and they are unable to pay. Some of our owners have allowed rent abatements to help their tenants get through this difficult time.

We know that not all owners have that financial flexibility, and we’re happy to talk about some other potential things that might help you and your tenants.

No one knows how long this will go, and it is possible that rent will continue to become more difficult to collect.

Please be assured we will stay on top of the matter as it changes daily. If you’re not already working with us and you have questions about how to handle your property or your tenants, please contact us at Sarasota Management & Leasing. If you are one of our owners and you need to talk about your tenants or your property, let us know how we can help. It’s important to follow the rapidly changing laws that govern our industry, and we’re here to provide support and resources.

Thank you for allowing us to manage your home. God bless you and your family, and please stay well.