A message from the Clothier family, REI Nation, and PPMG Property Management…
Hey everyone, this is Chris Clothier and on behalf of my family, and the entire team at REI Nation, and the PPMG property management companies, I want to reach out to you now that we are a few days into this current challenge that we all have. I want to make sure I’ve clearly communicated what’s happening on our side and give you our plan on going forward.
I want to start by saying thank you very much to everyone who’s reached out, especially the messages of support for our and your residents. The messages of trying to extend both assistance to the residents, but also assistance to us as a company, means the world to us and we greatly appreciate it.
Let me start by saying this: As a company, we are taking the necessary and sometimes painful steps we need to take to make sure that we are solid and here operating. We have done everything we can to help our team stay healthy by allowing workers to work from home, closing off our offices to the public, but allowing for those that need to have an appointment or need to have and meet one-on-one. We’ve taken the steps to protect our team and the public in general.
I’ll also tell you this: For everyone that wants to help your residents, there will be a time and place for that. As a company, we are going to operate under a normal mode of operation, meaning that we are going to show compassion to all of our residents. We are going to follow all of the proper guidelines and procedures to document all rent collection and any rents that are unable to be collected at this time. We’re not putting anybody out at this time. But we will take whatever necessary legal filings that we need to take so that if someone takes advantage of this time that revenue is available to you and us as an owner. But first and foremost, we’re showing compassion. We’re going to work with every resident and do our best to collect as much of the rent that’s due as possible during the month.
So, rest assured that we are going to follow all the letters of the law as they are written. But we’re also going to exercise what we’re best at which is developing great relationships with our residents through the years and using those relationships to help residents and assist them in this trying time. So for those who want to offer rental assistance, we will have a chance to look back and offer assistance to those who helped you out during this time and those that needed our assistance are going to get it as we go. And we will determine on the backend whether or not any action needs to be taken or whether we waive those rents we are unable to collect. But that will be on a one-on-one basis with us and you as an owner.
So as a company, guys, we have continued to operate. Although there has understandably been some fear within the market, there’s also been a lot of demand for what we happen to provide right now and that’s informed demand. Those that fully understand the situation that we’re in, but they want to build a portfolio of an illiquid asset that holds value with a company that specializes in relationships, has a five year average length of stay record, there’s still a great demand for that today, especially in these challenging times. So, we’ve continued to operate.
We continue to work with all of our owners that want to continue to build a portfolio and those that are saying ‘I want to check back and take some time’. That’s okay; we’re working with everybody.
The biggest message I want to make sure you get from me today is that we’ve been here before. Maybe not in this exact scenario, but we’ve been in challenging times like this before. As a company, we came through the last recession of ‘08 and ‘09 all the way through ‘11, so we understand the sacrifices that it takes, the fact you get up every morning and you go to work because you’re working for somebody else with managing their portfolio, you’re working for today 6,000 residents in 7 cities. That’s who we work for. So everyday we’re going to show up, everyday we’re going to do our best, and when this is over, we fully anticipate to do like we’ve done before: to come out stronger and better off for it.
We will continue to maintain contact with you. Your customer service representative is still available. They’ve called you every single month since the day you bought your property for this reason. For today. So that you know we’re here. So that you have communication, and our team is working on your behalf. The same thing goes for our residents. Years ago we started a policy that really focused on relationships — the way we treated our residents. It’s why we’ve been able to keep that five year average length of stay.
We plan on operating no differently in this environment. We’re going to show respect to all of our residents. We’re going to work with all of them. We’re going to act with compassion at this time. And we may have some policy change to be able to assist them with getting rent in earlier.
We’re looking at every single remedy we can look at right now to assist our residents with getting their rent in, keeping a roof over their head, and allowing you, as our investors, to be able to see some sense of normalcy right now in this very trying time. So understand that as a team we’re here, if you need us please reach out to us, we will continue to communicate to you as any new information becomes available.
Until then, stay safe. Thank you so much for your trust in our family and our team, and I promise you we’re here working on your behalf.
Bigger Pockets Contributor since 2009
Partner at REI Nation
Author of The Turnkey Revolution